Survival Mode in NYC Real Estate

03/31/20 • 50 min

Good Morning New York, Real Estate with Vince Rocco

New Yorkers who don’t abide by social distancing may want to watch out for their condo and co-op boards or rental buildings. The state has barred social gatherings and ordered employees of non-essential businesses to stay home. Not everyone, of course, is following the rules. So, condo and co-op boards and rental buildings are exploring their options for dealing with residents who, say, grant access to the building for friends and family members or others. Attorneys are recommending that buildings seek “emergency injunctive relief” if neighbors don’t follow the state’s guidelines. The last thing anyone wants is litigation, but in this particular context, if people’s health, safety and welfare are potentially being jeopardized, that seems a good enough reason. You are at risk every time you leave your apartment for anything. Also today: Nearly 450 homes were pulled off the market, new listings plummeted and contract signings sank in New York City last week due to COVID-19.

Previous Episode

NYC Real Estate in a New World with COVID-19

On our show today: Agents are seeing home sales fall as panicked buyers back out of deals and sellers hesitate to invite strangers into their home for showings, The Wall Street Journal reports. The virus strikes the city at a particularly unfortunate time, halting home sales at the time when they would normally be at their peak. But unlike previous drops in home sales, like during the subprime mortgage crisis of 2008, this is not expected to last nearly as long. Demand for housing was especially strong before the coronavirus hit the U.S., thanks to favorable demographics and strong employment. Hope was there. Also today: the panel will give us an update on their daily activities and what they are doing to weather this storm which can go on for months to come.

Next Episode

What a Start to the Roaring 20s

Manhattan real estate sales ground to a halt in March. Could prices plunge next? Coronavirus hammers the already battered NYC luxury housing market, luxury new condo developments may not rebound for a very long time. The White House warns that the week ahead will be full of sadness as the US death toll will increase significantly. NYC is devastated by COVID-19. Hospitals face severe shortages of critical supplies and PPE. And Wall Street begins the week on an update note. Also today: Why would we risk it? NYC real estate agents push back against the essential business ruling from New York State.. and we are continuing with our ‘stay at home’ directive including everything virtual.