Asian stock markets closed their worst monthly performance in 3 years in August. The US markets have had a roller coaster ride in the final week of the month, ending, on average, 6% down. Oil reached below $40 per barrel (now on the rise) and there remains the belief that the Fed will increase rates in the coming months. What does this mean for New York real estate?
Despite all this turbulence, the US economy remains strong, with solid fundamentals in place, so now there is some speculation that the weakening Asian markets may lead high net worth Chinese buyers to view New York (and other apex real estate markets) as safe havens.
Our sense is that come mid-September, we will see an influx of new property and our hope is that it will be priced appropriately. Value wise, while we don’t see any reason to raise prices on property this Fall, we also see no real reason to expect values to drop from the Spring and early Summer.
There are a good deal of buyers out there waiting for new property and our expectation is that September will kick off an active Fall season.
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