October 2022

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).

September 2022

New York Fashion Week

Alongside Paris, London, and Milan, semi-annually New York hosts one of the four biggest fashion weeks in the world. Held in February and September each year, New York Fashion Week takes over the City. 2022 NYFW was a triumphant return for many after February's shows were impacted by COVID19- with last minute cancellations from many big names.

A first of it's kind event and street fair- Vogue World made headlines celebrating the publications 130th anniversary. A-list figures like Serena Williams and Lil Nas X made debuts on the runway.

Market Report

• Manhattan NYC Supply is up 6.5% from last month.

• Inflation at 8.3% and mortgage rates continue to increase. The priority of the Federal Reserve for the past year has been to tame down inflation, slow down the economy and prevent a recession. To do this, the Fed has been increasing interest rates. Rates are expected to increase by another 0.75 percentage points.

• Any buyers on the fence due to rising mortgage rates should see this chart. Although rates are certainly higher than they were a year ago, they are still significantly lower than almost any time throughout history. Thank you to fellow agent Scott Musmanno for providing this.

Queen Elizabeth II

Queen Elizabeth II, born April 26th, 1926 became the longest reigning Monarch in British history as of 2015. Her Coronation was held on June 2nd, 1953 and unfortunately came to an end September 8th. She was laid to rest on September 20th at Windsor alongside her late husband of more than 70 years- Prince Philip.

Following her passing, there has been a large social media calling for the Koh-i-Noor Diamond (105 karat gem) to be returned to India. The diamond came from India’s alluvial mines thousands of years ago, wove its way through Indian court intrigues before eventually ending up in the British Crown Jewels by the mid-1800s.

To understand where the diamond came from—and whether it could ever go back—requires diving into the murky past, when India was ruled by the Mughals.

To read the whole story- click here

August 2022

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.