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THE MICHAEL GRAVES TEAM AT COMPASS |
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From the Desk of Justin Rubinstein |
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Here’s One Thing We Know for Certain: There’s a Lot of Uncertainty in Our World of Real Estate. |
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As a real estate professional with over two decades of industry know-how, I pride myself on having a clear perspective of where the market is - and where it’s heading. But right now, things feel different. The dynamics of post-covid real estate realities are still very much in flux – even with the rosy news of folks returning to New York, restaurants and B’way in full swing, and big-ticket sales making headlines. Here’s the way I see things:
Seller’s market? Buyer’s market? Both markets are having their moments. But there’s no definitive winner. Prime listings in prime neighborhoods still have the power to attract buyers ready to pay top-dollar asking prices. The flip side: many sellers remain in a time warp, clinging to valuations that are no longer commensurate with similar neighborhood properties. For buyers, there’s the discovery that asking prices are quickly returning to pre-pandemic levels. Buyer who do their homework are finding the best deals above $3M, or on the Upper East and Upper West Sides right now. However, there has even been a lag in Tribeca lately, with deals to be had there. Potential buyers are turning to rentals. The rental market has soared from the doldrums of early 2021. Some would-be buyers simply don’t feel comfortable making an ownership commitment at this time. They’re part of a big contingent of “Let’s wait & see-ers,” keeping an eye on prices, inflation, and whether they really want to live here for the long run. Investment properties are harder to find. I’ve always believed in the earning-power of multi-unit dwellings. These days, the best investment opportunities are scarcer than ever because owners are reaping the rewards of a robust rental market. They’re in no rush to sell. The doors are wide-opening to foreign buyers. Starting early this month, vaccinated travelers from numerous countries will be allowed to enter the U.S. – and many will be heading to Manhattan real estate agents even before they unpack. International investment has always fueled our real estate market – and not just the trophy digs on 57th Street, Billionaire’s Row. Uncertain times demand strong guidance. Turning to an experienced real estate pro is especially important during this evolving market environment. My recommendations to every buyer and seller encompass in-depth research, negotiating mastery, and a keen understanding of your present and future goals. It will be my pleasure to work with you! |
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My Newest Listings |
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New Development of the Month |
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Olympia DUMBO |
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In a Supertall Tower, How Much Affordable Housing Is Enough? |
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The only residential building at the World Trade Center will be 25 percent affordable — a real accomplishment, supporters say. Others insist it should be 100 percent. |
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Focus on Design |
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Bryant Park’s Winter Village Is Now Open for the Season |
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Bryant Park has once again transformed into a winter wonderland. The Bank of America Winter Village opened for the season on Friday, offering New Yorkers the only free admission ice skating rink in the city, an open-air holiday market, and cocktails rinkside. The village, now in its 20th year, will be open daily from October 29 through March 6, 2022. |
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My Recently Closed Deals |
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23 East 22nd Street, Unit 21 Flatiron Condo Status - Contract Signed 221 West 77th Street, Unit 15 Upper West Side Condo Status - Contract Signed 78 South 3rd Street, Unit 1 Williamsburg Duplex Status - Contract Signed 2100 Bedford Avenue, Unit 2J Flatbush Condo Status - Closed 30 Monroe Place 13 Unit Brooklyn Heights Portfolio Status - Contract Signed 115 East 9th Street, Unit 14D Greenwich Village High Floor 1 Bed Status - Contract Signed |
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Q3 2021 Market Reports |
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Justin Rubinstein is a 15-year veteran of the New York City real estate marketplace, who quickly gained attention from industry veterans and clients alike as a motivated and knowledgeable professional whose focus is on providing the best customer service possible while negotiating for and protecting his clients with dogged tenacity. This tenacity and hard work ethic has proven fruitful as he has successfully negotiated over $600M in real estate transactions to date. As a member of the record-breaking Michael Graves Team, Justin has enjoyed representing buyers and sellers of trophy properties such as the Time Warner Center, landmarked West Village townhouses, and new development penthouses. In each instance, his clients come away from the experience with a strong appreciation for his dedication and expertise... read more |
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