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.

December 2023

Holiday Activities in The Big Apple

This year marks the 97th annual Macy's Thanksgiving Day Parade. The festive holiday spirit in New York City can be felt in the crisp winter air starting the day after Thanksgiving. The smell of chestnuts roasting fills Central Park, and the Christmas trees for sale in every neighborhood make each sidewalk smell comforting. Take a look at some of our recs for activities this 2023 season:

1) The Winter Village at Bryant Park is back in all its glory. On the grounds you can peruse more than 180 shopping and food kiosks. Before that you can work up an appetite at the 17,000-square-foot ice skating rink.

2) The Rockefeller Center Christmas Tree doesn't require any explanation. Don't miss the most iconic symbol of winter.

3)  GingerBread Lane—the world's largest gingerbread village—will return to Manhattan with NYC-inspired designs.  Artist Jon Lovitch has been working on the detailed gingerbread display all year long. Find GingerBread Lane at Chelsea Market in Manhattan from November 26 to January 7.

How Can We Give Back?

Volunteering during the holidays is an incredible way to spread joy and make a meaningful impact in the community. Here are some of our most beloved soup kitchens, shelters, and toy drives to volunteer with during the holidays in New York:

- Holy Apostles Soup Kitchen: Since 1970, this Chelsea haven has served as a beacon of hope, providing hot meals and companionship to New Yorkers facing food insecurity. Join their "CSW (Christmas Season at Work)" program to help prepare and serve meals, spreading holiday cheer on a plate.

- Dress for Success: Empowers women on their journey to economic independence by volunteering at Dress for Success. Help volunteer or donate professional attire to build their confidence in job interviewing, with the potential of making a lasting impact on their lives.

- Toys for Tots: Bring smiles to children's faces by donating new, unwrapped toys to this iconic organization. Every toy collected brings the magic of the holidays to a child in need.

Every act of kindness, no matter how small, can create a wave of positivity in our city. 

Market Report

The fed has announced there will likely be 3 cuts next year to aid interest rates. For the sellers unable to move their product this year this brings great opportunity for a new set of buyers next year. 

With rates coming down will expect to see the supply of for-sale homes on the rise. An increase in supply will lead to increased demand which may have an effect on pricing. For those looking for bargain pricing, I believe our days are numbered. 

Property of the Month

205 East 78th Street #7J

This charming prewar gem exudes character and comfort, boasting a large 1-bedroom layout highlighted by a classic fireplace. Its inviting eat-in kitchen offers a warm gathering space while the added convenience of a washer dryer and a window in every room brings light and ease to this vintage beauty. 205 East 78th Street is an extremely well-run prewar cooperative built in 1931. 

November 2023

Thanksgiving

This year marks the 97th annual Macy's Thanksgiving Day Parade. Macy’s first was held in 1924 and they have hosted a parade nearly every year since—the only exception was a brief stretch from 1942 to 1944 wherein the parade was canceled to conserve helium for use during World War II.

We feel forever grateful for the constant love and support given to us by our clients, friends and colleagues. 

We are especially thankful to be able to gather with our family and children when so many are not so fortunate. 

War in the Middle East

The October 7th, 2023 terrorist attack was a horrific event. We feel so much pain thinking about the hostages still captured.

In the same breath we feel terrible about the innocent civilians losing their lives due to the retaliation war. 

Although big world events do influence the real estate market, we are optimistic since rates have fallen and traffic is remaining constant. We understand many in the world are suffering while we are sitting here writing newsletters and we acknowledge the reality many are facing. 

Praying for peace and resolution for everyone soon. 

Market Report

Finally there has been some relief in these higher rates! The interest rate on a 30-year fixed-rate mortgage is 7.125% as of November 20, which is 0.375 percentage points lower than Friday the 17th. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.250%, which is also one whole percentage point lower than Friday!

Although we're not in 2020 territory, we have seen that this drop has created movement in the real estate market. Our open houses were very busy and buyers are making offers the week of Thanksgiving!

 Remember- the best deals are found  during hard times! 

Deal of The Month

509 West 122nd Street Apartment 22

After a year and a half of looking with my cash buyer we were the winners of a bidding war on a 2 bedroom and 1 bathroom coop in Morningside Heights. This is a testament that supply issues will still lead to bidding wars in a difficult market! Being an academic, my client dreamt of living near Columbia University and finally got the opportunity.

The inventory there is scarce so when this turnkey, South facing, 2 bedroom came to market it was no surprise it got multiple offers.

We were able to secure the property and have been board approved! Check out this unicorn of a listing here. A great reminder, in slow real estate times, there will always be pockets of neighborhoods with bidding wars. 

Pre-war elegance meets sleek modernity in this spacious two-bedroom apartment in the historic Ogontz building in Morningside Heights. The Ogontz was highlighted in Apartment Houses of the Metropolis, a 1908 publication that introduced the ‘new’ concept of select apartment dwellings designed with capacious rooms, ornate interior details, lofty ceilings and luxurious amenities that exceeded urban expectations of the era.