The coronavirus pandemic has devastated New York City. After a few awful months, the real estate market is now slowly improving in what has become “a new normal.”
“It was pretty drastic the first three months after the pandemic hit,” said Nick Ferrone, a real estate broker for Compass, located on Court St. in Carroll Gardens. “I occasionally showed empty apartments but there really wasn’t much to do the first few months.”
“Closings are done remotely now,” Ferrone said. “I didn’t realize how important it was to see people’s faces and get a feel for what they’re thinking. I have got to do things like have sanitizer available and make sure to always wear a mask etc. I’ve been following all of the safety mandates.”
The local real estate market is slowly recovering. There are big differences in the types of apartments and other homes that are selling right now.
“Apartments under $900,000 have actually been doing really well, which shows that younger people are still buying homes, but family-sized apartments have been getting hammered,” Ferrone said.
It’s a good sign that younger people are still buying and staying in New York City despite the pandemic, but so far most families that left have stayed away.
“Families have been leaving the city in droves,” Ferrone said. “They’ve been moving to New Jersey, Westchester, Long Island etc. Now, because of those families moving out of the city, townhouses are doing really well.”
Ferrone, like everyone else, isn’t sure how long this will last, or when and if the majority of families who left the city will return. He has never been in a situation like this.
“Price drops aren’t getting as much of a response as expected,” said Ferrone.
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