MANHATTAN & BROOKLYN | DEC 2023
Aerial view of ice skaters in Central Park, Fifth Avenue and 59th Street, NYC, 1944.
The pause continues!
It's remarkable what the Fed's continued interest rate freeze can do for our spirits. The equities market recovered some of its losses, mortgage interest rates fell, real estate buyers have more confidence in committing, sellers are more confident in moving to a new home, and renters anticipate a calmer market in 2024. This reminds me of stuff I learned in ECON 101.
We can't wait to see what occurs in the new year, but first, enjoy a joyous holiday with the ones you care about the most. Happy Holidays!
If you would like to talk more about real estate, feel free to book time directly on my calendar.
Beyond The Doorman™
71 West 11th Street - $13,950,000
This magnificently restored 1851 townhouse on Greenwich Village's Gold Coast is the ideal blend of old-world charm and modern amenities. Gardens are essential for any townhouse, and this one does not disappoint. The garden is almost 40 feet long and features a rare white ash tree, bamboos on the back wall, and ivy. There is enough room for numerous seating areas and an outside barbecue, making this a great spot for entertaining or relaxing outside. Learn More
THE CORCORAN REPORT: NOV
MANHATTAN | CONDOS & CO-OPS
In November 2023, 719 contracts were signed, down 10% year-over-year and 14% versus last month.
Year-over-year changes in contract activity varied by price point and submarket. Residences asking $2M to $3M and over $5M, as well as those on the Upper West Side and in the Financial District and Battery Park City, increased versus a year ago.
At the end of November, active listings totaled 6,475 units, a 5% annual decline and a 1% drop versus October. This was the lowest number of active listings of any November since 2017, as very few sellers listed their properties.
The average price per square foot, at $1,792, was 7% lower than a year ago. The marketwide year-over-year decline was driven by an 8% drop in condo price per square foot, as co-op contracts saw a 20% increase thanks to several luxury penthouse sales near Central Park over $5M.
Which submarket had the largest Y-O-Y increase in contracts signed?
The buildings in Manhattan with the most sales in November?
THE CORCORAN REPORT: NOV
BROOKLYN | CONDOS & CO-OPS
Brooklyn sales fell 5% year-over-year but, atypical of seasonality, rose 5% versus October.
South Brooklyn sales improved most versus a year ago, up 17% due to increases in the number of Fort Hamilton and Sheepshead Bay contracts over $400K.
Inventory fell annually for the 26th consecutive month, down 17% to just over 1,500 listings.
Average price per square foot fell 6% annually due to an increased share of co-op sales, driving the number of sales under $500 per square foot up nearly 20% year-over-year.
Which Brooklyn Price Range had the highest Y-O-Y increase?
THE CORCORAN REPORT: NOV
MANHATTAN | $5M+ CONDOS & CO-OPS
November 2023 had 48 deals above $5M, up 12% from 2022. This was the sixth annual increase in the past seven months, driven by growth in the $10M+ market and a five-month high for resale condo contracts.
Active listings rose 4% versus a year ago. Resale condo and co-op inventory increased year-over-year, but new development listings declined.
Luxury residences spent more time on the market than last November. Days on market rose 10% versus 2022 but dropped 25% versus last month. Despite the annual gain, this was the lowest reading for the luxury market since April.
November luxury sales averaged just over $3,150 per square foot, up 3% annually. A rise in contracts with asking prices above $4,000 per square foot had an impact on this month's figure.
What quarter do you expect the FED to start cutting interest rates?
Happening Around the Borough
NYBG: GLOW and Holiday Train Show
NYBG Glow returns for its fourth annual year, along with the renowned Holiday Train Show! This spectacular outdoor light experience covers the New York Botanical Garden with thousands of dazzling lights and festive installations. Grab a drink, a bite to eat, and on special nights, end your stroll with an after-dark visit to the Holiday Train Show. Purchase a special combination ticket at the link below.
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Governor's Island Winter Village
Starting on December 1st, Governor's Island is transforming into an ideal location for winter activities. A must-visit destination for both tourists and locals, adults and children, you'll find a plethora of food trucks, fire pits, twinkling lights, and the annual Ice Sculpture Show. With special events to be announced throughout the season, this is one trip you'll want to make. Check out more at the link below.
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Holiday Themed Cruise
Looking for something new to do this holiday season? The Classic Harbor Line is bringing the festivities from land to sea. With everything from holiday jazz and wine tastings to holiday brunch and New Year's Eve fireworks, there's something for everyone! Click on the link below to explore their offerings and purchase tickets.
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Holiday Ice Skating Around in NYC
Ice skating in New York is one of the city's most beloved winter traditions. Whether you're putting on ice skates for the first time, a full-on pro, or just there to cheer on your friends, there's a rink for you. We've rounded up some of the best locations that NYC has to offer. Get ready to lace up those skates, or sit back and watch with a cup of hot cocoa.
All information contained within this document is intended for informational purposes only and is sourced from sources that are considered reliable. Although the information is believed to be accurate, it is presented subject to omissions, errors, modifications, or withdrawal without prior notice. This is not intended to solicit property that has already been listed. Equal Housing Opportunity.