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Sue's News and Views, July 2024 |
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My listing at 725 Riverside Drive is in contract, and summer is here! If you're staying in town for the summer months, there are a plethora of exciting events to enjoy in the city - a selection of them are featured below, curated by me, especially for you. In this newsletter I'm also including the third part of my series: 1. What does a seller's agent do? 2. What does a buyer's agent do? for: 3. How does a real estate agent get paid? scroll down What is better for real estate: lower rates and a weaker economy or higher rates and a strong economy? Higher inventory or lower inventory? Multiple bids or no bids? Lower prices with more transactions or higher prices with fewer transactions? I guess we will hear arguments for and against both scenarios as time goes on, and maybe all the above is a reminder not to conflate news cycles with much longer term economic cycles viewed in the rearview mirror: one is factual and data-centric, and the other simply keeps us engaged to fuel ratings. Often the reality of markets lies somewhere between the two extreme narratives that generate the headlines. It is for this reason that professional real estate advisors help their clients observe markets over the long term too, helping them better understand all the chatter and noise and shifting narratives with data, facts and substantive insights. The most important thing to remember is that "the real estate market" is always a local, specific one. Manhattan is different from Brooklyn or Queens, Uptown quite different from Downtown, and East another story than West.... And even within each borough there are many different markets. High interest rates have had an unexpected impact on U.S. housing. Instead of triggering a fall in home prices, as happened with commercial real estate, costlier mortgages have pushed residential values higher. The value of the median existing home rose to a record $419,300 in May 2024. Before the pandemic, it was $270,000, More than 90% of newly issued home loans in recent years were 30-year fixed-rate loans, compared with two-thirds in the run-up to the 2008 housing crash. (WSJ) Mortgage rates are forecast to come down to 6.5% in the fourth quarter. (CNBC) The cost of owning a home in the US has increased 26% since 2020, as expenses including taxes, insurance and utilities all soared during a period of high inflation across the economy....that averages about 5.95% per year. (BLOOMBERG) So, you might ask: is renting the better option in NYC? In April, the median rent in Manhattan continued to break records — reaching a new all-time high of $4,595 per month. Due to these high costs, many of those who have the opportunity to re-sign a lease and stay put are doing so. It’s also important to note that the number of leases signed reached the lowest level — for a month of April — since the market pause in 2020. Average rent increased year-over-year for all unit types. Rents for three-bedroom apartments increased the most — by 10% — to reach $10,029. New York City is the most expensive metro for renters: The typical renter pays $4,300 a month for a 1-bedroom apartment. The apartment vacancy rate in New York City recently dropped to 1.4%, a historic low dating to the 1960s, down from 4.5% just 2 years ago. Whatever your reasons to seek a change in housing are: When you're thinking of moving and don't know where to start - reach out and we can talk about what your best options are! Happy summer and happy Independence Day ! |
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| 1/3 of Single-Family Homes For Sale are Newly Built. Here's what Buyers Need to Know: |
| “It doesn’t mean necessarily that new construction has ramped up,” said Robert Dietz, chief economist of the National Association of Home Builders. Homebuilders are still constructing about 1 million single-family homes a year, he said. “What’s happened is that the level of resale inventory has shrunk,” Dietz said. |
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How does a Real Estate Agent |
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Real Estate Salespersons and Real Estate Brokers in NYS - both are Real Estate Agents - are licensed self employed independent contractors authorized to do business in New York State. They are bound by the laws of NYS, and have to know and abide by a multitude of real estate, business and ethical laws. A real estate licensee has to make the investment to study at RE school and pass a test to earn their license. The license is subject to a charge, must be renewed every 2 years (you have to have completed a minimum of continuing education hours to qualify for a renewal), and can be suspended or revoked for various reasons. NYS stipulates that a Consumer entering a work relationship with an Agent signs a number of disclosure forms, to ensure the Client is aware of their rights. Remark on the side: A realtor® is a trademark of a member of the National Association of Realtors – not every RE Agent, Salesperson or Broker is a realtor. A Real Estate Broker can run their own Brokerage, or associate with a Brokerage (Licensed Associate Real Estate Broker), a licensed Real Estate Salesperson is to “hang” their license with a Broker or Brokerage, who is partly responsible for their associated Agents/ Brokers and the way they do business. The association between a brokerage and their agents/brokers needs to be renewed annually. I have been a licensed Real Estate Salesperson since 2016, the Brokerage I’ve been associated with since 2018, is Compass. Some Brokerages provide office spaces, tech platforms, education and support to their Agents/Brokers. A Brokerage usually takes business or desk fees from an Agent for the opportunity to hang their license (use of office infrastructure and brand), and a share of the commission fee of the Agent at closing. This share depends on the Agent or Team’s revenue. Many New York Brokerages require their Agents to be a member of REBNY and have E&O insurance. The Agent must assume the cost for this membership and insurance. At some brokerages, the Agent or Team’s revenue generates a marketing budget, that Agents can use for marketing listings (photos, videos, 3D walk-throughs, floorplans, postcard campaigns, print adds, social media campaigns etc.). If there is nothing in the marketing budget, the Agent pays those expenses out of pocket. If a RE Agent represents a Client, they have a fiduciary duty to their Clients and represent their interests to the best of their ability, knowledge and craft. The fiduciary duties of an agent towards their Clients are very specific in NYS: confidentiality, disclosure, loyalty, obedience, accounting (handling funds for the transaction on behalf of the Client), reasonable care and skill. An Agent or Broker typically represents one party in the deal: The seller(s); the buyer(s); the landlord; or the tenant(s). They assist the client in navigating the complex process of Selling, Buying, Leasing or Renting residential (apartments – co-ops and condominiums, houses, land) or commercial real estate (office spaces, restaurants, shops etc). There are situations where there is only one Agent working on a deal, representing both parties (Dual Agency, which must be disclosed in a form mandated by NYS). Since the Agent cannot make any decisions for their Client, their role lies primarily in helping the Clients determine their needs and navigate the local RE market, consulting the Client on the market and property prices (comparables), assisting them in preparing a property for sale or putting together bids and applications, gathering their teams (attorney, loan officer, inspector, staging company, architect, contractor etc.) and maintaining communication with their team. The Agent is the transaction manager. Most Agents work in exclusive collaborations with a Client for a specific term. An agent is self-employed, they don’t receive any base salary, nor any employment benefits (such as: social security, pension, health insurance, paid vacation, travel expenses etc.). Agents mostly do not get leads from their Brokerage. They must find or buy their leads from other sources. An Agent can work with a client for weeks, months, and oftentimes for years, until they get paid. If a deal falls through and doesn’t close, the agent never gets paid for their work. The Agent performs all their work upfront at no cost. The only compensation an Agent receives is the commission fee - typically a percentage of the sales price/rent of the property - on the day a lease or sale closes.
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| | MACY'S 4TH OF JULY FIREWORKS SHOW 2024 |
| Red-white-and-blue, everything. New York City becomes alive every year with multiple firework shows across the city, but what is known as NYC's most impressive pyrotechnic show is the Macy's Fireworks, where 60,000 shells are launched off of barges into the East river, exploding in all shapes, colors and sizes! Click HERE to learn more! |
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| Ice Cold: An Exhibition of Hip-Hop Jewelry celebrates hip-hop's cultural influence through stunning jewelry worn by some of its iconic stars. Highlights include Slick Rick’s dazzling crown, the Notorious B.I.G.’s legendary gold ‘Jesus piece,’ the diamond-studded Roc-A-Fella medallion for the record label co-founded by Jay-Z, Nicki Minaj’s sparkling ‘Barbie’ pendant, and pieces from Erykah Badu, A$AP Rocky, Joey Bada$$, FERG, and Tyler, the Creator, among others. |
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THE WAYS OF LANGSTON HUGHES: GRIFF DAVIS AND BLACK ARTIST IN THE MAKING |
| Harlem Renaissance poet Langston Hughes (1901–1967) held friendships with artists across generations and disciplines. The photographs in this exhibition offer an intimate look at Langston Hughes with students, writers, visual artists, and performers in different periods of their maturation. |
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| A 4 week camp for teethe girls in the bandns, 12-16, to explore Improv, Acting, Songwriting, Playwriting, Theatre Tech, plus, perform in an original final show. Pay What You Can Tiered Tuition Click HERE to learn more! |
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| The untold stories of female jazz and big band instrumentalists and their journeys from the late 1930's to the present day. Director Judy Chaikin's documentary is a powerful and beautiful testament of the talents of female musicians - hidden, waiting to be discovered and cheered to this very day. Stream it on Youtube, Amazon Prime, or FREE on Tubi, Pluto TV |
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| This Is New York: 100 Years of the City in Art and Pop Culture explores the many ways that the city has inspired storytelling across art forms. You Are Here - An immersive film experience draws on the rich archive of movies set in New York, combining thousands of cinematic moments across 16 screens. Sources include Hollywood blockbusters, independent films, documentaries, and experimental works. 1220 Fifth Ave at 103rd St. |
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| One of the city’s most beautiful summer traditions is on its way, and you won’t want to miss this free viewing experience. Some of the best places to see Manhattanhenge in July 2024 include: Wide east-west streets: Look for a street with good visibility of New Jersey and notable city structures in the background. Some popular options include 14th Street, 23rd Street, 34th Street, 42nd Street, and 57th Street. See "full sun on the grid" on Fri, July 12 at 8:20pm. As for the "half sun" option, you can see that on Sat, July 13 at 8:21pm. |
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| | The renowned art institute's summer music series is back for it's 26th annual season! Head to Long Island City to MoMA PS1 to catch a glimpse of innovative artsist from all over the world maijng an echo in the scene of electronic music, both new and historic. For all the music lovers, this is an event series you don't want to miss! Click HERE to learn more! |
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| | | Every year, Bastille Day is celebrated across the city by New Yorkers on July 14th. From outdoor parties, feasting on baquettes, cheese and flowing wine, and a range of live performances, the city becomes alive to celebate the historic storming of the Bastille. For all the Fracophiles who want to take part, click the link below to learn more! Click HERE to learn more! |
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| Lifestyle Tips and Tricks |
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| The Hottest Summer Ever Is Coming: What Extreme Heat Can Do to Your Home - And How to Prevent the Damage |
| The Realtor.com® 2024 climate risk study found that nearly a third of all homes in the U.S. are located in areas that are prone to extreme heat exposure. |
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Common Seller and Buyer Mistakes |
| Buying and selling real estate is littered with costly obstacles, but you can steer clear of many of them. |
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| Houzz Emerging Summer Design Trends Reports Reveals What's Hot |
| Houzz has released its Emerging Summer Design Trends Report, which includes organic modern style, reading rooms, Japanese influence, and more! |
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| America's Top 10 Buyer's Markets |
| Where you can still land a bargain below the asking price |
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| Featured Listings of the R-Team |
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| | 725 Riverside Drive, Unit 4G - IN CONTRACT |
| 1 BD 1 BA 683 SF $479,000 |
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| | 800 Riverside Drive, Unit 6E |
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| | | | 790 Riverside Drive, Unit 5B |
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| | 166 East 96th Street, Unit 1A |
| 2 BD 2 BA 953 SF $700,000 |
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| | | | 2621 Palisade Avenue, Unit 16A |
| 2 BD 2 BA 1300 SF $650,000 |
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| | 102 West 80th Street, Unit 87 |
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| | | | 435 East 65th Street, Unit 9A |
| 1 BD 1 BA 825 SF $549,000 |
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| | 244 Riverside Drive, Unit 6K |
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| | | | 5 East 131st Street, Unit 3A |
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Thank you for reading and subscribing! Ready to achieve your next real estate goal? |
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Office: 646-982-0353 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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