It's unlikely that the deal volume of 2013 can be repeated in 2014. Yet, market dynamics are still strong and deal activity has stabilized since the pause in the fall. Perhaps another good year is on the way.
Without question, a revitalized real estate economy greatly benefits New York. As we have learned all too often, however, a frothy market can produce disastrous results and unintended consequences when buyers have more money than sense.
The New York residential real estate market was on a tear throughout 2012, with an incredible crescendo during the summer. Then the storm hit, and overnight, the market quieted. So where did this force of nature leave the New York market?
It's a win-win situation: World-renown Miami Beach, a flip flop-wearing tourist's haven, and Downtown Miami, a vibrant new hot spot for upscale locals. Vacationing in these districts gives visitors the best of both worlds: Big beach fun and deluxe city life.
As sales metrics improve month by month, economists seem to agree that residential real estate is awakening from its 36-month slumber. That being said, buyers and sellers are well advised to accept the uncertainties of the market and compromise.
esidential lending has become so cumbersome and unpredictable that a transaction without a financing component geometrically increases the likelihood that the parties will wind up at the closing table.
When I'm on the road, renting a house or condo allows me to cook my own meal, roam to another room, open a patio door or window, inhale new smells and fresh air, walk the neighborhood and take in the culture around me.