“How’s the market doing?”

Written By Kevin Huang | April 05, 2021 | Published in Real Estate Market Trends, Elegran Insider
2021%2f04%2f05%2f17%2f27%2f28%2f3fecd5f8 e776 4d5c b126 50186d160e10%2ffb6f8727 ccb5 4918 9813 0b7446482a32

Too often, I am asked by clients and friends "how's the market doing?" To answer this question, my immediate reply is “it depends.” It depends on "which neighborhood, price point, property type, size, new development vs. resale, etc.?"

Simply put, buyers and sellers who want to understand "the market" need to understand that real estate, and especially NYC real estate, is hyper-local. Each property type, neighborhood, and building must be analyzed in relative terms as opposed to generalizing. Being generic, which the major media publications are notorious for doing provides misinformed information and sets up unrealistic expectations for buyers, sellers, and investors.

An important point to understand is that buildings are NOT equal in terms of investment and long-term value. To make an analogy, compare all condos/co-ops like companies in the stock market. The "best" companies will fall into the S&P 500 based on key metrics. While NYC real estate has far more than 500 condos/co-ops, the same logic applies since each building has its own financials and is operated differently. Moreover, factors such as price per square foot, apartment density (supply) in a specific area, and monthly carrying costs will affect long-term value.

As a real estate broker/advisor, my objective is to identify the best apartment with a client's criteria and sell an apartment at realistic fair market valuation. The takeaway from the aforementioned is to not generalize overall markets based on media headlines, but work and collaborate with advisors that can lead to smart and informed real estate decisions.

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on Elegran.com. All data displayed on Elegran.com is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.