Ask Annie: Welcome Back, Welcome to Fall
Manhattan is starting to feel like home again. Streets are busy with cars, trucks, buses, bikes and pedestrians. Many schools have returned with partial or fully in-person classes. Laughing children occupy playgrounds again. Restaurants have set up lovely outdoor seating areas that are full nightly, and heated (and are now allowed limited indoor seating as well). Many stores and boutiques have reopened. Museums are welcoming visitors again. It feels like life has returned to a new “semi-normalcy,” despite the presence of masks on nearly everyone. You have read that people are running away from the city for good, but it certainly doesn’t feel that way.
While New York is doing better than nearly all other major metropolitan cities (albeit with a few exceptions in limited pockets in the boroughs), the real estate market has responded in kind, with increasing traction lately. In-person viewings have increased steadily, and there have been more contracts and closings in the past month than in the previous six months. That said, it is clearly a buyer’s market, with significant negotiating on price for resale apartments (and some new construction). On the high end of the market, the number of over-$4 million “luxury” apartment purchase contracts in Manhattan last week was the highest since March. The 21 deals were three more than in the same pandemic-free week last year, The Real Deal reported.)
Buyers looking for deals will find excellent options right now, with some real trophy apartments hitting the market. Some owners with multiple homes are putting large co-ops on the market that they no longer need – often in need of updating and modernizing, and therefore flexible on price. I am personally finding some sellers were always planning to leave, but this pandemic accelerated the process. Other customers in my real estate “family” are using this as an opportunity to sell their current home and purchase a larger one, or one with outdoor space. Many clients have recently been in touch asking about best next steps.
If you are selling, the key factor is frequently in the price, but other top considerations are location and condition. However, you must trust the judgement of a professional broker to know how to price for the current market, depending on these factors.
While the summer was obviously very quiet, I am now quite busy. I recently had contracts signed on 3 properties, and now have several new exclusives. These properties are very well priced based on the market and their condition.
124 West 23rd Street, 14A | $5,250,000
Full-floor 3/4-bed, 3-bath condo in Chelsea. Completely renovated and never before lived in.
Bright and renovated 4-bed, 3.5-bath duplex on the Upper East Side with a wraparound terrace.
Expansive 2-bed, 2.5-bath on the Upper East Side, gut renovated with top finishes and materials.
Spacious, charming, sun-filled 2-bed in a full service building, tucked away in the West Village.
Striking Italianate brownstone on a gorgeous tree-lined block in Park Slope. Investor opportunities!
Spacious, welcoming, and renovated 2-bed, 2-bath on the Upper East with a private balcony.
Meticulously renovated 4-bed, 3-bath with a private terrace and office area on the Upper East Side.
Sprawling 7-room duplex with a private planted terrace.
Flexible and sunny 3/4-bedroom corner unit with open views.
Please let me know if you would like to view any of these properties. All health and safety precautions are in place for any property visits.
These are certainly unusual times, but I strongly believe that New York, and Manhattan, in particular, will survive and thrive. This is a resilient city filled with strong, successful, intelligent, artistic and wonderful people, and that will never change.
Feel free to contact me to discuss any needs.