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Hey Friends, How are you all doing? Had enough of the snow... Yup! This sure is making up for the past few years of no snow but I truly think this is going to make for one of the most fun and exciting springs we have ever seen in NYC. I have no doubt It's going to be alive and live! With covid numbers going down, vaccines going up (yeahhhhhhhh) and all of us craving warm outdoor fun I know this spring is going to be spectacular and electric! But it kind of feels like the Spring RE market has already begun. With the tallying of last month's real estate data, February is bringing some good news to 2021. In both Manhattan and Brooklyn, we've seen a strong uptick in year-over-year performance in residential and investment sales. The positive outlook continues for the real estate market and the city's tax rolls: It seems that the supposed exodus of rich folks from the city has been vastly overstated (more below). And in the past two weeks, more than 70 units priced at $4+ million dollars have gone into contract. That is a staggering number we have not seen in many years! This being Black History Month, I wanted to share several of my favorite resources and recommendations for Black-owned businesses across the city and beyond. As always reach out to me if you want to chat real estate or have a friend who does. I'd love to jump on a call! |
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MARKET ROUNDUP |
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The Compass January 2021 Market Insights |
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In addition to our in-depth quarterly market reports, Compass has begun issuing monthly snapshots of Manhattan and Brooklyn real estate activity - let's dive in. The January 2021 Manhattan Market Insights data shows the average sales price for the borough 3.4 percent higher year over year. Inventory is up 21.4 percent YOY, and signed contracts were up an impressive 27.1 percent. Downtown neighborhoods scored the most signed contracts (31 percent), followed by the Upper West Side (21 percent) and Upper East Side (20 percent). The January 2021 Brooklyn Market Insights report underscores how well that borough has fared with nearly every measure up sharply year over year. Average sales price grew 16.4 percent to $1.14 million, and the median sales price is 23.3 percent higher at $949,750. While all property types did well in Brooklyn, single-family homes continue to attract buyers seeking space, indoors and out. The median sale price for Brooklyn single-family homes jumped 29.2 percent to $1.24 million. |
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REBNY Reports January 2021 Sales Surge |
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A new report from the Real Estate Board of New York confirms last month's positive results. According to the REBNY January Spotlight, investment and residential sales reached $6 billion last month, marking a 38 percent increase compared to January 2020 and a 20 percent jump from December. Of that total, residential sales rose to $3.2 billion, a 77 percent increase from January 2020 and a 5 percent increase from December. "As New York City continues to face significant challenges, tax revenue generated by the resurgence of real estate market activity will play a central role in driving the city's economic recovery and funding basic government services that millions of New Yorkers rely on," REBNY President James Whelan said in a statement. |
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New York City Maintains its Position as Home to the World's Wealthiest Homeowners |
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Despite what you may have read about rich people fleeing NYC, Gotham is still home to the largest number of high net worth homeowners by far. According to a report by financial information and insight firm WealthX, as of December 2020, nearly 25,000 ultrahigh-net-worth individuals (those worth $30 million or more) have a primary or secondary residence in New York City. Roughly 47 percent of those wealthy homeowners have a primary home here, and 53 percent have a secondary residence in the Big Apple. "This reflects New York's status as a global center for finance and commerce that offers a rich blend of cultural and luxury lifestyle opportunities, high-quality education and prime real estate," the report noted. Los Angeles ranked second on the report with 16,295 ultrahigh-net-worth homeowners in the city, two-thirds of which own secondary residences. In third place was London, which houses 14,485 ultrahigh-net-worth residents. London boasts the largest share of wealthy secondary homeowners of the 20 cities in the report, with 68.5 percent of the 14,485 abodes considered secondary homes. |
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MY NEW YORK CITY - BLACK-OWNED BUSINESSES EDITION |
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Supporting local businesses in New York City has never been more important. More than a year into the pandemic, many small businesses are still struggling to stay open. Black-owned companies, in particular, are challenged by less access to capital and other necessary resources. Luckily, thanks to a wealth of online directories it's never been easier to find Black-owned businesses in every category and sector. I've included some great resources below and would love to include shout-outs to two personal favorites: Founded by a dear old friend, Julian Riley Harlem Blue beer is locally brewed with plans to open a Harlem brewery in the near future. In the meantime, Harlem Blue beer will be coming soon to restaurants and stores near you - keep an eye out for it! My wife and I also love Williamsburg's Caribbean restaurant Kokomo. Describing the fare as "island ingredients and offerings with an elevated, modern flair," the menu includes outstanding appetizers, flatbread pizzas, traditional Caribbean dishes and vegan options. -Restaurants: The Infatuation has compiled a list of more than 200 Black-owned eateries in all five boroughs and Jersey City. To search more than 6,700 Black-owned restaurants in major cities across the country, download the EatOkra app, available for Apple and Android devices. -Other Businesses: Black-Owned Brooklyn offers a beautifully curated list of Brooklyn companies and entrepreneurs alongside rich storytelling on their gorgeous website. All Thngs Blck is another fantastic directory of local Black businesses, emphasizing Westchester establishments. -Travel: Explorers venturing outside the city can satisfy their wanderlust while supporting Black businesses, thanks to the great Travel Noir website, where you'll find travel tips and great company profiles. |
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"Cool" LISTING SPOTLIGHT: 138 BROADWAY, UNIT PHG |
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Our fantastic Williamsburg penthouse at 138 Broadway got the "Cool Listings" treatment at real estate site 6sqft. Located atop The Smith Grey building, this magazine-worthy home boasts nearly 2,000-square-feet of living space and four incredible outdoor spaces, including a roof deck with an outdoor sauna and spectacular views of The Weylin dome and Manhattan skyline. |
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Featured Sales Listings |
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Featured Rental Listings |
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