As we wrap up 2022, we hope to see an end to the rollercoaster ride for everyone.
The interest rates increases, stock market declines and global uncertainty bred uncertain times, many still look to real estate as solid investment for the long-term. And, NYC has proven, once again, to fit the bill. Regardless of the nationwide housing market news in the media, New York City is on an island onto itself … literally. There are always buyers and sellers in New York City because of our diverse and global reach in many industry sectors – finance, tech, arts, culture and education. We saw the luxury market sales tick up in the last quarter. Luxury buyers realizing that the increase in interest rates created a window of opportunity for deals especially all-cash buyers. Sellers are negotiating with values remaining slightly intact. As we always say, a deal will be made with a properly priced property.
The hot rental market cooled off as we got closer to the holidays. Even with fewer bidding wars, rental prices are strong which has caused renters to reconsider the rent vs. own option. Although recent layoffs in the news have forced many companies to restructure, NYC is seeing a boom as a tech industry leader. Companies such as Google, Amazon, and Apple are securing millions of square feet of office space. In the Union Square area alone, Zero Irving, one of the city’s largest tech incubators will soon be opening, and Microsoft has leased out 10 floors at 122 Fifth Avenue. This growth will results in an influx of tech professionals looking for a piece of the Big Apple whether in renting or buying.
The LivNY Team is always here to discuss any of your real estate needs and especially during times like these. While there may be uncertainty for the time being, diversification into quality real estate is an option to ride out the storm.
Happy holidays to you & your family and we look forward to connecting in 2023!
