Send us a text This week we have only ONE GUEST, the finest real estate mind in New York, Chief Economist Greg Heym. Today, we think we can pin Greg down on exactly what he sees in his crystal ball. 10 Questions we asked ask New York's top economist: 1. Consumer confidence rose in September (101.8) and fell a smidge in October (100.9) Heading into a "second wave" how strong is confidence now and how strong a predictor is consumer confidence in our Spring market? 2. After 4 straight months of growth sales of new single-family homes fell 3.5% in September. (But, sales are 32% higher than a year ago and 24% higher than January's pre-coronavirus high.) Why are you predicting continued strong growth? 3. Initial claims for unemployment fell to 787,000, the lowest level since March 14th, and continuing claims fell by 1 million to 8.37 million, down by 4.37 million from a month ago. New York's claims fell by 9,902 to 56,483. What does this tell you about the timing of the New York City real estate recovery? 4. Existing home sales rose 9.4% in September and 20.9% higher than a year ago. Median sales prices rose 14.8% to an all-time high and inventory has reached a record low of 2.7 months inventory. Homebuilders are ramping up production and permits hit a 13-year high in September. Why is this sustainable? Why aren't you calling this a bubble? 5. Mortgages. CNBC reports today to forget fixed rate mortgages, go for the ARM given that the long term interest rate trend is downward and the average length of ownership is 8.5 years. Do you agree with this advice? 6. Dr. Fauci says even with a vaccine, masks and social distancing will continue until 2022. Talk to us about the impact to New York's economy given the importance of the entertainment industry, hospitality, sports teams and as an airline and cruise ship hub. 7. Talk to us about the pied-a-terre tax. It's back on the table. Isn't this just affecting rich people, a way to get them to pay their fair share to balance a $30 billion deficit in New York? What are the long-term implications of this tax on the New York economy? 8. New York's MTA is weighing service cuts as they finance $3 billion in debt and wait for a $12 billion federal bailout. What are your predictions for New York and the national economy if the bailout does not come through? 9. Parts of Connecticut have become some of the hottest real estate markets in the country during the COVID-19 pandemic. Is the Connecticut recovery dependent on New York's struggles or will they recover together? 10. What is going to be the immediate effect of a Presidential election on the New York real estate market? Are we guaranteed growth after the uncertainty passes?

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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