The first quarter finished upbeat with a strong rebound from the close of last year. NYC real estate is in an interesting place where buyers control the market. Sellers are cutting prices after a cold winter. 10% of active listings have experienced a price reduction.
Inventory continues to rise, with an 11.7% increase in homes for sale in Manhattan over the past year. Average price per square foot numbers are back at 2015 levels. And as most New Yorkers will tell you, rent prices continue going up.
We are moving into the busiest time of the year for rentals and sales. I am helping people rent apartments all over Manhattan and Brooklyn, and have exclusive rentals in Chelsea and a sponsor unit studio at 69 Fifth. Our listing at 189 Bridge Street is in contract, and the co-op purchase of apartment 6/7C was finally approved by the board.
In the news there is a big debate over the proposed “Pied-a-Terre Tax” and the estimated $665M yearly income it could bring to the city. The Federal Reserve reversed interest rate forecasts and are now expecting a rate decrease, attractive for first time home buyers. Also Hudson Yards is open, and “The Vessel” is one of the many attractions! Spotlight this month is on Downtown Brooklyn which is exploding with new inventory.
