Mamdani's NYC win: Real estate market braces for impact

"Zohran Mamdani may have won New York City's mayoral race on Tuesday, a victory many predicted would lead to mass chaos in the real estate market, but at least as of Wednesday morning New York City-based brokers told HousingWire that no major changes have occurred yet. I think the Florida agents who are calling Mamdani Realtor of the Year' are going to be sorely disappointed with his performance, Jason Haber, a Compass broker who operates in both New York City and Florida, said."

"HousingWire Data shows that the 7-day average inventory count for the top price tier in New York City in July 2019 was 58 single family homes, 750 co-ops and 1,497 condos. Since Mambani's win over Andrew Cuomo in New York City's Democratic mayoral primary back in late June the highest inventory levels have reached was on the week ending on June 27, when the 7-day average inventory level included 20 single-family properties, 830 co-ops, and 1,132 condos."

"I don't think there has been any sort of mass exodus, but I think we kind of have to wait and see, Bess Freedman, the CEO of New York City-based Brown Harris Stevens, said. There have been some sellers who have already wanted to get out because of this possibility, but that has truly been more the exception than the rule. People have been talking about it and there has been a little movement, but nothing dramatic or substantial of note."

Zohran Mamdani won New York City's mayoral race. New York City-based brokers reported no major immediate changes in the real estate market as of Wednesday morning. Some brokers predicted potential panic, but many did not observe a rush to leave the city. HousingWire data shows July 2019 top-tier inventory at 58 single-family homes, 750 co-ops and 1,497 condos, with recent peaks lower than those figures. A few sellers have expressed interest in leaving, but that activity remains exceptional rather than widespread. Fairfield County agents expect some increase in demand from New York buyers, but not an extreme shift.

Read at www.housingwire.com