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FROM THE DESK OF YOUR VEST-DRESSED SALESPERSON |
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Summer summer summertime!! How are you all doing? I am in love with this time of year... The weather is perfect, everyone Is smiling, the energy in the city is at an all-time high, and and and the market seems to be showing some interesting signs of life. Yes a good chunk of the New York real estate market has slowed, particularly Manhattan (Brooklyn really has been all systems go since 2020), but the luxury market has risen to record-breaking highs over the last few months. In both Manhattan and Brooklyn, we're seeing plenty of activity at the upper price points, especially in new-construction condos and townhouses. A big part of this is sellers and buyers finally falling in-line on the correct expectations. By that I mean buyers are not getting as huge of a discount as they wanted and sellers have to come off their top pricing... This is how a meeting of the minds come together and vault the market forward. With some positive economic news lately, including falling inflation and a pause in interest rate hikes, there's hope that the rest of the market will also respond positively. So now is the time to get in the market and buy if you have been waiting... It will get hot again. In the meantime, let's take a moment to enjoy all the great 4th of July events heading our way next week! From fireworks to barbecues, Independence Day is the highlight of summer in the city. |
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What the Fed's June Rate Hike Pause Means for Real Estate |
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The Federal Reserve declined to raise interest rates after 10 consecutive hikes at its June meeting. The news fueled optimism that the pause might dampen stubbornly high mortgage rates. The Fed indicated that at least two more rate increases are likely this year, but they can afford to slow, especially with the inflation rate improving to 4% in May compared to 9.1% last year. The rate pause also gives the Fed time to assess the impact of April's bank failures on lending overall. National Association of REALTORS Chief Economist Lawrence Yun believes further rate hikes are unwarranted. "A monetary policy lag time exists between decision and inflation," Yun said. "The rate hikes from earlier months have yet to exert their force at a time when inflation has already decelerated to 4%. There is no need to consider raising interest rates. In fact, considering the balance sheet difficulties faced by community banks and the weakness in the commercial real estate sector, the Fed should look at cutting interest rates before the end of the year. The Fed should look forward, not backward." So far, mortgage rates haven't budged much since the June meeting. But with home interest rates tied closely to 10-year Treasury bonds, which have responded positively, there is a strong possibility mortgage rate will dip as we move through the rest of the year. The Fed's next meeting is scheduled for July 25. |
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The Luxury Market Has Been New York City's Bright Spot in 2023 |
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While interest rates and inflation woes have suppressed sales in the market overall, New York City's luxury sector has been posting solid results since spring. According to the Olshan Luxury Market Report, which tracks contracts signed for Manhattan homes priced at $4 million and above, there were 129 luxury contracts signed in the last four weeks, which is 48% higher than the 85 contracts signed last year at this time. Moreover, the asking prices totaled $1.02 billion this year, 57% higher than 2022's $650.9 million tally. With at least 30 contracts signed in each of the last five weeks, this June is on track to be the second strongest in the report's 17-year history. According to Compass data, Manhattan saw 98 signed contracts priced at $5 million above between May 22 and June 18. The total asking prices reached $964.79 million, and condo deals consistently bested co-op deals most weeks. In Brooklyn, there were 78 contracts signed for homes priced at $2 million and above in the same time period. The total asking prices reached $260.1 million, with luxury townhouses leading the charge. |
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MY NEW YORK CITY – FOURTH OF JULY EDITION |
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America will be marking its 247th birthday this Independence Day, and as usual, New York City is serving up a full roster of great ways to celebrate. The Macy's 4th of July Fireworks show has been a summer tradition since 1976. This year, the magical display of 60,000 explosives will be set off over the East River between 26th and 40th streets. The celebration will also include performances by Bebe Rexha, Ashanti, LL Cool J, Ja Rule, and more. For a price (ranging from $125 to $525), you can make this year's spectacle even more spectacular by viewing the fireworks from The Edge, The Empire State Building, a 4th of July Fireworks Cruise, or the East 34th Street Heliport. If those prices are too steep, Patch has a great list of recommended viewing locations and ones to avoid.
For a healthy dose of Americana, head to Coney Island to take in Nathan's Famous International Hot Dog Eating Contest on July 4. Thousands will gather at the corner of Surf and Stillwell to see who will reign victorious. The current male champion ate 63 dogs in 10 minutes last year, while the female champ consumed 42! The competition kicks off at 10:45 a.m. Spend the afternoon enjoying the beach, boardwalk, and iconic Luna Park rides. At 9:30 p.m., marvel at the Coney Island fireworks from the pier at Boardwalk and West 15th Street.
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| | 30 East 62nd Street, Unit PHC |
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| | | | 421 Hudson Street, Unit 418 |
| | 2 BD 2.5 BA 1,688 SF $2,650,000 |
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| | | 643 East 11th Street, Unit 1B |
| 2 BD 2 BA 1,504 SF $1,795,000 |
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| | | | 450 West 17th Street, Unit 1112 |
| ALCOVE 1 BA 612 SF $1,095,000 |
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| | | | 2 BD 1.5 BA 1,700 SF $24,000 |
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| | | 1 Irving Place, Unit U21E |
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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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