We are in the middle of summer ’21 and it’s a completely “new normal” in New York City…
Ask anyone trying to move these days, the rental market is absolutely crazy. There are way more renters than available listings. Rental apartments are flying off the shelves. We are constantly receiving inquiries on our old listings asking if there will be any more availabilities coming up. The answer is yes, but prices will be much higher and offers come in as soon as the apartment is listed. This is the new environment.
A good example of this reality is our rental over at 234 West 21st Street #65. After listing this Chelsea 2 bedroom / 1 bathroom apartment, we received over 350 inquiries and 10+ offers, in 2 days! It went well over the asking price and we charged a brokerage fee. Quite the change from last year.
On the sales side, we listed 142 N 1st Street in Williamsburg again, but this time $100,000 more than we were asking at the same time last year. If you remember, we put this home on the market in the middle of covid and eventually decided to rent it out. Now, we put it back up for sale and it went into contract in less than one week. Worth the wait!?!
Usually it is pretty slow in the month of August, but it’s hard to imagine things slowing down now. We have a lot of amazing new listings coming up after Labor Day. Lots to look forward to!
Spotlight this month is a quick review of the attractive neighborhoods for buyers these days. Buyer preferences have changed post-covid, but the perfect location is always a top priority.
