Real Estate With Ronnie
Click the video below to see the latest #REWR video on what it takes to qualify for a co op in NYC.
Halloween in NYC
There are tons of activities in and around NYC for adults and kids to enjoy this season. Here are some of our favorite New York City Halloween activities.
Great Jack O Lantern Blaze (on Long Island or in New Jersey)
Pumpkin Point on Governors Island
Luna Park's Halloween Harvest at Coney Island in Brooklyn
Boo at the Zoo at the Bronx Zoo
Upper East Side trick or treating on 78th and 82nd street
Market Report
Q3 update
The latest quarterly Manhattan residential data shows resilience as the market normalizes after a hyperactive 2021. High-interest rates and record inflation deter those at more attainable price points, but buyers are willing to pay in all price categories when priced right. While overall apartment sales were down 9.3 percent year-over-year, sales over $20 million increased 21.1 percent compared to last year, indicating that most buyers are taking a wait-and-see approach. In contrast, ultra-luxury buyers who often purchase with little or no financing are willing to buy quality homes for their historical appreciation.
As mortgage rates rose, condo sales in NYC declined the most. The average sales price for all apartments was $1.9 million, up 5.2 percent from 2021 but down 8.7 quarter-over-quarter. The average condo sold for $2.75 million, and the average co-op price traded for$1.3 million. Overall, condo sales declined 15.7 percent compared to last year, and co-op trades jumped 21.9 percent compared to last quarter, strong indicators that most buyers are looking for more affordable apartments.
Contract activity shrank sharply, foreshadowing an evolving market. Contracts signed dwindled 37.3 percent year-over-year and 38 percent compared to Q3. Whats more the average price of contracts also trickled downward by 10.5 percent. The most significant shift was downtown, where contracts dropped 42.8 percent year-over-year. Nevertheless, it is essential to remember contracts signed do not include off-market deals, which have escalated in recent years. While comprehensive Q3 data represent a market correction, some things remain unchanged. First, New York real estate has historically appreciated, and people will always need a place to live. While the bidding wars and soaring prices of 2021 may be over, it would be a mistake to sour on Manhattan real estate in the long run. (Compass Q3 report)
The Manhattan luxury real estate market, defined as all properties priced $5M and above, saw 21 contracts signed this week, made up of 14 condos, 4 co-ops, and 3 houses. The previous week saw 13 deals.
Property of the Month
320 West 19th Street #6F
FOR SALE
Welcome to 320 West 19th Street Residence 6F. This one bedroom one bathroom gem in the heart of Chelsea lives on the top floor of the building and bathes in sunlight from its Southern facing windows and skylight.
Upon entering, the kitchen is to your right. Through the kitchen is your bathroom. The vast living space is anchored by a wall of windows which allows tons of natural light. Further on is the expansive bedroom which comfortably fits a queen size bed.
320 West 19th Street is a well-maintained, pet-friendly, elevator Co-op with a live-in super. Other features include: updated on-site laundry facilities, bike room, and available basement storage. Sublets are allowed after two years of ownership. The building is just steps from the Highline, Hudson Yards, Hudson River Park, Chelsea Piers, Meatpacking District, and some of the best dining, arts and entertainment in the world. Conveniently located near public transportation, including major subway lines (A, C, E, 1, 2, L).
