Borders are reopening! Finally … Many of you were just waiting for this signal to come and join the Big Apple and realize your big real estate project, which has been dormant for almost two years. You will then have chosen the right time, in a market context which is still tense on one side but reassuring on the other. And it is precisely this reassuring, stable and resilient aspect of the New York market that makes it an essential real estate market.
Indeed, and as was the case in the past during other “crises”, the impact of the Covid-19 pandemic (from a strictly real estate point of view means) was only felt here in a limited way (drop in prices in resale of 10 to 15% during 2020), and temporary (concentrated on Q2 and Q3 2020). The major impacts were felt above all on new development projects, rentals and commercial real estate.
Today, residential real estate has returned to its pre-pandemic level and negotiating margins are now tight in resale; we are clearly in a “seller’s market” with limited inventory and strong demand.
Regarding new developments, the “sales” that we promoted in 2020 are rather over. As the inventory is still large, there is still some interesting leeway, as long as one chooses the right partner for their project. This is precisely the goal of the establishment by BARNES New York of a monthly, French-speaking webinar, on the first Tuesday of each month, presenting various New York new development programs, highlighting our expertise in the field. Rendezvous for the first opus next Tuesday, on October 5 at 12pm EST (6pm FR) to discover the following programs:
- 300 West (West Harlem)
- The Ritz-Carlton Residences (NoMad)
- St Marks Place (Boerum Hill, Brooklyn)
Please contact us to register for free!
The rental sector has fully recovered with a market that is very much to the advantage of owners. As for commercial real estate, it continues to suffer to some extent, with a full recovery, at least a stabilized correction, expected by at least 2023.
Our team of experts, multilingual, continues to expand, including a new office in upscale and multicultural Westchester County; and, as always, remains at your entire disposal to assist you in the realization of your New York real estate project.