I hope everyone is staying safe and healthy during this tumultuous time. Many of you have reached out with questions regarding the impact the COVID-19 virus is having on the real estate market.
While it is premature to draw inferences from the virus’ impact on the property market, former Federal Reserve Bank Chairman, Ben Bernanke, noted that the economic halt is more like a natural disaster than an economic depression.
In essence, we’ve elected to put the global economy into a “medically-induced coma” while we solve the public health issue. While the US was late to the game in preventing the virus in the US, states led by NY Governor Cuomo, seem to be sufficiently mobilizing resources to significantly flatten the curve.
No one can tell when we will see the light at the end of the tunnel, but when it happens, we believe it will be similar to 9/11 and not 2008.
How has this been affecting the real estate market in NYC:
For the time being, physical showings are prohibited by Government decree. Virtual showings, however, have taken off and something that will probably become a new way of doing business in NYC.
Sellers are open to more negotiation in terms of price, but also uncommon terms, such as closing in 120 - 180 days, up from 30 - 60 days, depending upon whether the buyer is obtaining a mortgage or not.
Bottom feeders have been making offers sight unseen, without much luck from our experience. Perhaps, they will be more successful in a few weeks or months.
The silver lining in all of this is that real estate prices will significantly benefit from this round of QE. Asset price inflation is the intended purpose of quantitative easing, although it may take some time to present itself as an opportunity. Regardless of the level of real estate price inflation from the QE, ultimately, NYC is still one of the top cities worldwide and people still need housing to either buy or rent.
I hope the above has been helpful and encourages you to reach out should you need anything further. Stay safe and healthy, we are here to help!
This demonstrates that the sales activity is up significantly over last year, which was the bottom of the market in terms of activity. Properties in the lower price points under $2 million are seeing the biggest rebound. We are finally seeing that demand is outpacing supply, something we haven’t seen in a while in NYC. Contracts signed in Manhattan have been up double digits in November 2019, December 2019, January 2020, and February 2020. A leading indicator, a prolonged bump in contract signed activity usually precedes price action. An unusually slow month, January saw an impressive number of contract signs, which is not common for the coldest month of the year.
Anecdotally, we have noticed when calling other brokers to set appointments, at least 25% of the time these units already have Accepted Offers. Nothing like 12 months ago. The units that are going into contract either have been on the market for a while and went through several price cuts, or new ones that were correctly priced from the get go. Also, in the last case, we are seeing packed open houses & a few bidding wars (a remnant of a different era).
Discounts across New York are getting deals closed and in January we saw a median listing discount of 6.4% (a high rate for New York) which shows sellers have capitulated and deals are not getting done. While the highest increase in sales activity has been for units below $3 million, we have seen some improvement on the high end as well.
For instance, the Olshan report noted: "Twenty contracts were signed last week at $4 million and above, the third straight week of 20 or more sales. The average price-drop from the original asking price was 18%, a total that was skewed by the top 2 sales."
"The average days on market was 803, a total that was elevated because half of the properties were sold by developers and had been on the market for years. That was the highest total this report has ever recorded since we began tracking this particular stat in 2012."
Central Park Buyers: If you’ve been watching the Billionaire's Row and Central Park market, opportunities are out there. Now may be the time to jump in before the market turns around. For example, for someone willing to live at Trump International Hotel and Tower in Columbus Circle, one can pick up a great direct Central Park view 3 bedroom for $3,300 per square foot (below). DJT won’t be president forever and this building will bounce back at some point. In addition, we have seen strong discounts at One57 and Time Warner Building as well, although the price floor for direct Central Park view in these and other ultra luxury buildings is hovering around $4,500 per square foot.
Note that we keep hearing from buyers in this segment that they hear more inventory is coming on the market. While that may be the case for other neighborhoods, there are no new buildings coming into Billionaire’s Row. Furthermore, the inventory level below $20 million with an unobstructed Central Park view is limited, as most of these buildings have an average sale price of $30+ million.
New Developments priced 2-3 years ago are lagging on the market and the reason for that is that there’s a disconnect between developers and their banks and investors.
What we are telling our buyers: there are tons of opportunities in the resale market with properties priced anywhere between $1,100 per sq. ft. to $1,800 per sq. ft.
Of course, there are opportunities in the new development segment and have seen discounts of 15% in some buildings. Many of those buildings where you are seeing double digit discounts, however, were launched years ago. In contrast, we have seen buildings launched in 2019 with pricing that reflects the current market, offering few discounts from low asking prices, but still picking up many of the buyers closing costs.
The market is very price sensitive and dollar motivated. Is well known that a shadow inventory exists. These are units that were taken off the market from unrealistic sellers, or new development projects in fringe neighborhoods. Buyers are very savvy these days and know how to spot a good value. If you purchased it in the last 5 years and are trying to sell it now, you are probably under water or at break even. Therefore, prepare for a bumpy ride. Gimmicks and tricks - there are many - won’t make an overpriced property sell.
After some softness over the last couple of years, rental rates are up significantly year-over-year. From the Real Deal - As apartment hunters try to figure out what on earth is going on with broker fees, they now have other news to give them pause: Rents were 5 percent to 6 percent higher last month than a year earlier in all three boroughs covered by the Douglas Elliman market report.
Mortgage interest rates have plummeted since the same time last year and are resting near record lows. The 30-year fixed mortgage rate clocked in at 3.65%, while the stock market was close to a record high of over 26,900. In comparison, over the last 30 years, the same mortgage rate has averaged about 6.25%. In the last 10 years, the only 2 times that the rate has been lower was in September 2016, with a low of 3.42%, and in November 2012, with a low of 3.32%.
It is unlikely rates can go much lower, as we are already near historic lows. We are, therefore recommending that our clients refinance now or finance their new property purchases to take advantage of this artificially low mortgage rate phenomenon before it's too late.
While it is too soon to determine what the impact of the health scare may have on the real estate market, it should be noted that the New York real estate market has been anchored by domestic buyers and foreigners have been all but absent. Mainland Chinese buyers have been absent in the NYC market since 2016, Europeans have been absent as their currency has been low for an extended number of years. Latins and Brazilians have been largely missing as their currencies have depreciated.
Therefore, we don’t expect this to negatively affect the NYC market in the near term. Should the dollar fall and the health scare abate, the market might take off. Finally, certain Asian countries may see limited investment opportunities while authorities try to stem the spread leading to more investment in New York City, a risk free locale.
A lot of clients have been asking what is going on in the NYC market, so I wanted to send you a quick update via a video from Noah at Urbandigs.com. He has done a a great job of distilling what is going on in the Manhattan real estate market.
For a while now, we have been telling our clients that the bottom of the market, in terms of activity, was around Nov & Dec of 2018. The numbers in November and December 2019 confirmed our view, as contracts signed increased in the double digits compared to the same month last year. Due to the weather in NYC, we have some distinct selling seasons, so we always need to look to the prior year month or quarter to see how we are doing. [Toward the end of the Urban Digs video, he confirms what we have been telling our clients by comparing Pending Sales].
The numbers for 2019 were confusing because a hike in mansion taxes were announced in April for purchases after June 30, 2019. This brought forward a significant number of high dollar sales into Q2 that would have naturally closed in Q3. This made Q3 2019 look terrible, in comparison, but when comparing a combined Q3 and Q4 in 2019 to the same period in 2018, sales volume was down only 4%.
The bad press from a disastrous Q3 2019, however, resulted in sellers (including developers) offering higher discounts. This, in turn, has resulted in an increase in transactions, both in the resale market and the new development market.
We firmly believe that the market correction in Manhattan is purely a policy driven reset in pricing caused by the $10K SALT cap. Robert Schiller estimated that NYC properties lost 11% in value because of this new tax law. The press discusses a supply issue too, but we don't necessarily see excess supply in the most prime neighborhoods. Of course, there is excess supply "C" neighborhoods like Financial District and Lower East Side, but prime UWS, UES, Greenwich Village, Tribeca, there just isn't. That being said, developers and sellers are offering some good discounts to move the product knowing the people tend to real the headlines and not focus on the details.
Contract activity is a leading indicator of pricing. If we continue to see double digit increases in contracts signed, we expect that pricing will rise and these discounts will shrink.
On average, buyers received a discount of 5.7% from the Last Asking Price to Final Selling Price in November 2019. That discount was the greatest in more than 8 years! That's a pretty big spread for NYC and a great opportunity for buyers.
Smart buyers have taken notice of the discounts available in the market and, as a result, contract activity of condos rose by 15% versus November 2018. A bright sign after a tumultuous year for NYC real estate (i.e., SALT caps, Mansion Tax changes and WeWork).
The Related Group needs another 5-7 units for the Offering Plan of 35 Hudson Yards to be effective (they need 15% sold before people can move in), so they are offering some steep discounts on a few units for a short time.
With the discount applied, the price per square foot for these units, which start on the 57th floor, is between $2,250 and $2,400 per square foot! Quite inexpensive for what they are delivering. 35 Hudson Yards has Four Season-style finishes that are some of the best we have seen in Manhattan.
Foreigner friendly with hotel services (a la carte) from the Flagship Equinox Hotel in the base of the building, residents of 35 Hudson Yards will experience true five-star living.
If you are not interested, do you know anyone who might be? You don't see this every day in NYC, and especially with the Related Group.
Let us know if you would like to learn more about this price incentive at Hudson Yards. We would be happy to share the images and video tours of each of these units.
As predicted by us, 15 West 61 Street continues to be the best selling new development in Manhattan. In only 6 months Park Loggia sold over 65 units as off December 1st.
And why? Location, Location, Location!
After 3 weeks on the market, The Lantern House is signing lots of contracts. No doubt the pricing and location have intrigued buyers. Meatpacking District and the West Village are only 4 blocks south. The Hudson Yards is 10 blocks north, a straight shot up Tenth Avenue or along the High Line. The area around the High Line is now fully built, so we won't see any more buildings here. It is what it is....and West Chelsea is now one of the most expensive neighborhoods in Manhattan.
That's why it is refreshing to see such good entry level prices at Lantern House. It is the only new development on the High Line that has 1 bedrooms under $2 million (with very few as low as $1.45 million and 2 bedrooms under $3 million (with very few as low as $2.4 million). Of course, if you want River views, prices are higher, but still not at crazy levels like its neighbor XI.
In the last few weeks, NYC has solidified its position as the second most important tech hubs in the world with massive leases signed in and around the Hudson Yards neighborhood. Tech companies are scrambling for prime Manhattan real estate to attract the city’s large and well-educated talent pool. The synergy with related industries makes NYC the right choice for these Tech giants.
These sensational headlines sell a lot of newspapers and clicks, but don’t serve their readers in telling them what really is going on in the Manhattan real estate market.
Yes, the 3rd quarter sales activity and prices were way down, but that was really because buyers rushed to bring sales forward to the 2nd quarter to avoid an increase in the mansion tax. Plain and simple.
What is this tax about? On July 1, 2019, the mansion tax, a NY tax paid by the buyer at closing, rose from a flat 1% for properties $1 million and over to a sliding scale percentage ranging from 1.25% to 3.9% for the most expensive properties.
While not booming, the Manhattan real estate market isn’t as described in these headlines.
In addition to Record Low Mortgage Rates and Trump's détente with China (as of today), as the NY Post notes, there is “reason to cheer” if you are a buyer.
Knowing that these headlines will stick around in buyers minds for the quarter or longer, some developers of newly released projects have significantly dropped prices just in the past week. Notably, two of our favorite UES new developments (Hayworth and Beckford) dropped pricing 8-11% on in the last few days. See more info about them below:
It is clear that the Manhattan real estate market has gone through a reset. This was brought on by the 2018 tax law which made owning a primary home in New York more expensive. Now that the market has reset, we feel that there are opportunities for long term investors.
Interest rates are artificially low and it appears that positive steps are being made toward Trump's trade war, as we had predicted. It is impossible to time the bottom of a market, but we think we are past the worst of it.
The Beckford House and Tower, just received a significant price adjustment 2+ weeks after its soft launch. Thanks to the media, I’m sure!
As we noted in our September 21st newsletter, we consider this project one of the best new developments in New York. Now, with a discount of 8-11% from their initial launch prices, it’s even a better deal now. The quality of the building and its finishes are comparable to 135 East 79 Street & 20 East End Avenue. And, we expect similar rental rates for Beckford, over $100 per square foot per year when delivered (in Spring 2020 for Beckford House and in Spring 2021 for Beckford Tower).
The Hayworth, another UES project that launched during the Summer, just reduced their prices today. For example, apartment 8A just got a price cut of 11%. With this reduction, 8A is priced at $2,101 per sq.ft., an outstanding price for this caliber of product. The Hayworth is a boutique building with only 61 units is situated at the corner of Lexington and 86 Street and across The Lucida. It will be one of the best condo buildings in the UES when completed in Spring 2020.
Many seller's have finally come to terms with the market resulting in significant price cuts. In some cases, we are seeing a return to 2014/2015 pricing for resale units. Not in all cases, but certainly for some. Those properties that are not priced to the current market, however, will languish on the market. Those that are well priced have been selling.
With a strengthening rental market and declining prices, yields are quite good, considering yields worldwide are compressing because of negative rates.
Those trying to time the absolute bottom of any market (real estate or stock market) will find it next to impossible, but sometimes there are clear signs...
A significant uptick in sales activity in April suggests the bottom may have passed!
April signed contracts in Manhattan rose by double digits compared to last March (up 15.6%) and same time last year (up 11.6%), according to Urban Digs. Signed contracts are a leading indicator in any real estate market. A significant increase in the number of signed contracts usually precedes positive price movement. We will be keeping an eye on this number as we move forward in 2019, but these green shoots are a very good sign that the market is stabilizing and even starting to turn around. Very welcome news after a disappointing first quarter.
The new tax law that was passed in December 2017 really sucked the life out of the Manhattan market over the last year. But, now that people have a better understanding of its affects after filing their 2018 taxes (due April 15th) some of that uncertainty has dissipated. If you recall, the law capped at $10K the amount of state income and local taxes (i.e., property taxes) (SALT) that a primary homeowner could deduct from their federal tax return, a miniscule amount for a New York primary homeowner. This was a total surprise to most New Yorkers and caught many off guard. But, while the SALT cap did suck the life out of the market due to uncertainty, it had less of an impact on the high end of the market because of offsets in the form of lower tax rates, a higher AMT threshold and other loopholes.
With the tax change behind us and a tick up in sales activity, we think 2019 is the right time to buy a condo in Manhattan. Consider the following on this report from Douglas Elliman:
With lower prices, adjusted seller expectations, recently cut rates, certainty about the tax change’s impact and latest sign of a booming NYC and US economy, buying now is very attractive. We expect to look back on Q1 2019 as the absolute bottom of this market cycle.
Today, we feel that the current Manhattan housing market is a once-in-a-decade or possibly a once-in-a-generation investment opportunity. In Q4 2018, Manhattan evolved into a pronounced buyers market, as inventory rose, sales slowed and median asking prices declined. There is significant new supply coming online this year at a time when there are still unsold new development units from the past 2 years. The market has been weak and sellers are highly negotiable. At the same time, New York City's economy is robust. We believe the combination of these factors make it a great time to make a long-term investment - setting up 2019 as the perfect time to buy.
This is a very rare occasion. Over the last 20+ years, Manhattan has been in a buyers market only two other times: in 2001 right after 9/11, which lasted just six months, and in 2008-2009 after Lehman Brothers collapsed triggering a credit crisis that lasted one year. The current buyers’ market began in late 2015, but only in the ultra-luxury segment, a small sliver of the market. Since then, however, the buyers’ market has widened. First to the luxury segment in 2016 and 2017 and now to all inventory segments, especially in 2018 after the new unfavorable federal tax law was enacted (discussed at length in our previous updates) which pushed many buyers to the sidelines.
As you can see from the chart below from Compound, if you buy Manhattan real estate at the right time (i.e. during a buyers market), the rewards can be plentiful:
As for details on how the 4th Quarter of 2018 performed:
Well, what does all of this mean?
Keep in mind that this rare occasion is happening at the same time the NYC economy is booming and in a position to keep growing and growing in years to come (i.e Google West Soho expansion, Hudson Yards opening in March 2019, etc.).
While deals are happening, a lot of potential buyers are sitting on the sidelines in a wait-and-see mode. Our caution to them is that it is impossible to time the bottom of any market. Often, a buyer will wait too long, miss the dip and lose their leverage. Interest rates have come off their 2018 highs, making it a good time to enter or renter the market, before they start ascending again.
Warren Buffett said it best, "Price is what you pay, value is what you get . . . It is wise to be fearful when others are greedy and greedy when others are fearful."
Some recent reports on real estate in New York City have made some people fearful. When we look at the broad picture and the overall statistics in those reports it is fairly clear as to why those people are fearful, however, one must dig deeper to understand the whole story.
Manhattan condo buyers remained cautious in the 3rd quarter 2018 due to concerns over the new tax law (FN1) implemented at the end of 2017, despite a very strong economy, record breaking stock market, and still relatively low, although rapidly increasing, interest rates.
Manhattan real estate is seldom in a buyers market, so if you are interested in a safe long term investment, now may be the time to buy. This is not going to be a prolonged event or repeated any time soon. In fact, during Q3, the high end of the market (>$5M), which began a correction in 2016, started to bounce back somewhat, as discussed below.
While headlines regarding the quarter have been concerning, they don't tell the entire story. We need to look at what is happening today in the market and not 1, 2 or 8 quarters ago, which is what the quarterly market reports usually focus on. If you look at the number of Contracts Signed in the quarter, a leading indicator, this quarter was roughly the same as the same quarter last year.
Signed contracts in Manhattan showed a slight 1% decrease over the number signed in Q3 2017.
The best performing segment in terms of contracts signed was $5M - $10M (which saw a 30% increase in contracts signed primarily driven by sales at two new development, The Belnord and 100 E 53rd).
The second best segment was for homes price at $10M+, which saw a 10% increase in activity.
While we won’t know what units are under contract for, prices these units will be ultimately traded at until they close and are recorded, which could be many months from now, the bounce back in activity from a prolonged slumber is reassuring. For sure, discounting played a role in these sales.
Closed sales in the 3rd quarter 2018, however, show a different picture. When looking at closed sales, you are assessing only units that closed in the quarter, regardless of when the contract was signed. In the case of New Development, that could have been 3 years ago in some instances. Therefore, closed sales info can be somewhat dated, albeit still good information to capture trends.
Photo credit: 111 Murray
To sum it up, we feel that this is a pretty good buyers’ market to be in, especially compared to 2008.
Drilling down into the detailed numbers suggests New York City real estate market is strong. Most people will read the broad reports, but the astute buyer will listen to real estate specialists. To paraphrase Warren Buffett said when others are fearful this may just be the right time to buy in NYC.
The new US tax law, implemented on January 1, 2018, has created a lot of noise in the media. If you look at the fine print, however, the law will be a boon to corporations and real estate investors, including foreign buyers. For current homeowners, especially in Manhattan, it's a bit more complicated.
In Manhattan, uncertainty around the ultimate effects of the new law, which limits state and local tax deductions and reduces the amount of deductible interest on primary homes from $1 million to $750K, created a jittery market and is reflected in the latest Q1 market reports, which show Q1 activity down by 10%, according to Corcoran. The weakness in volume was found across price points, but, especially, was felt in the high end. Q2 sales activity appears to be recovering.
To mitigate the tax law’s negative effects, Governor Cuomo has made significant efforts to change state tax rules. We expect some uncertainty to remain in the market, which will put buyers in the driver's seat for the next few months, at least until the economy starts to heat up, an anticipated byproduct of tax reform.
It is worth noting, however, that many luxury buildings in prime Downtown Neighborhoods like NoHo, SoHo, Tribeca, West Village and Flatiron, and the core of the Upper West Side, for example, are faring quite well. Well-priced condos are still moving fast, pending sales are up over prior month and year, and we are still seeing 20% of deals being made above asking price, not an insignificant number.
The US Economy and New York City, in particular, have been experiencing strong economic performance in early 2018.
We expect to see more positive effects of the new tax reform later in the year and potential Phase II tax reform reducing capital gains taxes. Stay tuned...
There continues to be strength and activity in the core Manhattan market for condos. Record high equity markets, inexpensive and readily available financing, and clarity have helped propel the market. One year ago, there was great uncertainty regarding the US Election, interest rates were prematurely spiking and everyone was shocked by Brexit. Select statistics for Q3 2017:
"Buyers — A price correction already occurred, and over the last year or so the broader market has shown signs of stabilization and normalization. If you have a real need to buy and you find the right property, utilize this slow period for any leverage you can get in negotiations — you never know when a seller has had enough, and is ready to hit that bid."
Read the full article at: medium.com
We agree with Urban Digs. The Manhattan RE market has already corrected, especially in the luxury segment, and buyers have more leverage now than they did than from 2014 - 2016. We expect this leverage to continue in 2018, as confusion about new tax changes takes place. We have found, however, that resale inventory supply is still low.
We have looked at resale inventory supply levels in four prime neighborhoods that are popular with our primary home buyers and investors: Tribeca, Chelsea, Upper East Side and Upper West Side. We looked at the $5 - $10 million segment, $2 - $5 million segment and $1 - $2 million segment.
Of all Manhattan real estate for sale in the $5 - 10 million segment, there were only 17 resale units for sale in Tribeca, 8 resale units for sale in Chelsea, 5 resale units for sale in the Upper East Side, and 4 resale units for sale in the Upper West Side. That's a total of 34 resale units in these four neighborhoods, which cover a lot of the island of Manhattan.
Shifting down market, of all Manhattan real estate for sale in the $2 - 5 million segment, there were only 22 resale units for sale in Tribeca, 15 in Chelsea, 21 units in Upper East Side, and 32 units in the Upper West Side (including the Riverside). That's only 90 units available in the $2 - $5 million segment across these four neighborhoods.
In the entry level market, of all Manhattan Real Estate for sale between $1 - $2 million, there were only 2 resale units available in Tribeca, 11 resale units in Chelsea, 15 resale units in the Upper East Side and 19 resale units in the Upper West Side. That's a total of 47 resale units available for sale in the $1 - $2 million segment across these four large neighborhoods.
As Urban Digs noted, it is true that seller's are more receptive to negotiations these days, especially compared to 2014 - 2015, but the supply of good resale condos is still relatively low. And, new development is selling at a high premium. When we start narrowing down to the best Manhattan real estate available for sale, by particular building, exposure, those that are not overpriced, the number of good options drops significantly. Therefore, if you are a buyer that has housing needs or looking for investment, keep this short supply story in mind.
Charts courtesy of UrbanDigs
The fourth quarter of the 2017 real estate market in Manhattan is one best described as stable, with the last three out of four quarters showing an increase in closed sales activity. 2017 was a much better year than 2016, although there has been a marked drop in the number of signed contracts in the quarter year-over-year that can be primarily attributed to non-market factors such as tax reform and political climate.
When looking more closely at the property types, however, we see significant variation. Resale co-ops segment was the most active with a third consecutive quarter of growth in sales. Signed contracts for resale condos, however, have been hurt by continuing high prices, and new development closed sales were faced with a 12% decrease due to the current cycle and timing of building developers. With all of this in mind, and uncertainty around the new tax reform, we can surmise that Manhattan real estate is slowly becoming a buyer’s market.
Uncertainty regarding tax reform effects played out in Q4 in the resale condo sector, causing a decline in sales activity and flat prices. For the second consecutive year, the market underperformed and saw the fewest sales since 2011. Inventory of available units fell correspondingly with a 3% decrease across the board. Many are pointing to a disconnect in pricing, as active inventory was saddled with a double-digit premium per square foot when compared to Q4 closed sales.
Resale Co-ops ended 2017 as the year’s best selling real estate product, continuing to outperform other options by increasing in sales for the third consecutive quarter. Additionally, the high demand for co-op resales found the average length of a property remaining on the market dropping by 5%. In so doing, the market responded by increasing the available inventory by 15%.
As one might expect, the new development condo market numbers tend to increase or decreased based on the progress of ongoing building construction. No new buildings commenced closings in the 4th quarter and a number of large developments, such as 125 Greenwich and 91 Leonard launched sales, causing inventory to soar by 30%.
The luxury segment is determined by the top 10% of closed sales based on price. The entry-level price, or “threshold”, fell by roughly $500,000, ending at $3.882 million. Additionally, the average price dropped by 10%, and price per square foot fell by 12%. These drops can be attributed to a shift in closings in the quarter from ultra-luxury and super-luxury closings, such as 432 Park, Greenwich Lane, and 56 Leonard, at the end of 2016, to more modest luxury buildings in outlying locations, such as One West End and 252 East 57th St. However, we have seen a more competitive market with an increased inventory, leaving sellers with little other option than to drop the prices to satisfy customer demand. This represents a real potential for investors in the luxury segment, as these luxury units are low and ready to move.
In conclusion, the Manhattan market remains stable and 2017 was healthier than 2016. That being said, the market continues to show trends skewing toward the side of the customer, or in other words, becoming a “buyer’s market”. An increase in available inventory, new development projects, and a lowering of the luxury threshold have created a market in which owners and developers are inclined to discount prices to keep up with dwindling sales. Because of uncertainty with the tax reform, 2018 will be a good year for the buyer, and not so good for the seller. For those standing on the sidelines, it might be a good time to enter the market, before the positive effects of Trump’s tax reform kick in.
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Once a month we sent a curated selection of current best buys to our clients. This selection includes small pied-a-terre's priced from as low as $600k, investment properties with excellent price per sq.ft., just discounted properties that we believe are good opportunities and new developments that have just been or are about to be launched.
You'd be surprised how effective it can be to just include a warm, smiling photograph of yourself. Or maybe you wouldn't be so surprised. Maybe you just don't surprise easily. Or maybe you're just incredibly wise. Yes. That must be it. Wise and warmly smiling. What a winning combination.
Shawn Bristow HubSpot, Inc.
You'd be surprised how effective it can be to just include a warm, smiling photograph of yourself. Or maybe you wouldn't be so surprised. Maybe you just don't surprise easily. Or maybe you're just incredibly wise. Yes. That must be it. Wise and warmly smiling. What a winning combination.
Shawn Bristow HubSpot, Inc.