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Hey Friends, New year, new president, new market reports, new listings, and a campaign for a new and improved New York City — the theme this month is NEW (although I wish I owned some old stocks... Blackberry, AMC, Gamestop - wild!)! Or at least a new take on how to move forward in 2021. January always sets the stage for starting a new year off right. With the coronavirus vaccine slowly becoming available to New Yorkers and some clear signs of recovery in the real estate market, there is definitely light at the end of this long pandemic tunnel! That also means there's no time like the present to take advantage of unmatched opportunities and still record low-interest rates. Let's chat about your 2021 real estate goals and how to make them a reality. I would love to get a virtual coffee with you... Let me know! Ed |
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MARKET ROUNDUP |
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The Q4 2020 Market Reports |
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Compass has released its fourth-quarter market reports for Brooklyn and Manhattan, each showing some positive signs for an imminent real estate recovery. In Manhattan, while the number of Q4 sales dipped 19 percent year-over-year, the number of contracts signed was up 4 percent — nodding to increased confidence as we headed toward the new year. Across most metrics, Q4 2019 and Q4 2020 data were quite close. The average sales price of $1,872,336 was nearly even with Q4 2019, while median sales prices rose 11.6 percent to $1,115,000. The average price per square foot nudged up 4 percent to $1,392, while the number of days on market ticked up 3.6 percent to 174 days. The Brooklyn market continued to show impressive resilience despite challenging external forces. Sales were down 10 percent year-over-year, but contracts signed jumped 20 percent. The overall median price rose 10 percent to $880,000 — the highest on record for the borough— highlighting strong buyer demand, drawn by reasonable prices and more space. Average days on market fell 6.2 percent to 129 days last quarter, and the average price per square foot was up 8.4 percent to $839. |
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Rental Recovery Boosts Optimism |
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A massive increase in signed leases in December 2020 had market watchers shouting hallelujah, and for good reason. Miller Samuel data reported 5,459 new Manhattan leases signed last month — up 36 percent since November and nearly double that of December 2019. In Brooklyn, the 1,291 new leases were a 15.1 percent jump from the month prior and a 59 percent increase from 2019. However, those new leases came with significant incentives and discounting, and Manhattan's vacancy rate is still hovering near a heady 5.5 percent. Still, it's a bit of much-needed good news for landlords, even though Curbed's "It Looks Like the Rich Aren't Abandoning New York After All" headline may be onto something. As I have said all along this winter is going to be tough. People who can, will get away to avoid the cold and stricter covid protocols... but just watch out. I think the NYC spring is going to be exciting, wild, and fun for the market and for the city in general! The city will be BUZZING! |
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MY NEW YORK CITY - SAVE THE CITY EDITION |
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New York Forever, and Ever! |
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As a born and bred New Yorker, I'm one of the city's most ardent supporters. And while I'm always bullish on New York's ability to overcome any challenge, it takes the collaboration and support of New Yorkers to make that happen. That's why I'm a huge fan of the NY Forever campaign. Launched with a star-studded social media push this month, the effort strives to build awareness and civic engagement around New York City's pandemic recovery. "New York's comeback depends on New Yorkers," say founders Risa Heller and Jonathan Rosen. "We are eager to help our neighbors play a meaningful part in building New York's future — by supporting locally owned small businesses, looking out for our unemployed restaurant workers, applauding our essential workers and caring for families battling homelessness. We are excited about this project and confident in the city's resilience." The nonprofit group has enlisted more than 100 NYC icons — including Jerry Seinfeld, Amy Schumer, Seth Meyers, Nathan Lane, Sandra Bernhard, Jill Kargman and more — to promote their mission with the ultimate goal of signing up 500,000 New Yorkers to take the pledge to support the city. You can head directly to the website nyforever.nyc to pledge your support for the city today. I did! |
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Introducing Restaurant Week to Go! |
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Every New Yorker's favorite restaurant event has returned with a new, pandemic-friendly spin: This year's Restaurant Week participants will offer amazing meals for takeout or delivery (or outdoor dining where available) for $20.21. Now until January 31, you can enjoy lunch or dinner from 570 establishments located across all five boroughs of the city for a substantial discount off previous years' prices. Due to the challenges restaurants have faced throughout the pandemic, NYC & Company, the organization behind Restaurant Week, has waived the substantial fees typically required for participating in the event ($2,800 for Manhattan locations and $1,500 elsewhere). "Restaurants and restaurant workers need our support now more than ever, so it was important to us that all eateries across the five boroughs had the opportunity to participate in this program aimed at increasing local support," Fred Dixon, President and CEO of NYC & Company, told Forbes. Head to the official Restaurant Week website to peruse participating restaurants, including black-owned eateries, and support an industry that's integral to New York City. |
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Featured Sales Listings |
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Featured Rental Listings |
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