| | Residential Contracts Signed |
| | | Manhattan’s Luxury Housing Market Sees Best Week for Trophy Deals Since October |
| Twenty-six contracts were signed last week in Manhattan at $4 million and above, three fewer than the previous week. Contracts for homes $4 million and up included 16 condos, six co-ops, three townhouses and one condop. Did You Know? Last week, 8 out of the 26 contracts signed were priced at $10 million and above, marking the highest number of luxury properties sold since the first week of October 2023, when 9 were sold. The No. 1 contract was West 25D at 500 West 18th Street, asking $13,770,000, reduced from $14,085,000. The corner condo has 3,881 square feet including 4 bedrooms, 4.5 bathrooms, and a 30’ x 32’ great room showcasing north, east, and south views. The building is known as One Highline, and it has a robust slate of amenities including a fitness center, a 75-foot lap pool, spa-treatment rooms, a golf simulator, children''s playroom, private dining, a games lounge, and a garage. The building’s extensive slate of amenities is serviced by the attached Faena Hotel. The No. 2 contract was a Greenwich Village townhouse at 5 East 10th Street, asking $12,995,000, reduced by $1 million when it was listed in January 2023. The 5-story, 25-foot- wide house was built in 1890 and has 9,650 square feet. It features 7 fireplaces and a distinctive bay-metal window on the brick façade, but the entire house needs to be completely renovated. Annual real estate taxes total $97,457. Sources ~ Olshan Report, Compass, Mansion Global |
| | | | | | | A Commission Comparison of April '23 and April '24 |
| New York City's real estate market stands out distinctly from other major cities in the United States, such as San Francisco, Chicago, Los Angeles, and Denver. With approximately 70% of housing being Co-ops, which can be unfamiliar territory even for local buyers, the buying process in New York City is known for its complexity, often necessitating professional guidance to navigate its nuances.
The true value of Manhattan real estate agents lies in their expertise and experience in understanding the intricacies of the city's real estate market. Buyers rely on professional representation to gain insight into various aspects of properties, including financial qualifications, pre-closing and post-closing assets, suitability for co-op living, and property investment viability. It's not just about finding properties; it's about guiding clients to financially sound buildings, skillfully negotiating deals, providing invaluable guidance, preparing board packages, and connecting buyers with a team of experts, including mortgage specialists, attorneys, vendors, and more.
Even affluent buyers seek out real estate agents to navigate the unique challenges of the market. Ultimately, busy New Yorkers are likely to continue relying on experts to handle their real estate transactions, as they do in other aspects of their lives. If you're relocating to New York, you will undoubtedly benefit from a buyer's representative who can navigate the unique challenges you may not have encountered elsewhere.
The stability of the buyer-side incentive, underscores the ongoing importance of professional representation in the Manhattan real estate market and the value it brings to both buyers and sellers alike. |
| | | In NYC, rents have increased by 27.5% since 2019, outpacing the 11.2% growth in wages. |
| In the past year, there has been a significant shift in the relationship between rent increases and wage growth in major U.S. metro markets. While nationally, rent increases have outpaced wage growth since 2019, this trend reversed itself in almost half of the largest metro markets. However, in New York City, rents jumped by 8.6 percent while wages only grew by 1.2 percent, creating the largest disparity in the country. Kenny Lee, a senior economist at StreetEasy, noted that despite a strong job market in the city, the gap between what a typical renter can afford and the price of rentals on the market is growing. New York City rents have risen by 27.5 percent since 2019, while wages have only grown by 11.2 percent. This disparity is attributed to supply issues, particularly after the expiration of the 421a tax abatement, which led to a slowdown in new development starts. Nationally, rents have grown 1.5 times faster than wages since 2019, with multifamily supply surges helping wage growth outpace rent prices in some areas. Boston saw the second greatest difference between rent and wage increases, with rents jumping 5.8 percent and wages shrinking by 1 percent. The metro areas where wages have fallen behind rent increases the most since 2019 are Tampa, Miami, and Indianapolis. |
| | | Navigating Market Shifts: Mortgage Rates, Life Events, and Real Estate Opportunities. |
| Amidst the recent increase in mortgage rates, with the 10-year treasury hovering above 4.6%, the dynamics of the market continue to be influenced by various factors. While some are witnessing the rise of crypto-related fortunes, others are experiencing fluctuations in portfolio returns as equities waver. Amidst these market movements, life events such as marriages, births, deaths, divorces, career advancements, and more continue to shape our world. Astute buyers and sellers are recognizing the potential impact of fluctuating rates on real estate transactions, anticipating a surge in purchases and listings when rates eventually come down. This trend is already evident in the UK and could potentially unfold in other markets as well. What's motivating your next move? Let's discuss your concerns and aspirations together. |
| |
|
|
|
|
|
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/output=format:png,density:500,background:ffffff/resize=width:600,fit:max/auto_image/compress/"https://beta.compass.com/ucfe-assets/mc-assets/3/Compass_Logo_H_K.svg"){kind=logo}
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,80,450,450]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/de1014a4-593a-41f2-98b5-b1d54d2d5240/origin.jpg")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,0,1080,1001]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/338c4bf7-0f1f-45de-a301-806d00cd0a9b/origin.png")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[1,0,297,297]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/dfc9176d-b61c-4a0f-87c6-8a035018ec70/origin.jpg")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,0,1080,1080]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/3fcb9ddf-e31c-492f-950c-911626102798/origin.png")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,0,1080,1080]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/16929c01-076f-48dc-b0dc-f839b0301142/origin.png")
![](https://cdn.filestackcontent.com/ALjVIPyY5SBCdSTP1630Sz/rotate=deg:exif/crop=dim:[0,68,1080,944]/output=format:png,density:500/resize=width:600,fit:max/auto_image/compress/"https://www.compass.com/m/15/9c4323d7-8317-4afb-ab44-5fb44e5feb1b/origin.png")