Kelly Robinson is an American luxury real estate professional covering New York City. Born in NYC and raised in Connecticut’s gold coast, Kelly made her jump into Real Estate over 17 years ago. Today Robinson is a part of Compass — One of the nation’s largest brokerages where she specializes within the brokerages sports & entertainment division. As a go-to agent for some of America’s most wealthy stars, it comes to no surprise that Kelly has a significant edge in regard to today’s NYC residential real estate landscape. To learn more about what’s going on in the Big Apple, We sat down with Kelly to learn more about her highly regarded NYC market insight.
Today’s Market In The Big Apple
Kelly wants readers to know that NYC prices are not about to take a nose-dive. This has much to do with the fact that the nation’s largest MSA — New York City, suffered a claw back, beginning to soften in 2017 and getting worse during the pandemic. Robinson went on to say that she saw the Real Estate market in the city hit rock bottom in the end of 2020. Since 2021, post-election and after the Covid-19 vaccine became available, prices have gradually risen in NYC while other cities who had large booms shortly after the pandemic are now starting to cool down. As a resi broker, Kelly has noticed the influx in new businesses setting up their HQ’s as well as existing companies relocating from other cities such as San Francisco. With new companies moving in, Robinson has seen a lot of new buyers entering the market — particularly those who work for tech companies.
Many view that interest rates may have a greater effect in the coming months on the nation’s Real Estate Market. Kelly doesn’t see it affecting NYC as much in comparison to other cities and the suburbs, given the high volume of cash buyers and investors looking to take advantage of high rents and a 0.5% vacancy rate. Furthermore, many tenants experienced steep increases on lease renewals and want to throw in the towel on renting . Robinson went on to say : “Most Co-Ops have very high debt to income requirements for new buyers. It’s not that people can’t afford a slightly higher borrowing rate, it’s more so that they don’t qualify for Co-Op Approval. I believe rising interest rates will have a greater impact on this.” With stricter borrowing requirements and background checks, NYC is set to hold through the highly speculated Real Estate drop experts are certain is coming.
The Biggest Upside Buyers In NYC Have In The Future
Kelly mentioned that with New York City, there is nowhere else where accessibility is greater in the US. Robinson went on to also mention that New York City attracts the best talent in the world, & with it so has amazing attractions and valuable goods & services all available in the greater metropolitan area. With a top MSA such as New York City, these qualities position homeowners in the area with a secure home value. Kelly went on to say: “Today’s headlines about a housing crash are more geared toward suburbs where home prices increased 300% during the pandemic. NYC may not skyrocket in the near future, but should remain steady. Last time I checked and forgive me if I am wrong, there certainly isn’t any new land spawning in NYC. Textbook supply and demand!”
More About Kelly Robinson
As a seasoned Real Estate professional, Kelly plans to continue to grow in her career in the coming years. Her next project includes expanding her RE team into a market that is heating up, Miami, FL. Besides Residential expansion into new markets, Kelly is also soon to launch a startup that she started during the pandemic which is centered around Ecommerce. Lastly, Kelly is also soon to launch a podcast where she will be interviewing high level professionals and having laid back conversations discussing just about everything.
This post is based on the opinion of writers at Real Estate Today