BUYING SMART IN NEW YORK
Q3 2019 Market Report
The 3rd quarter numbers are in and it’s very clear: New York is cheaper than it’s been in a long time.
Between the high inventory, recession jitters, and crazy low interest rates, we are again in a market that really favors buyers. With my favorite market indicators – days on the market and available inventory – both up from this time last year, it’s the best market I have seen for buyers since 2009.
But here’s the rub: sales volume is still really high in both Brooklyn and Manhattan. In fact, it is within a few points of where activity levels were last year. So, what’s the takeaway? Lots of buyers are jumping into the market and are getting good deals on homes. If you have been waiting on the sidelines for “the bottom,” now might be the time to take advantage of the perfect storm of favorable conditions. Flexible sellers, high inventory, and low interest rates will help make for a smart investment that will stand the taste of time.
THE CO-OP COMEBACK?
Q2 2019 Market Report
We’ve all heard the stories about co-ops. With the detailed applications, interviews and the risk of the dreaded: board rejection, buyers were happy to lean into the condo market. Over the last decade Condos became readily available in NYC and with their relaxed rental rules and easy liquidity, they were instantly the most desirable property prospect in town. So much so, that condos quickly gained value in the market and now they cost A LOT more than co-ops. How much you ask? On average 20-25% more – with new construction condos hovering around $3k per square foot. With that kind of price differential, co-ops are now starting to catch the eye of savvy buyers who are looking for VALUE in this market (Hello guest bedroom). Smart buyers are starting to rethink their options and do a little extra paperwork in exchange for the financial and privacy benefits that co-op ownership offers.
Q1 2019 Market Report
Welcome to Spring of 2019!
We’ve all seen the headlines: SURPLUS INVENTORY for 10M! Seller of $50M penthouse sells at 40% discount. Those are catchy headlines for the NYTimes and WSJ, but the reality is much less extreme. The more relevant story: the average purchase price in NYC is still $1M. While a story about $25M apartment buyer shelling out $900K in closing costs is pretty crazy, it still doesn’t affect the majority of the buyers. Therefore, in this issue I have decided to focus on what is actually happening in the sector where most deals happen.
THIS IS THE YEAR TO BUY
Q4 2018 Market Report
We experienced some big shifts in the market in the 4th quarter. This is the year to buy. This is the opportunity exhausted buyers have been dreaming about: With inventory up across the board, rates still super low and the stock market roller coaster it makes a lot of sense to put your money into the safe bet of real estate.
Q3 2018 Market Report
Third Quarter of 2018 saw fewer closed sales, more properties on the market. As we enter the last quarter of the year let’s pause for a minute to reflect on the eventful year we have had and what we have to look forward to in the New York real estate market. Between Tax Reform, increased property choices and higher interest rates looming. Many of today’s buyers approach purchasing with less urgency than in the recent past and it’s making for a softer market all around.
Q2 2018 Market Report
I hope this finds you sipping sweet tea in the shade somewhere that makes you feel like a kid again.When it comes to Real Estate, we are in a robust buyers market – so it’s a fantastic time to get a great deal. With more inventory (17% more year over year) buyer’s have more options than last year which which means they have the luxury of taking more time before pulling the trigger – Average days on the market has increased (13% year over year).
Q1 Market Report 2018
What an interesting market we are in right now! What we have seen in the First Quarter 2018 in Manhattan is much the same as it was for Fourth Quarter 2017. The market is slow and in a “correction” phase. The numbers of signed contracts and closed deals both went down considerably. Inventory was both physically smaller and fewer in quantity.
Q4 2017 Market Report
2017 was a challenging year for NYC real estate. Between the election and tax reform, we couldn’t quite manage to get away from the feeling of uncertainty. The effect was more people wanted to sell, and less people wanting to buy. We saw a 9% increase in supply and a 14% decrease in sales volume. With more properties and less demand, priced were pushed lower.
WELCOME TO THE BUYERS MARKET
Q3 2017 Market Report
There’s a lot happening in the New York market. The report is full of up to date market data, backed by more than a decade of experience in the field, to keep you in the know in this changing market.