I trust this message finds you safe, happy and healthy. I am an optimist and confident, some blessings will come out of these trials. As for me, I have new appreciations for things I took for granted - taking my kids to the park, delivery guys delivering our packages or just food shopping at the grocery stores.
Firstly some positive news – Deal Closed at One West End Ave #22A Price $4,985,000
I am pleased to announce I closed One West End Avenue #22A. This deal was my first virtual closing - buyers and sellers gave POA (power of attorney) to their attorneys. Funds were exchanged by wire transfer, and title company and banks worked together remotely to facilitate a smooth closing. There were a few unforeseen challenges but we all persevered to get the deal closed! Special thanks to my buyer who never gave up.
My thoughts
The stock market may have dropped 30%, the value of your home has not dropped, the value of your home is more important than ever before, especially since we have been all asked to stay-at-home. I think once all this is behind us, there will be pent-up demand. There are quite a few programs that will help support the housing market, the two key ones being:
1) $2.2 Trillion C.A.R.E.S Act will help support the economy. 2) More Quantitative easing (QE) that will lead to lower mortgage rates over time.
Many more people may be working from home and hence could end up looking for bigger apartments. Some may decide to sell and move out to the suburbs. I have met both young and old who choose to live in New York City, because they like the energy of the city and all that it has to offer. As for me, I am not going anywhere. If you are thinking of selling or buying a home, I am always here to serve you.
This too shall pass... Stay strong. Stay positive. Stay healthy.
