PODCAST: Miami Real Estate Agent David Siddons Interviews a Top NYC Realtor

Top Producing Miami Real Estate Agent David Siddons discusses the Real Estate Markets in NYC and Miami during the Corona Pandemic

David Siddons and Monica Novo two top agents at Douglas Elliman discuss their respective markets, their relationship and their abilities to still run successful real estate practices in the face of Covid-19 and the current market. Monica acts as a ‘syndicate Partner’ to the David Siddons Group and works our NYC referral clients magnificently. She covers all of NYC and all kinds of properties.

PODCAST: Miami Real Estate Agent David Siddons Interviews Top NYC Realtor

Interview Timeline

 

  • Minute 0-4: Introduction of Monica Novo and her relationship with David Siddons
  • Minute 4-6: The status of the NYC real estate market before the Corona virus
  • Minute 6 onwards: The effects of the Corona virus on the NYC and Miami real estate markets and both agents’ forecasts of the market

Interesting Take Aways from this Interview

The Effect of Covid-19 on the NYC & Miami Real Estate Markets

New York City and Miami recorded a really strong first quarter of 2020. The market had corrected itself from a mediocre 2019 and started getting stronger again with very busy open houses and renewed confidence. Monica took on $15M in new listings in a two-week time span while the David Siddons Group in Miami closed $30M in properties just in January.

Since the start of the Covid-19 Pandemic, NYC is experiencing a serious break in the market. The virus is affecting the real estate market since nobody is allowed to work or to show properties anymore. Of course, NYC realtors are offering virtual tours and videos, but we also have to acknowledge that nobody will buy any property without having seen it in person. So the reality is that despite these virtual tours and videos we are still not going to sell anything right now. On the bright side, people are definitely looking and buyers are moving, but just not at the same pace as in the beginning of the year.

Covid-19 and the Reactions of Buyers/Sellers

Just like in Miami, NYC has not seen many price reductions. Some buyers think this is the time to get deals, but this is not the type of market nor the time to get deals. Sellers are not accepting low ball offers and realtors are still very bullish on the months to come after the virus fades away. What we do see is that some buyers are trying to take advantage of the situation by renegotiating deals. Although this happens, the discounts are limited.

Most sellers (and all of Monica’s) are leaving their property on the market, because they do no see a good reason to take it off-market. Buyers are still looking, and although they cannot make a move, they are looking for properties online. Why would you take the property off- market and miss exposure to those potential buyers?

David and Monica both agree that this is not a financial crisis and this is not the same situation as in 2008. The banks are not collapsing and they are still giving out loans. The interest rates have just been lowered to 0.25%, which is almost free money. Buyers can easily take advantage of this and get almost free financing for a good property. The upper-end of the market, the ones who barely gets affected by economic changes, are still looking for properties and both in NYC and Miami we still see a lot of money coming in.

Although nobody knows exactly what to expect, most sellers are waiting to see how the market will perform after the virus. Both Monica and David believe that the market is just being postponed and once the virus is over those who postponed buying and/or selling will all become active again creating a very strong market.

David mentions he still gets a lot of calls from relocating families from the high-tax states (mostly from NYC) that want to move to Miami. Besides real needs to move, many of these relocation buyers are seeing such a potential benefit from the move that postponing it any longer will costs them hundreds of thousands of dollars.

Contact David Siddons today for more information on the Miami real estate market

For Miami: David Siddons | (305) 508 0899 | David@siddonsgroup.com
FOR NYC: Monica Novo | (917) 699 9227 | mnovo@elliman.com

David Siddons is a top producing Miami real estate agent and director of luxury sales with Douglas Elliman. He is known as a market analyst and he is the author of several of Miami’s most influential real estate reports and forecasts.

WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...

For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

  • Analytical

    Over 100 reports produced to date

  • Knowledgeable

    Over 1800 published articles and counting

  • Experienced

    Over $2 billion in real estate sales

    Reviews
David Siddons
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Akbota YerseitAkbota Yerseit
13:29 03 Jun 22
Excellent leaders!
Cathryne HaladnerCathryne Haladner
12:12 18 Sep 21
We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Jose Eduardo FilhoJose Eduardo Filho
17:17 13 Jul 21
I thank the whole team and especially Cris Buzolin who, in a very professional and competent way, helped me to sell my property safely and in the best market condition.
Idan Singh (Idan)Idan Singh (Idan)
19:53 07 Jun 21
Great Service for British Expats looking to move to the States.
Simone GarrettSimone Garrett
17:20 26 Feb 21
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.
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