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Spring, as we know, is the busiest time of year for real estate; but this year we’re experiencing a flurry of activity and it isn’t expected to let up anytime soon. Deep discounts and low interest rates have been driving sales across all segments. Whether it’s first-time buyers, locals looking to trade-up, or New Yorkers who fled and are ready to return to the City – we’re seeing a frenzy in the marketplace with prospective buyers experiencing FOMO (fear of missing out) as they see days go by and record-breaking contract signings reported weekly.

Discounted prices have made larger homes, luxury residences and prime neighborhoods more affordable and attainable. “Nice-to-have’s” such as outdoor space and in-unit washer/dryer are now “must have’s” for buyers in today’s market. Bidding wars are becoming all too common now as well. Just recently, a full-price offer of $1.75 million was made on a two-bedroom Kips Bay condo that had a balcony and w/d, but ultimately went to a buyer who made an all-cash offer above ask.

Buyers also have their eyes on new luxury developments which are undergoing significant price cuts in order to stay competitive, with discounts as high as 23% at 35 Hudson Yards. However, UrbanDigs co-found John Walkup says “incessant demand has pushed Manhattan into a seller’s market”. I’m not sure if we’re there yet, but I know we’re headed in that direction. This year alone, we’ve seen an increasing volume of inventory which has contributed to an improvement in market conditions.

This dynamic shift can also be attributed to the lack of activity over the past year due to the pandemic, resulting in pent-up demand. My emails these past few months may be sounding all the same with an optimistic and enthusiastic tone—repeatedly reporting “discount prices” and “record sales”—however, all good things come to an end and we can’t expect this to last forever. The market will eventually level out and the days of “deeply discounted prices” will be in the rear view mirror.
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Serjik "Serj" Markarian
c: 646 696 4078
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My business is proudly built on referrals. Who do you know that I can help find their perfect home?
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