At the 2018 Brownstoner and QNS Real Estate Conference, Douglas Elliman’s Jessica Peters joined an expert panel to share her views of how things are changing in New York City real estate. The panel discussed buyer profiles, technology advancements and the addition of StreetEasy—all identified as game changers.
“Buyers are becoming more educated and the neighborhood price points are increasing dramatically,” said Peters. She explained that the current buyer profile is someone who wants deals and requests concession increases on a daily basis. “Until recently, I haven’t had a buyer request a 5 or 6 percent seller concession since 2009,” she said.
Not only are buyers themselves changing, but the way buyers and brokers interact with each other is shifting in light of new technology. She mentioned that StreetEasy, along with other advancements in technology, allows her to deliver insights into new projects and developments sooner rather than later—making her more valuable to her clients.
Renting, like buying and selling, is also changing in the current landscape. Peters explained that the worse the sales market, the better the deals that can be found on the rental market. But, as the rental markets are picking up, there are fewer deals to be had.
The panel then moved on to the “footprint for retail and space in downtown Brooklyn and Queens.” Peters spoke about the first Douglas Elliman office in Williamsburg, and how the office has moved three times in the last 10 years. Things like prime destination and demand pushed the DE offices—which include locations in Park Slope, Bed-Stuy, and Brooklyn Heights—to move into much larger spaces. In other words, as the footprint for retail and space continues to grow in the two boroughs, so does the real estate presence.
Peters explained that people will probably be pleasantly surprised by prices over the next six months as the market continues to stabilize. For example, a Williamsburg property that was initially on the market for $4 million is now listed for $3.2 million. “Brooklyn is really quite interchangeable with Queens, especially Astoria and Long Island City. I live in Astoria now and I love it. I’ve seen all these crazy changes, especially with commercial and retail, restaurant life.” Whatever additional changes may come on the real estate horizon, they will continue to fuel the excitement that surrounds today’s markets.