{May 2020} Mid-May NYC Real Estate Market Update

With in-person showings still prohibited in NYC, the real estate market nevertheless was busier in the first week of May.  For the second half of March and much of April, our market was largely frozen.  I started to negotiate a handful of deals, nearly all of which, are still on-going. Buyers started with very aggressive discounts, gradually moved to smaller discounts, and the two sides are still moving.  The first week of May saw more new buyers dipping their toes into bargain hunting. These negotiations are becoming some of the longest negotiations in my 6 years in real estate.  What’s amazing is that ALL of them are turning into marathon negotiations AND everyone is still talking. I wouldn’t have thought people had this much patience and energy. 

Not much data to share this month other than very little resale inventory.  Only 263 new listings came on in Manhattan and 152 in Brooklyn, whereas 1959 and 829 new listings came on last April in the respective boroughs.  Prices are definitely lower, but no empirical evidence is out yet. The big theme is new construction is where the bargains are. Resale not so much. 

Another interesting point is that the suburban and country houses are on fire! Westchester, Hamptons, Upstate, you name it. I have been making offers and many listings accepted offers recently. The country houses seem to be in higher demand than suburban houses.  

Good read:

 We New Yorkers love our restaurants.  How can our restaurant reopen with potential occupancy limits?  Does it make sense for restaurants to reopen at half occupancy, for instance?