NYC Real Estate Agent Zina Raslan Shares Market Insights on Brooklyn's Strength and Luxury Sales

Written by:

Rudi Davis

Date:

20 Dec 2024

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Zina Raslan, a residential real estate agent with Compass’s Gambino Group, brings a fresh perspective to New York City’s real estate market. Having started her career with Compass after college six years ago, Raslan has developed a comprehensive practice spanning both Manhattan and Brooklyn, working with a diverse range of properties and clients.

“I focus on residential, both sales and rentals,” explains Raslan, who represents sellers, buyers, landlords, and tenants across the city. Her territory covers Manhattan from FiDi to 150th Street and Brooklyn from Greenpoint to South Prospect Park. This broad reach, combined with her willingness to work across price points, has helped her build a practice that includes everything from modest listings to multi-million dollar properties.

Fresh off closing a $5 million townhouse sale in Park Slope and currently marketing a property on the Upper East Side, Raslan has observed a marked difference in market dynamics between Manhattan and Brooklyn. “Manhattan has been quite slow in the past year or two,” she notes, pointing out that even properties in the typically active $1.5-2.5 million range are seeing extended market times of over 100 days. In contrast, she describes Brooklyn’s market as significantly more dynamic, with properly priced properties typically selling within three weeks.

Raslan’s insight into the luxury market, where she regularly works with clients seeking properties in the $10-20 million range, reveals opportunities for cash buyers, particularly international purchasers. “Foreign buyers who can purchase all-cash have a great advantage,” she explains, noting that high interest rates have created an opening for cash-rich buyers to secure favorable deals. However, she emphasizes the importance of strategic pricing, having observed some luxury properties require price adjustments of $3-4 million to find their market.

When discussing the recent NAR settlement’s impact on commissions, Raslan brings a practical perspective from the front lines. Drawing from recent experience with her Park Slope townhouse listing, she describes how sellers remain motivated to offer competitive commission rates to ensure their properties attract buyer agents. She notes that some developers are even sweetening the pot, with new developments offering up to 4% commission to buyer’s brokers.

Looking ahead, Raslan anticipates that any significant changes to commission structures might first appear in the sub-million-dollar market segment, while the luxury segment is likely to maintain current practices. Recent market activity has been notably quiet, which some attribute to the upcoming election, though she pragmatically notes this could be market participants “making up stories to make ourselves feel better.”

As a member of the Gambino Group at Compass, Raslan continues to build her practice while maintaining a focus on New York City’s dynamic real estate landscape. Her ability to work across different price points and property types, combined with her understanding of local market dynamics, positions her well to navigate the evolving real estate market.