Boroughs & Burbs, the National Real Estate Conversation

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This week on the show we get back to our roots, New York and Connecticut, with a top agent in each market. 

Mike Lubin is unquestionably one of the brightest stars in New York real estate for the past decade. Ranked by the Wall Street Journal as #12 in New York City and #135 in the nation for sales volume, he sells real estate at the very highest levels. You'll see over 335 co-op and condominium sales on his website, and his 34 current listings range from $7.7 million townhouse in Chelsea to a fresh one bedroom in the West Village for $450,000. (dang, already under contract!)  What I want to know from Mike is how do you differentiate in the nations largest and most competitive market?

Amanda Spatola is one of the top agents in what has in one year become one of the top markets in the area, Darien and Rowayton on Connecticut's Gold Coast. Coming out of the investment banking industry is it any wonder that she comes at the real estate industry with such an analytical eye. We have a lot of new agents watching the call and many of us are wondering what is her secret sauce: how has she become such a success in such a relatively short period of time?

In addition to asking these two agents about their particular paths to success, we want to know about the current state of the market, specifically:

Mike Lubin, which demographic do you see the most movement so far? Empty-nesters? Young families? Pied-a-terre buyers? Etc. Where are they going? And where are they going to? Are the moves temporary or permanent? For the most part, we all understand the benefits of the “upgrade” trade; however, since the rental market is SO depressed in New York (more so than the sale market), have you seen anyone cashing out to temporarily rent, while they wait to capitalize on that upgrade later? To be in a more liquid position and/or not having to sell in order to buy later? Are there neighborhoods where you are seeing more movement than others? Has that created opportunity? Where are the best opportunities for value, in your mind? New development? How risky is it to buy in a new development that is less than 50% sold? Do you see any new developments in jeopardy of wiping out their equity? If so, would a substantial pricing adjustment follow? If so, how will that affect the others? Is there any urgency right now?

Amanda Spatola, talk to us about the "upgrade" trade in Connecticut. Historically one-third of buyers were trading up into the Darien market from less expensive towns in the area, one third were cross-town moves upsizing and downsizing and one third were from out of the area. Maybe those ratios have been disrupted? Now, with diminished inventory levels and rising prices are you seeing some of those buyers getting priced out of the market? Are builders stepping up to meet the demand? Is the pandemic changing how people view the Darien and Rowayton markets? With ridership levels down, has the easy commute become a relatively less important consideration versus other factors? Is the public school a major driver for demand? I've read your blog about the Effectiveness of Open Houses, (written in 2019) How has your thinking changed in a year of no open houses? How do you feel the pandemic and lack of inventory has changed how realtors will go to market this Spring? 

This was one of our best shows yet. Both of these markets are at a crossroads. Buyers and sellers are feeling anxious because they haven't seen a market like this in a long time. Builders are asking what does the new buyer want. Sellers are asking if the effects of the pandemic will be short lived. Billions of dollars in real estate is coming on the market in these markets over the next couple months and these two agents have a lot to say about where it is all heading. Join us, participate, ask your questions, and be pa