{Febuary 2021} The March to a Seller’s Market Continues

February continues the theme of a recovering real estate market in NYC.  The overall prices have not increased meaningfully but bidding wars abound.  Buyers do participate in the bidding wars but are not bidding with the exuberance of 2012-2015.  This past week I lost a bidding war, that received 10 offers, on a one-bedroom condo in Williamsburg at the asking price.  I also won a bidding war on a one-bedroom condo in Downtown Brooklyn that had 4 offers at just slightly above the asking price.  Meanwhile, new construction in Manhattan are still negotiating at a decent discount.  Higher price points are not experiencing the same buying frenzy the lower price points are seeing.  Although, the luxury segment (homes asking $4mm or above) had the busiest week in 6 years with 43 listing in contract.  This week, I also got a showing request from a Chinese buyer from China on a property I’m selling – a first in a very long time.  There are some ramblings of the strict capital control easing up there.  In summary, this is still a disjointed market, where some buyers are determined to buy now, afraid that the rates and the prices will go higher.  But there are also buyers who are willing to wait for a better deal.  Inventory decreases slightly but remains high.

I am asked this question once a day: is the city ever going back to the way it used to be?  Here is a survey of more than 300 owners and executives across all industries in NYC, about working-from-home, restaurants, if/when the recovery will be. 

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