Issue 100 – The Evolving Cycle of Sales

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Issue 100 – The Evolving Cycle of Sales

August 1, 2024

Just like the seasons change, so do sales cycles. This year, we are seeing a vast diversion from the standard norm in certain areas.

In the past, there were usually very distinct cycles for sales. One could expect a natural slowdown during the summer (from Memorial Day — or at least the end of June — to Labor Day) because that is when folks tend to travel, focus on family, and generally relax and unwind.

After Labor Day and the start of the school season, people would resume their searches and get serious about buying and selling property again. We would see an uptick and frenzy of activity, with listing inventory increasing and serious buyers seeking to snatch up a property, whether to live in themselves or for investment purposes.

Then, once the winter holiday season commenced with Thanksgiving, Hanukkah, Christmas, and New Year’s celebrations, the sales cycle would likely dip again, only to become frenzied once more right after the new year.

As during summer, this end-of-year holiday period was traditionally a time for family, travel, social activity, or just plain relaxation, with many putting off buying and selling property for those few weeks.

The post-holiday return to work was when many people learned what their bonuses would — or would not — be. This was also when they might receive a portion of the vested stock, which would determine what they would look to buy and invest in.

Lately, however, we can throw those scenarios right out the window. There no longer seems to be any standard sales cycle at all; lines have blurred. We are seeing far busier summers in terms of buying and selling, and even during the winter holidays, deals are being pushed through. Still, it is nuanced and specific to different price and size segments.

This is neither good nor bad, but those in the sales market need to be aware that what may have been the norm years ago has now changed. We can no longer expect a complete flatline from Memorial Day to Labor Day. These once-slower turndown times are now times of opportunity.

While it is possible to time sales in the summer “off season” to capture buyers who are looking to snatch up “bargains” by racing in while others are away at play, I am instead telling many sellers to take their listings off the market and bring them back on right after summer — depending of course on their location, price segment, and market type. My rationale is that certain types of buyers will not be in the city during these hot summer months. For that market segment, fall will be far more robust.

Sometimes you can even time sales so that summer is surprisingly positive, but given the continuing high mortgage interest rates, that scenario isn’t playing out for the most part this season. Sure, there are some buyers — anomalies — who need to find a place quickly and prefer to buy instead of rent, especially since they might be able to negotiate a good price based on the seller’s anxiety about the market.

My overall takeaway is that there is no one-size-fits-all way to buy and sell right now. Some sellers may initially feel they want to push on during summer, not wanting to miss a prime opportunity to get eager buyers to their doors, while others will sit out from looking during the summer or winter holiday seasons.

Real Estate timing seems to becoming a customized approach — one that can yield well if time correctly.

Issue 124 – “The Freeze Heard Across New York”

August 1, 2026

Even those of us who spend most of our days in the world of sales rather than rentals cannot ignore the conversation dominating New York real estate this summer: the city’s newly approved two-year rent freeze on nearly one million rent-stabilized apartments. The decision, fulfilling one of Mayor Zohran Mamdani’s signature campaign promises, has ignited passionate debate from tenants, landlords, developers, and economists alike.

As Time Magazine recently reported, “’Freeze the rent’ became the definitive rallying cry of Mamdani’s affordability-focused mayoral campaign for New York City, one of the most expensive cities in the world. Despite skepticism that he could actually pull it off, a board he controls made good on his pledge just six months into his term.”

In a 7-1 vote this June, the Rent Guidelines Board approved a rent freeze on one- and two-year leases on rent-stabilized apartments — which, according to the Time article, “make up about 27% of overall NYC housing stock.”

For tenants living in stabilized housing, the appeal is obvious. In a city where affordability persists as one of the defining challenges of our time, freezing rents offers immediate relief and greater certainty in an increasingly pricey environment.

Yet, as is so often the case in New York real estate, the story is more nuanced than the headlines suggest.

The New York Post presented the other side of the story, explaining that building owners are grappling with rising operating costs: insurance premiums, labor expenses, property taxes, and capital improvements have all increased substantially.

Critics argue that while the freeze protects tenants in the short term, rising expenses without corresponding rent increases may make it harder, particularly for smaller landlords, to maintain and improve aging buildings.

Rent freezes are not unprecedented. Previous freezes have provided short-term relief for tenants while renewing debates over maintenance, capital improvements, and investment in aging housing stock.

The broader issue is supply. Economists across the political spectrum generally agree that New York’s housing shortage cannot be solved through rent regulation alone. As Vox reported, demand continues to outpace inventory, making new housing production, zoning reform, and development incentives essential.

Although the freeze does not directly affect market-rate apartments, landlords with both stabilized and market-rate units may feel pressure to offset constrained revenue by increasing free-market rents where legally permissible. New York State’s 2024 Good Cause Eviction law, however, limits annual rent increases to the lesser of 10% or the local inflation index.

For buyers, particularly investors considering multifamily assets, the freeze introduces additional uncertainty around future income growth. Buildings with significant rent-stabilized components may trade at lower valuations because purchasers will have to underwrite higher operating costs against stagnant revenue.

For sellers, especially owners of mixed-use or rent-stabilized assets, the challenge becomes demonstrating long-term upside. We may see some owners delay sales, while others bring assets to market sooner out of concern that future regulation could become even more restrictive.

From a residential perspective, one unintended consequence may be increased demand for condominiums and co-ops. When rental policy becomes less predictable, many affluent New Yorkers begin to view ownership as a more stable, controllable alternative.

Foreign investors are unlikely to retreat from purchasing trophy condominiums or prime co-ops, which operate outside the stabilized system. In fact, increased regulation in the rental market could strengthen the appeal of luxury ownership as a store of wealth.

The greater consequence will be on institutional and international investors exploring multifamily acquisitions, where limits on revenue growth coupled with rising operating expenses may prompt some capital to pause, reprice risk, or seek opportunities elsewhere.

A major concern today is that the economics are more challenging than they were a decade ago. The Rent Guidelines Board’s own data shows that operating expenses continue to rise, with insurance costs increasing by more than 10% and overall operating costs rising by more than 5%. The effects will likely be felt most acutely in neighborhoods with large concentrations of rent-stabilized housing, while luxury condominium markets such as Tribeca, SoHo, and much of the West Village, where condominium and market-rate inventory dominate, will experience relatively little direct change.

New York remains one of the most desirable real estate markets in the world. The larger question is whether future housing policy can strike the right balance between protecting tenants and preserving the incentives necessary to maintain and improve the city’s housing stock. Recent reporting suggests that landlords and tenants alike are increasingly worried about the long-term sustainability of that balance.

Perhaps most interesting is what this moment reveals about New York itself. Housing has become far more than an economic issue—it has become a cultural and political one. The debate over rent stabilization reflects larger questions about who gets to stay in the city, who can afford to enter it, and what balance should exist between protecting existing residents and encouraging future investment.

As someone whose business focuses primarily on the sales market, I often remind clients that New York real estate rarely moves in straight lines. Policy shifts ripple through every corner of the market, shaping rental demand, buyer behavior, and investment strategy alike.

Yet what doesn’t change is New York’s capacity to reinvent itself. The conversation around housing will evolve, administrations will change, and policies will come and go. But the city’s enduring challenge — and opportunity — will always be finding ways to be both livable and aspirational.