This week was rife with anticipation about whether the Chicago Cubs would win the World Series for the first time in 108 years, or whether the Cleveland Indians would bring the city its second championship in 2016. The Cubs ended up winning in thrilling fashion. Now the nation's anticipation turns to next week's presidential election.
But amidst the uncertainty of the election, market conditions in New York City's real estate segment have remained relatively stable. According to a recent globest.com report, commercial real estate executives expect the year to end on an “even keel.”
Essentially, the Overall Sentiment Index, an average of the Current Conditions and Future Conditions indexes registered at a 48. Considering that a 50 is viewed as a positive score, a 48 is considered a relatively steady outlook on the market.
For real estate investors, financiers and buyers alike, steadiness and predictability are essential for market growth. Investors must know how the market will progress in order to make sound business decisions. Similarly, financiers must know that the money they lend will generate proper returns. Finally, buyers must have the confidence that their investments will bear fruit in due time.
All of these groups certainly hope that the upcoming election does not wreak havoc on overall consumer confidence or professional sentiment. Nevertheless, if the fundamentals of the market are in balance, the election should not have a detriment effect.
In the meantime, if you have questions about legal issues arising from real estate transactions, we invite you to contact us.