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FROM THE DESK OF YOUR VEST-DRESSED SALESPERSON |
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First a personal update: I got hip replacement surgery last week. There is nothing that makes you feel older than saying "I got hip replacement surgery" - but what I have been told there is nothing that makes you feel younger than actually having a replaced hip. So while the road to recovery is not fun I am excited to be able to run around with my kids in a way I have not for quite some time! Woo hoo! I also have a lot more free time so if anyone wants to jump on a call to talk about real estate or anything else... LET ME KNOW!! Ok on to the newsletter: The "lock-in effect" is real, and it's having its way with New York City real estate. Owners with ultra-low pandemic-era mortgages are staying put as bond yields wreak havoc with home loan interest rates. The results are mortgage interest rates flirting with 8% and the lowest mortgage application volume since 1995. So, where are the bright spots in the market? With high-interest rates keeping many skittish buyers on the sidelines, there is a lot of opportunity for those who can either pay cash or commit to "dating the rate" now and refinancing later. The fact is, there are plenty of favorable metrics in play for Manhattan buyers currently. But once mortgage rates do come down (and they will, eventually), pent-up demand will mean a rapid escalation in competition and fewer great deals. If you can pounce, there's no time like the present! In the meantime, it's my favorite favorite favorite holiday HALLOWEEN! (even though I cant participate this year wahhh) I've included plenty of Spooky Season outings to choose from below. Happy Halloween! I'lll soon be ready for coffee meetings so let's get the on the calendar! Have a great day |
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Manhattan Q3 2023 State of the Market |
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According to Insider, it's an excellent time to be a Manhattan buyer. With sales down and inventory up, there's plenty of opportunity to be had. The supply of homes rose 5%, while median prices dipped 4.5% and price cuts reached 9.2%, creating a perfect scenario for savvy buyers, especially those who can avoid (or merely tolerate) a pricey mortgage. With Zillow ranking New York City as the country's most valuable metro area of 2023, it's clear there's seemingly no bad time to be a NYC buyer. According to Compass' Q3 2023 Manhattan Market Report, "Manhattan maintained its status as a coveted, global city" last quarter with 2,788 closed sales, an 11.3 increase from the previous quarter. In fact, the sales activity closely mirrors pre-pandemic levels despite elevated mortgage rates. Contracts signed in Q3 dipped 27.7% compared to Q2. Meanwhile, the average price per square foot ticked up 2.1% from last quarter. Luxury properties fared the best, with sales in the $5 million to $10 million and $10 million to $20 million ranges dropping a mere 1.9% and 2.6% year-over-year, respectively. |
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Brooklyn Q3 2023 State of the Market |
| After years and years of brisk activity and pandemic resilience, Brooklyn has finally cooled off and is heading sideways. Brownstoner pulls out the big Scrabble dictionary to describe the current state of the borough as "sclerotic," or unmoving. Neither crashing nor booming, Brooklyn sales stalled, prices stagnated, and where some measures rose, others fell. According to Compass' Q3 2023 Brooklyn Market Report, the 2,520 sales worth $3.1 billion during the quarter marked a 4.9% decrease in volume compared to the previous quarter. The 1,493 contracts signed during the quarter dropped significantly from Q2's 2,072 signed deals. Meanwhile, the 4,300 active listings in Brooklyn at the end of the third quarter marks a 10% surge from Q2, adding some welcome relief to the supply-starved borough. |
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MY NEW YORK CITY – HALLOWEEN EDITION |
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Halloween is one of the most spooktacular times to be in and around New York City. From the fall foliage and decorated stoops to the little hobgoblins trick or treating in apartment houses and bodegas, there really is nothing like it. Here are the best ways to revel in All Hallow's Eve this year. The Village Halloween Parade: The centerpiece of any Halloween plan, the 50th annual Village Parade will wind its way up Sixth Avenue from 7 p.m. to 11 p.m. This year's theme, Upside Down Inside Out, is expected to draw tens of thousands of revelers and participants.
Brooklyn Goes Boo! Brooklyn has plenty to offer on All Hallow's Eve, including its own parade on the Promenade, family-friendly activities at Fort Greene Park, plus a children's parade and Halloween Harvest fun at Coney Island.
Halloween After Dark: For a moody list of nighttime fun, from jazz-infused murder mysteries to the spookiest haunted house in Staten Island, check out Gothamist's list of late-night shenanigans.
Off-the-Beaten-Path Halloween: Bucketlisters has done a phenomenal job of tracking down seemingly every Halloween gathering in the city. Everything from Wednesday Addams- and Barbie-themed extravaganzas to rooftop movies and immersive theater can be found in their exhaustive list.
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| | 643 East 11th Street, Unit 1B |
| 2 BD 2 BA ~1,504 SF $1,795,000 |
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| | | | 452 West 19th Street, Unit 5D |
| 2 BD 1.5 BA ~1,022 SF $1,425,000 |
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| | | 2 BD 2 BA ~1,700 SF $20,000/mo. |
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| | | | 17 East 17th Street, Unit 4 |
| 2 BD 2 BA ~1,577 SF $18,750/mo. |
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| | 23 East 10th Street, Unit 408 |
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Licensed Real Estate Salesperson Licensed as Edward R. Freiberg |
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Office: 212-913-9058 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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