Page 8 - NY Cooperator September 2020

8 THE COOPERATOR — SEPTEMBER 2020 COOPERATOR.COM TRENDS As New York continues its efforts to policies to ensure that they protect their reopen its economy as safely as possible own health and safety, and that of all visi- amid the continuing (and in many states, tors. intensifying) COVID-19 crisis, there is concern about what the residential hous- ing market—which had experienced a de- cline even before the pandemic hit, largely Antin continues. “Those who have been due to changes in tax and conversion reg- ulations, and overbuilding in the higher- end sector—will do. Will New York City and will likely price their homes to sell see a recovery from what many already quickly.” acknowledged was a soft market? How are brokers and real estate firms adapting ture, Antin adds, “We expect there will be to the demands of a public health crisis a surge of real estate activity now that we that all indicators suggest will be with us are in Phase Two. As witnessed in many for the foreseeable future? The cross sec- tion of brokers polled for this story are ended, there was a strong uptick in list- hopeful about the market and commit- ted to making the necessary adjustments signed. Being confined to your apartment to do business in a wildly different land- scape from mere months ago. Indicators According to Jared Antin, director of that this summer will be a convergence of sales at Manhattan-based brokerage firm the spring, summer, and fall markets. In- Elegran, “Over the last four weeks, we terest rates being at or near all-time lows have seen steady increases in the amount certainly helps create additional incentive of new for-sale inventory. I expect those for qualified buyers.” interested in selling their apartments to return to or come to market in the next stead in their Harlem office, concurs. several weeks. Going forward, and con- sidering safety protocols, each seller Two. We hope the buyers will honor the should have a conversation with their new no-open-house reality and open broker about the showing procedures and their financial kimonos in order to make “Sellers who don’t need to sell right away may wait until the pandemic sub- sides further and the market stabilizes,” eager to sell for the last three months probably won’t wait to come to market, Overall, and in terms of the near fu- other urban markets after the lockdown ings, appointments, and contracts being for three months is a good litmus test for whether you like your home, or crave something different or bigger. I believe Ariela Heilman, a broker with Hal- “Interest is bubbling as we enter Phase Buying, Selling, & Showing Apartments During COVID NYC Industry Players Are Adapting—and Optimistic BY A J SIDRANSKY