{June 2022} A Very Quiet June

We are honored to be included in this year’s Real Trends The Thousand.  The GE Team is ranked #68 in the state of New York.  Thank you to our valued clients for propelling us to this milestone.  Your trust is what we work for.  

The New York City real estate market became much quieter in June.  The market started to feel the weight of higher rates and lower stocks in May, and that weight grew to be dominant in June.  Most of our buyers are on hold.  We brought 4 listings onto the market in June, all of which saw slower traffic than what we would have expected in the first quarter.  We still received offers on two of the four listings but the offers were a little lower than what they would have been just two months ago.  One of the offers we received was making these lower offers to see which seller would engage him.  Uncertain periods bring about smart deal hunters.  How many buyers regret not buying during the pandemic but most of these same buyers are on hold at this moment that resembles the pandemic but on a much smaller scale.  There is fundamental demand for housing in NYC.  Our rental market continues its impossibly cut-throat pace.  The last few rentals we signed were almost all sight-unseen.  

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Good Read:

Does anyone still remember the boarded-up storefronts in Soho during the pandemic?  Soho is leading the recovery in retail rents, which could recover back to pre-pandemic levels.  Read more here.