‘Million Dollar Listing New York’ Advice: Be Greedy When There’s Fear, Tyler Whitman Says [Exclusive]
The NYC market tanked during the pandemic as residents fled to wide-open spaces. At the time, Tyler Whitman, who stars in the New York-based series told Showbiz Cheat Sheet that investors should have gobbled up properties because the city would return. He was right and prices are now scorching hot once again.
Investors cleaned up on their ‘Million Dollar Listings’ in New York
Whitman said history repeats itself and buyers should remember the lessons from the past. The change from the pandemic in New York City to today has been dramatic he remarked. “I feel like we have enough reference points in real estate now, so when there is so much fear is when you should be greedy,” he recently told Showbiz Cheat Sheet.
“That’s when you should be like buying up [property]!” the Million Dollar Listing New York star exclaimed. “The fact that people didn’t gobble up so much real estate in New York City in the middle of the pandemic, and the fact that people ever bought into the fact that this whole concept of New York is going to crumble and will never come back. I’m like, ‘Are you kidding me?'”
“The most famous city in the world is not coming back is just like one of the most eye-roll things I’ve ever heard in my life,” he added.
Tyler’s client made a quick million dollars from his New York City listing
Case in point, Whitman had a client who purchased an apartment during the depths of the real estate price drop during the pandemic.
“Anyway, so we’re back,” Whitman laughed. “We’re back with a vengeance and I have a client. A long-time client of mine bought his place in the middle of the pandemic for $5.7 million, so it was a big purchase, especially for that time. And then never moved in because his life took him somewhere else. And so we just listed it for $6.6 million. I got a bidding war and we just closed for $6.9 million. He made a million dollars in a year. You know what I mean?”
Whitman said his client is only one of the few people who bought during the price drop in the city. “Unfortunately, he’s one of the very few people who bought at the bottom,” Whitman said. “There were just no transactions going on. So there’s really just such a small select few who were brave enough to say, ‘OK, I’ll do it.’ And it’s just like a really good testament to the herd mentality of the universe and the fact that prices were skyrocketing in literally every single other market.”
“And we were plummeting and people went out there – out there being anywhere but here,” he laughed. “Texas and Florida have had quite the lucky star following them. So if you already own property there, congratulations. But if you bought there, good luck. I don’t know what to tell you. They have created the most insane, unsustainable market that has ever existed.”
What is Tyler’s advice for home buyers today?
Whitman has advice for weary buyers who can’t seem to catch a break. “I’ve been selling real estate since 2006, and no market lasts forever. This is not going to stay this way forever,” he said. Whitman recounted the rollercoaster ride buyers and sellers went on after the 2007 recession and how home prices skyrocketed again years later. Million Dollar Listing New York viewers watched the agents wrestle with a market when everything sat for numerous weeks, not long before the pandemic.
“The short answer is, in every market, nothing just goes up and to the right. It’s a jagged little line and it’s lovely climbing up this long-term mountain,” he said. “And I didn’t make this quote up, but I heard it from so many people who have claimed it, which is you don’t time when you buy real estate. You time when you sell it. So yes, this bubble is probably going to pop, we’re probably going to go down a little bit. And that might last for a couple of years. And then we’ll rise back up.”