Welcome to the November 2021 Kincade International Realty Pty Ltd Newsletter!

Dominic Longcroft is a luxury listing and selling specialist in Sydney and New York City. Dominic's Gross Sales between New York and Sydney have reached AUS$ 30,000,000 this year. He also has over AUS $20,000,000 in listings.

We would like to update you on the current status of the New York market.

It’s been a month since my last report, and there was actually not much to report, except that we have experienced a return to "seasonality"...meaning August and September reflected a slowdown. But do not be confused, the market is still running at a higher pace than years past. Q3 of this year saw the number of closings hit an 8-year high, with resale prices up 3% over the prior quarter and 17% more than a year ago. These results were purely driven by the supply and demand principle. 

Demand outpaced supply. One year ago there were some 9,500 available properties on the market; that dropped below 5,900 by the end of summer, according to UrbanDigs . This occurred because sellers had to adjust prices to meet what buyers demanded; consequently, more and more buyers entered the market with commitments to buy, at a time when interest rates remained at record lows. Deal volume accelerated and the “average days on the market” fell by 25% from a year ago.

September is always a slow month due to the end-of-summer, Labor Day, the beginning of school and the unpredictable timing of the religious holidays. These are always obstacles for the momentum of the Fall market, which is notoriously short to begin with...but what a time to buy. Inventory is beginning to increase, interest rates remain low, pricing has moderated and sellers know that each offer demands attention. Serious sellers know that if they do not secure a buyer by mid-November, they could be stuck with their properties well into the new year.

Foreigners have yet to enter the market in large numbers; eventually though, they will come. At the moment, the only potential obstacle I see to that is the recent strength, since May, of the US dollar, compared with other global currencies. It makes Manhattan a bit more expensive for them. That said, they too will need to respect the probable (inevitable in my opinion) price appreciation we will see in the coming years. 

Rentals have seen a complete change of fortune. A year ago it was a complete “dumpster fire” as one of my colleagues described it. If, however, you are looking for a rental now your encountering many challenges. Inventory has tightened and people are struggling to find apartments, as they are swept up at the blink of an eye. 

All of this tells us one thing, all the naysayers were wrong. Manhattan is surging and I would say that we are only 70% there. The return-to-work and very simply everybody’s desire to meet back on the playground (which is what NYC is all about…pick your piece of equipment) is the reason why the market is surging on all cylinders. So get your piece of the apple and come play with us!! 

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:

I would like to introduce and welcome you to the newest member of our team, Suzun Bennet. Suzun and I have worked together in New York City, both at Sotheby's International Realty and also at Berkshire Hathaway HomeServices. Suzun and I also were founders in The Strategic International Team at Berkshire Hathaway HomeServices New York Properties. 

Suzun was born and raised in Australia, Suzun embodies the essence of today’s real estate professionals providing the knowledge required for buyers and sellers to successfully navigate the changes in New York’s post COVID-19 real estate market.

An expert on penthouses, new developments and other luxury homes, Suzun has earned a record as a top-selling broker in New York’s high-end market. Known for her perfectionist work ethic and exceptional customer service and reputation has enabled Suzun’s clients to achieve their real estate goals, through changing business cycles with her elite market analytics, shrewd advisory approach, and discretion.

International and local clients alike appreciate her impeccable service, keen eye, negotiating, and listening skills, her team provides complete service, if necessary, ranging from real estate lawyers, mortgage advisors, building inspectors, and interior designers.

A resident of Sydney’s Northern Beaches, Suzun has lived in NYC and Sydney and is extremely well versed in the real estate market throughout those markets.

The branding and sophisticated global resources of Kincade International Realty, combined with Suzun’s experience and broad-based approach means that her sellers and buyers have the distinct advantages required in today’s property market.

– 2019 Chairman’s Circle Diamond Award Winner

– Top ½ of 1% of the BHHS U.S. network

– 2018 Chairman’s Circle Platinum Award Winner

– Top 20 Agents in North East U.S. BHHS network

– 2018 Traditions Award

– Top 3 agents in the New York State BHHSNY

Learn more about Suzen Bennet

The Urban Developer’s latest Sydney housing market insights, reveals that the city’s house property prices are well on track to hit 27 per cent growth for 2021.

READ MORE

Level 2, 377 New South Head Road,

Double Bay, NSW, 2028, Australia

dominic.longcroft@kincadeinternationalrealty.com.au

+61 2 8007 5450

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