Positive Momentum in the New York Real Estate Market
Joe Biden is going to be our new President, and the future is already looking much brighter. Yet, as much hope as the election provided us, there are still some uncertainties ahead. We’re very hopeful that in 2021 we can start feeling a little more normal again here in New York City.
Looking ahead to next year, we have New York City’s mayoral election coming up and that can always have a profound effect on our city. We are personally excited about the candidate, Ray McGuire. However, that election is still a year away and we’re still far from out of the woods with coronavirus. Still, it seems abundantly clear the best days of New York real estate are still in front of us. Renters are coming back. Owners are returning to the city. Home buyers are finding great deals that should turn into incredible long-term investments. Those who have stayed around through all this are starting to see the hope on the horizon.
New Buyer Activity
As real estate brokers focusing in Manhattan’s luxury home market, it has been very encouraging to see the influx of buyers and the increase in signed contracts over these past few months. In the final week of October, there were 17 new real estate purchase contracts signed over $4 million, and five more signed above $5 million.
We are definitely heading in the right direction. Buyers are coming back from the suburbs and rural areas where they went to wait out the worst of the pandemic. We’re seeing an uptick in buyers and return residents from other parts of the country and throughout the world. This diversity of people from so many different cultures is one of the things that makes New York so great!
Moving Forward in a Positive Direction
It’s like the city is waking up from its unusual 2020 slumber with high hopes for 2021 and beyond. All the boroughs are seeing great market activity. Manhattan still has a long way to go to get where it was before all this and before the Mansion Tax impacted our market last year. The way we see it, any progress is good progress, and all the numbers are pointing toward an excellent recovery. A lot of buyers are flocking to Brooklyn and Queens because of record-low mortgage rates and lower home prices.
The flurry of activity in the suburbs this year seems to be slowing down as the interest shifts back to the city’s urban communities. Check out this recent New York Times article entitled “New York Real Estate Is On the Mend.” It offers some great information and insight on what’s happening in and around our city.
Stronger Than Ever
The future is uncertain and there are many problems yet to overcome. However, we know how strong our beloved New York City is. We’ve been through challenges in the past, and we always come out the other side stronger than ever.
If you are looking to buy a new home, find the perfect rental or sell your property in the city, contact us today. We’ll be happy to answer your questions and provide you with the information you need to make smart New York real estate decisions.