Has Spring Sprung in New York’s Housing Market?

We’re a month into spring, which means New York’s housing market would typically be blooming as buyers and sellers emerge from their winter hibernation.

What we’re seeing this year is activity in certain segments, a season proving to be busy, if “not euphoric,” in the words of luxury broker Frances Katzen.

On the latest episode of The Real Deal’s “Deconstruct” podcast, the Douglas Elliman agent discussed the deals unfolding in New York this season. In Katzen’s eyes, the market is for those who are ready to take decisive action.

Katzen described the market as being “cost-prohibitive” for buyers who want to do renovations, meaning the product has to be enough to lure in buyers without any updates. Certain buildings — One High Line and 1122 Madison Avenue among them — are reeling in the deals, and activity has exploded in the West Village.

Co-ops are also having their biggest moment in a number of years as discretionary income improves for buyers of those units and Wall Street doles out big bonuses for executives.

But the broader market is dealing with a serious inventory issue. Between a lack of new development in the first quarter and sellers unwilling to abandon favorable mortgage rates, there are complicated months ahead.

This episode of “Deconstruct” also breaks down more in the week of real estate news: Omnibuild’s former co-CEO John Mingione and accountant Kevin Stewart pleading out on charges related to an alleged $86 million fraud scheme, Cushman & Wakefield suing Sotheby’s over a $10 million commission tied to its headquarters sale, the fight over Sergio Pino’s empire two years after his suicide and Zara founder Zara founder Amancio Ortega taking his place atop the global landlord ranks with a $25 billion property empire.

Be sure to check out “Deconstruct” on Spotify, Apple Podcasts and wherever else you listen to podcasts.