Kent Swig

My Thoughts.

Panel Discussion with Real Estate Board of New York

On September 15, 2014, I participated in a panel discussion with REBNY (Real Estate Board of New York) where I spoke with Michael Vargas, the Director of Vanderbilt Appraisal, a division of Terra Holdings. The panel was moderated by Greg Heym, the Chief Economist for Terra Holdings and its operating companies: Brown Harris Stevens and Halstead Property.

The panel discussion focused on both the macro-economic and micro-economic trends of the market place, mainly focusing on the residential sector but also discussing the commercial sector as well.

All of us agreed on the strength of the residential market and highlighted the lack of inventory of available apartments for sale in New York City which has led to a dramatic increase in prices over the past 18 months.

This lack of inventory has also led to a slight decrease in transaction volume for 2014 to date, when compared to the volume in 2013. This, I suggest, is a result of increased pricing as well as fewer choices of apartments for buyers which has led to a certain amount of frustration of the part of the buyers. As a result, some buyers have become so discouraged that they have actually removed themselves from the market place and have stopped their searches for new apartments.

Also of note, currently, there are approximately 400 apartment/town house listings that are priced over $10 million. This is interesting to note, especially when considering that prior to 1996, there were fewer than 10 apartments that ever sold over $10 million in the history of  New York City!

Left to right: Kent Swig; Michael Vargas, Director of Vanderbilt Appraisal (a Terra Holdings company); Greg Heym, Chief Economist for Terra Holdings.

Left to right: Kent Swig; Michael Vargas, Director of Vanderbilt Appraisal (a Terra Holdings company); Greg Heym, Chief Economist for Terra Holdings.

Left to right: Kent Swig; Michael Vargas; Greg Heym

Left to right: Kent Swig; Michael Vargas; Greg Heym

 

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Written by swigeq

October 4, 2014 at 8:39 am

Posted in Uncategorized

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