Markets & Economy

2015 outlook Steven James

'Inventory worries me ... the product is for the most part not great'

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Are you optimistic about 2015? Yes, I am very positive about the economy, especially in NYC. Our market continues to be strong, robust and challenging. We are coming to the end of our greatest year in our 100-plus-year history. What are you worried about? Inventory worries me. While we have had a slight uptick in more properties coming on the market, the product is for the most part not great. The great properties are not coming to the market; owners don’t have to sell and they love living in NYC, and their jobs are secure. How much do you fret about global events? Global events only worry me to the point where our safety is of concern. NYC is a very safe place. It’s why the world is coming to us to park their money. Will mortgage rates go up or down next year? Whether interest rates go up or down, they do not affect the NYC real estate market. Co-ops, which represent 70 percent of the real estate business, help ensure that buyers must be strongly positioned to...