2nd Quarter 2020
The Field Team is celebrating the early stages of our beloved city’s recovery. We spent our nearly 4 months of quarantine preparing for the New York luxury real estate market comeback and it is here. Yes, values have adjusted, the market has reset and prices are adapting to reflect the new economy, new inventory level and new opportunities.
Throughout Q2 we have been advising and transacting with savvy investors worldwide, offering and capturing once-in-a-generation portfolio opportunities in the NYC market. Our traditional Spring market activity was delayed until Summer. Since our market re-opening, home buyers are upgrading from rentals to first time purchases and from starter homes to Fifth Avenue Co-ops. Confidence in the future health of New York has returned and buyers are taking advantage of the “pandemic opportunity zone” and we have received increased showing activity, accepted offers and wait for it… signed contracts! We, as well as many of our industry peers, are valuing new inventory and preparing to launch new listings in early Fall, priced for the corrected market with realistic seller expectations. The pandemic knocked us down but when we got up we found an appropriately balanced market place.
“The reopening of the market should help stabilize prices by narrowing spreads between buyers and sellers. In addition, there is a certain level of pent-up demand that is rushing to complete deals while prices are still advantageous, especially for homes with unique features such as private outdoor spaces, great views, or private parking. This could be a new golden age for townhouses as buyers gravitate to dwellings that offer the lifestyle of city living and privacy of suburbia.” John Walkup, Urban Digs
Sellers - Rejoice as we may now show your properties to real buyers with real purchase goals. Price attractively and they will come!
Buyers - Opportunity is knocking and it is your time, your market and your good fortune to BUY BIG and BUY NOW!