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FROM THE DESK OF YOUR VEST-DRESSED SALESPERSON |
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Spring is in the air and the energy in NYC is fantastic. There are few things that match the first few warm days in New York. A friend and client described it "as new relationship energy"... so on point! The most recent quarterly reports are in, and the results are exactly what you'd expect if you've been watching the real estate market or financial news these last few months. Topping the rampant activity of the previous few years was never in the cards, but both sales and listings in Manhattan and Brooklyn are on the uptick and meeting historical averages across many measures. Most importantly, buyers are expressing a willingness to enter the market after shelving their searches for a few months. Even celebrity transactions are on the uptick - see below. Empirically we are seeing A LOT of activity in the past few weeks... Are we back? Maybe, slowly getting there. As we close out April, be sure to start making your plan for Mother's Day! I've included a few ideas below. Before you know it, it'll be Memorial Day and summer! But first, let's get your spring real estate wish list in order. Be in touch if now's the time to buy or sell in a market poised for a re-awakening. Coffee? See above I like it and would love to have one with you... |
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the q1 market REPORTS are in! |
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New York is set for a spring awakening. So begins the Compass Q1 2023 Manhattan Market Report. While it would be nearly impossible to match the off-the-rails pace of last year's first quarter, this year started off with a 14.5% jump in quarter-over-quarter contract activity, with 2,235 new deals signed. There were 2,262 closed sales during Q1 and a total sales volume of $4.49 billion – reflecting a pace that is right in line with historical averages. Across the river, the Q1 2023 Brooklyn Market Report chimes in with a 6.3% increase in contracts signed, driven largely by the condo market, which represented 39% of all transactions in the borough. The first quarter saw 2,183 recorded sales at a total transaction volume of $2.6 billion. Townhouses drove Brooklyn's sales numbers representing 48.6% of all transactions with a robust 5.8% increase in average price, the highest Q1 result on record. |
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There can't be a spring awakening without buyers willing to come off the sidelines, even in the face of rising mortgage rates and stubborn inflation. Thankfully, StreetEasy data says that buyers are shopping! The site's average number of inquiries for sales listings in February 2023 was 9% higher than pre-pandemic traffic. That means buyers a looking and researching, and it's up to sellers to meet their expectations. According to the site, much of the recent sales slowdown was propelled by overly aggressive pricing at a point when buyers are holding a bit more leverage. While nearly one in five StreetEasy listings sold above the initial asking during the hyper-competitive shopping season last year, in February 2023, only one in 10 listings sold above asking. Another factor impacting market activity is an ongoing inventory shortage. Supply is on the rise but still below pre-pandemic levels. The playing field where sellers have reasonable price expectations (for this year, not last year) and buyers are willing to lock in a loan (at this year's rates, not last year's) – That's where the magic happens in 2023. |
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the stars come out in spring Celeb Real Estate News!!! |
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Stars are just like us! As the market revs up for spring, so do the city's celebrity transactions. Kinetic comedian Pete Davidson can't seem to sit still, at least when it comes to real estate. After buying a two-bedroom condo on the Staten Island riverfront in 2021, Davidson listed the home for $1.3 million in December 2022 after renovating the interiors. A recent price drop brings the price to $1.1 million for a 1,600-square-foot space with sweeping harbor and Verrazzano-Narrows Bridge views. Meanwhile, Davidson's recent Brooklyn Heights rental is also available for $28,000 per month. That home features contemporary interiors, a private parking garage, and a spectacular roof terrace with up-close Brooklyn Bridge views.
The longtime home of the late Barbara Walters has entered the market at $19.75 million. The journalist purchased the sprawling showplace at a white-glove Fifth Avenue co-op in 1989 and lived there until her death in December. The five-bedroom residence boasts treetop Central Park views, a private elevator landing, and luxurious finishes throughout.
New York Yankees phenom Aaron Judge has scored a real estate home run with the purchase of a Chelsea penthouse triplex in a waterfront tower designed by Robert A.M. Stern. The team captain will reportedly be spending $40 million of his new $360 million contract with the Bronx Bombers on building out two combined top-floor units in a new building offering a wealth of "private club" amenities, including a discreet motor court.
Live like Kendall Roy in an Upper East Side penthouse triplex featured on HBO's "Succession." The recently discounted $29 million listing features 3,501 square feet of private outdoor space, including a massive roof deck and setback terraces along the building's iconic arches. The tallest home north of 72nd Street, the residence offers truly unimpeded city, river, and Central Park views.
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No one deserves more special treatment than the moms, matriarchs, and maternal figures in our lives. If you're drawing a blank on planning the perfect Mother's Day, don't fret. The following lists will help get your creative ideas flowing before May 14 leaves you scrambling. NYC Insider Guide has a fantastic rundown of activities highlighting the city's best offerings including a museum outing, Central Park tour, Yankees game, or Broadway show.
This excellent list offers 50 ways to really connect with moms this year with an emphasis on quality time. Change up your usual brunch-and-a-movie routine with an art or cooking class, a day spent organizing family photos, a spa day, or a professional family photo shoot.
But, if brunch is non-negotiable. Eater and TimeOut both have great recommendations, including everything from Midtown's massive and breathtaking La Grande Boucherie to all-day Southern brunch hotspot, Bed-Stuy's beloved Peaches.
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| | 421 Hudson Street, Unit 418 |
| 2 BD 2.5 BA 1570 SF $2,895,000 |
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| | | | | 3 BD 3 BA 2170 SF $2,275,000 |
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| | | 450 West 17th Street, Unit 1112 |
| ALCOVE 1 BA 612 SF $1,145,000 |
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| | | | 30 East 62nd Street, Unit PHC |
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| | | 2 BD 1.5 BA 1700 SF $27,500 |
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| | | | | 2 BD 2 BA 2250 SF $18,000 |
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| | 80 Columbus Circle, Unit 67B |
| 2 BD 2.5 BA 1637 SF $19,500 |
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| | | | 400 Park Avenue South, Unit 25B |
| 2 BD 2.5 BA 1830 SF $14,500 |
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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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