With the New York real estate market opening up as the quarantine is lifted, Haute Residence hosted a webinar with four of the top Compass agents in the Big Apple: Ian Slater (Founder, The Slater Team), Julia Hoagland (Principal, JH Advisors LLC | Julia Hoagland Team), Cindy Scholz (Founder, Scholz Real Estate, and Darren Sukenik (Co-head, The Sukenik Glazer Team).
The panelists were hosted by Haute Living's Seth Semilof in a conversation focused on the impact the last months of quarantine had on the New York City's real estate market, and the current and future outlook of the industry in the City and its surroundings.
Watch the webinar below.
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Highlights from today's webinar:
Ian Slater: "I haven't seen a huge pickup in the in the ultra high end of the market. But under $3 million, it's almost like a floodgate opened of people wanting to see things that had been previously unable to access anything and really want to get out there and buy again, probably seeking deals... I think that we will be in a pretty good place in December, assuming we don't have a second wave... We can be on both sides of a transaction, so we will always be active, and I hope the City will remain resilient, calm and smooth through the fall and the winter until we get a vaccine."
Julia Hoagland: "The obituary of New York has been written many times before, and here we are, here we will be. Yes, there will be a shift to the population, but I think some people will come in to the City. We've actually had someone that has lived outside the City and they're seeing this is a really good opportunity to trade out of a high tax environment in Westchester and come to have a lot of choice of properties that they might not have had, and affordability with the low interest rates.All of the tech investment that's happening across every tech firm that is doubling and tripling down on New York City, that makes me very secure in my feeling that New York is going to survive and thrive through this."
Cindy Scholz: "We've had agents from all over the country give different tutorials. So we basically have master classes for real estate on Compass University, and I found that to be very helpful and a good way to stay connected... Women of Compass started as a grassroots operation about three years ago. We had maybe 40 members, and women got together to help one another personally and professionally. Now we have over 5,000 members nationwide. Because New York City is very specific, when we were very much on lockdown, we were hearing from Nashville, Dallas, Chicago; places where they were actually able to show, and how they were navigating these times, and it was super encouraging to hear that."
Darren Sudenik: "We're just going through another evolution of New York. (The City) in the 80s wasn't what it was in the 2000s. Brooklyn is now the East West Village. So there's this connection and change. I think there's also going to be just a different attitude of how people think about where they live and its proximity to where they work. I think people are going to more than ever want to live where they work.... Prices need to correct for there to be an impetus to buy. Otherwise, there will be no impetus and we will be in the same place. So I'm hoping for a nice, healthy price correction. Just like the stock market, it always bounces back if it's a good stock, and New York is a good stock."
Watch previous webinars by Haute Residence at dev.hauteresidence.com.
Top: Cindy Scholz, Darren Sudenik. Bottom: Ian Slater, Julia Hoagland
