The true property enterprise in New York Metropolis is displaying indicators of restoration
NEW YORK – New York City real estate professionals are optimistic that the worst of the pandemic’s impact on the market is now behind us.
Around 300,000 New Yorkers fled the city for the suburbs, triggering reports of noisy city dwellers driving suburban neighbors crazy for not getting used to a quieter lifestyle. The enthusiasm for home buying was even aroused live on Saturday evening.
But now the city has seen sales spike for three straight months. The hottest markets on the outskirts, said Paimaan Lodhi, senior VP of the New York Real Estate Board.
“Brooklyn was up 90% and queens were up 70%,” Paimaan said. “There is a feeling that the market has bottomed out and that we are now on an upward trend.”
At Clinton Hill, Douglas Elliman’s Doug Bowen said bidding wars for townhouses are going on at the top end of the market.
“We’re only seeing activity in the townhouse market that we haven’t had since 2013,” Bowen said. “These properties provide a feeling of privacy and outdoor space.
Bowen showed PIX11 a luxury townhouse on 388 Washington Avenue that is on the market for $ 7.2 million.
“I think people are drawn to Brooklyn after COVID because it’s less dense,” he said.
Manhattan has had the hardest recovery on both sales and rentals, with sales volume unchanged.
Experts say if you are a renter this is the time to get the most bang for your buck.
“There are concessions down the line,” said Hal D. Gavzie, director of leasing at Douglas Elliman.
Rental rates in the city are down 25 to 30% year on year. Landlords are ready to negotiate with tenants. The longer you sign your lease, the better the offer.
“If the rental period is 24 months, you could potentially get three to four months for free,” said Gavzie. “In some cases, we’ve seen six months off.”