Editor's note: Elliot Bogod talks about the Upper West Side, New York City, NY real estate market performance in 2020 in this Q&A with Haute Residence.
How did the real estate market look in the beginning of 2020?
We had a busy month of January and February of 2020 before the pandemic even though real estate market has softened since its peak of 2015th. Prices of Upper West Side condos, coops, and townhouses have been reduced by many buyers in order to be attractive and to get buyers' attention. There were approximately 660 active listings on Upper West Side in February 2020. March 15th to June 12th there were no “in-person” showings and a very small number of transactions. COVID deals mostly have been happening and steeply discounted deals signed during that time.
Photo Credit: Peter Heart
What, if any, changes did the pandemic have on prices? On inventory?
Pandemic increased inventory by thousands of apartment listings in NYC. Upper West Side has tripled the number of available inventory and sellers are more negotiable than ever. Buyers are expecting discounts and getting them in many instances.
Professionally, what have you learned in 2020 about yourself?
During my real estate career, I have witnessed downturns in 2001 and 2008 caused by September 11 and Lehman Brothers stock market crisis. The COVID-19 pandemic has crashing effect on the NYC real estate market as well and a resemblance of two previous crashes. We have experienced market prices declines on the properties during those two previous downturns and know precisely that prices will come back and the market cycle will change. Currently NYC real estate market is in the midst of the correction and everything is on sale. We have a resemblance to the real estate market of 2012 when we had an inventory of almost 10,000 apartments for sale. Currently, 1600 apartments are available for sale on Upper West Side. It’s truly a buyer’s market and buyers have a freedom of making offers, negotiate, pick while sellers are listening to the offers as never before in the previous cycle. We have learned that this market cycle is very active for us and Upper West Side has shown strength and activity in rentals and sales. We are at Broadway Realty prepared to represent buyers and sellers and to be a fiduciary to the customers we represent.
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