Page 20 - NY Cooperator Expo April 2019

20 THE COOPERATOR —APRIL 2019 COOPERATOR.COM A ft er many years of expansion and growth nationwide, most co-op and condominium markets saw both turbulence and some overall decline in 2018. Th e market has turned from one favoring sellers to one more hospitable to buyers. Markets like stability – and 2018 was a year marked by uncertainty. Th is un- certainty can be pegged to several trends, the most prominent of which were fl uc- tuations in interest rates; changes in tax laws thanks to the 2017 tax bill depressing the tax benefi ts of home ownership; over- building (and potential overbuilding); and – despite the generally good employment fi gures – an undercurrent of declining con- fi dence in the overall economic picture. New York According to Corcoran’s 2018 fourth quarter report: “Market-wide closed sales declined as potential buyers grappled with a confl uence of factors that created un- certainty in the market. Buyers’ concerns included rising mortgage interest rates, tax-law reform, volatility in the fi nancial markets, foreign capital restrictions, and political distractions. As a consequence, many prospective buyers are choosing to wait on the sidelines until prices adjust to a more accessible level and other market fac- tors calm.” Joanna Mayfi eld Marks, a broker with the New York-based fi rm Halstead, de- scribed the market this way: “In 2018, there were a couple ends of the market that were less impacted. We saw a number of buyers competing in the $700,000-to-$1.5 million segment. Th ere was competition, and even some bidding wars. In the lower and luxu- ry segments, though, we saw fewer buyers, Market Survey Where We Were in 2018 – and Where We’re Headed BY A J SIDRANSKY TRENDS F A S T AT YOUR PROPERTY www.veritasmanagement.com 1995 Broadway, NY, NY 10023 Tel: 212.799.2365 At Veritas, we’re always just a hop, skip or subway ride away, making responsive service a priority. In a digital age, we’re on top of technology. But we also handle things the old-fashioned way; we’re at your property in person, when you need us. Co-op, Condo and Rental Management • Online Services Project Management • Sales and Leasing • Compliance and Filings • Emergency Services • Staff Supervision Connect your property to Veritas Call us to learn more ISTOCKPHOTO.COM