|
 |
|
Hey Friends, Soooo hasn't it been a fun omicron winter... Ugh! Well, after peaking in early to mid-January, the cases are thankfully on the decline. I mean a normal winter is rough, I think that is why NYC becomes sooooo alive in the Spring and why the energy level each year goes to 11 (name the movie reference?). On a personal note, my family was hit with the virus and we were out of commission for about 10 days! Luckily, we were all feeling relatively pretty good. My wife's symptoms were exhaustion for 3-4 days and lots of congestion... or as she says how she feels every winter being a Mom. In this month's newsletter, I take a look back on Real Estate 2021 in our amazing City. What a year it was! I mean I predicted a solid bounce back after 2020 but no one would have predicted that it would have been the record year it was. See the numbers below. Also, January is the perfect time to prepare for the year ahead! So please be in touch if a change in your real estate world is on your mind or a friend's mind or a colleague or a family member's mind! I'm here for everybody!Ed |
|
MARKET ROUNDUP |
 |
|
Q4 Market Reports Put a Cap on a Phenomenal Year |
|
According to the Compass Q4 Market Report for Manhattan, the nearly $7 billion in condo and co-op sales volume was the highest of any Q4 on record. A total of 3,445 apartments were sold in the quarter, up 79 percent from 2020, and signed contracts were up 34.5 percent. The average price for a condo ($2.74 million) in Manhattan increased 7.2 percent year-over-year, while the price for a co-op ($1.22 million) was up 6.7 percent on average. Strong contract activity in Q4, a new administration in the city, and New York's enduring reputation point to a favorable Q1 in 2022 and beyond. The Brooklyn Q4 Market Report notes that last quarter's $3.2 billion sales volume is the fourth highest quarter on record for the borough. The 2,810 sales represented an 11.9 percent increase year-over-year. Inventory declined 12.7 percent, elevating the average sales price to $1.13 million, while the average price per square foot reached $832 — another fourth-quarter record. To learn more about what this data means for your real estate plans or to receive a copy of the reports, please be in touch. |
|
Luxury Real Estate Market Smashes Records in 2021 |
|
The Olshan Report year-end wrap-up puts into perspective just how off the charts the year in luxury real estate was. In 2021, 1,877 contracts were signed at $4 million and above, totaling $15.9 billion — the highest figure in the report's 15-year history. That's twice the activity seen in 2019, the last full year of data before the pandemic. Even trophy properties priced $10 million and above found eager buyers in 2021, with 400 contracts signed blowing away the 2014 record of 270 contracts. Turns out, size matters when it comes to pandemic real estate. In 2020-2021, the average size of a luxury condo deal was more than 2,900 square feet or 5 percent larger than the seven years prior. The townhouse market saw a jaw-dropping 212 signed contracts, far surpassing the record of 153 set in 2014. "Half the missing 2020 deals were recaptured in 2021, with mostly New York metro area buyers stepping into the breach and riding the wave of lower prices, low interest rates, a surging stock market, and the belief that New York would come back," the report explains. Let's hope the ride continues into 2022. |
|
MY NEW YORK CITY – YOU'RE IN THE HOT SEAT EDITION! |
 |
|
The coolest part of NYC winters (these days) are the outdoor eating options... Even in the dead freezing cold of winter. T here truly are a myriad of options for meeting outdoors and staying warm. One of my personal favorites is The Tyger. Their outdoor seating is lovely and filled with HEAT. They not only have heat lamps above but the outdoor seats are also heated from underneath to keep your tush hot! It's divine! Nestled where Chinatown, SoHo and Nolita meet, this outstanding eatery offers Southeast Asian- inspired food, signature cocktails and a fantastic wine list you won't want to miss. For more hot seat inspo, check out The Thrillist's roundup of 26 Heated Outdoor Dining Options for NYC's Coldest Winter Days. Highlights include Lindens, at the Arlo Hotel in SoHo offering individual cabins for your winter dining pleasure - Sherisse and I went last year and we felt like we were up in the mountains. So Charming! Bandits in the West Village offers a modern take on retro diner and dive bar fare, while Greenpoint's Rule of Thirds delivers a popular Winter Village - BTW this is my favorite restaurant in my neighborhood- DEEEElish! |
|
Featured Sales Listings |
|
|
Featured Rental Listings |
|
|
|