The New York tri-state real estate market is looking forward to an active year in 2021. Expert agents from the area, all members of the exclusive Haute Residence network of top real estate professionals, weigh in on their expectations for the different markets they represent.
Connecticut
534 & 536 Riversville Road, Greenwich, CT 06831, listed by Robin Kencel
Photo Credit: Chris Meech
"With no signs of the usual market slowdown at year-end, it looks like the buying wave that has characterized Greenwich in 2020 will continue in 2021. Even with a vaccine on the horizon, buyers seem to be rethinking lifestyle and options, and Greenwich ticks a lot of boxes for Manhattanites." - Robin Kencel, Greenwich, CT.
New Jersey
Saddle River, NJ 07458, listed by Vicki Gaily
Photo Credit: Skinner Photography
"We are experiencing a surge in real estate sales for the past 3 months with a lower than normal inventory in active listings in most price ranges. November and December can slow down in normal times, but have shown no signs of doing that now. I anticipate this will continue well into 2021." - Vicki Gaily, Bergen County, NJ.
184 Harrow Road, Westfield, NJ 07090, listed by Frank D. Isoldi
Photo Credit: Vitaly Boicenco
"The inventory in Westfield remains historically low, my prediction for 2021 is a very strong 1st quarter for sure. We are still seeing a big movement of buyers coming from Manhattan, Jersey City, Hoboken and Brooklyn looking for the lifestyle that Westfield has to offer." - Frank D. Isoldi, Westfield, NJ.
New York
One57, 157 West 57 Street, #32F, New York, NY 10019, listed by Elliot Bogod
Photo Credit: Extell
"We will see a lot of foreclosures in 2021, but they will not going to be processed until mid of 2021 and we don’t expect real estate market to crash as a lot of money chasing deals. Real estate is an alternative to the stock market and a good investment in expected inflation environment. Manhattan real estate was a proven niche of most liquid real estate in the country and we have a good feeling it will remain strong for years to come.
The Upper West Side is a desirable place to reside and invest and has attracted a lot of attention from developers, investors, and residents. It has never had such a large inventory of apartments and townhouses on sale.
In 2021 we will see more deals happening and inventory absorption rate will increase. People will take advantage of the choices the market is offering and very low mortgage rates and a variety of bank mortgage programs offered. 2021 will be another year of the truly buyer’s market and we are at Broadway Realty are happy to represent the most qualified buyers in pursue of great deals that Manhattan has to offer.
We will see hot deals, move-in ready and our price forecast is very positive as we are no longer in the price bubble and see more and more affordable deals." - Elliot Bogod, Upper West Side, NY.
12 & 15 West Dune Road, East Hampton, NY 11937, listed by James Petrie
Photo Credit: Lena Yamerenko
"The real estate market in the Hamptons will continue to be strong through 2021. Working from a home office has become acceptable across industries allowing for permanent or semi-permanent relocation to areas once looked at as summer vacation destinations. Covid has changed the way people live and the Hamptons will continue to benefit." - James Petrie, East Hampton, NY.
35 Brookville Lane, Old Brookville, NY 11545, listed by the Stanco-Misiti Team
Photo Credit: Stanco-Misiti Team
"Values on Long Island are stable and trending higher. In 2021, expecting inventory to loosen up on the North Shore and more properties to hit the market. Low-interest rates continue to stimulate buyer demand. Home is your sanctuary. But so much more now when mixing lifestyle and work there." - Michael Stanco, North Shore, Long Island, NY.
Read more expectations for 2021 from members of Haute Residence, including the areas of the Caribbean, South Florida, the west coast of Florida, and Southern California.
