This week we are taking a serious look at Covid-19's effect on the market, real estate, and our personal lives.
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As the world continues to combat this growing pandemic, we wanted to take a step back and provide you with the information you need to stay educated and healthy.
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The CDC lists the following steps as ways to prevent and/or curb the spread of Covid-19:
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Wash your hands often & avoid touching your face
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Avoid close contact with others
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Stay home if you feel sick
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Cover your coughs and sneezes
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Wear a facemask if you feel sick
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Clean and disinfect your home, especially high-touch objects like doorknobs, remotes, and your phone.
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Stay prepared, not panicked
Read more from the CDC
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Companies React
In an effort to prevent further spreading of this virus, companies like Google, Facebook, Twitter, and Amazon have implemented remote working policies for their employees around the world. Yesterday, Compass also enacted a 2-week WFH policy starting Monday, 3/16. Fortunately, we will still be able to perform any & all of our regular real estate related tasks, just with some minor variances (found below). ( Full Story)
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Markets React
Yesterday, the Dow plunged nearly 10% -the largest largest one-day drop since 1987. Analysts said Covid-19 was to blame, but it was compounded by the President's inability to come up with a satisfactory plan to combat the issue. "Markets reacted negatively to what was perceived as a solemn but confused speech that placed blame on other nations..." Oxford Economics’ Gregory Daco said. ( Full Story)
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Humans React
Panic buying has been rife amid the global spread of the new coronavirus, with consumers around the world stockpiling goods like hand sanitizer, canned foods and toilet paper. Psychologists spoke to CNBC to weigh in on why our brains push us to panic buy — even when authorities are assuring the public there’s no need to. It’s about ‘taking back control’ in a world where you feel out of control. ( Full Story)
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We React:
With the escalation of the public consciousness of CV-19, we thought it would be helpful to report "from the front lines of NYC Real Estate".
While it would be naive to say everything is remaining the same, we can say business is continuing at a decent pace.
Here are our team's developments since Monday, March 9th:
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302 West 12th Street, Unit 2B
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244 Riverside Drive, Unit 3D
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60 Plaza Street East, Unit 2M
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834 Sterling Place, Unit 608
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We React [Cont.]
From the above, 5 out of the 6 (83%) deals that were in agreement between the buyers and sellers stayed intact. For comparison in a normal market, 80%-85% of the deals stay intact (so we are within the "bell curve"). As such, we are advising sellers to proceed to list their properties. Of course, we are monitoring the situation daily and things can always change.
As a precaution and protection for all (sellers, buyers and us), we are requiring:
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Everyone take their shoes off and use hand sanitizer upon entering the property.
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Asking that only we (the agents) open up closets, doors, etc. and buyers do not touch anything. If any "mistakes" happen, we will wipe down the surfaces with Lysol wipes.
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Open houses will be by "appointment only" so there will be only one group of people in the property at a time.
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© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS.
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