In this first episode of 2020, we sit down with Jordan Sachs and Chelsea Werner of BOLD New York. Bold is a full-service residential firm handling residential sales and rentals. Jordan and Chelsea break down the outlook for the upcoming year for rentals, condominium, and co-op sales. After several years of rental declines, early indications from late 2019 show that rents across the city are rising. With concessions burning off, rents increasing, and supply decreasing, this looks to be very good news for owners in 2020. Given the backdrop of the destructive 2019 rent law this bit of good news will be cheered by owners, investors and all market participants.
The other topic of this episode is the state of the condominium and co-op sales market in New York City. For the past several years the residential sales market has been very slow due to significant oversupply, in all price categories. We discuss how that supply is going to be absorbed in 2020 and the impact of shadow inventory on the rental market.
I hope you enjoy this information packed episode as much as I did and let’s go behind the bricks....with Jordan and Chelsea...
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