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Q3 - Greatest Buying Opportunity in a Decade. See Why . . .
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In case you missed it, "Totality" . . . OK, OK, not so much . . . (courtesy @nycgo )
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I hope you are enjoying the last days of Summer; make them count. This Summer is shaping up to be the perfect staging area for an opportunistic Fall, as long as you are buying.
Sellers are asking, "where is the demand?" The demand is there, it's just diluted. The number of the new listings in both the new and resale market has increased on a year over year basis. Consequently, buyers have more to choose from and they are taking their time to do so, especially in the new condominium sector where supply has mounted beyond levels seen before. In most cases buyers have time to revisit properties and thoughtfully consider their decisions. Right now, this measured pace shifts increasing leverage over to the buyers. Also, low and relatively stable interest rates, have given buyers even more purchasing power (see rates below). As more buyers are recognize this dynamic, activity will become more robust and the excess supply levels of homes will begin to decrease.
Regardless of the excess new supply for condos and co-ops, the median listed prices for each had seen methodical growth, condos up a bit more than coops. As of the beginning of Summer though, that trend started to slow, and in some cases drop.
This all spells out enormous buying opportunities rarely seen in Manhattan in many years. I feel it is the best buying opportunity in the decade since the financial crisis. When one considers that those circumstances were quite a different then, it could be even longer. If you have dreamed about buying or even upgrading, you owe it to yourself to get pre-approved for a mortgage and identify your options.
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Your best investment is often in the broker you choose. With Manhattan's palpable level of competitiveness, my clients have considered me their hidden-hand. My 19 years of experience afford me the expertise to pull back the curtain and reveal the circumstances as they are and the possibilities that exist.
* Recognized by New York Magazine & Five Star Professional as one of the "most accomplished
real estate professionals in New York City."
* Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents" for avg. sales
price of $4.350M.
* Recognized member of the 2016
"TOWN Elite" class
* Sold a single family Townhouse faster than any other on the Upper West Side over $10M to
date. (StreetEasy)
* Certified Negotiation Expert (CNE)
* Trivia: Won the 2015 New York Times NCAA Basketball Pool.
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 The Best in TOWN
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Featured Property: 15 West 72nd Street # 23FG ~ Mayfair Towers
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Location, Location, Location...
Nine and a half foot ceilings at the Mayfair Tower...who knew? Indeed, the 23rd floor uniquely provides for nearly 9 1/2' ceilings and unsurpassed views, from every room, of Central Park and historic Bow Bridge. Apartment 23FG is an exquisitely renovated two bedroom, two bathroom home with every possible detail attended to for comfortable living.
See full listing details here
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...about TOWN
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Sellers Chop Prices and Buyers Feel Less Urgency as NYC Real Estate Cools
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MANHATTAN - In the current real estate market, bidding wars are less common, there are fewer all-cash deals, units are languishing longer on the market and sellers are chopping prices a bit more than a year ago, experts say.
But these cooling conditions do not necessarily translate into bargains.
In Manhattan, homes sold, on average, for about 6 percent less than their last advertised price, according to a report on second quarter sales data released from
Douglas Elliman. That was nearly three times higher than what it was a year ago, at 2 percent, and tied the highest listing discount in five years.
Sellers are adjusting their prices as the number of days that units remained on the market jumped more than 21 percent to 108. "Buyers are just sitting," Elliman report author Jonathan Miller said, marking a stark contrast to the frenzied open houses of 2015. "It's a more sustainable market. The conditions reflect more realistic expectations by all parties."
Still, Manhattan's median sales price - representing the midpoint of the market - jumped 7 percent to a record $1.189 million, and the average sales price hit a record $2.189 million, the Elliman report found. "We're not seeing the insanity of 2015, but we're still seeing this upward pressure on prices," Miller added.
Read more.
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Solving NYC's condo riddle
With bank deadlines looming and carrying costs mounting, developers scramble to pencil out condos planned in a far different (and stronger) market
Since 737 Park opened in 2013, developers have poured thousands of new Manhattan condo units onto the market. In 2017's second quarter, condo inventory in the borough stood at around 5,900 - up 35 percent year over year, according to Halstead Property Development Marketing (HPDM). And prices for new condos are significantly down amid a slowdown in luxury sales.
For developers who already have skin in the game, the numbers are alarming, particularly since many penciled out their projects several years ago, when the market was on a (seemingly) unstoppable upswing. Read more.
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A new NYC tower will be the tallest residential building in the world
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Excerpt: When Central Park Tower is completed, it will be the second-tallest building in the country (after
One World Trade) and the tallest residential building on the whole damn planet. The new renderings of the place (which were
first surfaced by real estate blog 6sqft) show a reflective tower that overlooks the southern end of
New York's most iconic park.
The new building will house a seven-floor Nordstrom at its base and will include a private dining room and grand ballroom on its 100th floor. Alas, what with the building being primarily residential, most hand-to-mouth New Yorkers will never be able to take in the view of the park from such great heights. Instead, we'll continue to slog along at the street level, wondering what it's like to live among the clouds.
Read more at TimeOut.
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NYC landlords try out lower rents as concessions stagnate
The use of concessions is still high, but it looks like landlords will depend on them less.
by Emily Nonko
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The New York renter's
year of concessions may finally be changing course, as landlords realize they
can't solely depend on concessions to bring tenants into higher-priced buildings. According to the latest market reports, rent is still soft and we're starting to see that "landlords aren't raising their use of concessions, but are starting to set prices less aggressively," says Jonathan Miller.
Read more.
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Is now the right time to Buy?
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QUESTION: I'm interested in buying, but the market seems volatile (or on a possible downswing) right now. On the flip side, I'd like to get in while mortgage rates are still low, if they're likely to go up soon. Is now a smart time for me to get into the market, or should I hold off?
ANSWER: "...while it's true that prices could eventually go lower than they currently are, it's risky to wait it out, and still savvy to get into the market as it currently stands. "If the market is in a downswing that's a little bit prolonged such as the one we're having now, almost any time you buy is a good bet," says Deanna Kory. "Waiting for it to turn around could be dangerous, as nobody can 'time' the market properly and consistently."
With interest rates still near historic lows and the recent price drops....[Hmmmm]
Read more at Brick Underground.
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Get Out of TOWN . . . to Miami
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Missoni Baia's Condomium Residence
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Missoni Baia's 249 Edgewater condominium residences celebrate the timeless appeal of waterfront living in relaxed, modern style. It cuts a prominent figure on the Miami skyline and on East Edgewater's waterfront. Missoni Baia soars 57 floors into the air and spans an impressive 200 feet along Biscayne Bay.
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Edgewater's waterfront. Missoni Baia soars 57 floors into the air and spans an impressive 200 feet along Biscayne Bay.
With its forward-thinking, high-performance design by acclaimed international firm Asymptote Architecture, Missoni Baia's new luxury Edgewater condos capture the Missoni spirit of innovation and imagination. It's like no other residential tower in Miami.
Contact me for more information.
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Mortgages & Interest Rates
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Market Reports & Resources
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Market Report Sales: The Aggregate: 2nd Quarter 2017
click here
Leasing Report - Manhattan Y-O-Y % Change in Median Rental Price:
click here
(courtesy NY Times)
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On the TOWN: Discover . . .
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Let me introduce you to
Bill Levinson, a Renaissance man who is successfully pursuing his second, or perhaps even his third or fourth, Act. He is a degree holder from Princeton, Harvard and the UCLA film school. After a prolific writing career in entertainment in which he created various television shows and won the Writer's Guild Award for Best Daytime Script in 1997 and was nominated four times for an Emmy for Best Daytime Script (which he won in 1999), he changed directions. He began writing about art, collecting art, photography and architecture. This was the beginning of a journey and education in drawing and illustration, anatomy, painting, printmaking, letterpress, and digital photography. In 2007 he studied printmaking in Florence, Italy for three months. Growing bored with traditional photography, Levinson began making his current body of work, all of which employs his own photographs, prints, paintings, and drawings as well as appropriated imagery. P
lease
click here
to see...and participate. Enjoy.
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Taste of the TOWN
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The Hottest Restaurants in Manhattan Right Now, August 2017
These places are burning up the borough
Eater editors get asked one question more than any other: Where should I eat right now? NYC dining obsessives want to know what's new, what's hot, and what is going to be the next big hit in the greatest dining city on earth. So here you have it, a guide to the hottest restaurants in Manhattan this month.
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Robert Rosenthal
The Food Humorist©, is a Manhattan born man-about-town who writes,
produ
ces and hosts programs about food. I highly recom
m
end his new book for Dads like myself.
There is a new kind of dad, and he's doing far more domestic duty than at any time in history, includin
g
cooking. Although it's written with a sense of humor, this book is a serious resource for dads and anyone else interested in upping their game to make great tasting foo
d
bat home, even if they have never used a chef's knife or a roasting pan before.
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G r a f f i t i
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...
. . . man about TOWN
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