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FROM THE DESK OF YOUR VEST-DRESSED SALESPERSON |
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Yes you probably know that Halloween is my favorite holiday (I tell you every year!!!) but close to it is Thanksgiving! I take it as a time to be just calmy and thoughtfully thankful for what I have from friends and family to clients who stick with me thru the good and difficult times. Thank you all!!! Soooo... some positive momentum for the market going forward. After nearly two years of steadily climbing mortgage interest rates, have we finally seen the peak? Thanks to some positive economic news, rates have been trickling down lately, and there's hope the Fed can end its aggressive campaign to curtail inflation. Soft landing? could it be? More on that below... Plus this month I cover that oh so lovely court case I know you all heard about! Will it change the market and my industry forever... Maybe, but also it does add some very needed transparency to the consumer which i welcome! In other good news, did you know the latest Michelin-starred restaurants have been announced? I'm especially excited to see so many Brooklyn spots recognized, including Greenpoint's (my hood that I love so much!) Restaurant Yuu and Oxomoco (get the chicken, GET THE CHICKEN!!). I'm wishing you all a wonderful Thanksgiving filled with good food and wonderful people or if you are just taking time off... enjoy that nap and some old movies! |
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Real Estate Industry Commissions Under Scrutiny |
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Last month, a Kansas City jury found that the National Association of Realtors and others were liable in the case of Burnett v. NAR et al, which claimed NAR practices violated antitrust laws by conspiring to fix real estate commission rates. NAR has vowed to appeal the verdict (which will take years), but there will be changes to the market because of the trial. We don't know what those shifts will be, but a major sticking point seems to be a lack of transparency regarding how brokers are paid in other parts of the country. Here in New York City, I believe everything is very transparent in the transactions I am part of. Of course, there are some shady brokers out there, but the vast majority of real estate professionals I have dealt with are honest and transparent. The fact remains that the work that buyer's brokers do is under attack specifically because of those not-so-honest brokers. I think Compass Chief Evangelist Leonard Steinberg explains what we do best while underscoring that the value of a buyer's agent is usually grossly underestimated. But thankfully, I know that my clients appreciate the hours and hours of work I have put into their purchases. |
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Mortgage Interest Rates Drop for Third Straight Week |
| Mortgage rates have come down again this week on the heels of jobs and CPI reports that showed little growth, nodding to a cooling of the economy and (hopefully) an end to Fed rate hikes. As of Nov. 16, the average rate for a 30-year fixed loan stood at 7.01%, far below the nearly 8% reached last month. If mortgage rates continue this trend, the market will take off! Many buyers on the sidelines have been waiting for more reasonable loan prices. I am getting bored here, but when rates come down and normalize at a lower level, the real estate market will get hot, and prices will go up. We've already seen this start to happen as the Mortgage Bankers Association reported loan applications have risen to their highest rate in a month. Right now, prices are probably at the lowest point we're likely to see in a while, and there's still a lot of negotiability in the marketplace. That makes the present moment a great time to buy. If the economy keeps trending in the right direction, and you wait until after the holidays, frankly, it might be too late. So please reach out if now's the time to start your search or sale and spend 2024 in a new home! |
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MY NEW YORK CITY – MICHELIN STAR EDITION |
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Did you know the infamous Michelin Guide was first published over a century ago to promote auto tourism and drive tire sales? Yep, the arbiter of fine restaurants is the same name behind Michelin Tires. In fact, the well-known star system nods to their early goal with one star meaning "high-quality cooking, worth a stop." Two stars indicate "excellent cooking, worth a detour," and three stars signify "exceptional cuisine, worth a special journey." New York City's latest Michelin-starred restaurants were announced on Nov. 7, recognizing plenty of new entries and longtime favorites. At the very top of the list, Eleven Madison Park, Le Bernardin, Masa, and Per Se all retained their three stars; however, Chef's Table at Brooklyn Fare was absent due to a brief closure this year. Fourteen restaurants were recognized in the two-star category, where only Momofuku Ko was omitted, again due to closure. Two Japanese restaurants were promoted from one to two Michelin stars: Upper East Side edomae-style Sushi Noz and Kaiseki Flatiron restaurant, Odo. Among the list of 55 one-star restaurants were eight newcomers and a handful of exits, including Don Angie, Casa Enrique, and The River Café. Each year, the Michelin guide also includes a long list of Bib Gourmand restaurants, establishments that serve exceptional food at reasonable prices, plus a list of restaurants that, while not awarded quite yet, earned the distinction of being positively reviewed. All in all, it's an amazing honor, and I'm particularly excited to see so much recognition for restaurants in my neighborhood, including some of my favorites: Nura, Rule of Thirds, Bonnie's, and Madre. If you have not been, you must go! And you'll definitely want to bookmark Eater's map of Michelin-starred restaurants so you'll always know where to stop in the city, whether on foot or tire. |
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| | 17 East 17th Street, Unit 4 |
| 2 BD 2 BA ~1,577 SF $3,695,000 |
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| | | | 643 East 11th Street, Unit 1B |
| 2 BD 2 BA ~1,504 SF $1,795,000 |
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| | 452 West 19th Street, Unit 5D |
| 2 BD 1.5 BA ~1,022 SF $1,425,000 |
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| | | | 214 North 11th Street, Unit 1B |
| 1 BD 1.5 BA ~1,330 SF $1,225,000 |
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| | | 2 BD 1.5 BA ~1,700 SF $18,500/mo. |
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| | | | 17 East 17th Street, Unit 4 |
| 2 BD 2 BA ~1,577 SF $17,500/mo. |
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| | 23 East 10th Street, Unit 408 |
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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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