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Sue's News and Views July 2022 |
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Dear All! Summer is here and everyone is eager to travel again. Although some countries have entirely done away with any Covid protection measures - Omicron is still in the air and jumping around. Keep yourself safe when traveling, so you can enjoy your trip! A recent survey found that more people are moving into Manhattan than before the pandemic, creating a surge in housing demand that’s causing many rents and home prices to spike. Between 2000 and 2020, New York City grew by more than 800,000 residents, according to the Census Bureau. In that same time period, only 438,088 apartments and single-family homes were built. (Bloomberg). Scroll down for more insights into the current NYC summer market. Happy Summer to you all - Happy Independence Day 🇺🇸, Happy Bastille Day 🇫🇷, Happy Swiss National Day 🇨🇭.... whatever celebration you find yourself in - have a ball! Warmly, sue |
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Real Estate in the News |
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I'm so excited to share, that the R-Team has been recognized in the Real Trends America's Best Real Estate Professionals List. The R-Team has been ranked # 70 of the Top 100 Real Estate Teams in all of NYS, and is among the Top 1% of 1.6m Real Estate Agents nationwide. It's an honor for me to be a member of this team! |
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Will there be a summer slowdown in NYC? |
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The market is shifting, monthly contract signed activity and weekly new listings are declining, nothing untypical for the summer months. Here are some helpful insights by UrbanDigs (offering local analytics and relevant data):
1. Buyers and Sellers: The current “downshift” will take a quarter or two to reveal itself. While the market ebbs and flows, it is likely we will see a slowdown reflected in the data during Q3 and Q4. 2. Sellers: Be prepared for a relative slowdown. Sellers enjoyed the luxury of unseasonably high deal volume for more than five quarters now, and for the first time in a while, will need to adapt to declining bid activity and bid levels.
3. Sellers: While the bid for the sales market is adjusting lower, the bid for the rental market keeps marching higher, possibly luring investors back into sales markets. If feasible, a one-year rental, with hopes to revisit a sale in the next year or two, may serve as a plan B.
4. Buyers: Buyers need to be prepped now — before the slowdown takes hold. Buyers should have a notable leverage advantage in the coming months - in areas with inventory.
5. Buyers and Sellers: The Federal Reserve is expected to continue increasing interest rates through the end of the year. After that, they are expected to pause, and potentially lower rates in mid-2023 and 2024. This could act as a roadmap for a buy signal later this year.
6. Buyers: This time might be a window of opportunity! S upply is finally rising in Manhattan, with inventory up 33% year-to-date; buyers have more choices in a real sense. As activity slows, the more eager sellers will remain focused on doing deals. With fewer buyers competing against each other, sellers will likely look to negotiate with those that show a good faith effort to close a deal. Remember: The market is not dead! While it is slowing down, it’s also just sort of settling back to a normal state after seeing a high-octane couple of years. Unique properties that offer value to buyers will have no trouble trading in this market — summer slowdown, or not. A slow down is not a halt (like a couple of unprecedented months during he pandemic lockdown in 2020). Every scenario has its up- and downsides for both parties, sellers and buyers. Ultimately, the attractiveness of the specific property, neighborhood, and buyers' and sellers' needs and intentions coinciding, will close the deal. |
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Manhattan Weekly Luxury report (residential contracts $ 5m and up) |
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12 contracts were signed last week (42% of them in Downtown Manhattan) with a total contract volume of $ 122,280,000. For the details of the Manhattan Weekly Luxury Report of June 27, 2022, click into the image below, or HERE |
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The National Real Estate Refresh Has Arrived |
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The most recently published housing data (May 2021) showed the real estate refresh has arrived, as active listings posted sizable gains for the first time in three years. Active listings rose 5% last month, the biggest increase since March 2019. Meanwhile, new listings were up 6% annually. |
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NYC Ju ly Events |
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The Macy's 4th of July Fireworks 2022 is back on the East River in New York City! The fireworks are launching from barges spaced along the East River from Brooklyn, Manhattan, and Queens. The show is planned to last for 25 minutes and will feature jazz r&b, hip hop, rock, and country music. |
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You can dine on Radio City Music Hall’s private rooftop this July: Dine at Radio Park will only run for four weekends. Of all the office districts in all of Manhattan, the greater Rockefeller Center area continues to outpace the rest as the neighborhood with the best and most after work spots. And a new reason to swing by after hours pops up on weekends in July. |
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Raise a glass to spectacular views and elevated libations at the city's best rooftop bars! Here is a list of the 35 best roof top bars in NYC you can visit when the weather is game. The image shows Moxy Times Square - but there are many more treasures beckoning for a romantic tête-à-tête or to take a friend visiting New York during this season. Cheers! |
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Come see the reopening of the immersive art exhibit, Arcadia Earth. This exciting exhibit aims to inspire visitors, showcasing the environmental challenges that our planet is facing. Arcadia Earth will leave visitors in awe and help support Oceanic Global, an organization devoted to raising awareness around our aquatic ecosystems. Click HERE to learn more and buy your ticket. For every ticket sold a tree will be planted! |
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Flooded and destroyed by superstorm Sandy in 2012, the galleries of the New York Aquarium, were completely rebuilt with help from FEMA, New York State and New York City. NY Aquarium is finally reopening in full, complete with a new climate change exhibit called "Sea Change". Ticket options HERE. |
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NYC's Summer Stage concert series just released its official line-up. It includes about 90 free and ticketed shows that'll take place around city parks. The City Parks Foundation series is a juggernaut among warm-weather concert presenters, booking everything from classic New York hip-hop artists in outerborough NYC parks to big-name indie-rock bands on the Central Park mainstage. Check for tickets HERE. |
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Lifestyle Tips & Tricks |
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Should You Renovate Your Home Before Putting It on the Market? There's a big difference between renovating a home and updating it. The former involves a more dramatic execution -knocking down walls or retiling an entire bathroom. Updating is making cosmetic changes such as painting a kitchen or replacing a light fixture. Renovating is, obviously, much more expensive and time-consuming than updating, and that's why many sellers resist it when they're listing their home. But before making any major renovations, ask your real-estate pro if the money you plan to spend can be recouped in the selling price. |
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Amazing Landscaping Ideas to Create an Enchanting Outdoor Space Thoughtful landscape design is the key to creating an outdoor oasis, whether you have a tiny courtyard in an urban area or a sprawling estate in the country. Read on for inspiration that will pave the way to better landscape design for every size and style. |
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The Best Vintage Fourth of July Recipes Celebrate Independence Day with an old-fashioned 4th of July menu! With classics like apple pie and canapés, along with buttermilk biscuits and cucumber salad, these recipes are a guaranteed hit. |
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Summer Flowers to Turn Your Garden into the Outdoor Space of Your Dreams There's nothing like a garden full of gorgeous flowers that can withstand the summer heat. From the captivating aromas to the arresting colors, this roundup of the best summer flowers is all you need to begin designing the perfect garden. Think tall delphiniums, cheery yellow lantanas and much, much more. |
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