{March 2020) Coronavirus: Round #1 and Round #2
I would like to first take this opportunity to thank our medical professionals. Many of my friends are on the front line. A big thank you to you!
This whole year so far is one big quarantine to me. I took the kids to Shanghai for CNY in January and was holed up in my parents’ apartment. I came back on 1/30 into a 14-day homestay. Now here we are again. My head spins sometimes from a lack of my usual routine. For a workaholic like myself, not being able to work is trying. But I got one wish come true! At the beginning of the year, I was just thinking that my younger daughter was going off to PreK this Fall and I wanted to spend more time with her. Voila! Now my day is one long session of cooking and feeding two hungry kids, with a few calls sprinkled in between. I most certainly hope this episode of disruption ends soon. But I will also miss these days of being together.
The real estate market has understandably come to a halt. Most of my sellers, buyers, and landlords are on hold. Last week I did one rental deal via FaceTime showing. All of my closings scheduled for the next 3 weeks are canceled. This week, I am negotiating a couple of deals for buyers looking to buy in new development. They saw the projects a while back. Now they are coming back in the hopes of getting a better deal. The Sponsors are more negotiable.
Now, this is something I have always wanted to do: learn to play the guitar! Fender will teach you online.
The NYC real estate market is operating with limited optimism. Right before and after the rate cut, there was a rush of activities.
This is the first time in 3 years that the beginning of the fall came with the busy tone September usually brings.
It feels like dawn is finally coming. The real estate market in NYC has been in a tough spot ever since rates started to rise in June 2022.
After a difficult March and April, where 6 contracts didn’t get signed back to back, May offered a much needed respite from that string of heartbreak.
The NYC real estate market is at an interesting crossroad. On the one hand, we feel a lot of pent-up demand from buyers who have been watching and waiting for rates to go down.
February was a little busier than January, which was busier than all of 2023. It felt that spring was in the air after a long winter for the New York real estate market.
The real estate market in NYC saw about 15% more transactions in December 2023 than a year ago in December 2022. Is it a telltale sign that the real estate prices will recover in 2024? Prices haven’t moved but more buyers have come off the sidelines and jumped into the market to start the search.
Rates came down from their highs. Wall Street debated how soon and how much the Fed would cut rates next year.
Compared to last May, before rates started to rise (does anyone still remember those days?!) prices were now down about 11%. Transaction volumes were down 40%. Inventory was up almost 60%.
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.