Boom Across the Bridge, Staten Island on the Rise
This month, Home Qualified’s Ralph DiBugnara reports from Staten Island. Since the Verrazano bridge was completed in 1964, connecting Staten Island to Brooklyn via the longest suspension bridge in America, Staten Island has been regarded as the suburb of New York City. With a boost in the commercial and real estate sector, this suburb is primed to step out from the shadow of NYC.
Staten Island’s North Shore recently recently approved over 2 billion dollars of real estate funding. New projects will include the NY ferris wheel, Empire outlets and the residential development Lighthouse Point. Ralph checked in with Staten Island local Larry Ambrosino. Larry is regional manager for Residential Home Mortgage Banker and had some thoughts on the North Shore boom.
Larry has seen a surge of non-Staten Islanders purchasing real estate in hopes of cashing in on the new developments. “I am seeing a lot of different activity from every borough, a lot of cash buyers, a lot of speculators so a little bit of everything…. We get a lot of inquiries. I get people calling from Long Island. We get a lot of spec buyers ”
Abrosino credits low interests rate in facilitating the Staten Island buying frenzy. “With rates being low you’re qualifying with less money. People like low down payments. It’s bringing people that were on the sidelines to jump in a little bit more. A lot of people that hesitated the last two years, the pop has been incredible.”
According to the Staten Island Board of Realtors the average home price is $547,000. This price reflects the highest average since the housing crisis. While by no means a bargain, the Staten Island market represents a stable and ever improving investment opportunity. On the verge of a major expansion, now is a great time to check out property across the bridge. Reach out to Home Qualified to learn more.