{June 2019} Buyers and Sellers Rushing to Close in June
Happy Pride and July 4th! I go to the pride parade every year and this year I took my young daughter. She fell asleep as the floats got louder and my heart started to pound to the pulsating music. So proud to call this city home! The holiday this year is particularly welcome to the NYC real estate people, as June is so busy. Buyers and sellers rush to close deals before the new/higher mansion and transfer taxes take effect. Here is an explanation on what changed. (https://medium.com/@Hauseit/nyc-mansion-tax-and-nys-transfer-tax-changes-for-2019-236bb3f87188) Properties at $3mm and above are most affected by the changes and for that reason the median sales price for June jumps to 1.5mm from the 1.2mm the market has been at for almost a year. What is encouraging is a healthy 954 listings go into contract in June, higher than this time last year and just under the 2017 level. However, the amount of inventory stays elevated at 11 months of supply. A price recovery feels far off but there is a sustained level of activities at these prices.
Good read:
I dream about being inside a space shuttle. NASA, after years of resistance, finally announces plans to open up the space station to commercial activities. For a pretty penny, one of my dreams might actually come true!
The NYC real estate market was the tale of two cities in October. Total transaction volume ticked higher, even though rates moved higher and sentiment was tense. Most of our new clients were understandably quiet. But quite a few of our repeat clients, the real estate veterans, were busy putting deals together.