Market Update
This summer has been busier than expected! According to Bloomberg, U.S. 30-year mortgage rates experienced their most significant drop in two years last week, reaching their lowest point since May 2023. This decline has led to a surge in refinancing applications. Data from the Mortgage Bankers Association, released on Wednesday, shows that the contract rate for a 30-year fixed mortgage fell by 48 basis points to 6.34% over the past week and a half. Additionally, the rate for a five-year adjustable mortgage decreased by 31 basis points to 5.91%, marking the lowest rate this year.
The fed has already announced another rate cut in September, leading us to believe we will be very busy this fall and in 2025!
UPPER WEST SIDE
2 BD 2 BA, Contact Agent For Pricing
Private Exclusive
Welcome home to this gorgeous Upper East Side South-facing 2 bedroom, 2 bathroom apartment with a rare working wood-burning fireplace. This home has been lovingly maintained and updated throughout the years. Located on a quiet tree-lined street, this boutique Co-op building is well-maintained and has a full-time staff. Upon entering, the main living space is centered around the wood-burning fireplace. It has high ceilings and four large south-facing windows that let the sunshine light up the space. The generous dining area has an entrance into the kitchen, allowing for seamless dinners and entertaining. These grand open rooms allow the living space to be adapted to fit any lifestyle. A windowed dual-entry kitchen will please any chef. It features a Bluestar gas range/oven, ample storage, and vast granite counter space. The kitchen also has a stainless steel dishwasher and refrigerator. Both bedrooms and bathrooms are separated from the main living space, allowing privacy if working from home or entertaining. Both king-size bedrooms have two south-facing windows that fill the rooms with light. The primary bedroom has an ensuite bathroom and a washer/dryer combo unit tucked into a closet. The perfect location! The primary bedroom and the main living space have upgraded very quiet PTAC units that allow additional electric cooling/heating beyond the normal building-supplied steam/cooling. Located in a full-service building with a full-time doorman, elevator, and on-site laundry facilities, this home offers the epitome of convenience and luxury. Additionally, the building has a bike room for your storage needs. Take advantage of the opportunity to make this exquisite Co-op your new home. Book your private tour today and experience the epitome of Manhattan living at 162 E 80th St.
NAR Settlement
The settlement now requires disclosures to be signed by buyers and sellers regarding who is paying who commission. BUT DONT PANIC! Not much has changed. Let me explain....
Thus far, the industry standard has been for the seller to pay a 6% commission and for the seller's agent and the buyer's agent to split it 50/50. Now, the seller may decide not to pay the buyer's broker a commission and reflect it in the price instead.
Example: You can go buy a property for $999,000, and your broker can be compensated by the seller's broker, or you can go buy a property for $970,000 and pay the $30,000 in commission. Ultimately, the total amount you need to pay remains the same, regardless of the specific breakdown of costs.
Right now, if you buy in a new development, you are asked to pay city and state transfer tax (1.825%) plus your portion of the resident manager's apartment (around 10K) plus the sponsor's attorney fee (4K),, etc. We have ALWAYS negotiated some of these costs.
We should consider broker's commissions the same way we would consider additional closing costs. Depending on the property you choose, a fee may be associated with that, and the listing price will likely reflect that. It can always be negotiated with the other side.
Olympic Recap
The Paris Olympics has come to a close and Team USA is walking out as the most decorated country in this summer's Games. Rounding out weeks of competition, the United States finished Aug. 11 with 126 medals, followed by China with 91 and Great Britain with 65.
The Olympics are so inspiring. Watching the country's best athletes compete always brings our country together with such a sense of patriotism that you forget about being sided with a political party for two weeks. There were so many accomplishments, and reading about the incredible people who train and work so hard to get here always brings optimism and a sense of joy to me personally. As an athlete my whole life, I appreciate the discipline it takes and understand the determination and sense that anything is possible.
Let's make sure to tune into the Para Olympics on August 28th and bring that same energy to those incredible athletes! They are even more unbelievable to me because they have had to overcome so much physically and mentally to get to where they are.
