Q: When do you expect to see people who fled the city in recent months to return?
A: The majority of people who left temporarily were those who owned a second home, were able to work from that home and also opted to have their children learn remotely. Many have begun to return to NYC, and I believe we will see that trend continuing after the spring holidays. Buyers in the market are craving human contact and yearning for the spoils of culture and energy that only New York City can offer.
Q: Where are the best deals right now?
A: Deals exist in every market segment and every Manhattan neighborhood. The best deals can be found in two places: select new-development projects and unrenovated prewar co-ops uptown. It helps to work with an agent who knows where the deals are and who will be strategic about structuring offers that have the best chance of being accepted by developers. If you have the patience to manage a renovation project, this is a perfect chance to get a deal on a prewar apartment close to Central Park.
Q: How have buyer preferences shifted during COVID-19?
A: In New York City, we are seeing an uptick in demand for townhouses and boutique buildings, reflective of buyers valuing privacy and outdoor space while also craving an intimate community. Buyers are spending more time close to home, so finding the perfect location is more important than ever. Properties that offer something unique in terms of location, size and design which speak to the needs of local buyers are the standout success stories in an otherwise tough market.
Q: What advice can you offer buyers and sellers?
A: For buyers, decide on the one or two key things you cannot live without, and be flexible on the rest. For sellers, price your home right the first time, and remember, looks do matter! Overly ambitious pricing often backfires. For both buyers and sellers, transparency and trust are essential. Find an experienced agent whom you trust to be honest with you.