MANHATTAN & BROOKLYN | FEB 2024
The Long Island Motor Parkway (AKA Vanderbilt Parkway) in 1908 @nycurbanism
Dropping mortgage interest rates!
With the "street" now pushing back Fed Rate cuts until the second half of this year, I expected us to remain at the upper end of mortgage interest rates for some time. Then, this week, I received some incredible data from my team of mortgage professionals, with Jumbo loans rate of interest marketed at 6.125% 10-Year Arm and 6.375% 30-Year Fixed. Based on such numbers, which are obviously subject to change, one may reduce them even lower with a lender relationship. The combination of lower-priced homes, increased purchasing power, and the ability to refinance rates suggests well for an active NYC residential market.
Stay tuned for the next update, and I hope the information below provides you some insight into the amazing world of NYC real estate.
You know how many high-achieving buyers and sellers in New York City become frustrated by the numerous obstacles to closing a real estate transaction? They are primarily concerned with obtaining either the highest or lowest price at the right time. What I do is assist clients like that by organizing their aspirations and developing a customized plan to achieve the best results with the least amount of effort on their behalf. What steps do you take to close a sale or purchase a NYC home? Let’s Connect.
Beyond The Doorman™
135 East 15th Street - $14,800,000
This stunning 1887 single-family home has been converted into an architectural gem. Zeluck's solid mahogany windows, wider apertures, and repaired brick and brownstone transformed the facade. The five-story, 8,524-square-foot home has a roof terrace and additional outdoor area for luxury living and entertainment.
There are five suites, two maid's rooms, a guest room, 8 full bathrooms, and 2 powder rooms. The house has a grand living room with fireplace and patio leading to the private garden, a large dining room with space for lavish dinners, a library, a chef's kitchen with breakfast area, a family room with direct garden access, a playroom, a reading alcove, and media rooms. Five wood burning stoves, two gas fireplaces, plaster moldings, an elevator serving all levels, new mechanicals, and a humidification system in the HVAC are among the original historical characteristics. Listing courtesy of Corcoran Learn More
THE CORCORAN REPORT: JAN
MANHATTAN | CONDOS & CO-OPS
This was the first time since March 2022 that sales increased on an annual basis for two months in a row (an increase of 14% versus last month and 18% compared to last year). Days on market, which normally lag behind deal activity, increased by 8% from 2023.
By price, the lower-end saw more contract activity compared to 2023, while co-op sales surged by a greater annual percentage than condo sales, which are typically more expensive.
This was the sixth straight month in which listed inventory (5,727) declined year-over-year (10% compared to December and 5% annually).
Co-ops offered deeper discounts than condos, at 4.6% off last ask, compared to condo's average of 4.3% off.
Which neighborhood had the most signed contracts?
Which neighborhood had the most signed contracts with private outdoor space?
THE CORCORAN REPORT: JAN
BROOKLYN | CONDOS & CO-OPS
The under $1M price segment increased by 26% year-on-year and accounted for more than half of sales in Brooklyn last month, marking one of the segment's biggest market shares in three years.
Brooklyn sales grew 25% year-on-year, led by the under $1M price segment and transactions over $3M, marking the second straight yearly increase following nearly two years of declines.
Inventory declined for the 28th straight month, dropping 17% to 1,246 listings. This is the second-lowest inventory figure since The Corcoran Group started tracking in 2017.
The overall average price per square foot fell 4% annually and month-over-month as sales shifted to value-oriented neighborhoods.
Hottest New Construction in Brooklyn based on signed contracts?
THE CORCORAN REPORT: JAN
MANHATTAN | $5M+ CONDOS & CO-OPS
In January 2024, there were 64 sales for more than $5M, a 31% increase from January 2023. The annual gain was led by a 38% increase in contracts ranging from $5M to $10M.
Active listings are up 2% from a year earlier. While resale condo and co-op inventories climbed year-on-year, new development active listings decreased by double digits.
Days on market are down 18% compared to January 2023, but up 15% compared to last month. By product type, new development days on market fell the most year-over-year, but resale condo and co-op marketing times also decreased annually.
Luxury sales in January averaged a little more than $3,000 per square foot, a 4% decrease from the previous year. This month's annual decline was caused by a sale for more than $8,000 per square foot last year; without that contract, the average price per square foot would have increased by 3% annually.
Which building signed the highest price per square foot in January?
Happening Around the Borough
Off-Broadway Week
New York City's theater scene is so much more than just Broadway. In over fifty venues, mostly downtown, off-Broadway shows are producing groundbreaking works, and now is your chance to grab 2-for-1 tickets. Check out the link below for the full lineup and to purchase tickets.
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New York City's Best Sledding Hills
With winter in full swing, there are bound to be some snow days popping up here and there. What better way to carve and enjoy fresh snow in this town than by going sledding. Here are the Big Apple's premier sledding spots across the five boroughs.
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Celebrate Black History Month
New York is one of the most prominent cities in the country, shaped by black history and culture. During February, you can expect to see everything from food festivals, film screenings, and author talks to art exhibitions and more. February 15th marks The Harlem Chamber Players 16th annual Black History Month celebration. Click on the link below to reserve your tickets for this free concert.
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Best Museum Exhibits in NYC
New York City boasts a rich cultural tapestry with a diverse array of art museums that cater to different tastes and interests. From contemporary art to immersive experiences, there's something for everyone. Check out the list below of some of the best exhibits around New York City right now to help you escape the cold temperatures.
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.