Interviewed in Manhattan Property 2014 Outlook
Posted by Wei Min Tan on October 30, 2017
Summary: Article on 2014 New York market outlook. Article talks about recovery from the recession, condos vs coops, foreign buyers and amenities.
Wei Min’s comments in article: What’s the general mood of the industry? According to the pros we spoke with, it’s basically positive. “The market has been the most active since the recovery, which started in 2010,” says Wei Min Tan, a broker with Manhattan-based Rutenberg Realty. “Last year witnessed records in prices, low inventory and sales.”
Indeed, if the recession isn’t totally over, it’s fading fast, and this is carrying over into the real estate market. “Gradually, investors acknowledged the U.S.’s recovery, and that explains the surge in demand last year,” says Wei Min Tan. “Also, expectations of rising interest rates, driven by an improving economy, nudged buyers to act.”