{November 2020} Let the Recovery Begin
Fresh off the holiday week, I am still adjusting to a return to normal routines (my kids have been in school in person every day since 9/8, for which I am beyond words grateful). Thanksgiving pretty much summed up this whole year: not exactly how we would have had it, but the intimate celebration proved to be plenty joyful. I am appreciating my family and close friends in ways I never have.
In November, NYC real estate market feels a palpable jolt after the election and vaccine news. There is a slight sense of urgency to take advantage of this incredible buyer’s market amongst some buyers. In the last two weeks, I had two buyers with all-cash offers, one in Manhattan and one in Brooklyn, sticking to their offer numbers when asked to improve and eventually losing out to other higher financing offers. The inventory levels remain very elevated due to a large number of new listings in the last few months. Prices have not recovered. But activity levels are definitely increasing. This was how the market was exactly a year ago in December 2019. We were expecting the market to recover after 4 years of decreasing prices a year ago and then the Pandemic hit. NYC fell out of the 10 most expensive zip codes as a result of the Pandemic. I’m hopeful that the recovery of my beloved city begins soon.
Good Read:
The wheels of the luxury segment came off before all other market segments did back in 2017. Here is the latest with what’s going on in that sector and who’s buying there.
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.