However I thought this week it would be worth exploring the increase in new development sales activity. At face value, one would assume buyers are leaning toward new homes given the spike in sales. But if you dig a little deeper, you will find that many New York developers are attracting buyers with greater outdoor space and amenities designed in a post-Covid world. Some developers are also bringing back “Old New York” by preserving the classic architecture the city is known for or building some semblance of it, while incorporating modern luxuries and conveniences that give buyers the best of both worlds.

Granted not everyone likes “new” and may prefer a townhouse or pre-war unit that offers the old world charm and quintessential NYC characteristics that can’t be mimicked in a new development. Nonetheless, I thought it was worth shedding light on this today because it’s important for anyone considering listing their home to get a sense for where buyers are gravitating. It’s easy to assume that because the market may be labeled as “hot” at the moment, one can price above market. It’s not that simple.

There are many things to consider on both the buyer and seller side, and going in without a full examination of the market and proper representation could very well hurt you. There are still deals to be found in both the luxury and resale market; but as you will find in the Brown Harris Stevens September Inventory Report, supply is down from the previous month in almost all market segments and geographic regions of Manhattan. This could very well be an indicator of where the market is headed.

Let’s talk.