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General News

John Constantinides of “Modern Spaces” Talks about NY Real Estate

August 16, 2022

The Real Estate Group Modern Spaces was founded and developed in Long Island City. The company has offices in Astoria, Long Island City, and Jersey City. The Modern Spaces’ specialized sales team  is primarily comprised of neighborhood natives and a creative but targeted marketing approach has been the driving force behind its great success in those neighborhoods and beyond. Real estate agent, John Constantinides spoke to The National Herald about the firm.

TNH: With geopolitical instability in other parts of the world, as well as inflation and increasing interest rates here, could you discuss the effects on real estate?

John Constantinides: In the areas of Astoria and Long Island City in Queens, New York, there is a shortage of housing. We have a lot of demand for tenants, they’re looking for apartments but there is no supply right now. So that’s driving up the prices on rentals as is inflation, so that’s one aspect of it. Then you have the same thing as far as sales goes. There’s not a lot of buildings for sale but there’s still a strong demand even with the rates coming up, and that’s also driving prices up as well.

Modern Spaces is a professional Real Estate group that was founded and developed in Long Island City. Photo: Courtesy of John Constantinides

TNH: How do you see real estate this quarter and what are the trends for the months to come? What do you see happening in Manhattan markets these days – or any other markets around United States you are familiar with?

JC: I can’t really tell you about Manhattan because I mostly deal with Queens, but I would say it’s roughly the same. It’s a strong market, it’s still a seller’s market as far as sales go. Also, the landlords are benefitting from the short supply of apartments and they’re raising the rents so they’re benefitting from that as well. The real estate market overall is pretty solid in New York. You hear a lot of these negative stories about all of these people moving out of New York. I’m sure a lot of people did move out, but people came back, and new people are coming here. New York has rebounded nicely; I really don’t see any negative effects.

TNH: The rental market has experienced a frenzy phase. What are your thoughts on that and what would you advise your clients in terms of buying vs. renting?

JC: Anytime a client has a sufficient amount in savings, I always tell them that they should consider buying because ultimately renting is a waste of money for tenants. It’s always better to own something. You pay a monthly mortgage and you own that property; you also have a tax write-off which you benefit from as well.

 

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