NYC Luxury Real Estate Market Remains Strong

0:00 Speaker 1 What’s the state of the real estate market in New York City? Well with us today is one of the experts in New York, and I would say one of the prime experts in New York. And we have Suzanne Miller. Well, Suzanne, you’ve been doing real estate in New York forever. There’s nobody knows real estate better than you. Give us your

0:19 pulse of what’s going on.

0:22 Speaker 2 John, I don’t like a lot of what I see, as far as the filth of New York, the dirty all of that. But the real estate market is holding up. The may report shows that right now, just this last week, five apartments went into the contract for over five million dollars.

0:39 Ninety nine percent of asking price units sold for above ask over the last year, and thirty five percent sold above five million dollars. So the luxury listing market is on fire. The median price is five and a half million dollars. And I don’t really see a slowdown. There’s still a vacancy in the rentals. The sales market is

1:01 an average price is one and a half million dollars. And as much as we are, you know, we see what’s happening with this Mayor, I think a lot of this is deals that were done during the last administration, and I think that right now, with the rentals up six and a half percent and an average rent of

1:18 forty seven hundred dollars for a one bedroom, two bedrooms at eight thousand dollars, I don’t see a slowdown. So I’m pretty optimistic.

1:28 Speaker 1 Now there’s no pre to tear tax, and I finally realize what the word pere to tear means.

1:34 Speaker 2 Cause we’re on the ground.

1:35 Speaker 1 I’m not French the foot on the ground. So if the French used to say, if you have a foot on the ground, that’s a pa to ten right now, tell us how how is the reaction in the marketplace for that, Well.

1:48 Speaker 2 It’s not going to affect the majority of people because, as I said to you last week on your show, it only really there’s only eleven thousand homes that are secondary homes that people don’t actually live in. So if you put your mother, brother, grandmother or sister in this apartment, it’s not considered vacant, so it really only kicks into

2:04 a vacant apartment, and up to five million dollars there is no tax, and then it goes incrementally up from when you hit ten million, it goes up to one percent, and a twenty five million it caps at four percent.

2:17 Speaker 3 So to me, this is just really as it’s just to appease people that don’t vote, because these eleven thousand people do not vote, and I don’t think it’s really To me, it’s more of.

2:28 Speaker 2 A psychological game than it is going to affect people wanting to sell their apartments because they’re not going to New York is still New York and it’s too big to fail. Listen, we’ve been around four hundred years. As four years or eight years of a Maria going to kill this city, probably not. The office market is hot

2:46 and like right now, even Citadel, as we talked about earlier, there have the six thousand people currently working in Citadel right now. Those people spend about they make about five hundred thousand dollars a year. This is the cream to the that are living in New York City. We don’t want them to leave. For every person that leaves, the

3:05 numbers are we lose seven jobs, we lose restaurants, we lose ubers, we lose budaggers, we lose hair salons.

3:12 Speaker 1 We don’t want that.

3:13 Speaker 2 We don’t want these people to leave, but New York still is too big to.

3:16 Speaker 1 Fail understood now. Also the fact is that the quality of life have people complained at all?

3:28 Speaker 2 As I just said, I was just on sid Show and I was saying that I’m getting phone calls all day long about people nervous. They’re like, I don’t I have a home in Hawaii, I have a home in the Hamptons, I have a home in Fisher Island. Maybe I want to leave New York? Is this all true?

3:43 We’re getting people that are it’s like a slow burning, so it’s not actually happened. Because it’s expensive to leave. It’s expensive to pay taxes, it’s expensive to pick up your family. You don’t want to leave. I don’t want to leave. But people are now starting to question. People are now thinking, well, maybe it’s if it gets that bad,

4:01 I will leave. And that has not happened before. Now we’re seeing people that are concerned. And I’m a tremendous downside on the foreign buyers. Most of my business has been selling properties for all of these years to foreign buyers that buy condos, and they are definitely slowing down because they don’t feel welcome. But will New York fail.

4:21 I still don’t think so well.

4:23 Speaker 1 Suzanne Millers updated and we’ll talk again real soon. Thank you so much, thank you,