How does NYC real estate move past ‘peak uncertainty’ in 2020?
In this episode of the Brick Underground podcast, we explore some of NYC's current market data with real estate appraiser Jonathan Miller, president and CEO of the firm Miller Samuel.
You may have heard that it's a buyer's market but it really depends on what price range you are looking at. Yes, sales of luxury condo sales have been stalled for some time and prices are falling, but if you're selling a studio or one bedroom, those prices are rising and the market is moving much faster than they are at the high end.
That's not to say there isn't uncertainty, in fact, Miller says we are at "peak uncertainty" as the real estate market grapples with policy changes like higher taxes, rent reforms unfavorable to investors, as well as the specter of a possible pied-à-terre tax.
So what does all this mean for NYC real estate sales? Plus, how might the 2020 election affect buyers and sellers? We'll get into the details as well as discuss what Miller describes as the "cauldron of unaffordability," which currently characterizes the city's rental market.
We'll also consider the changes in rental inventory too, as high-end condo owners decide to hold onto their apartments rather than sell and, in listing them as rentals, push prices up even further.
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