July 2018: Bubbles, Bubbles, Everywhere
July in the city is hot. The concrete jungle we know and love can get stifling, and New Yorkers are always looking for fun ways to cool off. Whether it’s champagne or soap bubbles, we have tips to make everyone’s day a little better. And as for the most important bubble of all, read on to see what the verdict is on the New York City real estate market.
The Story: Is the Big Apple in a Big Bubble?
The Jump Off
For years, real estate prices have soared upwards as demand trends outpaced supply. Homeowners in all segments of the market often assumed prices would continue to go up at this alarming rate indefinitely. But what many people fail to consider is that eventually the market will normalize. Prices will settle where they should have been all along, had the rate of appreciation been a more constant steady incline. So, the question is, has New York City entered a real estate bubble?
If you’ve been holding your breath as we have for the 2018 Q2 results, the wait is over: Median and average sales prices are down, we saw the lowest sales volume in Q2 2018 since 2009. Market shifts follow changes in buyer behaviors. We’ve seen buyers making more conservative decisions recently. We’ve also seen a slow-down in demand. Still, the winds changed a bit and sellers woke up later in the spring season than usual in an effort to cash out at the last minute.
The Wrap Up
Long story short? NYC is not on the list of cities at risk for real estate bubbles. The market has cooled off a bit the last few months, but what we’re seeing now is price correction and no cause for panic.
Homebuyers are getting bolder, looking for bargains or walking away if they feel they are over-paying for a property, however they still buy. With interest rates on the rise, what we’ll mostly likely see come year end is a simple normalization of the market.
The Conversation Cheat Sheet: Bubbling over this July…
You know that thrill you got as a kid hearing the ice cream truck jingle and running down the street as it pulled up to your corner? Well, someone finally came up with the grown-up version, a prosecco van that serves you bubbles with a kick instead of King Cones. Hallelujah! Want some bubbly guidance? Check this out.
Here’s another kind of bubble that will rescue you this summer: the soap bubble. If summer camp is falling a little short on the entertainment front, treat your kiddos to a DIY bubble fest for hours of soapy fun! And for those precious moments of self-pampering, try these luxe bubble bath products to make your staycation truly relaxing. Feel like leaving town? Soak in some epic suds in one of these amazing tubs around the world.
The Gabriele Moment: Brooklyn Pool Time
I love a good unicorn float. Especially if it’s right outside my patio door. Now, I know weekend getaways are all the summertime rage but there’s really nothing like retreating to the haven of your own backyard. Instead of all the planning, packing and driving to some unknown destination only to realize you left your favorite outfit/book/tennis racket back home, staycations make the most of your time and can be just as rejuvenating. I love to spend weekends brunching, reading or putting my green thumb to use. And to end the day, a BBQ and a dip in the pool to cool off on a warm summer night. Hello Brooklyn!
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