Dear Friends,
April opened as one of the best months of the year, with improved weather and surprising market data shaping the first quarter of 2016. As you may recall in our last communication, we predicted that the number of sales would drop to between 2,200 and 2,500 for the first quarter of 2016. We were pleasantly surprised to learn that the number was considerably higher, at 2,877 – even better than Q1 2015! At the same time, listing inventory increased by 9%, providing some buyers with a better selection.
“Calculated” is the word I would use to describe seller and buyer behavior at this time. Buyers tend to purchase within their means or a little over, largely because of current interest rates paired with peaking rents. There’s no question that buying beats renting in Manhattan today. That said, we expect a healthy spring/summer market, with anticipated price corrections and increased inventory.
One area in Manhattan I am particularly inspired by is the Lower East Side, where I’ve marketed numerous condo projects over the last decade. The LES used to be, and still is, a place for new beginnings. In an interview appearing in this past Sunday’s New York Times Real Estate section, I had a chance to share that view. It’s a great read about what is currently happening in the LES.
We conclude parting with Zaha Hadid, a true genius architect called the “Queen of Curves” and the one who “bent skylines”; as well as an article about the temporary shutdown of the L train, and a review of the EB-5 Visa (aka, pay $500K and get a green card) fueling many developments in the city today.
Thanks for reading. We wish you a fantastic spring and holiday season.
Ariel
Ariel Tirosh & Team
Licensed Associate Real Estate Broker at Douglas Elliman
917.750.5654 | atirosh@elliman.com