It was an honor to be asked to speak on Elliman’s Top Broker panel last week at our annual conference in Las Vegas. With more than 500 attendees from around the country, it was an excellent opportunity to hear from the agents themselves how their markets are fairing.
A few takeaways:
Austin is struggling, and Las Vegas is slowing down, having seen a massive boom since the pandemic. The $10M+ market in Miami and Palm Beach is on fire. Closer to home, Long Island and Westchester are desperate for inventory in homes up to $2M. The Hamptons have slowed a bit, but the $10M plus market there is still very strong.
So what is happening here in NYC?
Even with today’s nail-biting mayoral election, the last couple of months have been quite interesting. Our market came to a near standstill months before last year’s presidential election, but ahead of this election I have been selling up a storm.
The consensus seems to be that if Mamdani is elected it certainly will not be a shot in the arm for our market, but with relatively limited sale inventory and a strong rental market, we are still ok.
Let’s keep in mind: prices are down from even a few years ago, but if a property is priced “right,” I am selling it.
Pricing is key: So many sellers/brokers have their heads in the sand and do NOT use what comparable listings have sold or are in contract for. Ignoring the facts leads to listings that sit and ultimately sell for less.
If Cuomo loses: I believe we will see sales in the Hamptons and towns within an hour commute pick up. I am also not alone in thinking there will be much more inventory listed for sale here in NYC.
Only time will tell, but either way, make sure to vote!