Night and Day
One year ago to today is a virtual night and day contrast in our New York City real estate market. The perpetual Groundhog’s Day of last March and April have opened this year to a frenzy of activity and renewed investment in the city. Last month we talked about New Yorkers doubling down and betting on NYC, as the city has remained fairly insular, and invigorating the market. This past month, we’ve seen the same consumer commitment, and a renewed interest from buyers coming from out of the city and out of the state. We’ve seen many who left the city last year and have reconsidered their quality of life outside NYC and those who’ve discovered the fully remote work concept that may have been, won’t be for them.
We have been very busy, a sentiment echoed throughout the industry. We have had buyers participate in and we’ve managed several sales with bidding wars and best and highest competitions this past month. An invigorated buyer pool is taking advantage of interest rates to prop up their purchasing power, and they’ve had an increase in anxiety to secure their right property as interest rates bumped up this past month.
Likewise, we’ve seen a segment of buyers who have been in the market for several months, who were navigating a more casual market, with less motivation months ago, and they haven’t caught up mentally or emotionally to the new environment – throwing their hat in the ring to compete but not standing much of a chance against new buyers who have embraced being aggressive to secure a better position. We’ve seen lenders being more efficient now that refinances have cooled down, and appraisals in general have also kept pace with the market.
In Manhattan, as of last week, this March had already passed the mark to reach more properties in contract of any March since 2007. On the luxury front, last week saw the eighth consecutive week of 30 or more contracts signed on properties with an asking price of $4 million or more in Manhattan, the longest run seen since 2006, and Brooklyn had 40 contracts last week signed at $2 million and above.
With activity at its current rate, we see a demand for inventory in several sectors on the near horizon. For property owners in Manhattan and Brooklyn who have been considering a move, now is at the least time for a discussion on how your property stands up to the market and whether now is the right time for you to trade.
Manhattan Market Activity
Highlighting our market's past 30 days.
Our month's featured listings on the market.
3 East 77th Street, 8C
Upper East Side
2 Beds / 2 Baths
42 Main Street, 5AB
3 Beds / 2 Baths
115 East 73rd Street, 7B
Upper East Side
2 Beds / 1 Bath
1436 Sterling Place
4 Beds / 5.5 Baths
From the cool and eccentric to reserved and irreverent -
Our month’s pick of what's happening in New York City.
If you haven't already, you should:
Brooklyn Botanic Garden Cherry Blossoms
Get tickets now to enjoy this year's cherry blossoms. We suspect this year will be especially in demand.