Not the best news for the real estate market across the country with the release of the September consumer price index report showing an inflation rate hitting 8.2%. Additionally, with interest rates nearly tripling over the last 6 months, the market is slowing down a bit.
With that said, rates are still lower than the nearly 8% that they have averaged over the last 40 years.
In spite of that, I am selling apartments to buyers who are committed to living in New York long-term. I am finding that the condo market is stronger and that is simply because the buyer pool is much larger and buyers are looking for more flexibility of ownership and to be more in control of their asset.
Here is an article that was just published in Bloomberg that talks about coops hopefully getting with the program and realizing that they must be more flexible and reasonable.