As the U.S stock market continues its steady climb to as-yet unexplored heights, real estate brokers are finally starting to see the fruits of the upward trajectory in our day-to-day activity of buying and selling New York City property.

Leading with the luxury market, the Oshlan Luxury Market Report, which focuses on properties at the $4 million mark and above, noted that February 2017 was the second strongest February on record for contract signings. The bulk of those luxury market contracts were in a sweet spot between $4 million and $6 million, specifically.

The Hoffman Team at Compass, indeed felt the same surge in business with 10 contracts signed in February. We are also seeing an increased number of online website views of our listings — a good indicator of future business — and at the water cooler, other agents are talking about a general buzz industrywide.

Is it the Trump effect? Is spring finally in the air? Is it because the Fed all but guaranteed that interest rates will be given a hard look during their March meeting? I'd say all of the above are, at last, bringing buyers to the point of purchase, so let's all ride this general wave of optimism while it lasts, shall we?

But alas, there are future hurdles ahead for markets around the word. Take a look at France's elections in late April, for example. Another Nationalist is leading in the polls, and if Marine Le Pen wins, there could be another blow to the EU as she would like to go the way of Great Britain and exit (Frexit?). And, our own Fed has given us mixed singles as to what exactly they intend to do with rates over the long haul.

These type of pluses and minuses point to a general rule that one cannot look too far into the future. It's best to just capitalize on what is happening right now, which is cautiously positive if you are in the real estate market.

181 Mead Street, Waccabuc, NY - $9,985,000 or $38,500/mo.

28 East 10th Street Unit 10H - $6,300,000

68 Jane Street, Unit 1E - $4,995,000

15 Broad Street, Unit PH3910 - $4,700,000

44 East 67th Street, Unit 8DE - $3,795,000

18 East 18th Street, Unit 4W - $3,000,000

229 East 24th Street, 6th Floor - $1,600,000

432 West 52nd Street, Unit 3A - $1,395,000

432 West 52nd Street, Unit 6F - $950,000

201 East 21st Street, Unit 7D - $799,000

201 East 21st Street, Unit 4L - $550,000

Just Released

COMPASS Collections

Introducing Collections — real estate’s only visual workspace. Built by Compass, this new tool streamlines your property hunt. Check it out HERE or contact us today for a collection of hand-selected properties!