MANHATTAN & BROOKLYN | SEP 2024
A farmhouse that was located in NYC at 84th Street and Broadway (1879) (MCNY)
Rate Cute?
Some mortgage rates have fallen by more than 1% so far; were the Fed cut already baked into the cookie? While the NYC market is showing optimistic signs in many neighborhoods, reducing mortgage interest rates could address the larger share of all cash purchasers and balance the market with more purchaser's financing.
Be sure to keep an eye out for the next newsletter since I’ve also incorporated weekly scoops.
Discover your next chapter with an amazing New York City home tailored to your desires, or take a moment to explore the ins and outs of your upcoming real estate journey. I am also happy to share my experience on the NYC market, which I have gained as an agent, investor, and homeowner.
- Tarik
THE CORCORAN REPORT: AUG
MANHATTAN | CONDOS & CO-OPS
Manhattan sales in August 2024 saw 875 contracts, a 1% year-over-year increase, marking the third consecutive month of annual gains.
Condo sales increased 14% while co-op sales decreased by 7%, with reported sales rising for all price points except the $1M to $2M range.
The average price per square foot dropped 5% to $1,826, with condos seeing a 7% decline and co-ops experiencing a 9% rise due to more luxury sales.
Discounts off the last asking prices deepened to an average of -5.4%, with 83% of contracts transacting below asking prices compared to 67% in August 2023.
Which renowned New Yorker from the 1800s lived in the farmhouse shown above?
THE CORCORAN REPORT: AUG
BROOKLYN | CONDOS & CO-OPS
In August, the Brooklyn market saw improvement after five months of annual sales declines, with condo and co-op contract activity increasing by 10% and 35%, respectively.
Six of the eight submarkets experienced a year-over-year increase in contracts, with South Brooklyn leading in growth with 30 additional sales, especially in the sub-$1M market.
Inventory grew for the fourth consecutive month, with co-op listings increasing 49% and condo listings up 27%, though total listings remained below the historical August average of 1,750.
Co-op price per square foot dropped 14% to $556, bringing overall price per square foot down 2%, while more than 70% of sales occurred at or below the asking price.
Which Brooklyn submarket experienced the largest nominal annual sales growth in August?
THE CORCORAN REPORT: AUG
MANHATTAN | $5M+ CONDOS & CO-OPS
August 2024 saw 54 sales over $5M, a 10% year-over-year increase, marking the second strongest August in five years.
Sales over $30M doubled year-over-year, while listed inventory over $5M decreased by 4% to 971 units, with Downtown experiencing a 10% drop in supply.
Days on market fell 21% to 246 days, the second-lowest August average in five years, influenced by shorter marketing timelines compared to the previous year.
Average price per square foot declined 12% to $3,168, with resales exceeding $11,000 per square foot in both August 2024 and 2023, while the average resale price was $3,024 excluding outliers.
Beyond The Doorman™
110 Charlton ST - $5,650,000
Residence 21A, a two-bedroom, two-and-a-half-bathroom condo on Greenwich West's desirable southwest corner, has stunning views and a large patio off the living room.
Parisian architect Sebastien Segers designed this residence. Casement windows illuminate the living room's over-10-foot ceilings and wide-plank European white oak floors. The open kitchen boasts Miele appliances and Molteni&C walnut cabinetry. Unique Carrara marble islands connect bookshelves, countertops, and backsplashes.
The main bedroom has water views, an "office-sized" walk-in closet, and a marble-clad, windowed bathroom. Sanctuary has polished nickel-plated engineered-rosewood wall-mounted vanities. Bathroom with view in Bedroom 2.
Join me for a tour of this Hudson Square classic loft building and see why river views should be a part of your life.
Happening Around the Borough
Fotografiska's Last Month
After five successful years, Fotografiska is closing its doors in the historic Gramercy building and relocating to a larger space. To mark this exciting new chapter, they're hosting two must-see exhibitions until their closing date on September 29th. Don't miss your chance - grab your tickets before they sell out!
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The Feast of San Gennaro
Little Italy's beloved Feast of San Gennaro is back this September! Enjoy authentic Italian food, lively music, and colorful parades celebrating the rich heritage of the neighborhood over eleven days. Check out all the details at the link below.
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The Best Lesser-Known Locations for a NYC Picnic
Whether you're gearing up for a weekend barbecue with friends or planning a leisurely Saturday afternoon picnic to soak up the final rays of summer, we've got you covered! Discover some of the city's best-kept secrets with our list of hidden gems that offer the perfect setting for your next outdoor adventure.
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.