Editor's Note: Upper West Side real estate expert Elliot Bogod of Broadway Realty talks about the latest in the New York market in this exclusive Q&A.
Now that Summer is close to ending, what do you see as the takeaways from the last six months?
September brought new wave to apartment rentals to large, family size residences on Upper West Side. We are very busy helping families to move back to the city. We have clients who rented apartments site unseen by calling us from Hamptons. Sales show softness as only well-priced apartments are getting attention. Everything is on sale and people are expecting discounts.
Photo Credit: Catherine Belove, Space Decor Studio
What activities can be done around this time of the year in New York while allowing for safety?
We saw Statue of Liberty and Metropolitan Museum opened and many places having outdoor dining and will have indoor dining on September 30th as New York entered into the 4th and last phase of opening. Outdoor arts and music are opening. Botanical garden, Bronx Zoo are opened. While many hotels are closed there will be an announcement soon about Aman Resort’s Hotel opening in Crown Building at 730 Fifth Avenue and it will include three-story spa.
Photo Credit: Catherine Belove, Space Decor Studio
How is the market in the Upper West Side performing? Do you see more people coming, going, or a balance?
The Upper West Side market shows a sign of life. We have signed a couple of contracts in August and just listed a great one-bedroom condo with a terrace. There are not many one-bedrooms with outdoor spaces on the market and it has generated a good amount of interest from buyers.
Many of our listings that are in the $4 Million+ category are less liquid in this market even though many clients are taking advantage of low-interest rates. We took some of the residences off the market as sellers don’t want to reduce prices dramatically. One of the townhouses listed by us had a price reduction of more than $1 Million. The year 2020 was a breaking point for many sellers and brought to market buyers who hesitated and waited in prior years.
Photo Credit: Catherine Belove, Space Decor Studio
