Real Estate News from February 2021

  • Research Note: 2021 Spring Supply Projections By Jared Antin | February 25, 2021

    There is a correlation between Supply and Listing Discounts. The higher the supply, the larger the listing discount. Coming off a decade-high supply, COVID uncertainty and a spring shutdown, buyers have gotten relatively steep discounts from sellers. Where those discounts will go has a lot to do with how much supply will come to market this spring.

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  • Top NYC Neighborhoods to Watch This Year By Sarah Cusack | February 24, 2021

    The pandemic has caused an abundance of shifts in society, some of the most remarkable being in the real estate market. Neighborhoods that were once considered undesirable because of high rental prices or inconvenient locations are now seen as up and coming neighborhoods. Some more established neighborhoods are seeing a resurgence in popularity because of the new lower rental rates in the area. Neighborhoods such as Greenpoint, Flatbush or Dumbo are predicted to be in high demand this year, so pay attention to the available properties in this community because they won’t last long.

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  • GameStop’s Lesson for Real Estate: Slow and Steady Wins the Race By Jason Thomas | February 23, 2021

    The recent volatility in a small number of heavily-shorted stocks, and the unprecedented trading restrictions that have followed, are stark reminders about stomach-churning equity market volatility. What happened to Gamestop and others over the past few weeks is not only a late- cycle warning sign, but also a wake-up call to the Wall Street establishment and proof that social interconnectivity has extended into retail equity trading.

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  • Elegran Insights: Weekly Manhattan Market Data For The Week of 2/22/21 By Jared Antin | February 22, 2021

    Manhattan’s Market Pulse reached 0.50 this week, the highest level since January 2018, as overall supply continues to decline and pending sales rises. Additionally, the median days on market [DOM] for listings has been declining and is currently below the 6-year median for all Manhattan neighborhoods.

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  • Notable NYC Projects Designed by Black Architects By Sarah Cusack | February 19, 2021

    New York City is home to some of the most breathtaking pieces of architecture in modern history. Over the last century Black architects have left their mark on the city with their unique designs and stunning creations. World renowned architects such as Sir David Adjaye and J. Max Bond Jr. have helped transform the city sky line and its identity through their works.

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  • Elegran Insights: Weekly Manhattan Market Data For The Week of 2/15/21 By Jared Antin | February 16, 2021

    Coming off an already strong start to the year, the Manhattan market leveled up this week, notching nearly 300 new contracts signed. The Market Pulse continues to increase, as contract velocity is outpacing new supply. The Market Pulse is currently at 0.48 and well above 0.38, which was the market pulse this time last year. This week’s new supply is 6% lower than the same week last year while this week’s contract volume is 38% higher than last year.

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  • Looking to buy your home? Get ready to assemble your team By Sarah Cusack | February 10, 2021

    Buying a home for the first time can be a daunting task. But you do not have to go through the process alone, having a competent and business savvy team to help you through the buying process can allow for you to get into the home of your dreams sooner. Having a group of real estate agents, mortgage brokers and real estate lawyers in your corner that you know and trust can make buying your first home a breeze.

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  • Elegran Insights: Weekly Manhattan Market Data For The Week of 2/8/21 By Jared Antin | February 08, 2021

    The Manhattan real estate market continues to show an abundance of strength. According to the Market Pulse, Manhattan is no longer a buyer’s market, and is now a neutral market. The Market Pulse continues to rise as contract activity increases at a faster pace than new supply. The same number of new listings came to market and more contracts were signed this week compared to the same week last year.

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  • All You Need to Know About the Closing Process By Sarah Cusack | February 05, 2021

    Buying a home is an exciting experience and while looking for a home may be a quick process, the closing process can take weeks or months. Closing on a home includes a lot more than just getting a bank loan or signing papers. Expect inspections, board interviews and more to get done before you are able to move into your new home.

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  • Elegran Manhattan Market Update: February 2021 By Jared Antin | February 03, 2021

    January continued the trend toward recovery in the sales market with more contracts signed and fewer apartments being listed compared to January 2020. While activity is increasing across price ranges, neighborhoods and apartment sizes, the market saw a marked increase in contract activity, buyer interest and discounts across the $5-10M and $10M+ price points, those hardest hit by COVID. Buyers are returning and understanding that New York on sale is something that rarely happens and, coupled with record low interest rates, presents a unique opportunity.

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