We stopped by HGTV’s Wine and Design party last night and chatted with some of their real estate experts, who were eager to offer advice and predictions about the market.
Trends they’ve noticed? Foreign investors buying property and people becoming more optimistic about the rebound.
And, of course, the common refrain was: “New York is New York,”—people will always want to buy here. Who knew?
Michael Aubrey, a realtor on Real Estate Intervention, on the rental market:
Underwriting standards are tenuous so [people] can’t get loans, so they’re going to rent. I think rentals will rise by 40 percent in the next three years in metro markets as a whole. … Leases are going to jump.
Shaun Osher, CEO of CORE who appears on Selling New York, on the rental market:
It’s amazing how strong it has been rebounding. Pricing in the rental market is almost historically as strong as it’s ever been … and time spent on the market is down. New York is a global city. Between New York and London, most people want to live and have a presence [there].
Sabrina Kleier-Morgenstern, executive vice president of Gumley Haft Kleier, who appears on Selling New York, on foreign investors and all-cash buys:
They want a piece of New York City and the timing is right. … We’re also seeing a lot of all-cash buys. People are really trying to strengthen offers and they feel like they can get a better apartment … which isn’t necessarily true.
Michele Kleier, president and chairman of Gumley Haft Kleier, who appears on Selling New York, on rentals:
I don’t see [increased rentals] as a trend, my clients want to buy. … Most of my clients are Wall Street with children. … Some people who rent don’t want to commit, but most of my clients want to be in it long-term. They don’t want to be caught in a rental when the market is changing. If you bought in 2009 or 2010, you bought what is really a deal.
Scott McGillivray, contractor and host of Income Properties, on why he doesn’t like the New York City market:
For me, it’s about cash-flowing properties so it’s very difficult in New York City. It’s easier to be a big fish in a small pond. The real estate market here is tough … but prices in New York will rebound, they have to. … It’s a world-class city.
Richard Kuhr, a realtor on Real Estate Intervention, on the Manhattan market:
The rental occupancy rate [in Manhattan] is at an all-time high. The rental market is the hottest. The condo market has absolutely rebounded as well, but the real money is coming from outside the U.S., from people with great wealth. New York City is still half-price compared to London and Paris. People realize the value.
Cora Sue Anthony, host of Real Estate Intervention, on the importance of staging:
That market is what it is. … If you have to sell your house, you have to do whatever it takes. Staging a house is going to cost a lot less than your first price reduction. … Presentation is important. Everyone is looking for a deal, everyone wants to take advantage of this market. They want a discount because they have to update the kitchen.