It's Getting Hot in Here!
This historic NYC heat wave, defined by a seven day stretch of temperatures in the 90s and above with an exorbitant amount of humidity thrown in, is becoming truly unbearable, drastically impacting the quality of life for New Yorkers around the city.
Around the world, the UK, Italy, France, Spain and some other very popular vacation destinations for New Yorkers are facing similar temperatures providing no relief. Regardless, summer is a good time to take it slow but when it’s hotter than usual, it’s a great reminder to do a little less, rest a bit more, and take your time to enjoy your travels.
Market Report
The Manhattan sales market has slowed down. Why? Rising mortgage rates, increasing inflation, and recessionary fears. Compared to last year, contracts signed in May, June, and July are down an average of 25%.
The result of this has led sellers to come down in price. Over the same period, there were 25% more price cuts, with an additional 7% reduced versus last year.
In terms of the rental market, mid- August showed 28 contracts signed, over 5300 leases signed, and a 2% drop in vacany.
With volume leading prices, today’s price action will likely be evident in upcoming quarterly reports. At this point, it is only a matter of time before the slowdown becomes a part of the permanent sales record. While this seems like a drastic change, it's the market normalizing. The post pandemic market was insane and not sustainable, we are now going back to levels we saw pre pandemic when we were in a buyers market.
One-to-One
The euro made big news in July when it fell to the same value as the US dollar for the first time in twenty years! American news outlets are deeming it's “a good time to be an American in Europe.”
For American tourists, that means European vacations are more affordable in dollars than they've been in the past. So, while airfare and other travel costs are rising, the strong dollar might help offset those increases for lucky Europe-bound Americans.
According to American news outlet, CNBC, the near parity between the euro and the dollar mean that Americans “traveling to one of the 19 European Union countries that accept the euro” will get a “15 percent discount on purchases today relative to a year ago due to the exchange rate.” Go grab those Chanel bags people, and grab me one too!
Property of the Month
FOR RENT AND FOR SALE
8 East 63rd Street 2/3 and 4/5
Welcome to 8 East 63rd, an exceptional 25’ wide Manhattan two family townhouse located on a tree lined street between Fifth Avenue and Madison Avenue- along with the most exquisite real estate in New York City.
Residence 2/3 is a spectacular three bedroom, three and a half bathroom home featuring an intercom system on each floor, central A/C, LED lighting, and decorative fireplaces. This unit is approximately 4,900 interior square feet and 500 square feet of terrace space.
Residence 4/5 is a sophisticated NYC four bedroom, four and a half bathroom home with European charm, elaborate details and high ceilings. This unit is approximately 3,300 interior square feet and 600 square feet of terrace space.
This one-of-a-kind New York City property was designed by distinguished architect CPH Gilbert in 1878. Gilbert built the townhouse for his client Joseph Hodges Choate- an acclaimed lawyer and salesman- to mirror an 18th century English townhouse. Erected in the finest location, the brick facade boasts limestone trim and an elegant three-story rounded bay. The city block is famous for its limestone facades in the Beaux-arts and Italian Renaissance palazzo styles. Neighboring homes constructed by the great townhouse architects, CPH Gilbert, John. H Duncan, and D & J Jardine for high-profile residents such as Woolworth, Bloomingdale, Brokaw, and Oscar Hammerstein. Planted in the most coveted area in all of Manhattan, the home offers a world-class Upper East Side lifestyle. A few doors from Central Park, fine private schools, first-rate museums, Madison Avenue shopping, and elite dining.
