On Staten Island, for example, new listings in August were down 17 percent and inventory was down 37 percent from a year before. At the same time, median price rose 3 percent and days on the market shot up 50 percent, according to the Staten Island Board of Realtors.
“These are difficult times for the real estate market,” said Sandy Krueger, CEO of the organization. “But difficult times create opportunities for those who are alert to the signals that the market offers.”
Here are three of those signals as the fall selling season gets underway.
Co-ops were having a hard time even before mortgage-rate increases doused sales, and cheaper co-ops have been hit especially hard by the higher rates, according to Keller Williams agent William Krooss-Tadas.
Buyers in recent years have been increasingly turned off by the antiquated rules and bureaucracy of co-op boards. Now, with the rise in mortgage rates, home shoppers on the lower end of the income spectrum have been priced out by co-ops’ debt-to-income and post-close liquidity requirements.
“Today, we can’t,” he said.
Krooss-Tadas said that he’s noticed monthly charges rising in many buildings because of Local Law 97, which caps greenhouse gas emissions in large buildings, and Local Law 11, which requires buildings taller than six stories to have their facades inspected every five years and repaired if necessary.
Loser: New development
Developers who have been holding out for a better economic environment before launching sales for their product may be forced by their loan terms to list this fall. And projects where units that have lingered on the market may be forced to offer price cuts.
“If something’s on the market for too long, it’s like the last picked piece of fruit at the supermarket: Even if there’s nothing wrong with it, you’re going to ask, ‘Why did everyone pick through the produce section and leave that behind?’” said Kaplan.
Brooklyn has been growing into a primary market for years, a trend which accelerated during the lockdown era of the pandemic, as buyers sought to avoid high-rise elevators, subways and crowded streets. Although transit use has mostly recovered, shift toward Kings County shows no signs of slowing down, according to UrbanDigs founder John Walkup.
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The profound downturn in New York home sales has left few in the industry unscathed, but the pain is most acute in certain parts of the city’s market. The seasonal rise in listings this fall won’t get the market out of the low-supply environment that has kept prices high even as mortgage rates have surged,
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Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.