March 2024

Market Report

Market Report

As we enter the busy season here is our advice for sellers and buyers with help from research done by Urban Digs:

The peak listing period runs from March to June. Despite a decline in prices in 2023, the market is showing signs of rebound. Supply is tight, but new listings are expected to change that. Sellers should take advantage of the seasonal uptick in contract activity, but keep price expectations realistic. While the market may have improved, it's likely only a partial recovery, resulting in a balanced market at best. Nonetheless, these conditions are favorable for sellers.

Buyers should be aware that seller leverage may have peaked. While prices still favor buyers compared to last year, expect more competition and less flexibility from sellers. Deals are still available, but there is increased urgency. The market is likely turning around, so buyers should adjust their approach accordingly.

Easter in NYC

Show up with your most lavish hat at St. Patrick's Cathedral at 10am for the Easter Bonnet Parade and Festival.

2. Brunch is always a good idea and TimeOutNY has a list of the best Easter Brunch's in NYC - click here.

3. SpringTopia at the Seaport - Head over to Seaport Square and the rooftop at Pier 17 from 11am-2pm on Saturday, March 30 for a kid-centered Easter festival that includes dancing sessions, face painting, wreath-making, egg races, Easter bunny photo-ops and more.

4. Children's Museum - Join the Children's Museum of Manhattan for a weekend of museum-wide egg hunts, papier-mâché Easter Egg decorating sessions, basket weaving classes, bunny head band arts-and-crafts sessions, and much more.

5. Adult Easter Egg Hunt! Don't let the kids have all the fun. This adult Easter egg hunt kicks off with cocktails. In addition to re-experiencing the childhood glee of scavenging for colorful eggs, you'll also get the chance to win prizes.

6. Plaza FunThe Plaza Hotel is gearing up for an egg-celent week leading up to Easter Sunday, starting with a series of afternoon tea hours starting March 24 until March 31 from 10am-4pm. The afternoon tea service will take place in the hotel's Palm Court, and will include a selection of Easter-themed pasties and sandwiches. 

Its (almost) time to put your jackets away and bring out the Spring Fashion! Once 60 degrees hits I always find myself changing out my closet and what better way to add to the inventory then with a subscription to Retail with Ronnie. For only $50 a month you are able to receive 4 articles of clothing. The best part is you don't have to commit long term, can cancel at any time and the first month is free! 

Check it out www.RetailwithRonnie.com

Property of The Month

201 East 79th #16I $999,000

JUST LISTED - This Oversized 1 bed with optional 2nd bed has a separate kitchen, formal dining, and east facing living room. With brand new floors this apartment is perfect for the first time buyer looking to have a place to grow into with a new baby or office space. 

Located in prime Lenox Hill this building has gone through a HUGE transformation for the new owners to enjoy.

February 2024

Buyer Incentives For First Time Buyers

On Right now several banks are offering incentives to first time buyers. 

Currently, Citizens Bank has a first-time Buyer Program for eligible buyers, potential for $10,000 towards closing costs + a reduced interest rate. To be eligible you must live in an address that is approved for the program. It doesn't matter where you are buying, yes you read that right - they want to see where you currently live. 

US Bank is offering a similar program and up to $7,000 in closing credit. 

Bankers have mentioned that it really is address by address and they have seen one person approved and another on the same block not approved. 

Let us find out if you are eligible for this free money. We have the right bankers in our network to help you navigate this market. 

Taylor’s Pad

Unless you live under a rock I'm sure you've seen Taylor Swift all over the news after that Chief's super bowl win. So we wanted to spotlight the popstar's legendary NYC pads. 

Out of 7 properties that she owns, she has 3 multimillion dollar homes in our great city. 

1) She bought 2 adjacent penthouses at 155 Franklin Street, converting them into one large duplex that has a total of 10 bedrooms and 10 bathrooms, a billiards room, and an incredible sweeping staircase.

 2) She then purchased a century-old townhouse right next door. The home, equipped with luxury amenities including a home theater, gym, guest suite, and terrace, is estimated to be valued at $18 million.

 3) In early 2018, she paid $9.75 million for an additional three-bedroom, 3,500-square-foot loft on the second floor of the same TriBeCa building, dramatically upping her stake in the super-coveted 155 Franklin Street.

I wonder if she'll ever become an uptown girly? Maybe in the next chapter of her life with Travis. 

Market Report

The luxury market had another great week with over 25 contracts signed over 4 million. 

Supply is still scarce but week over week there was a slight increase. 

Future declines in mortgage rates will likely bring even more new listings onto the market, as sellers grow more comfortable trading in the low rates they secured before or during the pandemic for a rate that’s only slightly higher.

Although buyers are regaining the upper hand, with limited homes on the market, competition for well-priced listings isn’t going away. In NYC, close to one in five (17.4%) homes sold for more than their initial asking price last month.  

(Streeteasy)

Building of The Month

The Frost House

1160 Third Avenue

This month we wanted to spotlight a very special Upper East Side building. Our team has done countless deals in the building and we are very friendly with the board.

From combination units to studios, buyers, sellers, and investors we've worked it all here. Our recent transactions, to name a few - we closed on a B line studio just 3 months ago where we represented the seller. We are currently in contract on a very special combo unit for over a million. We have an amazing opportunity for a one bedroom on the D line currently listed. And last but not least we're working with a seller on a higher floor Junior 4 D line which was recently gut renovated available for $899,999. 

Recently the commercial space attached to the building was sold by the sponsor to Ouri's a kosher marketplace which just FINALLY opened! Check out this new neighborhood gem for fresh bagels, sourdough, great coffee and tons of fresh produce. 

January 2024

Let It Snow

After a 700 day snow drought New York City has continued to see some flurries. On the 16th and the 19th of the month the big apple got some snow for the first time since February 2022. The storm systems also brought frigid cold winds. Although not quite sledding weather the city was finally covered in a white dusting for a few hours.

On snowy days like we've seen there's a plethora of ice skating rinks you can hit in the city! Here are just a few:

- The Rink at Rockefeller Center

- Wollman Rink

- The Rink at Brookfield Place

- Glide at Brooklyn Bridge

Stay warm and stay active!

Retail With Ronnie

New year, new budgets, new wardrobe! 

With the freezing cold temps it's hard to dress up and look cute while also staying warm. This winter is the perfect opportunity to take advantage of the rental subscription service Retail with Ronnie which offers 4 articles of clothing at a time at only $50/month. Check out the sweaters, blazers, and cozy winter dresses HERE.

Market Report

The average 30-year fixed mortgage rate fell to nearly 6.5% in the first week of 2024, after peaking at close to 8% in October. While mortgage rates will remain volatile, this lower rate suggests more homes are primed to enter the market this year at more affordable price points than what’s currently available. 

Buyers are gradually gaining negotiating power, as the gap between sale price and initial asking price widens, particularly in Manhattan. The Manhattan luxury real estate market, defined as all properties priced $5M and above, saw 14 contracts signed this week, made up of 10 condos, and 4 co-ops.

Property of the Month

IN CONTRACT

8 East 63rd Street 

Some say third time's a charm and in this case they were right. We were the third broker to take over this listing in the last few years of it being offered for sale. After receiving 3 offers and repositioning the property effectively through our online presence we were able to secure a deal this month. Following negotiations and discussions with both buyer and seller we are in contract with our trophy property. This story is one for the books and as soon as it closes we will disclose how we got this listing from a cold call.