How is NY Real Estate Looking for 2018?

Real estate sales in Manhattan plunged 25% in the first quarter over the past year, as the new federal tax law, stock market swings, and an abundance of luxury condos scared buyers. Sales dropped the lowest it’s been in six years, according to a report from Douglas Elliman and Miller Samuel.

The average sales price also dropped 8% compared to the same quarter last year. The drop was probably caused by the uncertainty over the new federal tax law, which prevents residents in high-tax states like New York from deducting their state and local taxes. Closings at new condo towers have also slowed down, making the decline even steeper. The high end of the market is getting hit harder, as prices for luxury apartments fell 15% and sales were down 24% in the quarter from last year.

It is speculated that the main problem within this market is asking prices, as sellers still have to adjust and lower their prices in order to keep up with the tax law changes and slowdown since 2014.

 

The Hottest Kitchen Trends of 2018

Kitchens have changed a lot over decades and planning for a kitchen remodel is very important. It is important for your kitchen to be modern, as kitchens are now the focal point of a home, the place that brings everyone together at the start or end of the day. In 2018, clean and simple styles have been favored amongst homeowners, with natural light becoming an essential aspect. Here are the top kitchen renovation trends of 2018:

    1. Smart kitchens: technology is now being integrated into every function and appliance found in the kitchen, from the fridge to the lighting.
    2. Cabinet Colors: White is a classic favorite for kitchen cabinets, as it provides a clean look for a space that can get cluttered at times. Grey is the second choice, as it is versatile, allowing it to be paired with natural elements or glamour accents. Dark kitchen cabinets are slowly making their rise this year, however, helping a kitchen look elegant and luxurious.
    3. Kitchen countertops: Quartz is still a favorite for high-end kitchen countertops, as it can last forever and is very easy to maintain. There is now a wider range of colors of quartz as well as a realistic assortment of stone patterns.
    4. Appliances: One of the hottest trends of 2018 is gray-toned appliances in a dark brushed metal finish.
    5. Flooring: Hardwood flooring is still the number one flooring of choice, but ceramic tile is a close second, as technology is now allowing ceramic tiles to look like hardwood flooring, as well as many other materials.
    6. Islands: Large kitchen islands are now becoming a staple to every kitchen, with storage solution cabinets with under-counter appliances as well as seating.