...it's not so cold out there, after all.
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Regardless of perception and sentiment, virtually all the market metrics are aligned for buyers to capitalize…a rare and unique state of affairs for Manhattan, where sellers have always reigned supreme. The best deals and relative value are in the luxury sector.
Apartment choices are stacking the shelves with the best inventory we have seen in years, providing buyers the opportunity to buy what they once only dreamed of. Extremely low interest rates have further provided buyers with unforeseen purchasing power. This, coupled with increasing numbers of sellers embracing the new pricing norms, has empowered the buyer to leverage more aggressive offers. Consequently, the marketplace has begun to resuscitate itself and is stabilizing. The market activity is more robust in the lower price ranges where competition is still strong. That momentum will eventually carry up into the luxury sector. There has been such a backlog of inactivity that it's beginning to release. It will be choppy waters, but I anticipate gains over time. Meaning those who are actually looking in the luxury sector now,
regardless whether they are successful in striking a deal…or not
, will remember this window of opportunity.
Generally, since the peak of 2014-2015, we have seen a gradual drop in prices between 15-25% depending upon which sector and/or micro-market you analyze. The reasons for the declines are varied. Aside from the trade war, the overwhelming causes have been policy driven: higher mansion taxes and transfer taxes, the limitation on the SALT deductions (state and local taxes), the LLC restrictions, revised rental laws etc. The list is long. Also playing into the drama are international buyers, who are more scarce than before. The stronger US$ has forced many foreign investors to look elsewhere for value, places like London and Australia. Likewise, currency restrictions on money exiting countries such as China, Russia and even India have had a substantial effect on Manhattan’s results up to this point.
What an amazing opportunity to upgrade!
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As I always ask:
Are you prepared to dive in? You should always know what you are in a position to buy or sell at all times. If you don't know, reacquaint yourself with the marketplace. What is your property worth? What can you afford to buy? Anyone interested in buying or selling, should be rolling up their sleeves to determine whether the time is right to sell or if there's a home or investment property out there for them.
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One of a Kind
THE BRENTMORE
88 Central Park West
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Unlike any other...
Being the only true boutique residence on this coveted corridor of
CPW makes this cooperative one of the most exclusive homes in the city.
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Approximately 3,500 sqft with sweeping views overlooking Central Park.
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Secluded grandeur...views...location...your own private elevator...
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Rare Flatiron Loft With Views of
The Empire State Bldg & Madison Square Park
21 East 22nd Street, Loft 8A
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Location, Location, Location...
Right in the heart of the Flatiron District, nestled between NoMad and Gramercy Park, is an oasis...
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...the gorgeous and tranquil, sought-after, tree-lined block on
East 22nd Street between Broadway and Park Avenue South
.
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The living/dining room spans over 25' with
a wall of
spectacular windows
and over 11' ceilings .
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Manhattan Home Sales See Smallest Decline in Two Years
by Arshat Carmiel
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Excerpt:
"It was the smallest year-over-year decline in deals since buyers started retreating in 2017, according to a report Friday by
appraiser
Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. While home-shoppers are still wary of overpaying in a market where prices had shot up more than 50% from the bottom in 2012, more sellers are
acknowledging
those concerns and marking their properties down.
'If you want to sell, you have to look at the new reality, the new adjustment,' said Steven James, chief executive officer of Douglas Elliman’s New York City division. 'Those who reduced the price met some encouragement and actually made deals.'"
Read more
.
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The Decade Dominated by
the Ultraluxury Condo
The 2010s saw the rise and fall of the super-high-end condo, and its impact will echo for years to come in Manhattan and the boroughs.
By Stefanos Chen
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Excerpts:
- "Luxury real estate is a sentiment-driven market"
- “You never had this kind of supply in these price ranges,” said Gary Barnett
- "The competition has meant deep concessions to buyers, including developers’ offers to cover closing costs, several years of common charges and other sweeteners."
- Reviewing the areas that experienced the biggest rent increases in the 2010s found that seven of the top 10 neighborhoods were in Brooklyn, according to census data collected by the New York University Furman Center. At the top of the list were the neighborhoods of Williamsburg and Greenpoint in northern Brooklyn, where the median monthly rent was $1,854 in 2018, up 54 percent since 2010 (see table below). Read more.
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Rents:
Reviewing the
areas that experienced the biggest rent increases
in the 2010s found that seven of the top 10 neighborhoods were in Brooklyn, according to census data collected by the New York University Furman Center. At the top of the list were the neighborhoods of Williamsburg and Greenpoint in northern Brooklyn, where the median monthly rent was $1,854 in 2018, up 54 percent since 2010.
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Photo courtesy:
New York Post
In the last seven years, 36 skyscrapers, all taller than 700 feet, have risen. That's compared to the 38 that were built over the previous 100 years.
A new generation of supertall buildings tower over the landscape, in part, because of savvy developers seizing on loopholes in the city's zoning laws.
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* MORTGAGE & INTEREST RATES *
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Historical perspective of mortgage rates since 1972.
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Purchasing Power
This Year vs. Last
Interest Rates
:
Example below reflects today's 30 year fixed rate of 3.250% vs. rates of 4.625%, just over a year ago.
$1M borrowed at 3.250% = $4,352/month
$1M borrowed at 4.625% = $5,141/month
That is a difference of $789/month or $9,468/year.
Alternatively, we could look at it this way:
At 3.250%, $4,352/month will afford you a $1M mortgage.
At 4.625%, $4,352/month only afforded you a $846,500 mortgage.
That is 18% more purchasing power than last year,
just because of interest rates.
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GET PRE-APPROVED AND LOCK IN YOUR RATE FOR AS LONG AS YOU CAN
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The Latest 2019 Market Report - Sales
:
Interactive Rent vs. Buy Calculator:
Other Markets:
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Mornings at MoMA
See MoMA's galleries before they open to the public. See modern masterworks by artists such as Henri Matisse, Louise Bourgeois, and Pablo Picasso, and fall in love with new favorites in our recently reinstalled galleries.
Before the Museum opens for the day, you and a small group of like-minded enthusiasts will embark on an intimate tour with one of our knowledgeable and engaging art historians. Don't miss this rare opportunity to experience the early-morning tranquility of the galleries.
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My Pick -
L'Avenue at Saks
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L'Avenue
Like it's sister of the same name along Avenue Montaigne in Paris, style is a protagonist.
You must arrive prior to your reservation to enjoy a drink downstairs in
Le Chalet
, with its cozy apres-ski decor. You might consider the
Saks in the City
from the cocktail menu or just an icy martini to start you off. You will then be ready to sally over to your table and dig into some Escargot Extraordinaire or Truffle Risotto. From there move on to the Tom Yam Chili Sea Bass or the Morel Veal Chop or even the Dover Sole. Finish off by going to the pastry counter and grab a few macarons.
Saks Fifth Avenue
212.940.4099
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The Hottest Restaurants in Manhattan Right Now
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The Hottest Restaurants in Manhattan Right Now.
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 it is, a guide to the hottest restaurants in Manhattan this month.
See the list
. Image of Nowon.
Katie Harman [Official Photo]
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"Improv Cooking" with Rob
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It's your old friend Rob here to wish you a very happy decade and invite you to come cook with him on
Thursday night, January 23rd.
Here's what you should know...
1.
Fully equipped professional kitchen space.
All the tools, pots, pans, ovens and top notch ingredients are good to go.
2.
It's hands-on and interactive
. Which means that everyone gets involved in the preparation of the meal. Here's where you might pick up a few tips and tricks.
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3. You're going all in on
vegetables
for this class. Hey, it's January. Some have even called it Veguary.
4. It will be
delicious
. You'll make Buffalo cauliflower. Pea soup. Risotto. Pink peppercorn biscuits. And a very tasty dessert.
5. After 2 hours of prepping and cooking, you'll sit down to
enjoy the meal
with a couple of bottles of wine.
Space around the cooking island is limited, so if you're interested, here's th
e
link
to sign up for the class. The $95 price tag covers the whole 2&1/2 hour experience, including dinner. So if you have an appetite for fun, join in.
7 to 9:30 PM @ the JCC on the UWS, 334 Amsterdam Ave.
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"Short Order Dad " by Robert Rosenthal
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The Food Humorist©, is a Manhattan born man-about- town who writes, produces and hosts programs about food. I highly recommend 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, including 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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New York City * The Hamptons * Palm Beach * Miami
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With Partnering Worldwide, Brown Harris Stevens continues to leverage its very productive relationships with top brokerages nationally and internationally by inviting partners to high- light key properties in their respective markets on BrownHarrisStevens.com, and to feature our important properties on their sites.
Learn more
.
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- 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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Roberto Cabrera
Licensed Associate Real Estate Broker
New York City * The Hamptons * Palm Beach * Miami
rcabrera@bhsusa.com
o: 212-906-0554
m: 917-701-3907
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Brown Harris Stevens
130 Fifth Avenue, 2nd Floor,
New York, NY 10011
(917) 701 3907
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