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NYC Home Sellers “Exceedingly Optimistic” on Pricing

New York City home buyers who bought during the post-2008 slump haven’t necessarily fared as well as their optimism would have them believe they would, according to StreetEasy. “Buyers who managed to time the market well have profited,” StreetEasy reported, but not as much as investors in other vehicles.

Since New York’s market for single-family homes and for-sale apartment bottomed out in November 2011, the S&P 500 has risen 125%. “Meanwhile, home prices have risen 28.5%, according to the StreetEasy Price Index,” the firm reported. Yet “exceedingly optimistic sellers” are now rushing to cash in on demand.

Even so, these sellers have done better than those who bought before the crisis. “Only half of those who bought in the two years leading up to the crisis and have since sold, managed to record the 10% gain roughly necessary to offset the costs of buying and selling a home,” according to StreetEasy.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).