State Of The Market With James Prendamano


Everyone to episode twenty two. This is a special thanksgiving episode. Here of the sandra properties. Podcast gonna do things a little bit different. Today we're going to run solo a wanted to give a little bit of a recap of where the market's holding and talk about where i think the market is headed in the next year or two or three quite honestly. Because i think there's a lot of things at play here that not everybody is talking about so we thought it'd be a good idea if we could give a snapshot of where we're holding and then talk a little bit more about Some of those factors that. Perhaps you're not getting this analysis anywhere else for the folks out there on the island in the new york city. Pay close attention to what we're about to say here because we think it is going to be value so here we go the the market as we had suspected back in maybe two months ago three months ago we had sandy krugman ron and we had talked about was this recovery gonna look like From a real estate perspective on staten island. The mls system during corona continued to keep the clock. Ticking and what i mean by that is when we went on lockdown. They didn't pause the clock so days on market continued to tick off days. That's something pending continues to tick and it really through the stats way out of whack. So we had talked about back then that we figured once we got to november december of this year. We have a better sense of what really was happening. Because there was a a backload of deals that were moving toward a closing and then literally got frozen in time. One day and that backload sat for several months as we move through the lockdown. So when the lockdown open back up We had deals that we were able to move into contract through digital means which was a pretty neat thing for us to do and those deals were closing with the backloaded deals so it didn't give an accurate reflection of where things are and certainly didn't give an accurate reflection of where we thought things were headed. So let's start with a couple of metrics that we always keep an eye on and we'll we'll walk them through. I'm going to do a comparison of two thousand nineteen For october and two thousand twenty four october. So this takes us right up until a couple of weeks ago. So the average list price in two thousand and nine thousand nine hundred for a home on staten island was seven hundred. Four thousand six hundred and three dollars for october of two thousand twenty. We were up to seven thirty to four fifty two. The median list price october. Two thousand nineteen was six hundred. Twenty four thousand. The median price for twenty twenty an october with six hundred. Thirty eight thousand. That's a two point two increase the average sale price. And this is where it really starts to matter right. Five ninety eight forty one back in october of two thousand nineteen six zero five five seven three october. Two thousand twenty rupp about one of the quarter percent and then. The median sale price was five fifty five hundred in october of two thousand nineteen five seventy five in october of twenty twenty. So we're seeing what we had suspected which was staten island was going to emerge as a very viable option for folks that we're looking for a little bit more elbow room as they were relocating out of some of the other boroughs and those numbers are holding tight. And i think that there's Still a lot of room for appreciation on the residential side. I believe that we are going to continue to see. Staten island. emerge as a safer or a just a different kind of alternative again for folks that are looking to stay in new york But are looking for just a little bit more space our housing stock. Your staten island is very different than the other boroughs and many many many ways and for a very long time staten island has been known. As you know the forgotten borough and there's a lot of other things that Or tags that have been hung on the borough unfairly Quite honestly that are starting to shut off in. We think that there's some really really unique opportunities here as we move forward into the next couple of years so on the commercial side for the most part on the brokerage side kind of frozen time. Which again when you you stack it up against the other boroughs You know we'll sign on for that any day. We're seeing significant decreases in The commercial stock multifamily retail offices in the other boroughs and in staten island. We haven't seen that now. The velocity is not where we wanted to be right. Product is not moving nearly as fast as we'd like it to move. But i believe that that's much more a function of the banking industry as it is less a function of the actual markets. If we don't have access to the capital and banks are not geared up to lend for that type of product right. Now you're going to see that present itself in the commercial stats so as we hopefully move to a more flexible place with the commercial lending you'll see some of those stats change another opportunity here and another reason why we'll see some positive stats on the commercial side as we move into the first and second quarter of next year. Now let me qualify. That when i say positive stats mean positive. Stats in comparison to the other boroughs. Right certainly Nobody is is setting

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