Greetings! We are back in New York from two weeks in Dubai and we could not have been more impressed with the architecture, ease of transaction (hello all cash), and pricing boom that is happening in Dubai’s real estate market. The city is having a moment and we are all taking notes.

The Economy:  The U.S. is another story entirely. We are experiencing high levels of uncertainty, volatility, and geopolitical drama. The recent inflation reports showed we are not making as much progress as we would like, as numbers were less optimistic than economists’ expectations. Tech, finance, and now consulting layoffs continue to rise as the ripple effect of higher rates hits company’s balance sheets. As expected, it is also taking a heavy toll on American’s wallets. According to Forbes, credit card balances have increased 15% YoY, the highest annual leap in over 20 years.

The Housing Market: Last month, Goldman Sachs forecasted four U.S. cities that should brace for a decline in housing prices of more than 25%, a plunge not seen since 2008. These include San Jose, Austin, Phoenix and San Diego. New York on the other hand is expected to remain relatively stable. Although according to NYSAR, home sales dropped by 37% YoY in January; below the lockdown lows of May 2020, to the lowest since the wake of the economic disaster in 2010.

As we continue to wait and see how this very data dependent U.S. story turns out, here are three big takeaways this month on

New York’s real estate market:

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