Seven Weeks In
We hope this month’s report finds you well. We’ve come to understand in our seventh week in our shut down, shut in city that being well is certainly physical health, but also being well with the concerns, anxieties and fears that come with coping with the world outside our homes and as much in then. Most of us are not well with everything but came to terms with many this past month. As New Yorkers have proven to do time and again in deep challenges, our solidarity and strength is fodder for a lot of us to move through this and think beyond, and have a mutual understanding every time we jump into a Zoom meeting.
We have continued to resist all out predictions on how our New York City real estate market will fare and perform in the near future. With almost no objection, ours and all market forecasts are optimistic long-term for our city’s real estate trajectory. New York City’s real estate market is historically resilient and rewarding long-term. Short term, predictions are scattered, and we don’t yet have certainty on when our market can truly re-open. There continue to be “virtual” showings with video, though they are mostly preparations for in-person showings for buyers to feel comfortable signing contracts. The rental market is moving stronger in that regard, and we did several transactions in April on a virtual platform, as renters had a higher sense of urgency with May leases due.
In the past two weeks we have seen a strong re-engagement of both seller and buyer clients, reaching out to re-discuss their objectives, an upswing in inquiries into properties and requests to see them when able to show again. From our own experiences, we can relate that a lot of us moved out of the state of initial shock, total disruption of normalcy and strong concerns and fears of where things were headed. We also have spent seven weeks within the walls of our homes – appreciating what we have, thinking about what we don’t, noticing every crack in a wall and creaking floorboard, along with the times of day the sun hits each room best – contemplating our futures.
Without predicting immediate market results, we will say that our conversations with sellers and buyers have shifted back to forward thinking. The overwhelming perspective is that everyone is going to move forward with goals, even if they may shift. Some clients are rethinking if they need more space, a home office, downsize in the city for a place outside of it, or if their location within the city may change. But as New Yorkers tend to do, we’ve noticed many already thinking beyond the challenge to focus on their next opportunity, the soonest they can make it happen.
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The Numbers
Manhattan Market Activity
Highlighting our market's past 30 days.
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The Properties
Our month's featured listings on the market.
200 Water Street, 5B
DUMBO
Condo
3 Beds / 3 Baths
$4,750,000
23 West 73rd Street, 1208
Upper West Side
Coop
1 Bed / 1 Bath
$1,295,000
422 East 72nd Street, 4DE
Upper East Side
Condo
4 Beds / 4 Baths
$4,995,000
494 16th Street
Ditmas Park
Single Family Townhouse
4 Beds / 2.5 Baths
$1,725,000
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The Pick
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:
"Time Out" is Time In:
Check out the magazine's picks for the best things to do at home in New York City
