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So here we are…the question is where is that? Everyone’s been talking about the Mayoral election…and I mean everyone. I was just at a conference in Spain, where I was a panelist and member of the International Delegation, and everyone was asking the same questions, but with less context. From the outside, both internationally and domestically, the perception is the same. “How could New York, the global symbol of capitalism, have elected a socialist Mayor?”…hmmm, Good question?
My response?…that’s politics; real estate is business. Yes, the politics can throw punches at us, but we rope-a-dope. Like Ali did against Foreman in Zaire; they keep swinging and we just need to exhibit patience. And like Frazier said about Ali after the “Thrilla in Manila”, “I hit him with punches that could’ve crumbled walls and the man didn’t go down.” That’s New York; it’s resilient. It’s literally like a machine, as steamroller…methodical; it keeps turning over and moving ahead, can’t be stopped…not by any one man, that’s for sure.
People believe in New York, particularly the wealthy, which have been rumored to be leaving (or planning to leave) in droves. Well, let’s take a closer look at that. In the weeks leading up to the election, a time when people notoriously pause due to uncertainty, the marketplace for luxury property accelerated. The number of contracts signed over $4M in the 2nd, 3rd and 4th weeks of October was 30, 31 and 37 respectively. In the week of the election itself, the number of contracts went up 41 and even in the week afterward, it remained high at 25. What’s that tell you?
Over the last decade, through the battering of fiscal policy, Covid, interest rate spikes, you name it…Manhattan has persevered. Pricing has basically stayed flat, signaling stability. Through all of that, our prices have not declined. And it’s just now that we’re at an inflection point in which we will likely experience several years (5-7) of market appreciation. Nothing severe, but slow and steady, like the steamroller. This will prove the health of our marketplace. So identify where you fall in this ecosystem and plan accordingly. If you don’t know, that’s what we’re here for.
So regarding the election?…there’s a bigger picture. With improved rates, pent-up demand will continue to flow at an accelerated pace…and this across a landscape of constrained inventory. We’re at the beginning of the next cycle, the 5-7 years mentioned, where pricing will be favorable as long as you get in sooner rather than later. If your time horizon matches that time frame, then you’re likely to prosper. It’s not about timing the market; it’s about time in the market.
…which is why I keep saying…and Let’s Go Shopping ! ®
Anyone interested in buying or selling, should be rolling up their sleeves to determine whether the time is right to sell or if there’s a home/investment property out there for them. Who represents you matters…your best investment is often in the broker you choose; find someone with experience, who you feel you can trust.
Simed, Salón Inmobiliario del Mediterráneo 2025
It was an honor to have been invited to and participate on a panel at this years SIMED conference in Malaga, Spain. We discussed the global future of luxury…the trends and the must-have experiences demanded by the ever-growing international buyer population. Centrally located on the global map with an average of 300 days of sun annually, there are many extraordinary opportunities in this region of Andalucia, which include Marbella and Estepona. Reach out to me if you would like to learn more; we can discuss your interests, goals and specific needs. Click here to see an impressive presentation on Malaga City’s growth.
