January 2023

Real Estate with Ronnie

My website has been updated! Check it out HERE for our latest New York listings, newsletters, videos, and testimonials. You'll find all things #RealEstatewithRonnie!

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.

December 2022

Holiday Season in NYC
Arguably the best, and most crowded time to be in New York City is the holiday season. There is an overload of activities to check off in the big apple. Here are just a few NYC finds...

1. We'd be remiss if we didn't mention the Rockefeller Christmas Tree. This year's tree measures in at 82 feet and weighs in at 14 tons. The Norway Spruce came from Queensbury, New York, and was transported to the city via flatbed truck. The trees change annually but they always provide the same sense of awe.

2. The Winter Village in Bryant Park is not only the largest Christmas market in the city but also by far the nicest on account of its adjacent ice rink and places to shop and eat. This along with its amazing location among all the skyscrapers makes for the perfect Christmas experience.

3. Share the joy of the holidays with your loved ones this year at the Christmas Spectacular Starring the Radio City Rockettes. Experience Radio City Music Hall as it transforms into an immersive, magical wonderland and discover what’s new in this iconic New York City tradition. Make time for joy this holiday and create lasting memories with the legendary Rockettes.

4. Ice skating in NYC is one of the city’s most beloved seasonal traditions. While some skating rinks are open year-round, ice skating in the winter — especially around the holidays — is a special treat. The iconic rink at Rockefeller Center and the Bank of America Winter Village at Bryant Park are bursting with holiday cheer (and fab food and drinks), while low-key rinks at NYC parks offer a more chill experience. Don't worry, you don't have to be an expert to strap on the skates!

Give the Gift of Diamonds

Diamonds are everyone’s best friend, right? Recently there has been a shift in the way people view and value diamonds. They are ethically controversial because of how they are mined and very expensive.

Lab Grown Diamonds have picked up a lot of popularity with Gen Z. They are a third of the price and even jewelers can not tell the difference. It is said that the only difference is the GIA certificate to prove that a diamond is “real” and not lab grown. 

     A lot of families will never buy lab grown because they will not appreciate in value however, how often are people selling back their diamonds? Usually they are passed down and become more sentimental family heirlooms than assets on your financial statement. Lab grown are great alternatives for those fashion pieces - solitaire earrings, that 2 stone ring, or that tennis choker you want to be able to travel with.

If you are interested in learning more or purchasing, I can connect you with a wholesaler here in NYC.

Market Update

To no one's dismay, New York City was ranked #1 on the most expensive cities to live in this year. In order to create the list, the EIU compares more than 400 individual prices across more than 200 products and services in 172 cities. 

According to this year's Worldwide Cost of Living Index, released by the Economist Intelligence Unit (EIU), the average cost of living is up 8.1% in 2022, owing to the Russian war in Ukraine and the lingering effects of the  pandemic. 

Unsurprisingly, New York City took the cake this year, alongside Singapore.

Deal of The Month
150 East 65th Street

Excited for our clients who are now proud tenants of this beautiful 4 story townhouse.

Built in 1899, this beautiful home lives between Third and Lexington and includes almost 3,600 interior square feet, an elevator, four private outdoor spaces with a full backyard with jacuzzi, terrace, balcony and roof deck, king sized bedroom with sky-light, a library, fireplaces and a full basement perfect for a live-in nanny.

The top floor has a king sized bedroom with skylight and balcony, a full bath, a fourth bedroom and a spiral staircase to the roof deck.

Wishing everyone Happy Holidays and a wonderful New Year from the Ronita Kalra Team. We are so grateful for your support, your business and all the referrals. Cheers to a healthy and prosperous 2023!

November 2022

Market Report

November marks the beginning of the holidays and typically the slow down in NYC real estate market.

Supply, generally declines as new sellers, understandably so, wait for the new year to list their homes for sale. Many people in NYC travel for the holidays or have company staying with them so many buyers are also less likely to begin searching now.

The already active buyers in New York however, can score some good deals in the last month of the year as most sellers would be happy to end the year with the gift of a signed contract.

2022 Elections

The Democrats have won in Arizona and Nevada, maintaining control of the Senate. While republicans have seized control of the House.

In NYC, Ms. Hochul, who became governor last year after the resignation of Andrew M. Cuomo, became the first woman to be elected governor of New York, ending a nearly 250-year-long streak of men in the governor’s mansion.

A notable win in New York, voters overwhelmingly approved the largest environmental bond issue in New York’s history, authorizing Albany to borrow up to $4.2 billion to clean up the environment, reshape infrastructure for climate change and reduce fossil-fuel emissions.

Thanksgiving Macy's Day Parade

The crown jewel of Thanksgiving in NYC has always been the Macy's Day Parade. The parade has been a staple in the big apple since 1924, being suspended only once during World War II. For three hours on Thanksgiving day in NYC, 12 foot floats take over the city streets. Starting at West 77th Street & Central Park West the festivities come to a climax at Macy’s in Herald Square (the largest department store in the US).

NYC Marathon

The New York City Marathon is an annual race that courses through the five boroughs of New York City. It remains the largest marathon in the world and along with Boston and Chicago is one of the World Marathon Majors.

This year runners experienced a near record temperature high of 73 degrees by 2PM. The spiked climate alongside the humidity proved to be a huge hurdle for runners.

Congratulations to this year's winners- Evans Chebet finishing in 2:08:41 and debut victor Sharon Lokedi finishing in 2:23:23.