The transition into spring is happening, one day it’s cold the next day it’s hot. One moment you’re searching for your sunglasses, the next it’s for your umbrella. Ironically it’s similar to NYC real estate, where bad news about tax increases and overpriced inventory has been raining down on the market. The downward pressure on prices has created the perfect environment for buyers. Low interest rates, prices drops, desperate sellers, and lots of options. It’s an incredible opportunity to find a deal! No one knows how long this will last…
Alternatively, the rental market is seeing all-time highs. Rents continue to increase and show no signs of slowing. In fact, many of the apartments sitting on the market for sale today would probably rent very quickly. Sellers may hold off on a sale and choose to rent instead. If this past month is any indication, this summer rental market will be CRAZY!
In the news, instead of a pied-a-terre tax, there were adjustments made to city and state transfer taxes, and increases on the infamous mansion tax. Home sales jumped because mortgage rates are lower and prices have been cut. A recent report by UBS examined real estate bubbles across the world and notes NYC is not even close to a bubble when compared to Hong Kong, Singapore, Toronto etc. The spotlight this month is on a property in New Canaan CT, where Paul Simon listed his estate. Time for me to find a buyer!
