Viewing entries tagged
spring market
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.
Yesterday’s NY Times front page story “Possible Boom Post-Pandemic” recognizes an economic sea change. We are turning the pandemic corner, and for that we are grateful. Economists are predicting a supercharged rebound for the U.S. Days ago, in a February 18th report issued in Washington D.C., Fannie Mae Sr. VP and Chief Economist Doug Duncan predicted a 6.7% GDP increase this year, simultaneously cautioning that the same reasons for expansion might also push up inflation. “Growth,” he noted, “will accelerate sharply beginning in the second quarter.” The news bodes well for residential real estate in New York.
