Yesterday in our Brown Harris Stevens call, our Chief Economist Greg Heym, briefed us on the state of the market and what it means for us New Yorkers, now that the election is behind us (for the most part). Here are some of the key takeaways:  

  • We shouldn’t expect the economy to bounce back to where it was until 2022 the earliest.
  • New Yorkers are looking for the following from a Biden administration: 
  1. Removal of the cap on SALT deductions which would provide the biggest boost to housing (however, this seems very unlikely with a Republic-controlled Senate); 
  2. Stimulus money for both NYS and NYC to fill their huge budget gaps, reducing the need for large tax hikes; and 
  3. Funding for transportation projects such as the Gateway Program, the Second Avenue Subway, and renovations at JFK and LGA, to name a few.
  • Governor Cuomo and President-Elect Joe Biden have a good relationship which is expected to help New York.  

Overall, there seems to be a sense of optimism—most people are happy with the election results and look forward to what’s to come. In that same vein, we most likely will see an increase in inventory at the start of the year. This is why I advise anyone serious about selling, to consider listing now before the competition intensifies. 

It’s important to also point out that even in our current market, inventory continues to move; granted not as actively as two years ago, but it is a positive sign for Manhattan real estate. In fact, the luxury market had another strong week reporting 17 homes priced over $4 million sold last week. Be sure to visit the Featured Properties section of my website for select luxury home listings, updated regularly. 

I’m excited about what’s in store and I hope you share my enthusiasm. I’m happy to get on a call with you to discuss your real estate options if you’re considering buying, selling or investing within the next 12 months. 

Happy Fall,
Serjik ( Serj ) Markarian
Lic. Assoc. R.E. Broker
My business is proudly built on referrals. Who do you know that I can help find their perfect home?