Source: Compiled from the Elliman Reports 1st Quarter 2020 Highlights and Press Release
After a fast start to the quarter, the Coronavirus outbreak quickly slowed market conditions by early March.
New Year 2020 through mid-March, 2020
The first quarter of 2020 started with a 13.5% year over year jump in the number of sales to 2,407. Sales in eight of the ten price strata rose annually, with the most significant percentage gains seen from $4 million to $7 million. All three overall price trend indicators haven’t seen a year over year increase in three straight quarters as sellers slowly capitulated to softer market conditions. This adjustment resulted in a sharp rise in sales.
Final two weeks of March 2020
After two years of weakening sales, the first quarter of 2020 showed a jump in closings as sellers became more in sync with the current market. However, that pattern was not reflective of the recent change in market conditions that began in early March and has been measured in terms of days. The near-term outlook for the Manhattan housing sales market is predicated on how long the consumer thinks it will take for the pandemic footprint to decline and when “shelter in place” restrictions end statewide. If the outbreak is not prolonged, there is still potential for a release of pent- up demand, but this depends on the extent of damage done to the economy.
Categories: Douglas Elliman
Compiled from the Elliman Reports 3rd Quarter 2019 Highlights and Press Release
The recent Mansion Tax deadline poached sales from this quarter back into the prior quarter.
Categories; Douglas Elliman
Compiled from the Elliman Reports 1st Quarter 2019 Highlights and Press Release
The first quarter of the Manhattan housing market was notable for its extremes.
Categories: Douglas Elliman
by Laura Matiz
Going to an open house can be a hit-or-miss situation, but if you go prepared with the right questions, even an overcrowded affair can be useful to assess the unit with the few minutes you get with the listing agent. It is likely that that agent has done a fair amount of research in preparation to list the apartment. This may be your best opportunity to benefit from that agent's research while in the apartment.
Here are six topics that I want my customers to understand during an open house visit. You are trying to question the agent running the open house for the good and the bad, and possibly the ugly about the property.
While walking around the unit, ask the agent:
Some of these topics may need to be addressed indirectly and subtly, but if you get good responses, by the end of your visit, you will have a better feel for the unit's value. If any of these questions are unanswered after the open house, they should be the basis of follow up research.
by Laura Matiz
The new year has taken off like a rocket. I can't believe that today is MLK day. I already miss the bustle and energy that surrounds my children and friends who visit during the winter break. Most have returned to begin the spring semester at their respective colleges.
But, I am also glad to be back working with clients after taking a couple of weeks off at the end of the year to focus on family and holiday events. I cherish this time with family and friends, and it motivates me to do more in my professional life as well.
This past week I had the opportunity to share what I do as a real estate broker with a group of a dozen students from the Grace Institute that visited the Douglas Elliman mid-town office. The Grace Institute is a workforce development organization that helps women-in-need find their calling. It is a wonderful organization that I have followed and supported for years.
I shared a bit of my life story as it relates to selling real estate. I told them about my family and my schooling. I told them about my grandfather's natural food store in Queens—one of the first of its kind in New York in the early seventies. There, I absorbed many lessons on customer care. I described how I loved working the register, composing trail mixes, and helping customers even though I was only in junior high school.
After some personal anecdotes, I described what I do as a real estate agent in the greatest city in the world. I explained the difference between co-ops and condos. I shared with them that the most challenging, but rewarding task was negotiating on behalf of my customers. I also described how I help my customers compile the extremely complicated board packages that all buyers have to submit to co-op boards in order to get approval to purchase the apartment. I explained that buying a co-op was more like applying for membership to an exclusive club.
I discussed the serendipity of apartment searches, the explorations during showings, and how I often get to know my customers really well, many becoming repeat customers. I also explained how brokers work on commissions and that it is possible to invest many hours with clients that never purchase or sell an apartment. That was an opportunity to explain how important it is to stay positive and to be resilient.
The women asked a lot of questions and I was quite pleased and relieved with how things went. The next day, I was pleasantly surprised when I received a handful of wonderfully worded thank-you notes from students. The notes were a nice touch and most generous. They made my day knowing I had made an impact. What a nice way to start 2016.
Happy New Year!
by Laura Matiz
Next weekend begins Daylight Savings Time. On Sunday, March 8th, we spring forward one hour. This calendar event has been my reminder that we are about to begin the busy spring real estate season. For many, the longer days and warmer weather act as catalyst to begin searching for a new home. And, given the inclement weather this winter, there is likely a pent up interest awaiting for sunnier days. If you are getting ready to buy or sell your New York City property, here are some things to keep in mind:
If you are considering jumping into the market this spring make sure you review the following reports:
I urge my former clients to please reach out to me for conversations on what has changed since our last transaction. For new clients, call me to help you think about whether this is the right time for you to jump into the real estate market. To learn more about me, read my bio on this site.
The Fall/Winter 2014 issue of Elliman Magazine, Douglas Elliman's premier lifestyle and real estate magazine, has been released. The newly designed issue contains a mix of DE's most spectacular properties and insider stories. Don't miss the Manhattan, Brooklyn and Queens editorials featuring coverage of our Knicks partnership, the Brooklyn Navy Yard and amazing food throughout Queens.
"We're very excited to share the new look and feel of ELLIMAN with our readers," said Dottie Herman, President and CEO of Douglas Elliman. "This great new mix of news, interviews, profiles, and features offers our readers an intimate taste of the communities we serve while demonstrating the power of our new global reach."
The printed magazine is almost 250 pages. It is also available for iPhone and Android through the Apple App store and Google Play or you can view it below.