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Selling or Purchasing in New York City? |
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Welcome to the September 2021 Kincade International Realty Pty Ltd Newsletter!
Dominic Longcroft is a listing and selling specialist in New York City. I would like to update you on the current status of the New York market.
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While we are starting to see hints of a return to seasonality, the market beat continues. Although June saw the highest pace of new listings in recent memory, the pace of overall supply contracted by 25%. This is due to overwhelming deal volume and an increasing number of properties coming off the market (the seasonality mentioned, typical of summer months in years past). In pre-covid times 250 contracts/week was considered to be robust activity; over the past 4 weeks, we have averaged 360 contracts/week. It’s hard to communicate the level of activity that represents. Over the past 4 weeks, we have seen 1,440 deals signed, totaling in excess of $1.3 Billion in residential real estate sales…in Manhattan alone. Deal volume is up in virtually all the segmented categories you can define.
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At the onset of 2020, just prior to Covid, optimism in our marketplace abounded; we were finally emerging from a methodical market decline from the highs of 2015/2016. Then came Covid; it seemed like Armageddon was upon us; however, the marketplace (we/us) fought it off and I believe we have won. The reasons for this resurgence are varied. Of course we have increasing numbers of fully vaccinated residents, lower unemployment, near record low interest rates, an accelerating economy, Federal stimulus dollars and more; but primary reason for this resurgence lies in the people of New York, who believe in, and want to be in, this great place. Life is increasingly reflecting what was once normal. People are going back to work in greater numbers. Employers are expecting near full attendance in offices post-Labor Day; the thought is that if you can frequent restaurants (which are packed), you can come to work. I believe people want to go back; that is the New York way. NY’ers desire the fray, the complexity, the collaboration, the fight. Fran Lebowitz told TimeOut, “There is no place harder to live in than New York. Not one thing in New York isn’t a problem. If you want to go into a store and buy some fruit, there is going to be some sort of opera.” NY’ers LOVE that opera; we each have a role, we get, we love it; we love to talk about it and conquer it. That is the spirit that has helped bring this marketplace back.
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If you are thinking of listing or purchasing a home in New York but are not sure how to do this remotely please call me at your earliest convenience.
Please find a recent article on me in Domain magazine:
Dominic Longcroft: The Sydney real estate agent with NYC and Switzerland prestige market credentials |
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September Featured Listing: |
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This unique and elegant apartment in Olympic Tower NYC |
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One of the top full-service white glove luxury buildings with a sought-after central Fifth Avenue location
23A Olympic Tower – 641 Fifth Avenue, Manhattan, NY
This unique and elegant apartment is found in Olympic Tower, one of the top full-service white glove luxury buildings with a sought-after central Fifth Avenue location, often considered the finest condominium in New York City. Apartment 23A is a luxurious home offering a living room with 180 degree views and two spacious bedrooms and two and a half baths, with expansive 9-foot floor to ceiling windows that ensure a light-filled interior. |
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New York Update on NYC Property Market |
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Copyright © 2021 Kincade International Realty Pty Ltd. , All Rights Reserved |
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