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From the Desk of Justin Rubinstein |
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Here’s My Real Estate Prediction for 2024: It May be Time to Get Off the Sidelines! |
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Every year at this time, I put on my soothsayer’s outfit and dust off the crystal ball. And what am I seeing? A real estate market waking up from its 2023 hibernation, with buyers and sellers finally rising up from the wait & see sidelines. Of course, clairvoyant accoutrements can only go so far. Guided by the latest Federal Reserve forecasts and in-depth Compass research, I’m feeling confident that interest rates will soon start chipping away. Probably not to the heady 3% days of 2022. But reduced enough for real estate activity to resume in earnest. As the New Year rolls out, Buyers will realize that sitting still gets them nowhere. More favorable lending rates will open the doors to fresh new mindsets: “We’re so ready for a beautiful new home….We’re done with renting…We’re excited about the idea of a brand new neighborhood…When interest rates get even lower, we can always refinance.”
Sellers will benefit from this enhanced wave of activity, showing less willingness to lower asking prices, especially on the most desirable listings in the most sought-after neighborhoods.
Co-op buildings will start looking even more appealing. They may not offer all the allure and amenities of the newest condos, but co-ops tend to have healthier financial reserves that can minimize the burden of future capital improvement charges. Co-ops usually cost 20-25% less than comparable condos. Off-market private deals will become more prevalent throughout the year. A listing that remains on the market for a lengthy period can prove detrimental to a successful sale. Too much exposure chips away at all-important exclusivity. Buyers and sellers count on me as a prime resource for exceptional private listings that can’t be found online. Real estate headlines give us a glimpse of days and months ahead. But the best predictions also come from experience. Here’s to a New Year that continues the trust and confidence you have placed in me over the years. I wish you nothing but the best! |
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2024 Will Be a Better Year for Homebuyers |
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James Morgan, an associate broker at Compass, had two deals over $20 million go into contract in the last month. |
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My Newest Listings |
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New Development of the Month |
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Archive Lofts |
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Focus on Design |
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Curbed’s 10 Most-Read ‘Truly Terrifics’ of 2023 |
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During a year when rents went especially, truly bonkers and interest rates swooped in to maim the hopes of buyers, we found ourselves hunting for apartments that weren’t just tolerable, but lovely: places that seemed at least worth the millions, or were surprisingly inexpensive for their fireplaces, staircases, and French doors; their parquet floors, parlors, and private outdoor terraces overlooking Gramercy Park. |
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My Recently Closed Deals |
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130 Fulton Street, Unit 9B Immaculate 2,794 SF Loft Status - Closed 115 Norfolk Street, Unit 202 LES Boutique Condo Status - Closed 60 Riverside Boulevard, Unit 1606 Luxury UWS Condo Status - Closed 144 East 36th Street, Unit 8B High Floor Corner Unit Status - In Contract 100 West 18th Street, Unit 6F Stunning Chelsea Condo Status - Closed 5 Franklin Place, Unit PHB Immaculate Tribeca Penthouse 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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30-Year Fixed Rate: 7.03% 10/1 Adjustable Rate: 6.66% 5/1 Adjustable Rate: 6.66% Data provided by Aaron Ritter of PNC Bank |
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Q3 2023 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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