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The J. Rubinstein Team |
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Your Wait Is Over… A Buyer’s Market Has Officially Returned! |
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This is big news - almost as big as the race for the White House - or Olympians racing up the Champs Elysées. As summer has heated up, sellers have finally warmed up to the reality that it’s no longer realistic to cling to dreams of juicy profits on their apartments. Waiting for the perfect moment for way too long, more and more sellers are now accepting numbers that mirror asking prices from as far back as 7 or 8 years ago. In fact, I’m showing apartments that are selling for less than the original purchase price! The best deals are to be found in the $1 to $3 million niche – and with more apartments finally coming on the market, inventory is more robust than it’s been in several seasons. Of course, there are exceptions to this rosy forecast: luxury new developments in the West Village, penthouses in Tribeca, townhouses in Brooklyn Heights and other rarified listings are still f etching top dollar. Are you familiar with Mortgage Rate Buy Down? It’s not a new money-saving strategy, but it’s not trumpeted as loudly as it should be. While mortgage rates have decreased a pinch to 6.25%, many home buyers remain on the sidelines. Here’s a smart way to take advantage of this new wave of opportune pricing: ask your lender for a Mortgage Rate Buy Down. For example, let’s say you’re negotiating a $2 million mortgage. If you’re willing and able to add an additional 2% ($40,000) to your down payment, your mortgage rate can dip by as much as 1% - giving you a new rate of 5.3%. Great mortgage deals. Great apartment deals. It’s an empowering double-header! How long will this buyer’s market last? Who knows? (I apologize for answering a question with a question.) New York real estate can be an unpredictable scenario – influenced by so many factors including news from the Federal Reserve, politics, pandemics and over-riding market fickleness. I’ve waited a long time to announce this return of a buyer’s market. My best advice: Don’t wait much longer to find a new home that matches your budget and your dreams. As always, I look forward to working with you! |
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New dev sales rise to 10% above pre-pandemic average |
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Manhattan’s luxury condo activity boosted market in May |
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My Newest Listings |
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New Development of the Month |
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96 North 1st Street |
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Focus on Design |
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‘Cities in the Sky’ Review: Skyscraper Society |
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From London to New York, Shanghai to Dubai, cities around the world continue to rise toward atmospheric heights. |
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Recently Closed Deals |
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230 Ashland Place, 6C Spacious 2BR in Fort Greene Status - In Contract 28 Perry St, 4W 1BR Condo in West Village In Contract 216 Lincoln Road 4BR Townhouse in Prospect Lefferts Gardens Status - Closed 2,562 SF Luxury Condo in Brooklyn Heights Status - Closed 461 W 22nd St, C Chelsea Townhouse with Private Terrace Status - Closed 11 Riverside Dr, Unit 9JE Sunny Upper West Side 2BR Status - Closed |
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This Month's Mortgage Rate Snapshot |
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*The rates below are based on a $3,000,000 Condominium Purchase with a 20% down payment |
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10-Year Adjustable Rate: 6.25% 30-Year Fixed Rate: 6.5%Data provided by Aaron Ritter of Citizens Bank |
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Q2 2024 Market Reports |
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Recorded Sales: |
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Justin Rubinstein is a 19-year veteran of the real estate marketplace, who quickly gained attention from industry veterans and clients alike as a motivated and knowledgeable professional whose focus is on providing the best customer service possible while negotiating and protecting his clients with dogged tenacity. This tenacity and hard work ethic has proven fruitful as he has successfully negotiated over $1B in real estate transactions to date. Justin has enjoyed representing buyers and sellers of trophy properties such as the Time Warner Center, 56 Leonard, The Apthorp, One Madison, landmarked West Village townhouses, and new development penthouses. In each instance, his clients come away from the experience with a strong appreciation for his dedication and expertise... read more |
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