HOW IS THE NEW YORK REAL ESTATE MARKET?
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The NYC real estate market did very well in the 1st Quarter! Sales volume jumped 13.2% compared with Q1 2024. Both co-op and condo prices surged with coops reaching the highest median price in the last 10 years! The total value of sales volume reached nearly $6 billion up over 50% from the same time last year. The strength of the market was driven by the luxury sector where sales of apartments over $5 million were up over 49% from a year ago and the ultra-high end, sales of $20 million or more, had its best quarter since 2019. So, what drove this improvement other than the luxury sector? From what my team and I are seeing and hearing it is a variety of factors impacting our market. It is not just the ultra-wealthy that are purchasing properties in cash. Nearly 60% of the first quarter sales were all cash and around 90% of the sales over $3 million were all cash! This fact clearly indicates that New York shoppers are much more insulated from mortgage rate fluctuations. There is also the desire for asset diversification. It is true that our real estate market has historically been linked to stock market performance since our city is so heavily tied to the financial services sector but that seemed to change this quarter. Many of our consumers feel that the volatile stock market made real estate look like a much safer bet. Plus, let’s never forget my adage, you can’t live in your stock portfolio! Aside from a home, how many assets do you get to use and enjoy daily (don’t get me started on luxury cars, you get my point). The end of work from home with many of the biggest companies is also bringing buyers back to the city and we are seeing a new influx of buyers returning from Florida (maybe one long hot summer down there can do that) and L.A. unfortunately due to the devastating fires. And let’s not forget about the “great wealth transfer” taking place currently which is driving many of our sales through outright gifts from parents and grandparents or well-funded trusts. Although everything sounds super rosy, and I would hate to end on a negative note I always like to highlight the fact that our deals take 60 to 120 days to close so many of the stats being reported (including those from Compass in the full report herein) were signed in the prior quarter. Therefore, the uncertainty in the economic world is still just that, an uncertainty.
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My team and I experienced one of our best quarters ever with 38 closed and pending sales through the first quarter and over $90,000,000 in sales volume! I am eternally grateful to all our clients, colleagues, and friends who put their trust in us with one of their biggest assets. We will continue to do anything and everything to protect that asset and provide you with the white-glove service you deserve! Have a super weekend!
Best,
Michael
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Are you single and dating in New York City, or are you not single and dating in New York City?
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Through the first quarter of 2025, we have a ssisted 38 individuals and families with their real estate goals. It is our intention to help at least 62 more this year with your continued support. Thank you to all of our clients for your continuing support and trust in our services!
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15 West 81st Street, Apt. 10B
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3 Beds | 4 Baths | Total Rooms: 7 | Co-op Upper West Side | Maintenance: $7,836 /m
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Experience the epitome of elegance and grand-scale pre-war living with this high-floor, seven-room residence at 15 West 81st Street, situated on one of Manhattan's most prestigious blocks. This home boasts sun-drenched views of the Museum of Natural History, the Rose Planetarium, and the expanse of Central Park, culminating in a breathtaking panorama of the Midtown skyline. A superb mix of modern renovations and meticulously restored features from the original design by Emery Roth creates the perfect harmony for this residence. As you enter, a grand 24-foot gallery welcomes you, connecting the spacious living room to the expansive great room. The living room—a generous 17-by-27-foot space—offers an unmatched backdrop of the city's iconic landmarks. It provides abundant space for multiple furniture arrangements and features comfy window seats for a front-row view of the Thanksgiving Day Parade and balloon inflation night, as Thanksgiving Eve is known on this block. The living room is also adorned with a wall of high-end, custom-built cabinetry and storage. The renovated open kitchen extends into what was once the formal dining room, creating the much sought-after open floor plan for modern and comfortable living. Measuring over 15 by 18 feet, the dining area is a haven for entertainers, complete with an oversized window that invites abundant natural light. Across from the picture window is a wall of handsome, solid wood built-in cabinetry and storage, along with a home office discreetly tucked away behind flush custom doors. Culinary enthusiasts will delight in the expansive eat-in kitchen, which includes a sunny courtyard view, abundant floor-to-ceiling custom cabinetry, an expansive island with comfortable seating for casual meals and socializing, and a suite of high-end appliances—including a large side-by-side Sub-Zero refrigerator, a six-burner Viking range with a vented hood, a Bosch dishwasher, and a wine fridge. A conveniently located powder room, separate wine room, and laundry area complete this section of the residence. The separate bedroom wing houses a palatial 14-by-24-foot primary suite with a dressing room lined with custom closets leading to a truly massive walk-in closet, and an en suite bath showcasing impeccably preserved Emery Roth tiling, a luxurious deep cast-iron soaking tub, and a separate shower stall. The suite shares the same awe-inspiring views of the Museum, Planetarium, and Central Park. The generous second bedroom extends 20 feet toward the same lovely southern exposures and views, and features a perfectly restored Emery Roth bath and a massive walk-in closet. A tranquil third bedroom presents a peaceful courtyard view, ample closet space, and a personal en suite bath adorned with timeless tiling and fixtures. The residence is replete with new windows, through-the-wall air conditioning, abundant closet space, and exquisite pre-war details such as original herringbone floors, solid wood doors, and classic moldings—all in impeccable condition. Nestled within a prestigious white-glove cooperative known for its exceptional service, 15 West 81st Street is a stone's throw from Central Park West. Amenities include two full-time doormen, a resident manager, a professional staff of 20, a state-of-the-art fitness center, and additional conveniences. Owners also enjoy access to a bike room, playroom, and individual storage. The building permits 50% financing and requires a 2% flip tax paid by the purchaser.
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