{July 2019} Prices at 2013 Levels
Summer is just such a wonderful time. I don't have to chase the kids to bed. We lie in bed and chat ourselves to sleep. We go to the beach. My parents are here for the whole summer. My 6yr old girl says to me today: mama let's move to Shanghai. I can see grandma and grandpa every day!
The NYC real estate market slows down this month as if on cue. Median Sales Price takes a big leg down to 1mm from last month's 1.5mm, but this is skewed because many high-priced deals rush to close last month ahead of the new mansion taxes. 1200 listings come on the market and 1000 listings go into contract in July. With the Fed cutting 25bps, mortgage rates continue to drift lower and spur the buyers on. Another reason why buyers abound: prices are at 2013 levels for many parts of Manhattan. But many sellers decide to rent out instead of selling into these prices after testing the market. This is why NYC real estate has good resistance in a down market: sellers have a strong hand so they don't sell into low prices. This is why NYC only declines 25% in 2008 while nationally the market goes down 50%.
Realogy (the parent company of Corcoran, Sotheby's International and a few others) partnered up with Amazon to put Realogy agents in front of consumers. Please vote: would you choose your agent from Amazon?
And here's what Wall Street says about this marriage. Read more here
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.