July 2024

Market Update

The New York City real estate market is maintaining its strong performance, with consistent activity observed in recent weeks, particularly in the luxury segment. High-end properties are generating significant interest, and the inventory levels are stable, creating a balanced environment for both buyers and sellers.

Market trends indicate a steady pace of transactions, with properties in desirable neighborhoods selling quickly. Pricing remains competitive, reflecting the city's ongoing demand and limited supply of prime real estate.

Investors and homeowners are optimistic, as New York City's unique appeal and vibrant economy continue to support the market. Overall, the outlook for NYC real estate remains positive, with continued growth and resilience expected in the coming months.

This week, investors had their eyes on the inflation data, which yielded mixed results in two significant reports. During his testimony to Congress on Tuesday, Fed Chair Powell made it clear that he wasn't signaling any changes in future monetary policy timing, leading to a subdued market reaction. Consequently, mortgage rates ended the week slightly lower as a result of these developments.

BROOKLYN HEIGHTS

111 Hicks Street, Unit 16B

1 BD 1 BA 850 SF $899,000

It's an exhilarating time for buyers, and we're here to make your homeownership dreams a reality! Imagine finding the perfect home that checks all your boxes, just like our recent success story in Brooklyn Heights.

Our buyer initially explored the Upper East Side but soon realized her heart was in Brooklyn Heights, where she grew up. With our guidance, she swiftly secured an incredible property—Unit 16B—featuring stunning Statue of Liberty and water views and impeccable finishes. In just 50 days on the market, we had her under contract for this spacious one-bedroom corner unit.

Now is the ideal moment to buy. Prices remain competitive, and we're dedicated to negotiating the best deals across Manhattan and Brooklyn. Whether you're a first-time buyer or looking to upgrade, let us navigate this exciting market for you. Don't miss out on your perfect home.

Contact us today and let's find it together!

Camp

Summer is the perfect time for children to have fun, create lasting memories, and develop socially. In Manhattan you will find almost everyone talking about “camp.”

Children as young as three have the opportunity to board early morning buses and spend their days outside the city. They are given the opportunity, that they may not often get in NYC to swim, play sports, dance , learn magic, go-cart and rock climbing to name a handful. They often arrive back in the city around 5pm, exhausted but eager for what the next day has to bring.
By the time kids finish 4th grade they are often ready to experience camp in another way. This time spending up to 7 weeks, sleeping away from their home. Sleepaway camp allows for kids to not only try new activities such as waterskiing or archery, but fosters lifelong friendships as well as gives them the opportunity to gain a sense of independence and freedom.

For parents interested in learning more about camp, whether day or sleepaway, Camp Expert Allison Aspis would love to help. She will listen to what you may be looking for and can help with everything from providing recommendations, scheduling tours, explaining timelines and prices. Feel free to reach out to her Allison.Aspis@campexperts.com

to give your child the opportunity to have fun, follow their passions and create lasting friendships.

Balloon Story

Escape the never-ending heat wave and step into a whimsical world filled with balloon wonders that ignite curiosity and imagination at every twist and turn.

Prepare to be amazed by the artistic potential of balloons. The exhibits, featuring intricate sculptures and immersive displays, push the boundaries of art. My kids loved it! They spent a good amount of time playing in the balloon pit, with the massive balloons in the enclosed area and finished off the trip by getting some creative cotton candy.

The exhibit runs from July 3rd to August 24th at Park Avenue Armory - 643 Park Ave. Click here for more info.

June 2024

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

UPPER EAST SIDE

162 East 80th Street, Unit 5C

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.

May 2024

Mother’s Day Event

It's a time to celebrate the selfless love, unwavering support, and boundless sacrifices that mothers make every day.

This year, our annual Mothers Day Soiree was at the Park Loggia Lounge. It included incredible vendors like Shop VSRA for home accessories, Rosy Blu Diamonds, and Kidiliz - a European brand of childrens clothing and accessories. Thanks to all our friends and clients who came to support our team!!

Market Report

Another Compass breakthrough! We've closed over 38,000 transactions in Q1, an increase of 7.1% year-over-year. We grew our national market share considerably in Q1 2024 to 4.76% and grew our revenue by 10% year-over-year delivering $1.05 billion in revenue and sales volume of $40.1 billion. Compass was free cash flow positive in Q1 2024.

Rooftop Cinema Club

Want to experience something new? Visit The Rooftop Cinema Club in Midtown this summer!

Arrive early to take in the views and play games with the city as your backdrop. Select your seats, grab a drink and a snack on classic cinema concessions. When the film, begins, you'll be able to live completely in those movie moments with personal headphones and an amazing view of the big screen.

Check out the schedule of movies and dates here.

CROWN HEIGHTS

1078 Carroll Street

6 BD 3 BA 4317 SF $2,200,000

So happy for our buyers who are in contract on this amazing property! With over 10 parties at the first open house, we moved quickly and were able to solidify a deal. Brooklyn is on fire and if you are in the market to buy - working with a broker can make a huge difference in this competitive market.

1078 Carroll Street is beautifully renovated semi detached 2 family with many original details intact. There are stain glass windows throughout as well as original moulding coffered ceilings and parquet floors. The kitchens and baths are modern and beautifully designed in keeping with the buildings original style. The English basement receives lots of light, has windows throughout as well as a separate entrance. It is unfinished and is an opportunity to create even more living space. The house comes with a separate two car garage accessed by a private alley for the residents of Carroll St and their Crown St. neighbors. What a Gem!!