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manhattan
In uncertain times, when world events and macro outlooks are dire, there’s no better urban center to invest in than New York City. Our residential market is leveling to be sure, but we’re holding our own. In fact, there’s opportunity, and smart home shoppers are buying.
What are we seeing?
The resilience of the Manhattan residential real estate market was on full display in the first quarter. A new year, new administration, low interest rates, and multiple and more readily available vaccines restored hope. Covid changed the way buyers look for and value space. With pent-up demand, today’s purchasers seek units with outdoor space and private areas for home offices, working out and gathering safely.
A new president was sworn into office this noon, and as the Times aptly reported, his “To-Do List” is daunting. Primary among his tasks, President Biden has pledged to oversee the vaccination of 100 million Americans in his first 100 days. In New York, we’re looking forward to when most are inoculated, and we gain herd immunity and can look back on this dreadful nearly year-long Covid period.
April 12, 2020 When you read the press coverage for Q1 2020, it’s critical to evaluate the stats with multiple grains of salt. We’re not in the midst of a real estate slowdown; in New York, we are near a standstill. Consider that this January’s sales were pretty close to January 2019 totals, and February 2020 volume was actually 10% higher this year, and the first week in March 2020 saw 8% more contracts signed year-over-year. Then came Covid-19.
Is it already November? Don’t wait for the 13th for World Kindness Day or for the 28th to express gratitude. Do remember to turn your clocks back on the 3rd when Daylight Savings ends, do get out and vote for your local officials on the 5th, and honor military veterans on the 11th. In case you didn’t know, November 24th is Celebrate Your Unique Talent Day, so pull out your harmonica or stand on your head and rejoice in YOU! Happy Thanksgiving!
Autumn is my favorite time of year when the air is crisp but not yet cold, and the apples and pumpkins are ripe for picking. Our region’s fall colors will soon show bursts of red and golden yellows, so do take a drive north or a stroll through Central Park. It’s the month for Breast Cancer and Lupus Awareness. World Teachers Day is on the 5th and World Smile Day on the 7th. Watch out for friendly goblins on the 31st.
Today is National Skyscraper Day, so look up to marvel at the more than 7,000 architectural feats of engineering in our city—structures with 40 floors or more. This month, Labor Day came early, and the Jewish High Holy Days will be late with Rosh Hashanah on the eve of September 29th. Coinciding with the Hebrew month of Elul, it’s an important season for self-reflection. Lord knows we have much to consider and improve upon and build in our lives and in our nation. Autumn, my favorite time of year, begins on the 23rd.
Those hazy hot and humid days of August are upon us in this third month of summer, the perfect time of year to hang your GONE FISHING sign and when most Europeans take their annual vacations. Celebrate Sisters’ Day on the month’s first Sunday, Lazy Day on the 10th, Middle Childs’ Day on the 12th, and Just Because Day on the 26th.
And just like that the 2nd half of 2019 begins with summer in full swing. Local zucchini is in abundance and corn and tomato season lie ahead. Throw some shrimp on the barbie and celebrate the 4th with gratitude. As of July 1, NY State’s new progressive mansion tax goes into effect. A one-time payment at closing, the levy begins at 1% for transactions from $1M-$2M and rises incrementally in eight tiers, capping at 3.9% for sales of $25M or more. It could have been worse.
Take time to smell the roses and the honeysuckle this month. After all, it’s June and the days are longest, so there’s time for gardening, camping and tennis in this first month of summer. Take stock of your achievements as it’s also the end of the 2nd quarter and the midpoint of the year. Happy Father’s Day to all great Dads. Iced tea anyone?
With the start of the 2nd quarter comes the promise of warmer weather and increased sales activity. This month, we’ll celebrate with family and friends on Easter, Passover and Earth Day. Tax day is approaching quickly, and on the 19th, a Full Moon will be rising.
