|
|
Jeremiah's Spring Snapshot |
 |
|
Hello everyone, One would think, with rising interest rates on new mortgages, surging inflation, increased energy costs, and the war in Ukraine all affecting the global economy, the feeding frenzy that has characterized the NY real estate market for the past several quarters would begin to subside. But with record low inventory and arguably the endemic phase of Covid, demand continues to push the market throughout the city. There was a buying spree in Manhattan in Q1 as a cluster of factors–escalating rents, a desire for more space, and the return of pied-a-terre buyers–created a sense of urgency. Overall, condo and co-op sales climbed 35.7% year-over-year, a Q1 record, reaching over $7B in sales volume. Condo sales alone surged 47.3% compared to last year, driving prices modestly higher. While escalating prices may be concerning for buyers, from a national perspective, Manhattan prices have not seen the steep incline experienced in other parts of the country. |
|
Brooklyn continues to be the juggernaut of New York City real estate. An increased buyer pool is accelerating activity in Brooklyn. A rush of buyers who had left the city during the pandemic are making their way back, as are those looking to upgrade their lifestyle with more space and vibrant culture. While rising mortgage rates typically would bring prices down, that is not the case in Brooklyn, where consistent demand and low inventory levels have kept prices escalated and a sense of urgency amongst buyers. This steady stream of buyers means that Brooklyn will stay a desired destination regardless of what is happening in the world. |
|
Queens continues to be a favorite destination for those looking to own in New York City. With multiple coastlines, a vibrant restaurant and art scene, and a myriad of housing options, the borough’s desirability is growing each year. As a result, numerous records were broken in Q1. Queens saw the median price hit a historic new record of $695,500. This figure marks a 7% increase year-over-year and almost 68% versus 2011. One critical stat to note, the luxury sector, defined as properties priced at or above $1.5 million, saw contracts signed jump 78% compared to Q1 of last year. |
|
Real Estate in the News |
|
|
|
The 15 Best Places to Buy a Home in the U.S. if You Want it to Increase in Value For most people, buying a home is one of the biggest purchases they’ll make in their life. And for those looking for a home that will eventually increase in value, location can make a big difference, according to a recent SmartAsset study that ranked real estate markets by their growth in value over time. The study examined home prices dating back to 1997 across 400 metropolitan areas in the U.S. and ranked each based on home value growth and price stability. |
|
Local Happenings |
|
Photography Show From May 20-22, come see Center415's 41st edition of the incredible Photography Show. This photo exhibition will bring 49 galleries and exhibitors from nine countries and 23 cities around the world! The featured exhibitors are all recognized as the world's leading galleries in fine art photography and are all active members of the Association of International Photography Art Dealers (AIPAD). Click HERE to learn more about this fantastic show and to purchase tickets for the event. |
|
Japan Parade in Central Park Japan Day in New York City is a joyous celebration of the Japanese culture, with a parade that will take place in Central Park West on May 14th at 1 PM EST. Come and experience this historical event that commemorates the 160th anniversary of the first Japanese delegates’ visit to the U.S. in 1860. Click HERE to learn more about how you can support, march, and absorb the beautiful culture of Japan. |
|
|
Lifestyle Tips & Tricks |
|
|
|
Buying New Construction? 5 Costly Mistakes to Avoid Brand-new homes offer enhanced energy efficiency, amenities and layouts more suited to modern lifestyles, plus the potential to customize spaces that you don’t get with a resale. But if you’re not careful, costs and expectations can spiral out of control. The good news is that following these tips for buying new-construction homes can save you money — and hassle. |
|
How to Mix Bold Colors in Your Home Designers say that color has the ability to transform a house into a home. And yet, so many people still feel a bit hesitant to use vivacious shades in their interiors, fearing it will make the space feel overwhelming. Consider this a colorful playbook for your home refresh! |
|
How Mother's Day Became a National Holiday and How to Celebrate in 2022 Moms truly are superheroes, so it's only fair that we have a whole day dedicated to them. Mother's Day is all about celebrating moms and mother figures everywhere. These days, the holiday is often celebrated with cards, gifts, and breakfast in bed, but it wasn't always that way. The holiday has a fascinating history filled with inspiring women that's worth learning about. |
|
|
Easy Annual Plants That Bloom All Summer Long Whether your garden is a large country plot or a group of containers on a city balcony, easy-to-grow annuals can add a burst of color wherever you need it. Why not give yourself the joy of endless summer color? |
|
Featured Listings |
|
|
|
|