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  • David Kong

LevinChang Team Summer Market Update

It is hard to believe that we are already approaching the end of summer. We hope everyone enjoyed the long warm days and a bit of relaxation. We, at The LevinKong Team, would like to wish everyone a very happy, fun, and safe Labor Day weekend. Historically, summer marks a significant slowdown in the NYC real estate market. While we did witness less activity than the active spring market, this summer did not see the same lull that we have witnessed in years past. Our buyers were active in every price point, from first time home buyers to multi-million dollar luxury buyers. In addition, we typically advise holding off listing properties during the summer. However, after noticing the activity on our buyer-side, we suggested listing to many of our Manhattan, Brooklyn and Queens sellers, and, through strategic pricing and marketing, saw these listings sell quickly and in many cases above our asking price. Our theory is that the higher than average activity this summer was the result of a particularly lasting lag following the most recent presidential election cycle. While lower price points remain in very high demand, much of the overpriced luxury inventory, that had been languishing, has either been taken off the market or reduced to a level that has enticed high-end buyers into action. The result has been a relative normalization across the market. We are still seeing a feeding frenzy in Brooklyn and Queens, particularly in the sub-$1 million dollar market. Anecdotally, our team just listed a two-family house in Woodside, Queens at under $1 million and received 47, yes 47 offers, more than half were cash, and eclipsed the most recent comparable sale, from only a few months ago, by approximately 20%. All indications are that we are gearing up for a strong fall market. Opportunities abound for both buyers and sellers, depending on neighborhood and market segment. We are attaching a few interesting articles that we hope you appreciate. We will continue to keep you up to date on recent happenings and trends in the market. We hope that you find this informative and useful and, please, as always, reach out with any questions on how you can take advantage of these current trends or how to protect your real estate assets. Also, feel free to reach out with any questions regarding a specific trend or segment of the market. The LevinKong Team is available to serve all your New York City real estate needs and those of your friends, family and colleagues.