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FROM THE DESK OF YOUR VEST-DRESSED SALESPERSON |
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From mortgage rates to chatbots, there's no doubt that real estate is changing. More succinctly, real estate has always been changing and evolving, just like people change and evolve, just like NYC changes and evolves. While the current economic landscape may be tenuous and generative AI is poised to revolutionize how we communicate, two things have remained steadfast and consistent: The wealth-producing power of owning property and the proven resilience of the New York City real estate market. As you know I am always positive about the city that raised me... Despite any economic uncertainty, the New York market is moving. There are currently over 9,600 available listings in Manhattan and Brooklyn, and there are about 4,200 homes in contract right now. While we won't see the activity that swept through the city last year, April and May are still poised to be the strongest months of the year, with plenty of buyers looking and some great homes to choose from. The issue isn. challenging times is buyers and sellers landing on the same page... This month's newsletter is JAM-packed. We talk AI, we talk bank failures, we talk pickle ball courts, we talk about how to get that elusive reservation and we talk to my buddy and fantastic RE broker in Boston, Jerome McBride! Let's get started on your spring real estate goals today. How about some coffee... see photo above. I love coffee! |
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But Can they Do Real Estate? |
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In the real estate sector, the new generation of generative AI technology, such as Microsoft-backed ChatGPT and Google's Bard, is being hailed as the solution for everything from marketing materials to prospecting and paperwork. According to The Real Deal, Plunk is one of the leading examples of AI use in the prop-tech space right now. This Washington-based startup leverages machine learning to derive home valuations that pick up where Zillow's Zestimate leaves off. Plunk uses more than twice as many data points and sources, and it allows homeowners to provide info on, say, a kitchen renovation to recalculate the value figure. The National Association of Realtors and the California Association of Realtors are both on board as investors. For realtors worried that chatbots and AI will render their jobs obsolete, a Financial Times opinion piece offers some solace. While many brokers are tapping into the technology to do research and write social posts, the prevailing thought is that chatbots are better at helping than replacing humans. For one thing, generative AI has already proven to be easily susceptible to learning and spreading racist ideology. For another, robots can't confidently assess the intangible qualities of buildings and homes. More importantly, they aren't great at navigating emotions during high-stress negotiations. (read: you still need me!) |
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what will banking sector turmoil mean for consumers? |
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On March 10, Silicon Valley Bank succumbed to a classic bank run. Two days later, regulators shut down Signature Bank to prevent further damage to the broader banking system. In the aftermath, the FDIC has agreed to cover all SVB and Signature deposits. Meanwhile, in a deal brokered by the Swiss government, banking giant UBS is now set to buy 166-year-old Credit Suisse to save that institution from a similar fate. So where does this take us... According to NPR, one of the immediate results will be a turn toward cautiousness for borrowers and small banks alike. The Fed has already raised interest rates again, albeit half as high as anticipated. Banks are expected to tighten their belts and brace for stricter regulations, which might very well mean fewer loans and higher fees for consumers. We shall see but what the real estate world needs from the banks is stability. |
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the latest repurposed real estate in manhattan is ... pickle Ball courts |
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Love it or hate it, there's no doubt that pickleball's popularity is far from waning. And now the pastime is taking over Wollman Rink at Central Park, making it the largest pickleball installation in the Northeast. Helmed by CityPickle — a firm with locations at Hudson Yards and the TWA Hotel at JFK — the Central Park destination will place 14 courts in the iconic Wollman Rink space from April to October. (No worries, skaters. The ice rink will return in winter.) Open from 7 a.m. to 9 p.m. daily, the courts' fees will run from $80 during off-peak hours to $120 during peak reservation times. Reservations open on March 31 on the CityPickle website. |
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Meet the broker – jerome mcbride |
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In each Meet the Broker feature, I ask a fellow real estate professional three questions to gauge their outlook on their geographic region. This week, we're getting a feel for Boston with Compass agent Jerome McBride. |
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What area do you focus on? How is the market doing there? Right now, the market is picking up for the spring. Primarily, we see a lot of clients moving from Boston proper to towns just a couple of miles from the city, looking for a bit more space and communities offering urban amenities with a smaller local feel.
In Brookline, we are working on several new construction and gut-renovation developments of all sizes to accommodate all lifestyles, from growing families to empty-nesters downsizing. We've got a wide range of homes close to all the shops, restaurants and public transit. Claflin Flats is one example of our projects coming up. The gut-renovated boutique building will include four luxury condominiums in Brookline's Washington Square neighborhood.
For Brookline, the options are limited for single-floor living spaces that are either newly renovated or new construction. What we are offering brings a lot of value for families looking for a little more space. It's also an attractive option for empty-nesters coming from suburbs further out looking to downsize while being in close proximity to shops and restaurants.
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Pro tip - hot to get some of the toughest rezzies |
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Whether they're just incredibly tiny or wildly popular, or both, many New York City restaurants have an impossible-to-get-into reputation. But now, thanks to some hard work from the team at The Infatuation, you can crack the code for grabbing a seat at the city's buzziest hotspots. If all else fails, you can always ditch the restaurant scene and embrace spring foliage and cocktails instead. The New York Botanical Garden Orchid Show is celebrating its 20th anniversary through April 23. The spectacular floral festival surrounds visitors with thousands of orchids in a one-of-a-kind experience designed by artist Lily Kwong. The Orchid Show includes an all-ages exhibition during regular hours, plus special 21-and-over Orchid Nights events with signature cocktails, food, and music. |
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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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| | 80 Columbus Circle, Unit 67B |
| 2 BD 2 BA 1637 SF $19,500 |
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| | | | | 2 BD 2 BA 2250 SF $18,000 |
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| | | 2 BD 1.5 BA 1700 SF $27,500 |
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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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