NYC Real Estate Market Price Index 2018

[kevin]

I told my sister her timing is perfect as she is going to benefit from a general market correction but also the Trump affect. With all its foreign buyers New York has probably been hit the worst as a result of the instability Trump has brought into the global markets with his trade wars and his chaotic immigration policy which makes foreigners feel unwelcome in the US.

When do you see the bottom being reached? I think a lot of holdouts in terms sellers coming in line with the drastic down turn in the NYC market might not be able to hold out financially and more and more will drop there asking prices in the coming months to align with the current realities of the market. A lot more have done so recently from what I can see from the recent listings compared to what I saw 2 months ago when I last researched the market.

[lower_nyc]

I told my sister her timing is perfect as she is going to benefit from a general market correction but also the Trump affect. With all its foreign buyers New York has probably been hit the worst as a result of the instability Trump has brought into the global markets with his trade wars and his chaotic immigration policy which makes foreigners feel unwelcome in the US.

When do you see the bottom being reached? I think a lot of holdouts in terms sellers coming in line with the drastic down turn in the NYC market might not be able to hold out financially and more and more will drop there asking prices in the coming months to align with the current realities of the market. A lot more have done so recently from what I can see from the recent listings compared to what I saw 2 months ago when I last researched the market.

Hi Kevin - out of curiosity, what neighborhoods and general price points have you been following over the past few months? The reason I ask is that the real estate market in NYC feels very different based on neighborhood and price range. This week one listing I was looking at in Park Slope (under $1m) received over 15 offers and has an accepted offer over $100k above ask. On the flip side, some luxury new developments aren't selling at all.

[kevin]

Thanks for getting back to me. Yes definitely affecting co-op market more. I will follow-up with my family.

Here is one of the charts I looked at:

https://www.trulia.com/real_estate/N...market-trends/

[aslan]

Wow, very interesting! Not sure where they are coming up with this, but from what I’ve seen in the field, there are definitely more deals to be had with co ops vs condos. But definitely nothing catastrophic in my humble opinion on either front.

Regardless, as you said, it’s better than renting. Why waste potential home equity by giving it to the landlord?

P.S. Great to hear from you Kevin and love the interesting perspective! I think some coop prices have certainly been weaker, but I haven’t seen anything too bad overall. For example, see this Federal chart on condo prices in NYC: https://fred.stlouisfed.org/series/NYXRCSA

[kevin]

In the end getting “the deal” is always situational and all of my best real estate deals have always been being at the right place at the right time with financing in hand, ready to pull the trigger, drizzled with lots of patience although one can get lucky and a deal just lands in your lap.

Hold off on any listings for now. I will be in the states on the 2nd of July and I am meeting my sister in Florida to nudge her along as we are having a small family reunion there.

Once we get her situated I want to concentrate on the 2 bedroom apartments where the owners have a sizable equity and who’s properties have been on the market for 30 or more days. The goal is to find the home owner who thought things would go smoother, is relocating to another state where he/she has already located his/her mansion after living in a shoe-box for 12 years. The problem is he/she needs to sell their apartment in NYC before they can acquire that dream house and as a result they want a clean quick and easy close with no surprises.