Real Estate with Ronnie
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Interest Rates
Current rates in New York are at around 6% (lower than last month!) This rate however, can be lowered through negotiation of your property.
Here's how: the seller can buy down your rate. A "buy down" is a way for a borrower to obtain a lower interest rate by paying discount points at closing. Discount points, also referred to as mortgage points or prepaid interest points, are a one-time fee paid upfront. In the case of discount points, the interest rate is lower for the loan term.
In an alternate form of a buy down, the points purchased reduce the interest rate for a given amount of time at the beginning of the loan. This arrangement is typically paid for through funds escrowed by the seller. Since the interest rate is lower during this time, the borrower’s monthly mortgage payments are more affordable. The cost for each discount point depends entirely on the amount you, as the borrower, take out on the loan. Each point that a borrower pays is equivalent to 1% of the loan amount.
For example, a mortgage lender may offer a borrower the ability to reduce their interest rate by 0.25% in exchange for a point. So, if the borrower is obtaining a mortgage for $400,000 and is offered an interest rate of 4%, paying $4,000 would lower their interest rate to 3.75%.
Contact a mortgage broker to learn more.
Market Report
On a personal level, this last weekend we felt a turning point in NYC. We saw HIGH activity at all open houses across the market at all different price points. All of our buyers also agreed that the open houses they visited all had multiple parties.
According to Compass data, OH traffic was up 70%!
Last week we saw the highest sales volume in the luxury market in over 9 months.
There were 145 contracts total signed last week in Manhattan.
All these signs are pointing to a healthy strong recovery. 2023 is off to a great start!
Property of The Month
8 East 63rd Street
Welcome to 8 East 63rd, an exceptional 25’ wide townhouse located on a tree lined street between Fifth Avenue and Madison Avenue- along with the most exquisite real estate in New York City. This 10,000 sq. ft and 9 bedroom home features three private terraces, an elevator, 11’7 ceilings, 6 fireplaces, and so much more. The home encases two duplex apartments which are separate except through the main stairwell.
This one-of-a-kind 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.