There have been many articles recently about the softening of the New York real estate market. Well, I can report that this is both
true and
false.
While the uber luxury market has all but stalled due to over supply and soft demand, the under $5 million end of the market is very much alive and hotter than the Fourth of July. Inventory is as slim as ever, with many New Yorkers remaining in the current homes and not trading up to larger apartments as has been the custom for decades.
The co-op resale market is very vital, with many price records happening every day. I am so fortunate to be focused on this part of the market; The Red Jacket is busier than ever!
So, make sure to read both sides of the story. The market is a bit upside down with regards to inventory; there is no shortage of over $10 million listings sitting on the market collecting dust, while my end of the market is very competitive and as fast moving as ever.