11/16/2022
Thanksgiving is almost upon us and will most definitely not be cooking but isn't this a pretty kitchen at Superior Ink in the West Village? (400 West 12th St, 7C if you're wondering, it's for sale, by us.)
So what is happening in the real estate market right now you ask? Are we in a buyer's market? There is a lot of chatter right now, with volatility in the stock market and rising interest rates among other factors. In times like these, perceptions are not always reality so it's important to look at the actual numbers. If you are thinking of buying or selling now, I urge you to take the below into consideration 📈 Some key insightful takeaways from most recent comprehensive analysis include:
🍂"Prices, as reported by quarterly reports, will likely head lower simply because higher volume quarters of 4Q21, 1Q22, and 2Q22 will be compared against today’s lower volume environment. The paramount issue for serious sellers is to correctly identify their local market and price accordingly in order to maximize price and minimize time on market. Generally speaking, if a seller today bought before 2016, they are likely still sitting on a greater than 30% gain.
🍂Yes, deal volume is down, and fewer buyers are searching across a slowly growing pool of supply, but given that supply is not accelerating, many buyers are chasing after the same well-priced units within days of listing.
🍂The $4M+ luxury market — which is often a bellwether for Manhattan — is on track to notch three consecutive months of gains in deal volume. Compared to other Octobers since 2015, 2022 is right on track to be normal. To sum it up: if luxury sales are a glimpse into the future, there is a whole lot of normal ahead." Anecdotally and to this point, and just put the penthouse at 22 Bond St, listed for $17.5M into contract in under 60 days.
Message me to discuss any of this further or if you’d like any advice on what to give friends, family and clients for the holidays. I’m way better at that than I am at cooking!