New York's Luxury Real Estate Market is Booming

0:00 Speaker 1 Real estate in New York, well commercial and residential. Who is the expert well with us today is Suzanne Miller and she’s the founder of the Empire State Properties. And she does very well. And I mean she flies to Los Angeles one week, she flies to Miami the next week.

0:21 When are you ever home?

0:23 Speaker 2 Oh? You know what, John, I’m home when the weather is warm. I follow the sunshine.

0:30 Speaker 1 And so you’re also a star in WABC. You have your own podcast and the Miller Report, and give us a report for all our listeners. Yeah, it could be a million listeners this morning WABC on how do you feel about New York and residential project?

0:49 Speaker 2 Yeah, so, John, I’ve done a deep dive and I’m pretty bullish on the market in New York. I’m very bullish. The high end market is driving the surge. You know, we’re back to two thousand and six prices. So the average price right now for a residential home and a luxury market above six is above six and a half

1:08 million dollars. That’s six and a half million dollars joll That’s a lot. And there were twelve hundred closed deals just last year at that price. So I have to ask myself what’s driving this? So, first of all, it’s been a very good year for the stock market. The bonuses on Wall Street are back, and these are cash buyers.

1:29 The foreign investors are coming back to New York.

1:32 Speaker 1 And the Dow Jones has hit over fifty thousand finally exactly.

1:37 Speaker 2 So you’re seeing a big surge in the luxury market. But the average market is also up year to date. We’re up almost seven percent on transactions. That’s just on sales. An average one bedroom in New York is one and a half million dollars. And rentals are booming too, so the rental market is about seven percent higher than it’s

1:58 been and it’s such a low demand, so excuse me low supply that we are. The prices is just going up, and we need to build. We have an affordability issue. And the big news right now are these conversions. There’s going to be about twenty thousand new units coming on the market because there’s millions of office to Rezi coming up,

2:20 So that’s gonna be We’re going to look out for that. And there’s just it’s just have been a very good year. Retails rebounded, are foreigners back.

2:29 Speaker 1 Are foreigners back buying a real estate buying condos because that’s what fueled them market last time.

2:37 Speaker 2 Yes, all of a sudden, we’ve got China back, We’ve got South Korea, we’ve got Japan, they’re coming back Israel. I’m surprised it’s really turned around. So, you know, a lot of this the new numbers have not yet come out because Ma’m Donnie’s just been there a short amount of time. So I’m talking about closed deals for twenty

2:55 twenty five, So we’ll see what happens. This is really all due to the last minute. But for what’s happening in twenty twenty five and going forward, you know, John, what do I always say, never bet against New York and I’m not, and I think that we’re going to see it’s been a very good year. And what’s also

3:13 driving this is a very low vacancy in the office leasing market. The office leasing market is what’s faults till twenty and thirty one on Class A buildings, B buildings that are coming up, and it’s just people want to be in New York. It’s a safe haven.

3:30 Speaker 1 Well, I love New York. I hope we fix New York. I hope New York does even better. And thank you so much Suzanne Miller for coming on this Sunday morning and keep going good with your with all everything you do.

3:45 Speaker 2 Thank you, John, thank you. I never bet against New York because it’s still great.

3:49 Speaker 1 Thank you, I bless you.