A Scorching Hot Summer, A Cool New York City Real Estate Market

Abstract

A Scorching Hot Summer, A Cool New York City Real Estate Market Many sellers hope for a more active market in the fall. Getty Many sellers hope for a more active market in the fall. As July settles into August, the New York real estate market has settled into its own peculiar rhythm. While there is much talk of the possibility of a recession, the tight job market and the rate at which unemployment keeps dropping make a real recession seem unlikely. While many sellers hope that the fall season, or some meaningful break in the news about the securities markets or interest rates, will restore the prices of their properties to where they were eight to ten months ago, more and more sellers increasingly acknowledge the reality that to sell they have to price into the market as it looks TODAY. Most of the deals being done this summer reflect pricing which has been reduced, and most of these deals show sales prices under $4 million. While there are a number of Park, Fifth, and Central Park West apartments that have lingered on the market for many months, the better-priced units with one, two, or three bedrooms costing less than $4 million are selling, often within a few weeks of being listed. Most buyers these days prefer to wait for the next one rather than, as they see it, "Overpay." Many sellers hope for a more active market in the fall.