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A Window of Opportunity for Savvy Buyers

A Window of Opportunity for Savvy Buyers

NYC Real Estate Current Data-Based Snapshot

Guest blog post by Noah Rosenblatt of UrbanDigs.com

Today feels very different when looking back to the NYC real estate market from 2013 to 2015 when there was a continued progressive reflation following a severe housing crash in 2008. Those three years were ‘peak times’ for sellers, where market dynamics included super low inventory, bidding wars, and ever rising price trends. Buyers across all price points had to deal with a lack of supply options, intense competition and concessions in order to beat out competition and seal deals.

Today sellers no longer have the leverage they...

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Renovations and resale value

Renovations and resale value

We all know renovation and design quality can affect the sales value of an apartment or home.  As a top broker in the city for over 3 decades, I have seen my share of successful and unsuccessful renovations.  Why is this so?  It all depends on choices that an owner makes, starting with the architect or designer.  Here are four steps and suggestions to consider if you want the best results when selling:

  1. Hire an architect/designer with a track record of successful sales. Most owners look at the design results in photos and even current finished properties that were designed by...
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Sub-Market Snapshot: Upper West Side 6 Room Co-Ops

Sub-Market Snapshot: Upper West Side 6 Room Co-Ops

This market is less active than the 5-room co-ops. Currently there are 15 contracts signed with an average of 104 days on market which means there is 1 in contract to almost 3 active listings and average price is down from last year by 10%. There are more sales happening but at lower prices. It is a good time to buy in this category!

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Sub-Market Snapshot: Upper West Side 5 Room Co-Ops

Sub-Market Snapshot: Upper West Side 5 Room Co-Ops

In the first of our sub-market series, we review the 5 room co-op market on the Upper West Side where there are 41 current active listings and 20 pending contracts. This reveals a volatility index of 2 (where supply is 2 times the number of pending sales). This lower index shows a strengthening market. This is certainly a good time of year to purchase a property this size, as interest rates are still relatively low and sellers either have come down in price or have shown increased negotiability in the late summer months.

In terms of closed sales over the last 3...

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Proper Pricing in the Current Market

Establishing the right price to list a property in the current market is challenging. Data has declined due to lower sales volume and prices have come down in most market segments. Typically we analyze comparable sales activity over the last six months, however this is no longer an accurate reflection of the market. Properties that closed six months ago reflect the market over nine months ago when they went into contract and that was a different world. I recently studied a particular market segment that I had analyzed only three months prior and I was astonished at my recent findings....

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