In the YouTube short below, Sean Devine, a NYC real estate broker with Douglas Elliman, gives two reasons why NYC real estate prices have remained relatively steady despite mortgage interest rates going up by over 200% since early 2022:
(1) "Nearly two-thirds of recent New York City home sales have been all cash, and mortgage interest rates don't impact those buyers."
(2) "Rents in the City have skyrocketed, making the rent versus buy analysis difficult even if you are financing."
The video below "is a slideshow with the newest of the carefully crafted data tables we create every month" says Sean in his newsletter:
(Hani's comment: Sean was my classmate at Brooklyn Law School. I'm still grateful for the time he generously shared his casebook and helped me when I was on call in Professor Kuklin's Torts class. His helpfulness continues after many years with his informative real estate newsletter and YouTube and Facebook videos. Thank you, Sean!)