Fall will officially be welcomed September 22nd, however, the fall real estate market is already getting in full swing. This season is typically a busy one for New York Real Estate with increased activity post summer including listings coming to market and new developments launching sales.
If you are considering buying or selling before the end of 2018, ensure you are set up for success during the fall seasons as it may be prime time to make a deal. So, what do you need to know?
Time
Speaking to luxury properties, absorption rate is up nearly 16% versus a year ago. What does this mean? Expect a longer time on the market going into the listing. Yes, your Broker helps reduce this time and sell faster than the average, but it is important to note where the average is. Given current supply, it would take 16 months to sell all the luxury homes listed in Manhattan in the second quarter. This is up significantly even from a year ago. During the last weeks of July, luxury properties were averaging 536 days on the market.
Price
Simply put, the price must make sense. Sellers that purchased in 2011-2014 that are selling now feel that property should be priced significantly higher than where the market is today. Buyers are more attuned to price, and if the numbers make sense, they are more inclined to act. They are even more so inclined to act if the property represents a bargain.
More price scrutiny may come into place if the buyer is purchasing as an investment because resale numbers must make sense for them as well. Work with your broker to set a pricing plan – discuss price every X days, and if there is zero to little activity, agree in advance to reduce the price by Y every X days to stay relevant.
It is important to understand the crucial role pricing plays in the current market. No one wants to take a loss on their purchase, but if selling is the most important, sometimes getting a deal done means a significant price drop from the original ask.
Broker
Even though Buyers and Sellers have more information and access to information to make informed transactions than they did 10 years ago, listen to your Broker! A Broker has access to even more information, they are your boots on the ground. They know what is going on across the market at various price points because of their proximity to the industry. Listings where Sellers are not listening to the advice of their Brokers are sitting.
New Developments arriving this Fall
The fall is an exciting time as many new listings come to market, including new development. There is still an ample pipe of new development coming across all boroughs from Manhattan to Queens and Brooklyn. Below are a few to keep an eye out for as they hit the market this fall in Manhattan.
100 Franklin- Situated across the street from the Roxy Hotel in TriBeCa, this project will bring 10 full-floor homes from DDG Partners
Greenwich West – Located at 110 Charlton Street in West SoHo, Greenwich West will be a collaboration between two Parisian design firms, Loci Anima and Sebastien Segers, and be comprised of 170 condos.
200 Amsterdam- After fighting for approval, 200 Amsterdam will be one of the tallest buildings on the Upper West Side, clocking in at 668 feet. The building will have 112 units with a distinctive crowning top.
1010 Park Avenue- Extell is bring new development to Park Avenue with 1010 Park Avenue design by Beyer Blinder Belle and interiors by David Collins Studio. The apartments are expected to be very luxe with prices starting around $15M.
Interested in Buying or Selling this Fall season? Get in touch!
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