With one month under our belts, we're seeing a brisk start to the new year, and all indicators are looking positive for a robust 2017 in the New York City real estate market.
Our new administration's plans to deregulate and cut taxes have Wall Street — and pretty much all other key economic indicators — predicting continued growth for business, and the Dow finally topped the much anticipated 20,000 mark in the last full week of January.
Gordon Gollob, managing director at Compass’s world headquarters in New York, said he’s seeing (dare we say it) "bidding wars" back on the table for apartments priced in the $2 million to $3 million range. Further solidifying the positive press we’ve been seeing recently, in the first week of January, the weekly luxury market report from Olshan Realty tracked 50 contracts signed at$4 million or higher, matching the record set back in 2014. But, as our market still pulls itself out of the doldrums of 2016, some wavering is to be expected, and the third week of January saw the lowest number contracts signed at $4 million or higher — only three more than the slowest third week of January on record. As the saying goes: Two steps forward, one step back.
While things do seem to be outpacing 2016, many in the industry still feel the current market climate is a shifting one and that only well-priced properties, marketed strongly and effectively, will reap the benefits being forecasted by the elite market indicators of the world.
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In Manhattan January saw 1,262 new properties come to the market, which is an increase over December's 447 new listings.