Thanksgiving
This year marks the 97th annual Macy's Thanksgiving Day Parade. Macy’s first was held in 1924 and they have hosted a parade nearly every year since—the only exception was a brief stretch from 1942 to 1944 wherein the parade was canceled to conserve helium for use during World War II.
We feel forever grateful for the constant love and support given to us by our clients, friends and colleagues.
We are especially thankful to be able to gather with our family and children when so many are not so fortunate.
War in the Middle East
The October 7th, 2023 terrorist attack was a horrific event. We feel so much pain thinking about the hostages still captured.
In the same breath we feel terrible about the innocent civilians losing their lives due to the retaliation war.
Although big world events do influence the real estate market, we are optimistic since rates have fallen and traffic is remaining constant. We understand many in the world are suffering while we are sitting here writing newsletters and we acknowledge the reality many are facing.
Praying for peace and resolution for everyone soon.
Market Report
Finally there has been some relief in these higher rates! The interest rate on a 30-year fixed-rate mortgage is 7.125% as of November 20, which is 0.375 percentage points lower than Friday the 17th. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.250%, which is also one whole percentage point lower than Friday!
Although we're not in 2020 territory, we have seen that this drop has created movement in the real estate market. Our open houses were very busy and buyers are making offers the week of Thanksgiving!
Remember- the best deals are found during hard times!
Deal of The Month
509 West 122nd Street Apartment 22
After a year and a half of looking with my cash buyer we were the winners of a bidding war on a 2 bedroom and 1 bathroom coop in Morningside Heights. This is a testament that supply issues will still lead to bidding wars in a difficult market! Being an academic, my client dreamt of living near Columbia University and finally got the opportunity.
The inventory there is scarce so when this turnkey, South facing, 2 bedroom came to market it was no surprise it got multiple offers.
We were able to secure the property and have been board approved! Check out this unicorn of a listing here. A great reminder, in slow real estate times, there will always be pockets of neighborhoods with bidding wars.
Pre-war elegance meets sleek modernity in this spacious two-bedroom apartment in the historic Ogontz building in Morningside Heights. The Ogontz was highlighted in Apartment Houses of the Metropolis, a 1908 publication that introduced the ‘new’ concept of select apartment dwellings designed with capacious rooms, ornate interior details, lofty ceilings and luxurious amenities that exceeded urban expectations of the era.