I always laugh at this scene from the 1983 classic “Trading Places”. Two hapless old men are successful in completely messing with Eddie Murphy and Dan Aykroyd’s characters’ lives, until they aren’t. At the end of the movie, when the Duke brothers are bankrupt, they are yelling in vain: “Get Those Brokers Back in Here!
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Just two days ago, it was a slushy ice storm, and now it’s 50 degrees, just in time for a lovely lunch with my team. I could not be more pleased to talk about month’s Brown Harris Stevens Inventory Report, which you can check out here. What will you see? The report shows that for
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As we look to hit the reset button from 2020, energetically, I am struck by how similar the situations are that we face today. Increasing buyer demand Historically low mortgage rate environment (though this could be the beginning of the end, read here) Wonderfully attractive pricing for buyers (even lower now than January 2020, by
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Let’s Look at Two Situations Which My Clients Face from Time to Time… Scenario One Client 1 wants to buy a lovely home that needs a significant renovation. Purchase price: $2million. So, not only do they need the downpayment for the purchase, but then they need to put another $500,000 into the unit. Do they
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“The fourth quarter Manhattan report gives us our first real look at COVID-19’s impact on closing prices, as the overwhelming majority of deals were negotiated after the lockdowns began. While the overall average resale price fell just 3% compared to a year ago, we need to look at specific sizes and types of apartments to
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Somehow, I mostly floated through 2020 without a serious stress level of any kind. There were plenty of obstacles that would have proven worthy of stress, to be sure: A total shutdown of the market A complete lack of transactions to help price units coming to market Reluctance on the part of buyers to “catch
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No Supply Problems, No Demand Problems….Do we have a Pricing Problem? The Year is ended with some good news in the world, and NYC Residential Real Estate is no exception. We don’t seem to have supply problems – plenty of apartments for sale, though that number is shrinking- and will encourage more sellers to sell.
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I’m still talking about the bottom of the market this month, but I like to put on my psych-major hat on from time to time. Let’s face it, the psych hat is on every day. New Yorkers are nuts (including me)! There are some enduring myths around real estate that I’d like to hit on,
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A month ago, I posted a video and a blog post calling the bottom of the market. I got a little bit of pushback, but mostly got a lot of encouragement, and puzzled questions. It is time to clarify what I meant, with the hope that it helps move the conversation away from “New York
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I want to create another outlet for our Chief Economist, Greg Heym, who published this today. These numbers are compelling and speak for themselves. 2019 was a soft market, and the end of 2020 is already exceeding it. -S Manhattan Market Update Today, we look at Manhattan apartment contract signed data since the pandemic. You
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