{February, 2023} Market Heating Up

We just came back from a week in Savannah. The Spanish moss hanging down from century-old oak trees in postcards has captured my imagination for years. With my parents here, I finally decided to take them down to see the American south. The old city was magical, bathed in history and beauty. On our last day, we went to a random restaurant in the airport to have lunch and wait for our flight. I asked the waitress if my parents could have some hot water. She hesitated for a moment and finished her sentence with “I think we can make that happen”. A few minutes later, she came back with two Starbucks cups filled with steaming hot water. Everyone was nice during our week-long stay there. But she really showed me what Southern Hospitality was about. 

The New York real estate market has been warming up since the New Year. In February, the improving mood finally manifested itself in the number of transactions. For me, I usually have multiple deals in negotiations at one time. That slowed down to just two in December. Over the past couple of weeks, I’m back to working on a handful of deals. When I spoke to the developers’ agents while touring a few new construction projects in the last two weeks, they all told me they sent out multiple contracts from a weekend of showings, which had not happened for a while since the rates went up in June. I think buyers are somewhat used to the higher rates and many people are simply tired of waiting. We look forward to seeing what spring will bring us!

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