WHAT'S REALLY HAPPENING IN NEW YORK?

If you’ve been reading the newspaper and your social media feeds, you may believe that most of NYC has permanently evacuated to the Hamptons, Westchester and Connecticut.

What are we seeing in the NYC real estate market?

Quite a few young families who were renting in the city and considering a move to the suburbs prior to Covid decided to move up their schedule and leave now.

Quite a few families who have second homes fled the city in March for more open space.

Some will return for the beginning of school and some will opt for newly formed “pod” schools comprising a handful of families they know and trust.

Apartments are being listed and sold at all price levels, though the ultra-luxury market is moving more slowly. Sellers are taking this opportunity to trade up to larger apartments, to townhouses, to units with terraces or home offices. It’s a buyer’s market for sure.

But anecdotally, we are seeing that it’s also very much a seller’s market, provided the property is priced correctly to the market.

Don’t forget, families grow and require more space; couples downsize and require less space; students graduate and come to the city for their first jobs. Sales are being transacted and moving companies are busy.

Overall, we have adapted to the presence of Covid and we are managing reasonably well. Family by family, residence by residence, choices are being made every day. Business continues and our lives continue.

Now is an ideal time to evaluate your plans and take advantage of value opportunities.