{September 2024} Demand Getting Stronger

The NYC real estate market is operating with limited optimism.  Right before and after the rate cut, there was a rush of activities.  A handful of the buyers our team has been working with for a long time, came out of the woodwork to start looking again.  Our listings got more inquiries but the level of activities was not consistent.  One week was busy but the week after was not.  This is how 80% of the market is feeling: generally better, but more or less the same slow going.  But things are different in these two submarkets: the new construction market and the luxury market, loosely defined at 4mm and above.  Both of these markets lead the broader market in an upswing or downswing.  

The new construction market is seeing demand (measured by Days on Market) increasing and supply (number of units on the market) decreasing.  Both the transaction volumes and prices have not changed but the undercurrents of supply and demand are quietly changing. 

Second, let’s look at the luxury market.  We have been working with a buyer who is looking to buy a Central Park-facing apartment.  Over the last 4 months, we made offers on 3 different units.  The sellers didn’t accept our offers.  Two of the apartments had been on the market for over a year.  In the last few weeks, all 3 units had accepted offers close to their asking prices.  The luxury end is making a strong turn already.    

Before we know it, September is gone!  Kelly survived her first month of middle school.  It was a big transition!  Going from a small Montessori school, where her graduating class was 4 kids, to a rigorous NYC public school with more than 1400 kids, my little girl faced a big challenge.  There were some tears, but there was mostly joy!  She’s ready for the big stage.  

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New Development Spot Light

The Henry quickly became the best selling project as soon as it launched in September.  Located in the coveted UWS and near the Central Park, The Henry echoes all the classical architectural principles of the grand buildings in the neighborhood.  It has 45 units, most of which are larger apartments (3, 4 and 5 bedrooms).