Is It Crystal Ball Time?
“How’s the market been and what’s next”...
This is the #1 question I get asked. The answer is; It's been a phenomenal (rebound) year for New York City real estate. Manhattan and Brooklyn bounced back from the pandemic, breaking all types of real estate records, including:
The number of total listings on the market at one time
The most properties in contract/escrow in the history of NYC real estate
Multiple deals signed over $50 million in one week
The luxury market's 20-plus weeks with 30 or more signed contracts
Multiple months with more than 400 units put into contract every week
The list of broken records goes on and on.. Even for us!
The Hoffman Team averages about 100 sales annually, but this year, we're closing in almost 200 transactions for the year! Everybody everywhere is working double- and triple-time to keep up with buyer demand and record-breaking transaction volume. But what does the future hold? (Does anyone have a crystal ball I can borrow??)
Some brokers and pundits are touting the arrival of international buyers and European Union one-percenters after the lifting of the travel ban arrives, as anticipated, on November 6. The National Association of Realtors (NAR), Knight Frank and others predict a tremendous international buyer push in November. That doesn't even include the reinstatement of Chinese, Russian and South American buyers to the mix. Cities like New York, Los Angeles, Miami and other top international destinations, such as Texas and Georgia, could see a second surge of purchase activity with the opening up of the real estate markets to all international purchasers.
Hyperinflation or inflation will likely be additional reasons why buyers will flock back into the real estate market. They'll be seeking to put their money in America's oldest form of investment to protect their nest eggs against inflation. As recently reported by millionacres.com in The Wall Street Journal, investors buying real estate when inflation increases is an excellent way to hedge against the rising cost of goods.
With the FED pumping over $340 million billion dollars into circulation, we're seeing goods and services rise at about a 5 percent rate since the COVID crisis. It remains to be seen what will transpire, but many, many experts believe that this inflation is not a temporary trend like once reported and that investors will start to surge back to real estate as a protective strategy.
Raising interest rates are also on the minds of every prospective purchaser, and that's why many believe this late fall, winter and spring markets will be just as busy if not busier than earlier this year. Beyond that, it's anyone's guess. But for the remainder of the fall quarter and winter quarters and into Q1 of 2022, people expect the New York City real estate market to continue its historic run and keep the same blistering pace as the last 13 months. I guess only time will tell! (Unless I can borrow that crystal ball…)
Local Events
New York City Marathon
The world’s largest and most exciting marathon, The NYC Marathon, courses through the five boroughs of New York. Come cheer on neighbors and friends as they run the 26-mile trail, starting in Staten Island and ending in Central Park. Please be sure to map your route on November 7th accordingly, as runners take miles 16-19 along 1st Avenue through the Upper East Side. For more information on the marathon and donation opportunities, please visit the website here.
Annual Macy’s Thanksgiving Day Parade
November in New York City is a magical time, and the ultimate holiday tradition is marching this way. On Thursday, November 25th, watch the 95th Macy’s Thanksgiving Parade live from the streets of NYC or on NBC 9 AM-Noon. Be one of the millions around the world to enjoy the spectacular balloons, exciting performances, colorful floats, and so much more. For more information on the Parade, go to the website here.
Lifestyle Tips & Tricks
Chic and Festive Thanksgiving Decorations
Thanksgiving decorations are all about showing off your style, but that shouldn't equate to stress or going way over your budget. Regardless of your aesthetic, there are a slew of inexpensive DIY decorations you can try to make your Thanksgiving celebration more inviting for family and guests!
Courtesy of Good Housekeeping
The Best Thanksgiving Drink Recipes Loaded with Fall Vibes
Step aside, wine and beer. We're thinking cocktail hour is in order this Thanksgiving! Whether you pair these Thanksgiving drink recipes with your menu or enjoy them before or after the big meal, these Thanksgiving cocktails are sure to get the party started.
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