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EPISODE 31

The state of the NYC real estate market

So what's the state of the NYC real estate market today? The Brick Underground podcast takes a look at the oversupply of new development which is lagging on the market and considers whether sellers and buyers are out of sync as sellers hold onto an idea of the market based on economic data rather than what buyers are prepared to pay. 
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By Emily Myers  |
June 7, 2019 - 1:00PM

If you’ve been thinking of buying, selling, changing rentals, or moving to New York City, you probably know it is a buyer's market. In this episode of the Brick Underground podcast, we explore some of the current market data with real estate appraiser Jonathan Miller from appraisal firm Miller Samuel. Miller isn't an apologist for the market and was one of the few people to predict the economic crash 10 years ago—even though many didn't want to hear it.

So what's the state of the market today? We take a look at the oversupply of new development that is lagging on the market and consider whether sellers and buyers are out of sync, and what this misstep will mean further down the line as sellers hold onto an idea of the market based on economic data rather than what buyers are prepared to pay.

Miller argues that a rise in interest rates over the long term would solve some of the distortions in the market and better tie apartment prices to income. 

On the rental side, landlords arguably have the upper hand as potential buyers wait out some of the market’s uncertainty by renting rather than buying. Concessions are down—these are the sweeteners for renters, like getting one month free on a 12-month lease—though you may still need Brick Underground's handy gross rent calculator to make it less confusing if you are given concessions.

The other narrative is that landlords are under attack as we approach deadlines on rent reform. 

Miller also shares some things to avoid if you are looking to buy and offers advice on that unique facet of New York City real estate, the co-op.

We love to hear from our readers and listeners. Thanks to all those who have offered feedback on the podcast. You can contact us via our website or leave us a rating or review at Apple podcasts.

 

Headshot of Emily Myers

Emily Myers

Senior Writer/Podcast Producer

Emily Myers is a senior writer, podcast host, and producer at Brick Underground. She writes about issues ranging from market analysis and tenants' rights to the intricacies of buying and selling condos and co-ops. As host of the Brick Underground podcast, she has earned four silver awards from the National Association of Real Estate Editors.

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

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MORE FROM THE PODCAST ...

Office Hours with Sam Himmelstein

Tenant attorney Sam Himmelstein, a partner at Himmelstein McConnell Gribben & Joseph and a long time sponsor of Brick Underground sits down for the first live Brick Underground Office Hours to answer your renter's rights questions.

Racism and the lack of diversity in the appraisal business

In a conversation on the Brick Underground podcast with Jonathan Miller, president and CEO of appraisal firm Miller Samuel, he says racial bias in appraisals is probably as prevalent in NYC as it is in rest of the U.S. and blames the lack of diversity in the appraisal business. 
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Making sense of the NYC real estate market with Jonathan Miller

In this episode of the podcast, appraiser Jonathan Miller, president and CEO of Miller Samuel, joins host Emily Myers to discuss what buyers, sellers, and renters in New York City can take away from the real estate data as we head into 2023. 
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