{October 2024} Tale of Two Cities
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. A developer client was able to purchase two plots of land. In his mind, by the time the buildings were done in a few years, the market would be in a different place. Another client was looking to trade up, going from a 3-bedroom to a 4-bedroom and wanted to get the buy leg sorted out first. For sellers, the market remained a difficult place for the most part.
Compared to mid 2022, prices were down 10% and inventory was up 30% in Manhattan. However, in the new construction market, demand surpassed the September levels and inventory decreased again. After the last election, the NYC real estate market had its busiest year (2021) in decades. Will the same busy tone return after this election, coming out of a prolonged down cycle caused by high rates and the pandemic?
NYC is a good place to raise children. Like everything else, there is a wide array of options for education. My older daughter Kelly graduated from a private Montessori school and is now two months into a public middle school. I’m glad that she’s getting different perspectives. So should you go Montessori or traditional? It is such an interesting topic. Reach out to me if you want to bounce ideas or questions.
New Construction Highlight
The prominent developer Naftali Group started sales on its latest project on the Upper East Side. The building is designed by the renowned architecture firm Robert A.M. Stern, who is well known for creating modern buildings rooted in classicism. Not only the residences, but the amenities also come with incredible light and views. The building offers a collection of 2-bedrooms to 5-bedrooms, with a starting price of 2.95mm.
