The New York Times - USA (2020-07-26)

2 REMB THE NEW YORK TIMES, SUNDAY, JULY 26, 2020

Source: Realtor.com THE NEW YORK TIMES

Most-Recovered Markets

RECOVERY INDEX SCORE RECOVERY INDEX SCORE

Least-Recovered Markets

10.Washington 105.6

9.San Diego 106.0

8.San Francisco 106.1

6.Los Angeles 108.1

5.New York 108.1

7.Las Vegas 107.3

4.Philadelphia 109.2

3.Denver 109.3

2.Boston 114.1

1.Seattle 115.5

10.Richmond, Va. 93.7

9.Providence, R.I. 93.7

8.Atlanta 93.2

7.Chicago 92.7

6.Columbus, Ohio 92.6

5.Minneapolis 92.6

4.Birmingham, Ala. 92.2

3.Louisville, Ky. 92.1

2.Oklahoma City 88.4

1.Milwaukee 85.9

Real Estate Market Recovery

Realtor.com’s recovery index score tracks growth in online search activity, asking prices,

time on market, and in new listings. A score of 100 is equal to the score of each metropoli-

can real estate market in January 2020.

Coronavirus restrictions brought the

U.S. housing market to a near stand-

still. Now it’s beginning to recover, if

unevenly, as states enact their reopen-

ing plans, according to a report by

Realtor.com.

The report compiles a “recovery

index,” combining several market

metrics and comparing the results

through July 11 with January 2020

levels. These include growth in online

search activity and new listings, as

well as asking prices and time on mar-

ket. While the index doesn’t measure

the number of completed sales, prom-

ising gains in inquiries and prices are

spurring optimism and raising values

in several major markets.

Over all, the recovery index showed

these metrics to be approaching pre-

pandemic levels, though the gains are

For Housing in U.S., Signs of Strength

not equal across the country. States in

the West and Northeast are showing

the greatest growth, while those the

South and Midwest — now suffering a

heavy wave of Covid-19 infections,

along with the restrictions and eco-

nomic uncertainty that come with

them — are lagging.

In total, 18 of the 50 largest U.S.

markets have reached or even sur-

passed January levels of market activi-

ty. A seller’s market, brought about by

a shortage of listings, record-low inter-

est rates and a release of pent-up de-

mand, is fueling the recovery. Hopeful

buyers are facing lots of competition.

This week’s chart shows the mar-

kets in the 50 largest metropolitan

areas that have shown the greatest

and slowest recovery as of July 11,

according to Realtor.com’s index.

MICHAEL KOLOMATSKY

CalculatorAn Uneven Comeback

I live in a large Manhattan co-op where,

before the pandemic, apartment renova-

tions happened almost constantly, with

crews of workers showing up early in the

morning and spreading out to different

floors in the building. Now that workers are

returning again, I’m concerned about my

health and safety. How can we be certain

that someone won’t bring Covid-19 into the

building? Does our co-op really have to

allow all this work to happen again?

Since the city entered Phase 1 of its reopen-

ing plan in early June, your co-op has been

allowed to resume residential construction.

It is still bound by state and city guidelines

— meaning workers must practice social

distancing, wear masks and be screened

upon entry to the building — but can also

enact stricter rules than those the state and

city mandate, and many buildings are.

Some co-ops and condos aren’t moving

forward with any new projects, only allow-

ing ones that were halted during the shut-

down to resume. Others are limiting the

size and scope of projects.

If you are concerned about what protec-

tions are in place, ask the managing agent

to share the co-op’s renovation guidelines

with you. Ask how it plans to keep common

areas clean, and what its screening policy

involves. Some buildings are charging

owners daily or weekly cleaning fees, ac-

cording to Ingrid C. Manevitz, a real estate

lawyer and a partner in the Manhattan

office of Seyfarth Shaw.

Ask what enforcement policies the build-

ing has in place should a shareholder or

contractor violate the rules. Some buildings

have enacted policies giving the board the

authority to fine shareholders or even halt

construction for rule-breaking, according to

Ms. Manevitz.

If you do see ongoing problems, and the

board is unresponsive, you can contact the

city by calling 311 and request that a build-

ing inspector visit the work site. “We take

this matter very seriously, which is why we

have dedicated additional inspectors to

respond to these specific complaints,” said

Lisa Wood, deputy press secretary for the

Department of Buildings, adding that in-

spectors are visiting every construction

site in the city.

New York isn’t returning to normal any-

time soon, but as time passes more work is

likely to resume. Your co-op board should

keep you informed about how it plans to

keep you and your neighbors safe during

this slow, complicated reopening process.

RONDA KAYSEN

Are Co-op Renovations Safe Again?

NADIA PILLON

Ask Real EstateReopening Rules

To submit your questions or comments, email

[email protected].

Because of an editing error, the Calculator feature last Sunday misspelled a street name of a prop-

erty in Pickering, Ontario. The home is at 429 Tonavale Road, not 429 Yonavale Road.

CORRECTION

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