As the closing of 2024 nears, it’s only natural to reflect on how the year went. This is especially true with New York City real estate, as every year brings new twists and turns. And, definitely some surprises.
Recently, seasoned NYC power broker John Gomes sat down with dailyDEEDS to answer our burning questions about the city’s real estate scene. Gomes, co-founder of the renowned Eklund | Gomes Team, has secured over ten billion dollars in closed residential sales with Fredrik Eklund and their team. Not to mention, they have sold out over 50 new developments. So, it’s safe to say he has his finger on the pulse of the city and the market.
What are some key takeaways from 2024 when it comes to NYC luxury real estate?
2024 was the year it became normal to talk about the nine-figure deal. We did a couple of them ourselves for the very first time.
Was it predominantly a buyer’s or seller’s market, and did this shift at all throughout the year?
2024 was an opportunity for luxury buyers to flex their cash purchasing power muscles and they did just that in droves. Opportunities abounded. It will cost them more in 2025 as demand is rising while supply is dwindling.
Across all price points, which neighborhoods are hottest with buyers right now? Are any especially up-and-coming or changing the most?
It’s the tale of two polar opposites in Manhattan this year. We saw an increased level of activity downtown in Tribeca, which just keeps getting hotter and hotter. At the same time there were some great new buildings on the UES. Also on the UES, we saw increased demand in co-ops, which saw great price reductions that started a buying spree we don’t typically see.
Not that you have a crystal ball, of course, but what are some predictions you have for the NYC market in 2025?
2025 will kick of the next run of the Golden Years in real estate. We are ending the year on a bang with demand increasing at a time when it normally slows down. We are experiencing low levels of supply that continues the shrink by the day as demand continuously outpaces it. We will see prices rise as a result. Apartments will sell in a shorter period of time as a result, too.
How might the transition to the new federal government administration in January affect NYC real estate in 2025 and over the next four years? Are there any specific changes/policies you or most brokers across the country will be anticipating or looking out for?
If the post-election bump is any indication, I think real estate in NYC will fare well with the new administration in 2025. There was a pent-up demand as many buyers took a wait and see approach just before the election. Apparently, they liked what they saw as the market improved quite swiftly after the election and it shows no signs of slowing down.
What is your advice to sellers who are planning to list their luxury townhouse or condo next year? Is there a mindset they should be in or preparations they should make now?
Stop thinking about listing your property for sale and call me today to list it. There is simply not enough good inventory on the market today. Brokers are having a difficult time finding the right home for buyers. This is the perfect storm for sellers. You can sell your home faster and for a higher price.
It’s hard to believe we’re five years out from the beginning of the COVID-19 pandemic. In your opinion, what three words summed up New York City in 2020 and what words define it now?
In 2020, real estate was dead, discounted, and filled with Zoom. Today its transitioning, busy, and promising.
Finally, what are you most excited for both personally and professionally as you look ahead to 2025?
Personally, I’m delighted to see my twins Raffy & Paloma continue to develop as first graders, who are now reading and writing. They are curious about so many things and things as they are introduced to new concepts every day. Those two are the center of my universe and bring the most joy into my life.
Professionally, I’m thrilled to see 2025 in front of me. The market has been chugging along the past couple of years, however, not at the level I prefer it to be. Thats changing right now and 2025 is looking to be a great year to be working in real estate in NYC.
Any news from the Eklund | Gomes Team to share as we close out 2024?
EklundGomes will celebrate 20 years in 2025. That’s a huge milestone for us. It’s an opportunity to reflect on where we came from and look at where we are going.