{November 2024} Bidding Wars Are Back: NYC Real Estate Defies Holiday Slowdown
Hope everyone had an amazing Thanksgiving! Despite the holiday season, the market continues to show remarkable strength. Traditionally, this time of year tends to slow down—especially for rentals. But when it comes to sales, the momentum is building. For instance, a buyer we represented had an accepted offer on a 3-bedroom condo on the Upper West Side during Thanksgiving week. Contracts were sent out on the Wednesday before the holiday. However, by the Monday after Thanksgiving, we learned the seller had received two additional offers above the asking price. Naturally, the first question was whether this was genuine. But in a competitive market like NYC, agents who lack integrity don’t last long. So,we’re actively navigating this evolving situation. What’s clear is that bidding wars are back—not everywhere, but definitely for highly desirable properties.
Here’s an insightful perspective from Kael Goodman, CEO of MarketProof, a firm specializing in tracking deal volumes and market sentiment in NYC’s New Development sector:
"Thanksgiving week was predictably slow, but deal volume surged 120% compared to last year, and a $54.5M transaction was reported. The narrative remains consistent—the market is soaring as the year draws to a close.”
In other news, we’re heading to China for Christmas this year! This is a big change for us since we usually stay in NYC for Christmas and visit my parents in Shanghai during Chinese New Year. However, now that my eldest is in middle school and her winter break doesn’t align with CNY, I reluctantly feel it’s best not to pull her out of school for two weeks. This shift means we’ll have to pack all our holiday traditions into just one week before we leave! NYC is just magical at this time.
New Construction Highlights
The Gold Coast on lower 5th Avenue is finally getting a new condo building. It will be converted from a prewar building but all building systems will be completely updated, as well as all unit finishes. This will be a classic example of modern conveniences wrapped in gorgeous architectural details of another era. New Yorkers love this combination.
