Staten Island, New York, is famously situated adjacent to the Statue of Liberty, overseas property investors don’t need a gift from the French government to buy property there.
According to newly released statistics from the Staten Island Board of Realtors (SIBOR) the median sale price of an Island home in November was $572,500. The figure represents a decrease of 0.4 per cent as compared to the same month a year ago.
While this median price is higher than the national average of $326,400 and the median sale price in the Northeast region of $484,600, realtors say the investment is worth it since the borough’s residential real estate has shown to ‘hold its value’.
‘Staten Island still remains a very affordable option when compared against the rest of New York City,’ said James Prendamano, CEO of Casandra Properties, which has two offices covering the island.
‘A massive benefit of purchasing real estate on Staten Island is we were relatively unaffected by the tremendous influx of foreign money into our competitive markets. As a result, we were equally unaffected as regulatory changes caused that money to dry up.
‘Staten Island real estate investments remain some of the most stable opportunities in all of New York City. Even during the housing crisis from 2007 to 2010 Staten Island real estate experienced price drops that were a fraction of those around the country. Our slow and steady pace has resulted in remarkable stability,” he added.
Usually, the Staten Island real estate market is categorized as either a buyers’ or sellers’ market. But in recent months, it is neither.
Prendamano said: ‘Market balance has essentially levelled the playing field for both sellers and buyers. We are at a rare point of the market where it is both a good time to buy and sell.’
Overseas property investors wanting to take a bite out of the Big Apple in 2020 may wish to consider Island living.