Rents in the City record high. Talked about the housing market in New York City.

0:00 Speaker 1 With us today is Susanne Miller. She is a dynamite real estate person in New York. And Susanna Miller give us an update what’s going on in the markets of New York.

0:12 Speaker 2 Okay, before I start, don’t forget to talk about my podcast on WABC. What’s going on in New York is really insane, John, It’s been a very down market. Transactions tore down twenty five to thirty percent. My goodness, it’s like less than transactions are now lower than they were in twenty ten. The interest rates have killed the sales market. Fortunately,

0:34 the prices have not come down that much because there’s just not a lot of an inventory. But the transactions are down and there’s not a lot of movie going on right now on the sales part. But that’s not just New York, it’s the entire region.

0:46 Speaker 1 Well, the interest rates go up for the whole country. So when interest rates are up, the interest rates are up. And right now the thirty year interest rates like almost eight percent, so I can understand that unless they’re paying cash.

1:01 And give us an update. The rectum market is as strong or softer.

1:06 Speaker 2 The rental market is down about ten percent, but again there’s not a lot of products, so not a lot of people are moving. Landlords really can’t load the rent because everything’s gone up. Insurance things are just very tough.

1:16 There’s not a lot of building going on because we don’t have any affordable housing. We need a four to twenty one A. So the rentals are for the good news for the landlords. They have not really gone down, but I predict that we’ll that will sway too.

1:30 Speaker 1 Understand the American people.

1:35 Speaker 2 The office market. We need to talk about the office market, Johns, because that’s a disaster. Unless you have a Class A building, it’s the B buildings. I don’t know what we’re going to do. These loans are coming to and they’re fifty per vacantc that people are not coming to work, and we’ve got all these empty offices throughout the entire region.

1:54 Speaker 1 So it’s a major problem.

1:56 Speaker 2 It’s a major problem. Just keep building. I think people will try and come to the suburbs. You’ve got some nice buildings outside of New York. Hopefully that’ll continue. And I think that we have to just watch the world and keep New York safe.

2:10 Speaker 1 Susan Miller, thank you for calling it from the airport, taking the time and we’ll catch up again real soon. Travel sank Thank you.

2:16 Speaker 2 John always thank you. By bye.