Boroughs & Burbs 36: NYC Real Estate "What We Can Expect in 2022" (Greg Heym & Kevin Kovesci)

Engel & Cabrera Present Boroughs & 'Burbs, the Real Estate Review

State of the Market: Greg Heym & Kevin Kovesci
We'll talk to Greg Heym and Kevin Kovesci, our experts in New York about the effect of the pandemic and the election on the New York and suburban real estate markets.
These two know where the market is moving and so we expect to have a spirited discussion on:
-Where is the buying opportunity in New York right now?
-Interest rate movements. Where are they headed in 2022 and beyond and will they have an impact on price or is there less correlation than most people assume?
-The lack of inventory. Are there just too many Millenials chasing too few houses and apartments or is the current boom in real estate a function of the money supply?
-New development trends. (and is anything new also affordable? Is New York affordable for the average Joe?)
-Need for second homes. Is this what is driving the suburban market, and is it a function of the pandemic?
-Decreasing importance of the daily commute. Is this overstated, and what has been the effect on prices?
-Which neighborhoods are hot? Is the UWS back entirely?
-Foreign buyers. Are they back and what are they buying?
-New York sports teams. (Greg always has something to say on this. What do NY sports tell us about New York optimism and is the optimism reflected in the markets?
-Unemployment effect on the market. The latest from The Line
-Stock market effect on the NY market. How do bonuses look this year?What will they do to the Spring market?
-Is NYC fulfilling its promise of being the new tech center?
-New York City's current effect on the suburban markets?
-Coop vs. condo trends. Are coops being forced to loosen up?
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Greg Heym - Chief Economist for Brown Harris Stevens
Greg was our first guest on episode 1 last May and again on episode 8 in October. In May we debated the nature of disruption to the real estate market. Would this be like 911? Would it be like the financial crisis? How long before we could get back to normal? By October there was newfound optimism based on the vaccines being approved, but plenty of anxiety related to the election. Now, with the election behind us we need an update from Greg Heym on the state of the market in New York.
Kevin Kovesci - Senior EVP and Managing Director of Sales, West Side
Well-known for his keen understanding of the Manhattan market, Kevin is responsible for managing the highly successful Upper West side office. Previously, Kevin managed Brown Harris Stevens' Tribeca and Village offices where he was the driving force in their exponential growth. Kevin Kovesci was formerly Vice President of Coldwell Banker Hunt Kennedy where he headed their Downtown office. His background also includes over a decade of experience as a top-producing broker and sales agent selling primarily on the Upper West Side. He earned his Bachelor of Arts from Bowling Green State University, and holds a Master of Science in Real Estate from New York University.
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About Boroughs & Burbs:
Our weekly wide-ranging zoom conversation with real estate experts from around our area. Hosted by John Engel in Connecticut and Roberto Cabrera in New York.
Roberto Cabrera - With 20 years of experience, I have been recognized throughout the industry for achieving outstanding results: Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents” for avg. sales price of $4.350M. Sold a single family Townhouse faster than any other on the Upper West Side over $10M.
John Engel - John Engel is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the 2019 Realtor of the Year Award in New Canaan where he is currently the Chairman of the Town Council. John also brings an insight into internet-based marketing that is unsurpassed.