As we leave 2018 behind, it is important to survey what happened last year, especially since sales prices and volume decreased dramatically compared to 2017. There are several factors that contributed to the downward market, including:
• The Tax Reform bill, which has significantly affected New Yorkers due to the high state and city taxes that can no longer be deducted from the income tax
• Substantial increase of inventory in new development projects and units
• The loss of foreign buyers due to the depreciated value of foreign currency compared to the dollar
• Increased mortgage interest rates, due...
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...
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:
- 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...
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!
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...