|
 |
|
Hey Friends, We are now in the midway point of the summer vacation season, and real estate activity is just now easing up ever-so-slightly from the flurry of transactions we've seen so far in 2021. The Compass Q2 market reports show just how far we've come in recovering from last year's lows (more on that below). What's responsible for the surprisingly rapid rebound? The Manhattan report credits several factors, including pent-up demand, reasonable seller pricing, the ongoing low interest rates and an expanded pool of buyers who have returned to the city. With even more New Yorkers expected to return to homes, schools and offices after Labor Day, I'm optimistic we'll see strong results throughout the fall as well. And even with a bit of a slowdown, I have been happy to be part of a few wins for my clients... Most notably one of my buyers who happens to also be one of my dearest friends scored this INCREDIBLE Bk Heights Penthouse with open views of the Brooklyn Bridge. He was not even looking to buy but I saw this and knew it would be perfect for him. YES! In other exciting news, Compass has joined forces with Guaranteed Rate to form OriginPoint, a digital mortgage origination business. With OriginPoint, Compass takes another bold step toward providing end-to-end real estate services, from your initial home search to the last e-signature at closing. Rounding out this good-news issue, I'm thrilled to experience another NYC Restaurant Week. This summer's iteration will continue to offer the delivery and takeout options that proved so popular in January while also welcoming onsite dining back into the fold! With only six more weeks of summer to go, let's get out there and savor every last minute!
|
|
MARKET ROUNDUP |
 |
|
Compass Launches Digital Mortgage Business, OriginPoint |
|
Three months after going public, Compass has entered the digital mortgage origination business with nonbank lending behemoth Guaranteed Rate. The resulting entity, OriginPoint, will expand Compass' reach into the mortgage, title and escrow business and further the brokerage's ability to offer end-to-end real estate transaction services. OriginPoint will launch in select Compass markets by the end of the year. Guaranteed Rate is one of the largest nonbank residential lenders in the country, funding more than $73 billion in total mortgages last year and originating over $60 billion in loans in 2021. "Over the past eight years Compass has been laser-focused on building a company that empowers top agents across the country, and with OriginPoint, we're creating a direct connection between these agents and the top loan officers in the industry," Compass CEO Robert Reffkin said in a statement. "OriginPoint brings together two digital-first companies to deliver a mortgage product that provides a seamless and transparent experience for agents and their clients, which ultimately leads to a simpler real estate transaction for everyone involved." Contact me if you'd like to learn more about OriginPoint. |
|
Q2 Market Reports Sizzle! |
|
The Compass second-quarter market reports are in, and the results reflect the record-breaking activity we've all witnessed over the last few months. Once again, New York City has proven its resilience in the face of adversity. According to the Manhattan report, sales volume in Q2 rose 144 percent year-over-year and 50 percent compared to Q1. The average sales price also increased 6.6 percent year-over-year and 18.5 compared to the first quarter. Forty percent of transactions were in the $1 million to $3 million price range, and with discounts holding steady at 9 percent for the last three quarters, it seems sellers are willing to price properties reasonably. In all, the market has made tremendous strides toward returning to pre-pandemic levels, with Q2 2021 median and average prices falling just 8 percent short of the stratospheric highs achieved in Q2 2019. The Brooklyn Q2 report outlined a record-setting quarter for the borough, with total sales volume and average sales price climbing to all-time highs. Overall, closed sales increased 126 percent year-over-year, representing the highest number of deals since Q2 of 2018. Average sales price clocked in at $1,122,568, a full 16 percent higher than Q2 2019's average price of $967,259. Visit the Compass research page for more reports on markets across the country, or download the Compass for iOS app for real-time residential real estate market data in the palm of your hand. |
|
MY NEW YORK CITY – RESTAURANT WEEK EDITION |
 |
|
It's my favorite time of year again. Yes, it's NYC Restaurant Week! And unlike January's outing, which only offered takeout and delivery options, this edition of Restaurant Week has returned to its former glory with onsite dining opportunities, indoors and out. Running now through August 22, Restaurant Week serves up $21 and $39 prix-fixe lunch and dinner specials, plus a brand-new Signature Dining Experience at $125. Offerings in the latter category vary by restaurant but typically include a meal of three courses or more with special add-ons such as chef meet-and-greets or exclusive menu items. Mastercard holders can also score an additional $10 statement credit and a chance to win 200,000 American Airlines AAdvantage Miles by registering here. With hundreds of restaurants to choose from, winnowing down your selections can be daunting. On the Restaurant Week website, you'll find curated collections, such as James Beard Honorees and the As Seen on TV showcase of hotspots featuring cooking show chefs at the helm. Thrillist has also compiled a list of the 10 must-book restaurants on this year's list, including SoHo steakhouse Il Mulino Prime, Harlem's famed Sylvia's Restaurant, the West Village's plant-based 232 Bleecker and NoHo's seafood-focused Thai restaurant Fish Cheeks. Now in its 29th year, Restaurant Week has always been an excellent opportunity for New Yorkers to sample new restaurants. This year, the event has the added impact of helping to support the city's beleaguered hospitality industry. Great food, great prices, great cause. Book your Restaurant Week experiences today! |
|
Featured Sales Listings |
|
|
Featured Rental Listings |
|
|
|