The Market Awakens. A very strange thing happened when 2017 came along – the market woke up. Instead of nursing a new year’s hangover and eating a greasy breakfast, the market started behaving like it not only had a good night’s sleep, but also like it just finished off a couple double espressos. Every Digs client that made a bid or sold an apartment in January had some kind of bidding war. We had nearly 80 groups come through a sweet UWS apartment we were selling over 2 open houses and ended up significantly over ask. We started working with 9 new clients during the last two weeks of the month – historically one of the market’s slowest. It was wild.
But rather than heralding a new period of rising prices after the relative lull of the 2nd half of 2016 (February and March were slower but still upbeat), we think the uptick of activity is more a function of the collective exhale. Many buyers, including quite a few Digs clients, retreated to the sidelines in 2016 as uncertainty surrounding the presidential election gripped the country. But now that the stock market has hit outrageous highs and the economy has not cratered under the new administration (yet?), buyers appear more willing to invest in NYC and that pent-up demand is filtering through the market in all neighborhoods and at most price points, creating a much more liquid real estate market than we saw last year. Prices are, however, still selling at a discount relative to the 2015 peak of the current cycle and buyers are generally able to negotiate more contingencies and concessions in non-competitive deals.
Best. Quarter. Ever. We are very proud to report our best quarter ever with 12 closed transactions giving nearly $220,000 in cash back to our clients! We also have two new listings that came online in the past few weeks – 56 Jane Street, 4B, a supremely located West Village studio/1br with a truly special renovation, and 315 West End Avenue, 6A, a terrific renovated 2br in a boutique building on the corner of 75th Street. 56 Jane went quickly, with multiple offers after the first week of showings, but 315 West End Avenue is still available for all you Upper West Side lovers. Please contact me if you’d like to check it out.
Expansion Mode. We have also reached something of an inflection point in our growth and are looking to expand our ranks by bringing on agents to assist in servicing our expanding client base and build a business of their own within the Digs framework. If you know anybody who is (a) interested in working on a high-volume residential real estate sales team, (b) committed to serving clients with honesty and transparency, and (c) open to working on an alternative platform, please ask them to check out our website for more information about our innovative brokerage model and what we do, and have them reach out to Dan Gotlieb at [email protected].
Looking forward to a terrific Q2. As always, thank you for your referrals and support. We wouldn’t be here without your help!
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