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FROM THE DESK OF YOUR VEST-DRESSED SALESPERSON |
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We've officially entered the fall season, or as I like to call it... the best vest season! Ok maybe that does not work but I do start putting my vest back on. A vest rule of thumb for me... When it is over 70 it is too hot for a vest... but I digress let's talk real estate and NYC! It will be a few days until we have final tallies for the month, but things have certainly picked up from summer's languid pace. Empirically we have seen some intense bidding on properties that were sitting and generally more "action". By that I mean more buyers at open houses, more searches, more inquiries. That generally means more activity which leads to more contracts signed.... The one place we are seeing some softening is the luxury market which had been the hot spot of the market... More on that below. The next few months before the winter holidays arrive is a smart time to launch a home search or sale, so please be in touch if I can help and to find out why. In the meantime, it feels amazing to switch to a new daily pace with kiddos back in school and temperatures a bit more manageable. Remember to take some time out to enjoy the wonderful foliage ahead (there are some great ideas on that below) and start planning your epic Halloween costume (I know I will). Plus I have an update on the new (or rather old but enforcement of) AIRBNB rules... In the photo above I am drinking a pumpkin spiced Latte. No I am not! |
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The NYC Luxury Market Softens |
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The luxury real estate sector, which was consistently the most active part of the market this year, is starting to show some weakness. High-end sales in this segment were driven by price decreases and the ability of smart wealthy buyers to take advantage of this opportunity while avoiding elevated interest rates. (According to Crain's New York Business, 99.6% of apartments priced at $5 million and above were purchased in all cash deals last year). |
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New(ish) regulations on New York City's short-term rentals have gone into effect this month, levying hefty fines on hosts and websites, such as Airbnb and VRBO, that don't register properties with the city's Office of Special Enforcement. Operators can also run afoul of strict rules that now limit the total number of guests to two (regardless of the size of the home), require the host to be on-site, and stipulate that all parts of the dwelling remain unlocked and accessible. The OSE also holds a list of prohibited buildings where none of the units can be rented short-term due to prohibitions stated in their leases or rent-stabilization regulations. The new restrictions are expected to significantly impact tourists, who will face higher prices and room shortages. Airbnb has called the rules a "de facto ban" against the estimated 10,800 NYC short-term rentals listed on the site. As of Aug. 28, the OSA had received 3,250 applications, reviewed 808, and granted only 257 certificates, according to the Washington Post. While the news is dire for short-term hosts, these changes in Local Law 18 may be a boon to local residents by adding some much-needed inventory back into the sales and long-term rental markets. Last year, for example, multiple media outlets reported that New York City had more Airbnb listings than available apartments for rent. Five years ago, New York City conducted a study that showed a direct correlation between Airbnb's and rent rates, finding "For every 1% increase in Airbnb rentals, [there] was a 1.6% increase in long-term rental rates." We'll be watching the upcoming inventory figures to see if properties held exclusively for short-term rental use return to the market. Stay tuned. |
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Fed Pauses Rate Increases |
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The Federal Reserve left interest rates unchanged at its Sept. 20 meeting, noting slowing inflation despite the relatively brisk economy. Officials reported a more optimistic chance of reaching their "soft landing" goal but did not take the possibility of another 2023 rate hike off the table. The New York Times called the gathering "… perhaps the most hopeful meeting since the Fed began its assault against rapidly rising prices 18 months ago." While inflation has responded well to Fed policy, even in the face of significant consumer spending and strong labor market growth, officials expect to cut interest rates only slightly next year based on current projections. The Fed will meet again on Oct. 31. |
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MY NEW YORK CITY – LEAF PEEPING EDITION |
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Tis the season to get out and go leaf peepin'! While Mother Nature puts on her annual autumnal display, set your sights on an out-of-town adventure to capture the natural scenery in all its glory. Below are a few great ideas for fall foliage viewing throughout the Mid-Atlantic region. Before you head out, don't forget to check the Fall Foliage Report to see which areas are near or at peak color. This is our time, Northeasters! This rundown of The 18 Prettiest Places to See Fall Foliage Near New York City provides an exceptional list of leaf-peeping destinations. Just minutes from Downtown Manhattan, you can check out Palisades Interstate Park, Staten Island's Greenbelt Nature Center, and the always beautiful Fort Tryon Park in Washington Heights. Further afield, Ithaca, Cooperstown, Poughkeepsie, and the Adirondacks are all spectacular destinations for fall foliage fanatics.
Make a day of your leafy excursion, or make a weekend of it. We've used Getaway House, and I highly recommend it for those wanting to experience tiny house heaven! Getaway House offers over a hundred cabin homes from Connecticut to the Catskills. Each temperature-controlled tiny house includes a small kitchenette, bathroom, cozy beds, and outdoor sitting areas, plus all the rustic charm and serene privacy you could want. Check them out for your leafing excursion today.
Huttopia's brand-new Adirondacks location outside Lake George is another fantastic way to enjoy the beauty of nature without all the schlepping of camping. Their tent-meets-cabin structures feature bathrooms and kitchen areas (some also offer wood stoves and electricity) with access to a central lodge with a pool, restaurant, and camp store. But the focus is on enjoying the splendor of the Adirondacks forests and changing leaves just outside your peaceful accommodations. Hurry! Huttopia's 2023 season ends soon.
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| | 643 East 11th Street, Unit 1B |
| 2 BD 2 BA ~1,504 SF $1,795,000 |
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| | | | | 2 BD 2 BA ~1,700 SF $22,500/mo. |
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Licensed Real Estate Salesperson Licensed as Edward R. Freiberg |
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Office: 212-913-9058 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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