Q: Please share your thoughts on the Manhattan real estate market. What kind of trends are you noticing?
A: We are seeing a number of challenges in the Manhattan residential real estate market right now, led by oversupply, economic factors such as changes to the tax law, and a higher level of caution from buyers concerned that we may be late cycle in the economic phase of the past decade.
Q: Which neighborhoods in Manhattan do you cover?
How would you describe the buyers the gravitate toward each area?
A: While I particularly enjoy working with clients throughout Manhattan, I have been especially active on the Upper East Side, and in Flatiron, Union Square, the East Village, the West Village, Greenwich Village, and Tribeca. It has been exciting to be part of many family (school) driven activities on the Upper East Side, and also assisting other families that are increasingly focused on finding solutions downtown.
Q: How can our readers optimize a sale?
A: I have worked with many clients selling real estate who have optimized value in a variety of ways. While I always encourage clients to invest in renovations and accretive rehabilitation projects in advance of a listing, I have recently found success with clients willing to list slightly below their target to drive activity and interest. This has proven to be an effective way to engage buyers who are otherwise moving more slowly.
Q: What kind of properties are hot right now?
A: Despite the headlines on empty new development, I have had success with certain buyers who insist on new development with high-quality developers and architects. If it meets these criteria and brings something unique such as park or water views, then there is demand.