The New York City Residential Home Market and the Potential Impact of a Global Recession

The Yield

The COVID-19 pandemic has resulted in a massive fleeing from large cities around the world, but what does that mean for the real estate market that is left behind? In today’s episode The Yield, Senior Director of Real Estate, Mitch Rosen is joined by Eddie Shapiro, the founder and CEO of Nest Seekers International, to discuss the current landscape of the New York City real estate market. They examine the short and long term impact of the pandemic on residential, commercial, luxury and rental properties in the city, emphasize the city’s ability to rebound from this crisis, and weigh in on the best time to invest in the real estate market. Eddie is confident that the real estate market is coming back stronger than ever and shares the reasons why on this episode of The Yield.

Key Takeaways:

[:50] A snapshot of current trends in the NYC co-op market in a post-COVID-19 environment and how the real estate industry has quickly adapted to social distancing requirements.

[4:08] Are buyers receptive to virtual options for real estate showings and transactions?

[5:39] Short and long term impacts of the pandemic in the commercial and residential real estate markets.

[11:04] A look at the current landscape of the condo co-op market in Manhattan for both high ticket and standard priced properties.

[16:37] The COVID-19 pandemic will make the real estate market stronger than ever, just as 9-11 did in 2001.

[17:41] The relationship between a strong international buyer base and the current pandemic situation.

[21:10] Will NYC be able to rebound from COVID-19 like it did in 2001 and 2008? Or will this migration out of the city have a more lasting impact than ever before?

[24:22] Eddie weighs in on whether the waves of people out moving out of the city to the suburbs will last.

[27:14] The impact of the pandemic on the changing NYC commercial and residential real estate market, including listings, pricing, and inventory.

[31:31] A look into the opportunities that are currently available in the ultra-luxury high-end residential real estate space.

[34:21] How will the rental market inventory and transactions change in a post-COVID world?

[36:38] Making sense of the impact of the current political environment and the health of the city in relation to the real estate market.

[38:08] If you had money to invest in NYC, would it be wiser to invest now or later? Eddie weighs in on the benefits of short and long term investing moves.

Mentioned in This Episode:

Yieldstreet

Nest Seekers International