Hello Everyone –
As we end the month of February, the market continues to be challenged by limited inventory.
Buyers and Sellers This limited inventory has created a competitive environment for buyers, particularly in prime locations across Manhattan and Northern Brooklyn. Consequently, after suffering through a down market in 2023, buyer leverage is now quickly diminishing.
The pulse of the market for sellers has improved in February, with increased open house attendance and activity. Stats are different based on location, property type, and price range making hyper-local data an all important factor as some larger buildings become a singular market.
The Rental Market Both the Manhattan and Brooklyn rental market experienced a rebound as we entered 2024. The number of signed leases climbed a substantial 38% and 37% respectively last month when compared with December 2023. And both boroughs saw a 4% year-over-year price increase, largely driven by demand for luxury units. Some potential buyers have chosen to rent for another year, as they wait for anticipated interest rate cuts to come later in 2024.
Seize Your Day Now is the time to plan ahead for the upcoming Spring Market. If you have any questions about this market or your property, please reach out to me and we can plan a strategy for 2024.
"All politics is local."
-- Attributed to the late Tip O'Neill, former Democratic Speaker of the House
This phrase essentially means that the most important motivations directing voters are rooted in local concerns. This is a political year and politics is now becoming a big part of the equation impacting NYC real estate. And FYI-- I was advised to ignore the following news item and not mention it to anyone because it's political. But how can you be in this business and ignore this story??? So, whether you like or dislike Donald Trump, HERE'S THE QUESTION: Will the recent law-suit against Trump regarding his "loan to value" real estate business be a cause for concern to other real estate developers planning future projects in the city?
I would be interested in hearing your thoughts on this, so you are welcome to respond.
“The fact that he (Trump) was found guilty; you might as well find guilty every real estate developer on earth. If this judgement sticks, every developer must be jailed. They all must be found guilty. They must be put out of business. You can’t do this to one another. It’s not about Trump, exactly— It effects the entire industry and the economy.”
-- Kevin O’Leary, Businessman, Investor, Journalist
“No, no, this is not going to change any business. We were just going after Trump.”
-- Kathy Hochul, Governor of New York
“No, this is not going to affect all the other real estate developers. We were just going after Trump. That was our main focus. I’m not going to bring charges against anyone else.”
-- Letitia James, Attorney General of New York
Meanwhile, The Babylon Bee is reporting that Mayor Eric Adams has warned illegal migrants if they keep attacking NYPD Officers, they'll be downgraded to 4-Star Hotels.
Lastly, scroll down below to check-out a few remaining activities in the city for February. And remember, don't forget to invite me to your next dinner party because my three favorite topics of conversation are: Sex, Religion, and Politics! Thanks so much for reading!
