In the News: my Thoughts on NY Real Estate

Last week we had two major headliners “Manhattan Real Estate Finally Bounces Back to Normal” by the NYTimes and “Manhattan Real Estate Prices Reach Record As Buying Frenzy Takes Hold” by CNBC. I was not surprised by these initial articles. I always knew the NY real estate market had the strength to bounce back. DMT has seen these positive changes in the market since the beginning of 2021. We have exceeded our goals for both Q1 and the half of Q2

& it doesn't stop there, the rental market has been extremely hot too. Inventory is very tight as we are seeing people flood back. This is no surprise as now many companies are mandating employees to come back to the office.

As for our new development, we are seeing major sales. NYC new developments reported 82 contracts last week from 28 different buildings. These numbers are coming in lower each week so it is safe to say the buying frenzy will die down a bit. However, DMT expects there to be another boost in September and October again when NYC welcomes back its international buyers. Excited to see whats to come !