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Selling or Purchasing in New York City? |
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Welcome to the December 2021 Kincade International Realty Pty Ltd Newsletter!
Dominic Longcroft is a luxury listing and selling specialist in Sydney and New York City. Dominic's Gross Sales between New York and Sydney have reached AUS$ 30,000,000 this year. He also has over AUS $20,000,000 in listings.
I would like to update you on the current status of the New York market.
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In my opinion, 2022 will be a feast in New York Realty. Right now it feels like the caterers and event planners are busy printing invitations, setting tables, preparing flowers, and testing music for the raging party that is about to ensue. Although there are still factors of concern, I believe the emotional component which defines New York is keen to flip the narrative from pandemic to pandemonium. There are so many positive things happening here right now.
First and foremost, all agenda-driven negative headlines aside, we have the promise of a new mayor, Eric Adams. He is a moderate who professes a pro-business stance while also focusing on public safety. Nearly 70% of our population have some level of vaccination. New Yorkers are a vigilant bunch who understand we need to protect one another to thrive. Financially, the city is also better off than expected, Federal stimulus dollars and real estate tax revenue have changed our fate. These factors alone set the table for “The Feast of 2022.”
Falling inventory will rebound. Up to this point, we have seen a substantial decline in inventory, primarily due to robust deal volume…properties being absorbed. However, with the holidays upon us, this decline is accelerating as many sellers are pulling their properties off the market in hopes of a fruitful 2022. Consequently, we should see a nice selection of products come (back) to market in the first half of the year.
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I believe there still remains a substantial amount of post-pandemic repositioning which will create an active market. There are many still to come back, new ones to come for the first time, those who have been waiting to sell, those who must sell, those who desire to upgrade (best time for this), fewer who just want to cash out, and leave, many second home buyers who want to seize the moment before prices rise again…the list goes on. And here come the foreign buyers…I can hear their footsteps. Yes, they are a lesser percentage of our buying pool, but nonetheless, they move the bar when it comes to demand, especially for condos.
In some ways, we are right back where we were before this whole mess started, at 2019 pricing levels and coming into a year (it was 2020 then) whereby there is a palpable sense that we are about to see a nice run. Back then we were coming off 4 solid years of slow decline which had depressed values. Coming into 2020 sentiment was positive and it feels the same now. No one is predicting a spike in prices, especially with rising inflation and an eventual rise in interest rates; but it does feel like an enormous wave of demand is coming. And consider that I have not even mentioned bonuses; compensation packages for this year are expected to be substantial. That money is notoriously earmarked for property purchases. This will all result in a methodical rise in prices over the coming years. Remember too that renters, who are already experiencing an uber-competitive and expensive marketplace with astronomical rents, are being forced to make buying a "must consider" proposition, especially if one's time horizon is long term.
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NEW TEAM MEMBER - SUZUN BENNET |
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I would like to introduce and welcome you to the newest member of our team, Suzun Bennet. Suzun and I have worked together in New York City, both at Sotheby's International Realty and also at Berkshire Hathaway HomeServices. Suzun and I also were founders in The Strategic International Team at Berkshire Hathaway HomeServices New York Properties.
Suzun was born and raised in Australia, Suzun embodies the essence of today’s real estate professionals providing the knowledge required for buyers and sellers to successfully navigate the changes in New York’s post COVID-19 real estate market.
An expert on penthouses, new developments and other luxury homes, Suzun has earned a record as a top-selling broker in New York’s high-end market. Known for her perfectionist work ethic and exceptional customer service and reputation has enabled Suzun’s clients to achieve their real estate goals, through changing business cycles with her elite market analytics, shrewd advisory approach, and discretion.
International and local clients alike appreciate her impeccable service, keen eye, negotiating, and listening skills, her team provides complete service, if necessary, ranging from real estate lawyers, mortgage advisors, building inspectors, and interior designers.
A resident of Sydney’s Northern Beaches, Suzun has lived in NYC and Sydney and is extremely well versed in the real estate market throughout those markets.
The branding and sophisticated global resources of Kincade International Realty, combined with Suzun’s experience and broad-based approach means that her sellers and buyers have the distinct advantages required in today’s property market.
– 2019 Chairman’s Circle Diamond Award Winner
– Top ½ of 1% of the BHHS U.S. network
– 2018 Chairman’s Circle Platinum Award Winner
– Top 20 Agents in North East U.S. BHHS network
– 2018 Traditions Award
– Top 3 agents in the New York State BHHSNY
Learn more about Suzen Bennet |
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Sydney Update on Sydney Property Market |
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The Urban Developer’s latest Sydney housing market insights, reveals that the city’s house property prices are well on track to hit 27 per cent growth for 2021.
READ MORE |
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Copyright © 2021 Kincade International Realty Pty Ltd. , All Rights Reserved |
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