Kael Goodman, Michael J. Romer
New York Real Estate Center, the leading platform for virtual continuing education courses, was proud to feature Kael Goodman, President of Marketproof, on February 10, 2021. Hosted by real estate attorney Michael J. Romer, the webcast focused on the critical role that timely data serves in helping real estate brokers, developers and lenders understand the changing nuances of the changing marketplace.
A successful entrepreneur with a rich history of using data and technology to bridge the offline and online worlds, Mr. Goodman founded Marketproof in 2017. Configured with fine-tuned business rules and machine learning, Marketpoof automatically aggregates and interprets data from numerous sources – including public records, real estate listings, and news – to present a comprehensive and accurate view of the real estate market.
Mr. Romer and Mr. Goodman discussed the state of the new development condo market, before and as a result of the pandemic.
Highlighting a new development inventory surplus and a marked decline in foreign buyers, Mr. Goodman shared, “The new development condo market in Manhattan, particularly the high end, has had a rough couple of years dating back to 2017. In 2019, the progressive mansion tax kicked in which had a dampening effect on the activity in the market. COVID was the third shot that the system took.”
Mr. Romer noted that his office in seeing an influx of contracts and an uptick in recent activity, which was supported by Marketproof’s real-time data.
“All things considered, the New York residential market is one of the most stable asset classes. I have seen this market recover and thrive post-9/11, post-2008 with the mortgage crisis, and now it is starting to recover post-COVID,” said Mr. Romer. “We are surprised each week with the number of deals coming in. These are not just the deals that are $1-3 million, we are seeing the $7, $10, $15 million and that is the area of the market I felt was really struggling.”
“As the charts show, there is plenty of activity at every price point. The issue is not the level of activity, the issue is the level of inventory,” said Mr. Goodman who went on to explain a growing number of real estate funds have emerged to purchase unsold new development inventory throughout the city.
“To get back to a healthy market, inventory has to move but it also says that there is positivity. The doom and gloom was rough, but if investors are coming in and putting their money to work in the market, it means that they see future upside,” he added.
New York Real Estate Center is a dynamic platform that serves as a resource for the residential and commercial real estate community. Subscribers have access to a full catalog of courses and information taught by leading real estate professionals, including Michael J. Romer and Pierre E. Debbas, managing partners of Romer Debbas, LLP and principals of New York Real Estate Center. The innovative courses offered through New York Real Estate Center satisfy state real estate agent and broker licensing requirements.
The latest in the popular Pro Shop series, the webcast is available on the school’s website, nyrecenter.com.
About New York Real Estate Center, LLC
New York Real Estate Center, LLC, was launched by Michael J. Romer and Pierre E. Debbas as an extension of Romer Debbas, LLP’s commitment to education in the real estate community. An affiliated and licensed School for Continuing Education, New York Real Estate Center, LLC, offers a wide variety of accredited continuing education classes which satisfy real estate agent and broker licensing requirements. Several of the firm’s attorneys are Certified Instructors by New York Department of State.
Led by Michael J. Romer and Pierre E. Debbas, Romer Debbas, LLP is a New York City-based law firm uniquely focused on commercial and residential real estate transactions, development projects and litigation, with clients in local, national and international markets. Their practice also extends to include Bankruptcy, Corporate and Business Law, Immigration, Litigation, Taxation, Trusts and Estates.
