The Monthly Update - July 2024

What happened to Manhattan’s 2024 Spring Market? 

Well, there was a spring market. It just didn’t rise to the expectations of historical norms. There are many thoughts on why the 2024 spring market was so lethargic, but the only real reason is interest rates. Rates are usually the first topic of conversation when describing the 2024 Manhattan spring sales market. 

Looking at the broader picture first, interest rates at the beginning of the season dipped to around 6.4% from their late Fall 2023 highs of close to 8%. When the rates fell to about 6.4%, it was like a breath of fresh air, and buyers became active again. They especially took advantage of dips in listing prices for any inventory leftover from Fall 2023. Many in the industry believed that if rates continued to decline into the spring of this year, the market would rebound. However, that’s not what happened. Rates steadily climbed to 7% and even 7.5%, causing the spring season to lose what few transactions it had. 

To put the effect of higher rates on the 2024 spring market into better perspective, if you look back at historical data, you’ll see that during any 30-day window during past spring seasons, about 1,100 properties go into contract. We’re talking about condos, co-ops, townhouses, and even new development sales – more than 1,000 homes will go under contract every 30 days. This year, however, the 30-day contract signed meter never really rose above 950, and most of the time, it was hovering around 930 to 935 contracts every 30 days. 

So, what does that look like on a weekly basis? Historically, there are about 350 to 400 homes going into contract each week. During the spring season, between April 1 and June 15, more properties change hands, go into contract and sell between those months than during any other time of the year. However, in 2024, there was no such bump in activity. This year, the weekly in-contract numbers stayed between 200 to 230. There was no significant increase or decrease: The figure just stood in the low 200s all spring long.

Many ask about the supply. Maybe it was the lack of choices that buyers had that caused the contracts to slump compared to past spring markets. Was there just not enough product to choose from, causing purchasers to get disinterested and disheartened, and making them pull back? No, that’s not the case. Overall, listing supply held steady, and it reached its pinnacle, as it usually does, in mid-June, with around 7,400 to 7,450 total listings on the market. Historically, that’s about what the market sees every spring season.

Inventory and overall listing supply were there for buyers to choose from. Sellers were putting their property on the market, looking to unload and sell their listings. But the inventory simply fell on deaf ears. Many buyers either pulled back further or did not move forward with purchases to the tune of about 20-30% lower than Spring 2023. And a lot of that was just psychological, frankly. I say psychological because over 60% of all transactions in Manhattan last year were cash deals, meaning they are completely unaffected by interest rates. Yet, somehow, that didn’t matter. It's psychological. 

In a high-interest-rate market,  all-cash buyers are waiting, just like buyers who are financing and looking for opportunity. All buyers were and are looking for property values to fall. And there were plenty of price adjustments this spring, anywhere from 3% to 10% of the original asking prices. Listings that did sell in March and April were going into contract at roughly 4% under the last listing price. There were built-in discounts, but in many cases, it didn’t seem to matter.

Buyers still seem to be holding back waiting for interest rates to get closer to 6%. All spring long, it felt like the entire market was waiting for some sort of catalyst or spark that never happened. The catalyst was interest rates. Compass CEO Robert Reffkin spoke to CNBC and said that if interest rates got to 6% or the “magical number of 5.99%,” he would expect a sudden surge of buyer activity at all price categories.

So what happens next? Will interest rates dip to under 6% in 2024? While no one knows for sure, many predict there will be no substantial change in rates until the spring of 2025. What does that mean for buyers this summer? It means opportunity! If there aren't very many buyers out there this summer because of interest rates, and there are sellers who remain on the market with their unsold spring inventory, that means they likely have to sell. Many Manhattan sellers will take the property off the market during the dog days of summer, as they know it’s the slow season. Then, they’ll re-introduce the property in the fall or next spring. But those who stay in the market, those are the sellers who need to sell. And those properties provide an opportunity for buyers to purchase despite the interest rate levels, because the discount off the listing price could potentially be better than a dip in interest rates. 

There’s an old saying we’ve heard plenty since interest rates started creeping up over two years ago: “Marry the apartment (price) and date the rate.” That is the mantra and mindset buyers need to adhere to if they’re going to purchase this summer. There will be lower inventory and persistent interest rates, but great opportunities.

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Hoffman Team in the News

Record Setting Sale!

Congradulations to The Hoffman Team's Darya Goldstein who just closed on a $81.5M sale at 220 Central Park South. The sale is the 2nd highest transaction this year and the 12th most expensive in the City's history.

Ranked #18

The Hoffman Team was ranked as one of the top 1,000 teams nationwide and #18 in New York State. We are beyond grateful for the wonderful clients we worked with in 2023. Thanks to all of you!

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Local Happenings

MACY'S 4TH OF JULY FIREWORKS SHOW 2024

Thursday, July 4, 2024

Red-white-and-blue, everything. New York City becomes alive every year with multiple firework shows across the city, but what is known as NYC's most impressive pyrotechnic show is the Macy's Fireworks, where 60,000 shells are launched off of barges into the East river, exploding in all shapes, colors and sizes! Click HERE to learn more!

FIAF'S BASTILLE DAY 2024 CELEBRATION

Sunday, July 14, 2024

Every year, Bastille Day is celebrated across the city by New Yorkers on July 14th. From outdoor parties, feasting on baquettes, cheese and flowing wine, and a range of live performances, the city becomes alive to celebate the historic storming of the Bastille. For all the Fracophiles who want to take part, click the link below to learn more! Click HERE to learn more!

MoMA PS1's WARM UP 2024

Fridays, Jul 12 - Aug 16, 2024

The renowned art institute's summer music series is back for it's 26th annual season! Head to Long Island City to MoMA PS1 to catch a glimpse of innovative artsist from all over the world maijng an echo in the scene of electronic music, both new and historic. For all the music lovers, this is an event series you don't want to miss! Click HERE to learn more!

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The Monthly Update - June 2024

Cooperatives and Condominiums and Rentals, Oh My!

To say New York City has a real estate landscape unlike any other in the country is not an exaggeration. First of all, roughly 60% of the city’s housing units happen to be rentals. For comparison, the national average is the exact opposite, with nearly 65% of all U.S. homes owner-occupied. 

Other than condops (let’s not get into it) and townhouses (which generally start around $4 million), there are two primary types of purchased habitats in New York: the cooperative and the condominium.

Let’s start with the cooperative, or co-ops, for short. Before 1980, close to 90% of all buildings were rentals. In the early 1980s, the co-op conversion craze started when sponsors or developers would convert rental buildings to co-ops. At the time, the city’s economy was in shambles, mortgage rates frequently topped 15% and rental laws capped income for building owners. Co-op conversions were an easy way for building owners to cash out quickly.

Instead of owning the property, with a co-op property, you lease shares of a corporation for a 99-year period. This arrangement allowed shareholders to screen and approve other potential shareholders of their private corporation, which happened to be a residential apartment building, essentially skirting Fair Housing laws in the process. But that’s a story for another time. Today, the majority — about 65% — of purchased (non-rental) buildings in New York City are cooperatives. 

The co-op sales process starts just like any other property: You put it on the market, set a price, get offers, negotiate and accept an offer. However, unlike the rest of the country, here in New York City, the deal then goes to real estate attorneys who negotiate the contract before you sign. But here’s where it gets interesting: The buyers must also fill out a co-op board application — a minor thesis on their personal and financial wherewithal. The board package is submitted to the co-ops managing agent, who reviews it to make sure it’s filled out correctly, and then it goes to the board for their approval. If the board application passes muster, the buyer goes to a board interview. If the board denies the buyer at either stage, the deal is done. It’s over. The third-party board has killed the deal and ended what is often a two-month process! This makes Manhattan extremely unique from the rest of the country because the majority of the property that you can purchase here is subject to approval by a separate board based on your finances, generally. 

Meanwhile, the condominium process is a bit more straightforward. Roughly 35% of the purchase market consists of real property in the form of condominiums. In the condominium purchase process, there is no pass/fail. You own the four walls and have a separate tax lot for the property that you're purchasing. There is a board application, but it’s called a sales application, which is just as comprehensive as the co-op board application, but there is no pass or fail. It’s just a waiver right of first refusal that the condo board has to issue. If they don’t seem to like the buyer, the board has the right to purchase the property for the same price and terms that are on the contract of sale, and the prospective buyers are just out of luck! But, after 22 years of selling property in New York City, I’ve only seen this happen once. It rarely happens because condo buildings generally cannot afford the average sale price in New York City of $1.3 million for a one-bedroom.

If you’re looking to purchase in New York City, getting a strong real estate agent to help you navigate these different types of purchase structures is extremely important. Making sure that you can pass a co-op board even before you start looking at a property is absolutely critical. If you are looking to buy in New York City or have any questions about the buying or selling process, please reach out. We’d love to help.

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Local Happenings

NYC Pride 2024

JUNE 1 - 30, 2024

New York City celebrates Pride every June by bringing millions together to celebrate and advocate for equality. Rainbow-clad activists and allies will take to the streets in support of this year's theme, “Reflect. Empower. Unite”. See below to learn more about this year's NYC Pride events.

Learn More

Tribeca Film Festival

JUNE 5 - 16, 2024

It's back and better than ever! Did someone say "De Niro Con"? Yes, that's right and there's even more! Explore a wide range of festivities at this year's Tribeca Film Festival. From exclusive galas, short film screenings, celebrity panels, participant voting, to exclusive music lounge dance parties, this is the experience for all the film buffs!

Learn More

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Lifestyle Tips and Tricks

Design Choices Sellers Might Want to Rethink

Social media causes a lot of hype, but trends change frequently and could hurt resales. Sellers are wise to play it safe with timeless simplicity.

Courtesy of NAR

6 Spring 2024 Tips for Home Buyers and Sellers

The housing market is in a strange place this spring....

Courtesy of Forbes

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The Monthly Update - May 2024

Pockets of Interest, Areas of Hesitation 

The Manhattan real estate market is acting funny. While pockets of strong buyer interest are definitely driving multiple bids on some properties, other listings are languishing. Spring 2024 is being called a sideways market by many at this point.

Spring inventory this year is similar to years past. There are currently about 7,100 listings on the market in Manhattan. In a typical spring, we’ll see approximately 7,500 listings by mid-June.   So, there’s no issue with supply. The problem seems to be with demand. But what makes this market so intriguing is the evidence of strong buyer interest. Depending on the property, the location, and, above all,  the price, some listings are getting into contract in 30 days or less with multiple bids. However, buyers are still generally moving through bidding wars with their hands guarding their wallets. Yes, we’ve seen some multiple-bid scenarios, but not many over-asking prices. Listings drawing the most attention have that special “something,” including an attractive price. Even those homes seeing a massive response are taking 45-60 days for the seller and a buyer to settle on price when it would only take a week in a typical spring market!  

In-contract listing activity is forming a zig-zagging line, with one week hot and the next week not. Typically, we’d observe close to 400 units going into contract every week during spring. But this year, that figure has been generally hovering around 200 to 230 listings per week. That could be an issue come this summer.

Many blame the Fed and the talk of little or no interest rate reductions. Some say it’s the elections that are ramping up. Whatever the reason, the fact remains that it’s shaping up to be a listing-heavy market, which will put a strain on sellers and pricing. However, New York City sellers have been resistant in the past to lower prices as many don’t actually need to sell. They would like to sell, if they get their bid, but many have the wherewithal to stay in place until the market improves, which can create a gridlock or standoff between sellers and buyers.

I think things will open up later this spring, and buyers will still come to the sales table as the rental market ramps up and rents increase. If buyers are not at the closing table, they’re signing leases. And when they sign leases in great numbers, it could make for a reverse flow back to the sales market, particularly if interest rates start to inch down later this spring/summer. As this situation unfolds, there are a lot of good opportunities for buyers to hit bids today if they are so inclined.

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Local Happenings

Whitney Biennial 2024

MAY 1 - AUGUST 11, 2024

Yes, it's that time again! The two-year wait is over. Head to the Meatpacking District to experience the 81st edition and longest running contemporary art exhibition in the United States, showcasing some of the newest, coolest and most provocative art in the world. For all you art lovers, this event is one you don't want to miss!

Learn More

Japan Parade 2024

MAY 11, 2024

This year marks the third annual Japan Parade in New York City! Catch a glimpse of the action starting from 81st Street down Central Park West to 67th Street. Spectators can also experience the lively Street Fair portion of the event on West 72nd Street off of Central Park West. It's going to be a blast!

Learn More

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Lifestyle Tips and Tricks

80% of Households are Spring Cleaning

Eighty percent of U.S. households are engaging in spring cleaning this year, according to the American Cleaning Institute...

Courtesy of Forbes

Architectural Digest Releases 2024 Outdoor Forecast

The pandemic single-handedly impacted how we live in our homes both indoors and outdoors. While outdoor spaces were hardly an afterthought at the time—in recent years, homeowners have been more focused on how to elevate...

Courtesy of Forbes

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The Monthly Update - April 2024

New York City: Q1 Real Estate Roundup

Three Topics, One Quarter

Contract Signed Activity, Overall Inventory/Supply:

After interest rates came down at the end of 2023, the first two months of Q1 2024 saw a sizable pickup in buyers putting property under contract. With inventory tight because the spring inventory push was still on the horizon, January and February felt more in favor of sellers than buyers. However, as interest rates started to inch up, by the end of February, there was a noticeable pullback by purchasers. Contract signing activity was actually negative during the first two weeks in March. However, as we approach the official start of the spring market (today!), we’re seeing purchasers come back to the marketplace despite interest rates hovering just under 7%. The end of the first quarter of 2024 saw overall inventory reach roughly 6,500 total available listings, which is on par with most previous “normal” years. Historical data also hints at what we can expect going forward — about 7,600 listings by about the middle of June — giving buyers plenty of options and contributing to a more balanced market.

The NAR Settlement and Lawsuits:

Many have read about the changes to commission structures, pending the National Association of Realtors lawsuit settlement. New York City is not under NAR jurisdiction. Most city agents (if not all) are not part of the National Association of Realtors (NAR). The Real Estate Board of New York is our local volunteer governing body, and all of the major firms and most smaller firms are part of REBNY, which has been active in getting ahead of these rulings. Most New York City brokerages have amended their listing agreements to lay out the commission structure so sellers can better understand how the commission structure is paid out and have more options on choosing how to pay out commissions, if they decide to pay them at all. As a New York City real estate agent for the past 22 years, I have to say that commissions have always been a negotiated item, like everything in real estate. Everything is negotiable! Price, commission, closing date, closing costs — you can even negotiate furniture in the apartment! So, the settlement may have far-reaching changes on a national level, but it will be interesting to see how it may or may not affect the New York City market, as the National Association of Realtors never had jurisdiction here.

Looking Ahead:

As the spring market gets underway, we are seeing an increase in overall listing supply and buyer activity, as we do every spring season. We’re not observing a record-setting pace this year so far, but we are seeing a normal flow and cadence, which is refreshing with all the changes that are happening around us. Real estate in Manhattan and Brooklyn has always been a reliable investment with no real swings and angulations up or down. It’s a steady ship that can give many homebuyers and homeowners a sense of stability. And with the presidential election on the horizon, it looks like we’ll see most of the activity in Q2 and the beginning of Q3, with a wildcard for the last four months of the year. Overall production for 2024 should be on par with most normal years once we close out the year in December. 

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COMPASS in the News

Compass is #1!

We are pleased to share that – for the third year in a row – as of the end of 2023, Compass remains the LARGEST brokerage in the United States in terms of closed sales volume (RealTrends 3/8/24).

Almost anywhere a buyer is considering moving, Compass has highly talented, high-integrity, well-respected and hardworking agent to refer you to.

We are proud to be a part of the largest brokerage in the U.S. – where we can best support YOU!

Powered by the Compass network and technology, we have access to the top agents nationwide to help you with all of your real estate needs.

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Local Happenings

The Orchid Show: Natural Heritage

NOW - SUNDAY, APRIL 23RD

Acclaimed artist Lily Kwong, the designer for The Orchid Show’s 20th year, presents a meditative and captivating design inspired by her ancestral connections to the natural world. Don’t miss this chance to be immersed in a mesmerizing array of orchids and to feel enwrapped in this one-of-a-kind experience at the New York Botanical Garden.

More Details

The Easter Bonnet Parade & Festival

SUNDAY, APRIL 9TH

The Easter Bonnet Parade & Festival is all about the hats—lavishly decorated, from the exquisite to the outlandish. Anyone is welcome to join, just show up near St. Patrick's Cathedral at 10am on Easter Sunday to watch or saunter with the group up Fifth Avenue.

More Details

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Lifestyle Tips and Tricks

30+ Best Kitchen Color Ideas

Grab your paintbrush and get ready to give a fresh new look to your kitchen walls and cabinets.

Courtesy of Country Living

Spring Cleaning Checklist

The Ultimate Guide to a Tidier Home. Spring cleaning will be easier with our checklist that covers your house from top to bottom.

Courtesy of Better Homes & Gardens

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The Monthly Update - March 2024

Renting vs. Buying (Post-COVID Edition)

It’s been debated many times before, but now that the New York City real estate market has seemingly turned a corner with a resurgence of buyers back into the real estate marketplace, it brings up the classic debate: What’s better, renting or buying?

The historical data indeed shows a clear trend of real estate appreciation over time, despite occasional downturns, such as the financial crisis of 2007/2008. During another flashpoint, the COVID crisis, the overall market chopped roughly 10% from prices and is still clawing its way back despite sky-high transaction rates during the initial stages of the pandemic. And the current strong buyer push hasn’t really moved the needle for pricing. That said, the correlation between inflation and real estate appreciation is often evident, as real estate tends to be a hedge against inflation due to its tangible nature and value as an asset.

It's understandable that some buyers may hesitate or attempt to time the market, especially in environments with tight inventory like today's landscape. But despite tight inventory, the long-term play to purchase real estate always seems to pay off if you treat real estate like long-term stocks. And waiting rarely pays off. Real estate has consistently appreciated over time, and trying to "get a deal" by waiting for prices to drop significantly can often result in missed opportunities.
Today is that day when prices are still diminished and recovering from COVID, and interest rates have finally dipped into more “normal” and affordable numbers. In short, it’s a great time to buy New York City real estate. Particularly when compared to the cost of a spring rental market, when fair market rates will probably jump anywhere from 5 to 20%. If you can lock in your purchase in the next four to six weeks, you’ll be a very happy seller in five to seven years :-).

In active markets, like today, with tight inventory, it's crucial for buyers to engage effective real estate professionals who understand the business and can help navigate conditions that are changing almost daily. Taking advantage of a market that's at the bottom of its basin is always a good thing, and today is that day!

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Local Happenings

NYC Saint Patrick's

Day Parade

Saturday, March 16, 2024

Head anywhere on 5th Avenue to watch the world's oldest annual St Patrick's Day parade, which has a turnout of over two million spectators every year, with over 150,000 participants marching. This festive event is one you won't want to miss!

More Infomation

Japan Fes

Saturday, March 23, 2024

Explore a culinary journey of Japan without leaving NYC at this year's first outdoor Japan Fes event! If you're a foodie, you need to check out this awesome series!

More Information

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Lifestyle Tips and Tricks

Here's how to 'Tomato Girl' Your Home in Any Season

One of the most talked about interior design and fashion trends this year was the "Tomato Girl" aesthetic. There's a good reason for this - it's polished yet whimsical, with a touch of grand millennial mixed with a dash of quiet luxury.

Courtesy of Forbes

Kitchen + Dining Room From HGTV Dream Home 2024

Beautiful blue cabinetry provides tons of storage in this open kitchen with stunning water views. A lighter aqua-colored island gives family and friends a spot to gather around in this delightful space with layers of blues...

Courtesy of HGTV

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The Monthly Update - February 2024

Riding the Interest Rate Waves...

Manhattan and Brooklyn Market Trends: The current trajectory in market activity continues its upward trend. Buyers are gaining confidence as they anticipate further drops in mortgage rates throughout the year. They are also recognizing that the combination of lower rates and limited inventory will intensify competition, potentially leading to higher prices.

Mortgage Rates: Although rates experienced a slight uptick of approximately 0.25% this month, they remain approximately 2.0% lower than the peak observed in October. Projections indicate a mid-5% rate for 30-year fixed mortgages by the end of the year. Additionally, ARM rates are expected to revert to their historical average, approximately 0.75% lower than 30-year fixed rates, by year-end. This shift is particularly significant for our market and clientele, who show greater receptivity to these products compared to the national average.

Inflation: The Federal Reserve reports a current inflation rate of 3.4%, a decrease from 6.45% at this time last year, with their target set at 2.0%. Some argue that Truflation, considered by many as a more accurate measure, already indicates a rate of 1.87%.

The Fed and the Media: The media often portrays statements from "The Fed" without providing a comprehensive view. It's crucial to remember that the Federal Reserve consists of 12 members, and media outlets may highlight the most sensational quote from one member, often with an opinion differing from the group's average, for the sake of generating clicks.

Lending Landscape: The lending landscape is evolving rapidly with the emergence of niche mortgage products. Some lenders are actively seeking to expand and capture market share, such as in the case of second homes in the Hamptons. Conversely, major banks are scaling back their involvement. It is now more important than ever to collaborate with a lender offering a diverse range of products, rates, and investor connections to address the unique needs of each deal or client.

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Local Happenings

Color Factory‘s

“Colors in Bloom”

FEBRUARY 8, 2024

Take a family trip to the all-ages and one of a kind colorful experiences, 'Colors in Bloom', the latest exhibition at SoHo's Color Factory.

Click HERE to learn more!

Lunar New Year Parade

FEBRUARY 25, 2024

Head to Chinatown to celebrate the year of the dragon! In the heart of Chinatown on Bayard Street between Mott and Mulberry, you will find dancing, festival booths, martial art performers, stunning outfits, firecrackers and more! This is an NYC tradition you don't want to miss!

Click HERE to learn more!

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Lifestyle Tips and Tricks

Foolproof Paint Colors that will Sell your Home

Selling a home with an electric, lime-green living room is going to be more difficult than you originally anticipated...

Courtesy of HGTV

20 Most Affordable Places to Live in the US

With the cost of living on the rise, many Americans are on the hunt for the cheapest places to live in the U.S. that still offer a high quality of life...

Courtesy of Forbes

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Featured Listings

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View fullsize

The Hoffman Team has you covered! With trusted colleagues in over 71 markets nationwide and team members on both coasts, we are here to help - no matter where your move takes you.

Below are some listings from our fellow team member Renato Besabe who works in both NYC and Hawaii.

Featured Hawaiian ListingS:

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The Monthly Update - January 2024

 Five Critical Factors For a Fantastic 2024 

New York City is the heart and focal point of so many global influences, including real estate, finance, tech, the arts, and so much more. So, what needs to happen for Manhattan’s real estate market to have a rebound year after the lows of 2023? Here’s my view on the key factors that will help the Manhattan market improve next year.

 #1 Interest Rates:

With the Federal Reserve signaling lower rates in 2024, the overall real estate market in New York City has already seen a slight uptick in buyer interest, particularly for newer listings. The higher interest rates of the last year affected the overall market, but they impacted properties listed at $2 million or under most of all. The one element with the most potential to help the Manhattan and Brooklyn real estate markets rebound will be whether the Fed actually lowers the federal funds rate and banks follow suit, passing the savings on to buyers in the form of lower mortgage rates. So far, mortgage rates have dipped to their lowest levels since May purely on the strength of three successive Fed rate hike pauses.

#2 The Strength of The General Economy:

The S&P 500 is often seen as the barometer for the general economy. It also provides insight into the health and direction of the New York City real estate market. Simply put, the S&P is a bellwether for our local real estate market. With the Fed hinting at lower interest rates, Wall Street has had a series of rebounds, making up all that had been lost in 2023 in about 24 hours! If Wall Street is happy, it tends to have a trickle-down effect on the local real estate economy. If Wall Street has a banner year, so will Manhattan’s real estate market. As of this newsletter, it seems the Fed’s moves over the last year have started to rein in inflation while avoiding a recession. Bringing all this together would be a win-win for the Manhattan real estate market in 2024.

#3 The 2024 Presidential Election:

In typical presidential election years, agents try to get most business done in Q1 and Q2 before voting takes place. Not much has changed in that respect this year. However, with all that's happening in this particular election, even Q1 or Q2 could be a crap shoot. This may or may not happen, but it could be possible that when Q3 rolls around, buyers could enter wait-and-see mode, possibly re-emerging in Q4 2024 through Spring 2025. But who knows? This is probably the hot-button issue that is hardest to predict. With two former presidents and known entities running against each other, most people can’t put their finger on how the election is going to affect the real estate market this year.

#4 Geopolitical Unrest/Wars:

Global unrest causes ripples in global economies. One can see the unrest in the Middle East/Israel and Ukraine, and its subsequent economic impact, extending through next year. And you can never know where the next conflict will unfold and how it will affect the global or local economies. It’s something to watch out for, for sure. But it’s not an issue we can necessarily foresee. Unrest can unfold anywhere at any time, especially as the world seems to be moving towards more tribal situations. 

#5 The Ongoing Return-to-the-Office Dynamics:

If you look around the skyline of Manhattan, new office buildings are rising everywhere, including the massive new Chase JP Morgan Bank building on Park Avenue.  According to several sources, many Manhattan workers are back in the office at least part of the time, with return-to-work levels reaching almost 80% of January 2020 levels as of June 2023. If you look around Midtown at lunchtime or after work, it honestly feels more like 110% of pre-pandemic levels. Even more workers are expected to return to the office in 2024, which could substantially impact both the rental and sales markets. So, we're watching this indicator like a hawk. 

Looking Ahead:

Manhattan and the overall New York City real estate market stand at a crossroads. Movement in either direction is contingent on several macro and micro factors, all vying for influence. Interest rates, global economies and localized events all will play their part in how 2024 pans out. Today, the NYC real estate market’s trajectory is being shaped by many elements. While challenges persist, we are watching the resilience and dynamism of a Manhattan real estate market seemingly on the verge of bouncing back.

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Local Happenings:

NYC Broadway Week

JANUARY 16 - FEBRUARY 4

It's that time again! Head to the theater district for an extended three weeks of comedy, drama, musicals and more at this year's NYC Broadway Week! Tickets for exclusive select shows are available on sale January 9.

Learn More

Winter Jazzfest

JANUARY 10 - 18

Experience the cool groove of this year's annual Winter Jazzfest! The 20th year of this exciting music marathon comprises of over 600 artists, 150 groups on 20 stages for over 10 nights at NYC's hottest jazz clubs in downtown Manhattan and Brooklyn. For all you music lovers, this is a festival you don't want to miss!

Learn More

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Lifestyle Tips and Tricks:

Pantone Color of the Year 2024...

"In seeking a hue that echoes our innate yearning for closeness and connection, we chose a color radiant with warmth and modern elegance. A shade that resonates with compassion, offers a tactile embrace, and effortlessly bridges the youthful with the timeless."

- Leatrice Eiseman, Executive Director, Pantone Color Institute

Read More

8 Interior Design Trends Going Away in 2024

Are you planning to renovate your home or give it a refresh in 2024? Trends have been interesting for the past few years...

Read More

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The Monthly Update - December 2023

A New York City Real Estate Market with No Identity

Historically, during this time of year, the market slows down, but buyers and sellers still find common ground on pricing. Buyers offer, sellers counter, and a meeting of the minds is reached. However, this season, from late fall to early winter, the market has been different.

First, there's the low inventory issue: With only approximately 6,800 total listings in Manhattan, sellers are not partaking in today's market because of lower prices. Over the last 30 days, sellers have removed almost 900 listings from the market. The current overall inventory is approximately 5% below historical norms. Next, there's the transaction rate or “market liquidity,” which is significantly lower than in prior years. In the 30 days prior to this newsletter, 683 listings were put under contract. That's 10.8% less than the prior month and 0.6% lower than last year. Finally, there's the issue of fewer buyers and higher interest rates. There are significantly fewer buyers at open houses and in the market in general. Many say this is due to listing prices staying the same despite higher interest rates. 

So, it's not a buyer's market, although buyers are getting decent deals when it comes to sellers who have to/need to sell. But it's not a seller's market either, although many sellers see the lower inventory numbers and are trying to hold the line on pricing because they feel their unit is worth every penny. As the market searches for direction, buyers blame sellers for not coming to the reality of today's market. And their argument has some merit. Sellers are stubborn on pricing, for inventory which has moved it was partially due impart to price improvements. 

Most listings that have gone under contract over the last month are priced anywhere from 3% to 7% lower than last year's inventory. As Steven James, former sales director for Douglas Elliman and currently the President and CEO of Berkshire Hathaway HomeServices New York City, puts it, “You have worry on the part of buyers and worry on the part of agents and sellers who aren't willing to see the reality of pricing.” This stubbornness creates a low transaction environment, not quite a stalemate, but it's definitely slower. James goes on to say that “inventory is down, but pricing is stable.” 

The Manhattan market is primarily made up of co-ops, which require at least 20% to 30% down payments. And with the high incomes in New York City, sellers often don't need to sell. Because of this, some would say sellers are preventing a more liquid or higher transactional market from happening. Many buyers would love to dip into the sales market, especially with a hectic rental market, where prices will likely rise again this spring. This all creates an environment with significant pent-up buyer demand. We saw this bear out over a few weeks in the middle of November, when there was a slight adjustment in interest rates down to around 7.125%, which galvanized some buyers to place offers and get deals done. 

For the buyers who stick it out, make offers and negotiate deals, there are great (hidden) opportunities in today's market. Many sit on the sidelines as they look at listing prices that have only adjusted slightly off historical norms, but good things can happen for those who do partake! 

So, as this market searches for its identity, smart purchasers are out there hammering out deals with sellers who — seeing that the market won't likely change much over the next 12 months — liquidate and move on. 

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Local Happenings

Best Holiday Markets in NYC

The best holiday markets are right here in NYC—full of both the holiday spirit and the most unique gifts out there.

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Dyker Heights

Christmas Lights

Considered one of the best New York City attractions during the holiday season, the Dyker Heights Christmas Lights is back and better than ever!

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The Monthly Update - November 2023

October’s Tricky, Spooky, Scary Mystery Real Estate Market

Boo! I didn't mean to scare you. It was just October's scary Manhattan and Brooklyn real estate sales market!

This attempt at levity may not be all that funny to anyone actually trying to navigate current sale conditions. Everything is challenging, from pricing properties to negotiating deals for both the buyer side and the seller side.

The overall numbers suggest that inventory is down roughly 500 units from historical norms. We ended October with 7,323 listings when typically there are about 7,700 homes available. We also finished the month with just over 750 contracts signed, when historically, there are over 900 listings under contract at the end of October. Scary!

So, what could be contributing to all of this spooky behavior? Interest rates, for one. I have seen commitment letters over 8.5%! With interest rates like that, buyers are getting spooky with their offers, suggesting that sellers buy down their interest rate a point or two while also providing bids 10% under the asking price! These are truly gruesome numbers for most sellers.

While the rental market has been strong through most of this year, it's been relatively dead lately. The slight reductions that landlords are forced to offer bring renters back to the negotiating table, undermining the high interest rates and mortgage payments that would be expected for most purchases. In other words, rents are currently lower than mortgage and HOA fees. Now that's frightening!

But never fear! There are pockets of optimism in this market. Activity continues to pace well above the most severe NYC real estate market circumstances we've seen in recent years. Depending on where sellers decide to list their homes, zombie buyers are still hungry for fresh meat in the way of well-priced properties, and those zombies will go after that meat with everything they've got. Case in point: I had two bidding wars in Manhattan (the first one in nine months) because the sellers decided to price aggressively, and they ultimately ended up selling the home right where they wanted to list initially. A trick that leads to a treat! :-)

So, while it was a scary October, there were signs of life here and there. But mostly, it was an elusive, tricky, and mysterious market. Hopefully, one that won't be replicated in November!

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Local Happenings

Lightscape at

Brooklyn Botanic Garden

NOVEMBER 17 - JANUARY 1

The after-dark exclusive event in Brooklyn's floral sanctuary is back for another illuminated season! Experience the magic of the garden's moonlit Lightscape with festive music, a range of special treats along with the exhibit of new works of art on display. This is a fun, all-ages event!

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New York

Comedy Festival

NOVEMBER 3 - 12

Get ready to fall over laughing at this year's New York Comedy Festival! The citywide, 10-day fun-filled extravaganza will be held at over 10 venues, hosting 100+ shows and over 200+ top tier comedians.

Learn More

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Lifestyle Tips and Tricks

Ultimate Living Room Design Do's and Don'ts

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Many of the amenities found in the latest kitchen trends are empowered with smart home technology...

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The Monthly Update - October 2023

 Quadruple Tug-of-War

The state of the market in New York City and interest rates has been a topic on many people's minds lately. The way I see it, there are four major factors at play right now, all pulling in opposite directions. 

1) Sellers:

New York City has a new unique seller type. They've invested at least 20% down in their property, if not more (some co-ops even require 50% down payments). As a result, most sellers are heavily invested in their real estate. Also, a lot of sellers in New York City don’t “need” to sell.  They would “like to sell“ as a matter of lifestyle change or for convenience, but, as you know, Manhattan's purchase and sale markets are made up of extremely wealthy people.  To be frank, they can afford to hold their places, even as prices have meandered their way down approximately 5% (10% in some cases) since the highs of the post-pandemic buying boom. Sellers are holding the line with regards to prices.

2) Buyers:

Buyers want to purchase.  Even in this market.  However, many feel that prices need to adjust for the current economic conditions, and they aren't willing to pay (in most cases) top dollar for property at this point. They want adjustments in pricing that reflect today's realities. They want their purchase to be more fiscally responsible, less emotional and are reluctant to just give what sellers demand. Many deals today, even after a meeting of the minds on price, are renegotiated with credits and contract price adjustments in the 11th hour of contract negotiations. 

3) Interest Rates:

Along with buyers' frustration about pricing, interest rates are the obvious reason buyers don't want to pay top dollar. Today, 7% to  7.5% interest rates are the norm with higher rates to come possibly(?)!. These high rates are causing buyers to rethink their entire purchase and their personal needs/obligations to purchase a property in New York City. I have an opposing thought on this: While interest rates are high, prices have come down, and for the reasons I’ve outlined above, buyers should take advantage of lower prices and refi when rates dip! I tell all of my buyers, if you can afford to buy now, you should.  You can purchase at a discount and refinance if (when) rates adjust. When interest rates drop even little, the pressure of pent-up buyer demand is real and palpable and will drive prices back up. If that happens, buyers have lost the opportunity to purchase in a “down“ market. If you can afford that higher rate for a little while- take the discount.  

4) Rental Market:

The rental market is currently very strong compared to past years. However, Interest rates and higher HOA fees have made most purchases much higher on a monthly basis than they would be to rent the same property!  So prospective buyers are asking themselves “why”. Why drop a 20% to 25% down payment on a property when I can have that money grow in a simple high-interest account and earn returns faster than it would appreciate in my real estate purchase? Even if they offset the gains with the rental expenses, leasing still has a strong upside potential. My antithesis to this is that your real estate investment is not a short-term investment strategy; it's a place where you live and have your money grow over time. If you purchase and hold, enjoy the property and then sell at the appropriate time, you'll make back your “rental fees“ and probably make a sizable return on the real estate. 

In conclusion: These four factors have driven the New York City market into a nearly frozen state. While all these four factors are pulling, in the middle of the tug-of-war are listings that aren't moving as fast as they once were, even just last year or the year before! Overall, transaction rates are down about 10% to 15% for September. Interesting stuff, but I do feel that “buyer pent-up demand“ will rule the day in the not too distant future. The market just needs a little push from the Fed in the way of lower interest rates. Just a tad

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Local Happenings

New York City Wine & Food Festival

OCTOBER 12 - 15, 2023

The Food Network New York City Wine & Food Festival presented by CapitalOne is back and better than ever! Explore over 80-plus exclusive events hosted by more than 500 of the world's best chefs. From classes, dinners, tastings, late-night parties, to drag brunches and live celebrity demonstrations, the NYCWFF is a foodie's paradise!

Learn More

Annual Village Halloween Parade

TUESDAY, OCTOBER 31, 2023

Head to the Village on Halloween night to experience the city's most spooky parade to catch a glimpse of the more than 50,000 ghouls, goblins, zombies, monsters, and witches that roam the streets of lower Manhattan. It's gonna be a hoot!

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Lifestyle Tips and Tricks

Best Housewarming Gifts

The Best Items for a Weekend Getaway - at first glance, the best items for a weekend getaway might seem like an odd fit for our best housewarming gifts series, compared to gifts for the kitchen, bathroom, or bedroom.

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The secret to living large in a tiny bedroom is in the details.

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Best Places to Live in the U.S. in 2023/24

To make the top of the list, a place had to have good value, be a desirable place to live, have a strong job market and a high quality of life.

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The Monthly Update - September 2023

Gearing Up for The 2023 Fall Market in NYC

After a rollercoaster summer when interest rates played a significant part in influencing pricing, purchasing power and overall mental outlook, many are looking towards the fall to sell or purchase a home. Savvy buyers and sellers are advised to start preparing for the fall market now, with the goal of closing a major chapter in their lives before the end of the year!

For Sellers

There are many aspects to selling a property, including preparing the home and creating outstanding marketing materials, including imagery/photography, a comprehensive description and an easy-to-read, accurate floor plan. However, the most important piece of the puzzle in the current market is pricing. 

• Preparing the home for buyer showings is imperative. You need to “knock their socks off“ when they see the property, so make sure it shines inside and out! That may mean a simple cleaning and decluttering, professional staging or even light renovations.

• To tempt buyers to come and see your property, you’ll need eye-catching imagery taken by a professional photographer. All home searches begin online, so photos and videos that enhance the beauty of your home and leave buyers wanting more are critical!

• Descriptions must be inviting and not too over-the-top, while the floor plan needs to assist the buyers in understanding the layout and dimensions. 

• These things are all important, yes, but pricing is the key. With interest rates rising to 22-year highs and diminishing buyer purchasing power, it’s so important to sit down with your agent and figure out the best pricing strategy for your market and property. At or just under the competition’s listing prices seem to deliver the best and strongest outcomes for closing your property. Still, every market is different, and every listing is different, so make sure you pay attention to the details of your agent’s expert pricing strategy. 

For Buyers

The key to buying in a competitive (or any) market is having your offers buttoned up! In New York City, buyers are represented by real estate attorneys who advise them in the transaction before signing a contract of sale and sending over their escrow/deposit money. If a property is well-priced and extremely attractive, there will be competition, even in today’s market. Right now, there is quite a bit of pent-up buyer demand for smartly priced, turnkey listings, so it’s not uncommon for there to be multiple offers on such properties, especially in Brooklyn! 

• Have your real estate attorney chosen and retained. 

• Make sure your updated bank pre-approval letter is at the ready. 

• Craft a bio about yourself and why you want to buy that home. This can often help the seller choose you rather than your competition! 

• When you see a property that fits eight of your 10 “must haves” – make an offer and do not delay! 

• Make the offer quickly, ensure it’s comprehensive, and put your best foot forward from the start. You’ll have a higher probability of securing your property if you act fast. 

• Offers are non-binding in NYC, so secure the property with an “accepted offer,” then have your real estate attorney do their due diligence on the home before you sign the contract of sale. 

• Above all, put yourself in a first-position opportunity sign! 

Good luck to buyers and sellers this fall. I think it’s going to be a busy one!

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Local Happenings

SEPTEMBER 4th WEST INDIAN

DAY PARADE

Staying in the city for Labor Day? Great! Head to Crown Heights to experience NYC's annual West Indian Day Parade, a culmination of New York Caribbean Carnival Week! From Utica Avenue to Grand Army Plaza along Eastern Parkway, this event is considered NYC's most exciting Labor Day Parade.

Click HERE to learn more!

SEPTEMBER 14–24

THE FEAST OF S

AN

GENNARO

The annual feast in Little Italy is back and better than ever! Make your way to the Mulberry Street area to experience 10 days of live music, parades, and some of the the best Italian cuisine the city has to offer.

Click HERE to learn more!

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Lifestyle Tips and Tricks

'Ugliest House in America' Reveals the One Astonishing Upside to Buying a Homely Home

As you can imagine, buyers are not exactly lining up to purchase these dingy dives...

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The Best Places to Live for the Weather

In these places, residents enjoy some of the best weather in the U.S.

Courtesy of US News

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The Monthly Update - August 2023

The Value of a Great Banker/Lender

The majority of real estate deals across the country are financed. So, obviously, banks are extremely important to the success of most real estate transactions. As I see it, these financed deals include a buyer, a seller and a critical third party – your lender or bank. Unfortunately, many challenges can arise when bringing this trio together, especially if your banker is inexperienced or careless.

For example, a buyer could make an offer with an unvetted pre-approval letter. This will sabotage your deal when the underwriting department kills the transaction in the 11th hour when funding doesn’t come through. In a rush to satisfy a new client, bankers sometimes act short-sighted, even selfishly when doling out pre-approval letters that have not been carefully reviewed by underwriting. 

Other challenges can arise in new development condos as certain stipulations need to be met from the bank side in reference to the building itself. For example, most banks require a certain number of units to be in contract (under escrow) or sold and closed before they can lend in the building. If the banker does not do their necessary building due diligence even before the contract is signed, it could be fatal to your deal. 

Condo questionnaires can be another source of trouble in the lending process. In condo buildings, banks must have condo questionnaires filled out and submitted to underwriting. Occasionally, these questionnaires can have incorrect answers or information the bank isn’t willing to accept. Only good, invested bankers would review the questionnaire to ensure the data is accurate and the bank will lend in the building before submitting them to underwriting. I recently had a great banker from CitiBank suggest to the building involved that they should increase its insurance policy by $100,000 a year (which costs the building nothing) to garner better rates for prospective buyers looking to purchase there. Her out-of-the-box thinking and ability to identify this pitfall, not only to save the current deal but to better position the building long term, are just the qualities you need in your banker! There are so many booby traps, obstacles and challenges for this third party in your transaction to identify and overcome to save the deal. That’s why a strong banker is absolutely paramount to the process.

In New York City, there are a fair amount of cash transactions, and depending on the price point, cash deals range up to 40% of transactions. That’s great for those cash buyers because it eliminates the third party to the transaction and increases the probability of the deal closing. But the remaining buyers reliant on banks need a strong, smart and honest banker invested in completing the transaction. New York City agents tend to know two or three very good bankers. Most brokers (including yours truly) do many transactions, and we learn which bankers act faithfully to the buyer and the deal. We also become aware of those who aren’t as diligent and miss important deadlines or details. If your real estate broker suggests a banker, try them out. They’re doing so in your deal’s best interest in most cases. 

And for agents, getting buyers pre-approved with a banker you trust, whether you’re on the listing or purchase side, is the best thing you can do for your clients. Bankers who come from broker referrals want the referrals to keep coming, so in most cases, they’ll personally see that the transaction gets to the closing table. If a buyer insists on using a small, unknown mortgage lender who may not have any exposure to your market, sometimes insulating the deal by getting a backup lender involved is a great solution. Or, if you’re selling a property, write into the contract that if the buyer's current, unproven lender issues a denial letter, they are obligated to apply to the broker’s recommended, vetted, go-to banker. That’s a smart way to guard against rookie or selfish bankers blowing up your deal! 

Ensuring the deal is protected from the bank's perspective is a surefire way to ensure that your clients — sellers or buyers — can close the deal when a third party is involved in the transaction — the bank! 

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Local Happenings

AUGUST 2 - 16:

MOVIE NIGHTS IN PROSPECT PARK

It's that time of year again! Sprawl on Prospect Park's Long Meadow to experience four consecutive Wednesdays of movie nights presented by Paramount+ and Brooklyn Magazine, starting July 26th.

For more info, click HERE

AUGUST 12 - 18:

42ND ANNUAL BATTERY DANCE FESTIVAL

Make your way to Battery Park City's Rockefeller Park to experience six days of NYC's longest-running free public dance festival. Drawing a combined audience of over 47,000 viewers, Battery Dance is home to choreographed dance lineups from renowned artists.

For more info, click HERE.

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Lifestyle Tips and Tricks

The Best Paint Colors for Every Room

Paint colors matter. They convey a mood and a sense of style and can define a space.

Courtesy of US News

9 Contemporary Interior Design Tips You Haven't Heard Before

Current contemporary spaces have an easy, warm feel to them. Far from formulaic, they can be eclectic or even fun.

Courtesy of Forbes

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The Monthly Update - July 2023

 When Opportunity Knocks

Now that the spring market is behind us – let’s review! 

In many ways, activity in Spring 2023 mirrored Spring 2019 numbers. We regularly saw 1,000 or more units going into contract each month, which is consistent with pre-COVID activity. However, this spring did have some head-scratching ups and downs. For example, one week would be extremely busy with tons of showings and offers. Then the next week would be completely dead. The spiky spring was evident with sellers and their new listings as well. One week would be consistent with historical norms of 500-600 apartments coming on the market in a single week, but seller listings would suddenly drop to 300 per week for no apparent reason.

This erratic behavior was seen in property values too. On the whole, property sale values skewed lower, giving buyers an advantage in negotiations. However, value also depended on when that seller released their property. Was it in a high week or a low week? Of course, results were swayed by the condition of the apartments. Fully renovated listings priced “right” according to buyers would often sell within 30 days and fetch the seller’s asking price or a little above. However, most sellers were finding out what that “right” price was while their property was on the market. That meant more days on the market and about a 10% discount from the original asking price.

So what does the summer hold? I think it holds opportunity! 

There are approximately 7,500 listings on the market as I’m writing this, and that number is starting to decline, which is normal for any summer. But sellers who are out on the market this summer are serious about moving their property. They could be the ones that “need to get out.” When I’m representing buyers right now (depending on the property), we’re getting some pretty nice opportunities. 

So, is this a good time to purchase? That all depends on you and your personal needs, but overall, yes! Sellers are ready to do deals. If they’re out there this summer, in this buyer’s market, they’re serious. They understand what’s happening and are choosing to stay on the market to cut a deal this summer.

If interest rates are holding you back, maybe it’s time to look beyond a typical 30-year fixed rate. A 15-year or even a 10-year interest-only product (if the co-op allows) will get you a lower rate for now, and you can always refinance your loan later when rates go down. Taking advantage of these much more fluid prices now, while opportunity is knocking, is the best way for you to stop wasting money on rent! Buyers who buy now will be very happy sellers in 5-7 years. 

If you’re looking to buy a Manhattan home, this summer could be very opportunistic! So between trips to the beach and Europe, take time to get pre-approved and buy your dream home!

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Local Happenings

4th of July Weekend

at Time Out Market

JUNE 30 - JULY 4

Celebrate America’s 247th birthday with Time Out Market New York, which will be providing live music, specialty cocktails, bottomless brunch and more all weekend long. The festivities begin on Friday, June 30th and continue through the 4th of July.

More Event Details

The Wedding: New York's Biggest Day

SATURDAY, JULY 8

Celebrate love at Lincoln Center with the 16-acre campus completely dedicated to a mass wedding celebration. For those getting married for the first time, renewing vows, or simply celebrating their love for the city—this wedding is for you! The celebration will bring people together for an inclusive multicultural ceremony with various faith leaders and live performances, followed by an iconic party.

Learn More

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Lifestyle Tips & News

The Hoffman Team Was Ranked the #15 Real Estate Team in New York!

Thank you to our valued clients for propelling us to this milestone. Your trust in our service encourages us to continually create an exceptional home buying and selling experience.

Four Location Factors to Consider For Real Estate Investments

When it comes to real estate investing, statistics can serve as a starting point - yet there's much more legwork to carry out when choosing the best spot.

Courtesy of Forbes

Wanted: More Housing!

Here are the 10 cities with the most - and the fewest - homes for sale right now.

Courtesy of Realtor.com

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The Monthly Update - June 2023

The Luxury and New Development Sectors are Thriving

This year's spring market has had more than its share of ups and downs for most NYC sellers. One surprising bright spot has been the luxury new development sector which has been relatively reliable this spring. Just last week, there were a total of 32 contracts signed in the luxury sector (homes priced at $4 million and up), which surpasses the 10-year average for the week leading up to the Memorial weekend holiday by six contracts. Also, the 40 contracts signed the week of May 8, 2023, was the highest one-week total in a year.

Overall, the luxury market has been more reliable this spring, and the condo segment, in particular, has driven much of the activity. More than 70% of the luxury contracts signed over the last four weeks have been for condominium homes. (That's significant, considering roughly 75% of NYC buildings are co-ops.) Some of May's notable new development condominium sales include a penthouse at Yorkville's new 360 East 89th Street, which was listed at $22.5 million and went into contract within a month of being listed. The Keller, a new luxury development in the West Village, also had numerous contract signings in May. 

The luxury and new development activity in May looks to be on par with the hottest months of the 2021 post-COVID rebound. Now, all the data is not in yet, so this info could be somewhat skewed, but it's definitely looking like it will be a strong month for these sectors. We're even seeing it right here at the Hoffman Team: One of our top-producing agents is currently working with a $40 million budget for a buyer expected to submit a backup offer on an ultra-luxury residence that's already received two other offers in just two weeks. At the $35 million level! 

So, why is this happening? Is the top one percent of the one percent looking to park money somewhere other than the volatile stock market? It's true that many people got extremely wealthy during the pandemic, but to invest in Manhattan real estate is somewhat surprising given the difficult ride most sellers are experiencing in today's market. That said, a recent report showed that real estate investments, in general, have supplied higher, more reliable returns during three recent downturns — the 1990s recession, the dot-com bubble and the 2008 financial crisis. During those periods, real estate generated a 5.9% annualized return versus a 3.8% annualized return for risk-free Treasury bonds.

New York City residents and homeowners love to hear this news! Moreover, if the rest of the market sees the positive luxury and new condo sales trends, it can help pull buyers off the sidelines. New York City real estate generally follows the way of the luxury sector. The trickle-down effect can take some time, but given all this happened over the past year with interest rates, politics, crime and homelessness, it's nice to see many still believe in New York City as the rest of us do — even if the ultra-rich are simply using real estate to shelter their money.

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Local Happenings

PRIDE MARCH

JUNE 25, 2023: New York City celebrates Pride every year by bringing millions together to celebrate and advocate for equality. This year, rainbow-clad activists and allies will take to the streets in support of global LGBTQ rights at the NYC Pride March on Sunday, June 25. The first March was held in 1970 and now, it’s the largest it’s ever been with more than 700 groups and millions of spectators.

Click HERE for more details.

MUSEUM MILE FESTIVAL

JUNE 13, 2023: Billed by festival organizers as New York's biggest block party, the Museum Mile Festival in New York City is a mile-long celebration of art and culture. This year, the milestone 45th annual Museum Mile Festival will offer free admission to some of the world's finest art collections along 5th Avenue during extended evening hours.

Click HERE for more details.

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Lifestyle Tips and Tricks

Living Room Improvements That Help Sell Your Home For More Money

The kitchen may be the heart of the home, but the living room is the hub. It’s where everyone convenes to relax and enjoy quality time with each other (or with the TV).

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Having plenty of options is a good thing, but when it comes to shopping for organization products on Amazon, it can feel like overload. That’s why we tapped a panel of professional organizers to help narrow it down.

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The Monthly Update - May 2023

Macro-Markets (The Rental Market)

in Manhattan (and Brooklyn)

The Manhattan real estate market is one of the most competitive, dynamic markets in the world, and last month underscored that fact. With 1,911 apartments coming on the market and close to 1,200 going into contract, Manhattan once again defied macroeconomic conditions and marched to its own drum. That said, there were a few bumps in the road last month. Specifically, there was a one-week period when new listings and apartments going under contract both dropped by approximately 50%, according to UrbanDigs.com. However, the Manhattan market recovered significantly the following week with double-digit gains in both categories. Whew! But what’s the outlook for May?

With the Fed meeting this week, both Reuters and Forbes predict a 0.25% jump in interest rates but expect this to be the final one of the year. Short term, this might give buyers the jitters at the beginning of the month. However, many think those buyers will settle into the new normal of 5% to 6% interest rates — just like they did towards the end of 2022. If those predictions hold, homebuyers will feel more determined and focused on purchasing Manhattan and Brooklyn real estate, especially as the year progresses. So, May could start slow, but the combination of a tight rental market with expected rent price increases and buyers settling for the new interest rates, buyers could come screaming back into the sales market by mid-to-late May. 

And with that, the rental sector becomes the one market within the entire New York City real estate landscape that can be the savior and difference maker, even while there’s so much uncertainty on the global stage. Because our city is so transient, people come and go at all times of the year, particularly during spring. If the rental market is too hot, renters become buyers. We’ve already seen some of that, but some are predicting even more buyers will emerge from the rental market, as rental prices are on pace to get hotter — just like the weather — putting pressure on the sales market, in a good way! 

As we all know, macroeconomic conditions can impact real estate markets. Manhattan can be particularly vulnerable to downturns on Wall Street. So then, if the rental market can be considered the savior, Wall Street can be viewed as the kryptonite for Manhattan, and even Brooklyn. That said, Manhattan and Brooklyn can also act very independently, particularly in response to national economic concerns. Even though New York City is thought of as very international, the real estate market here tends to react uniquely compared to most national and global geopolitical events and issues that can wreak havoc in other locales. New York City has already been weathering bank closures and mass layoffs all spring long. I expect it to endure future storms as we stay on course for a healthy spring – all things considered. 

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Local Happenings

NYCxDESIGN: The Festival

MAY 18-25, 2023

The NYCxDESIGN Festival returns on May 18-25, 2023! Be part of the design week that attracts thousands of visitors to New York City to celebrate global creative accomplishments, share new ideas, and inspire through design.
Click HERE for events and registration.

Kickoff to Summer

MAY 27, 2023

The end of the month brings everyone’s favorite kickoff to summer: the opening of the City’s beaches! Memorial Day weekend marks the official start of beach season in the City. Head to Brighton Beach and Coney Island to people-watch, Rockaway Beach to surf and Orchard Beach to observe a range of wildlife.
Click HERE for more information.

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Lifestyle Tips and Tricks

25 Top Interior Design Trends for 2023

If you've been searching for the right opportunity to add more style, vigor and comfort to your space, you'll appreciate this list.

Courtesy of Good Housekeeping

Ready to Remodel? Here Are The Home Projects That Will Get You The Best Return On Your Investment

Even when they don’t buy a fixer-upper, most people will end up doing some amount of repairs on a new home. About 95% of homeowners said they plan to take on a major home improvement project in the next five years, according to a recent report by Real Estate Witch. However, only 50% said they can afford it at the moment.

Courtesy of CNBC

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Listing Spotlight

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10 Bleecker St. Unit 1B

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55 West 17th St. Unit 405

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245 West 74th St. Unit 1B

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215 West 105th St. Unit 3ED

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221 East 50th St. Unit 6D/7D

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305 West 55th St. Unit 2A

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The Monthly Update - April 2023

In Times Like This, We'll Take "Par for the Course"

As the spring markets get underway in Brooklyn and Manhattan, there is certainly enough macroeconomic and political unrest to consume anyone's focus. It's a wonder we get through the day! Despite that, spring buyers and sellers in our New York City microcosm are staying focused! As our 24-hour social media world seems to get faster and faster, if we just narrow our scope, we can see good things happening on the micro-level, especially when looking at our local real estate economy.

Do you remember the "normality" of yesteryear? Before any presidential indictments. Before hyperpolarizing elections. Before COVID. Before invasions. Before we became fascinated with Facebook and Instagram? Or at least before Congress' favorite, TikTok, came under fire? Considering what's happening today, I have to hand it to New Yorkers: They seem to be staying focused and steadfast in seeking what they want and remembering what matters most. Buying a piece of property or a home for yourself and your loved ones gives you that feeling of stability… Buying real estate bucks the frenetic messaging and whirlwind instant gratification of social media and always-on news cycles. Buying real estate, a home where you can live, pushes against all of that.

For one thing, it takes time to close a real estate transaction in New York City. From getting pre-approved and finding the right place, from co-op board applications and closing, it can take months! And for what? All to have a home where the pace of life can slow down just a bit, so that you and your loved ones can be together and enjoy life in your world. In your home. The stable, safe feeling that comes with homeownership is palpable. And New Yorkers are longing for it!

When looking at the real estate numbers over the last month, you can see that New Yorkers are looking for and buying their little slice of stability and peace of mind. They're purchasing homes and taking the world head-on. They're saying no, we believe in our local economy, in our city, our neighborhood and our block. This is our home, and we're taking back our sense of peace and calm.

In the last 30 days, New Yorkers have listed 1,882 properties and have put over 1,101 properties into contract. And the spring market is just getting started! If we compare those numbers to 2018 and 2019, they almost mirror those past "normal" years. And if I remember correctly, those of us working in the real estate industry viewed those years as just ho-hum or par-for-the-course normal markets. But you know what? We'll take it!

Given the almost daily barrage of negative press, negative news and negative energy out there in the macro world, par for the course sounds pretty good! I'm happy to report that the New York City real estate market is a constant. A bellwether. A beacon of stability in a world full of too much happening all at the same time. And if that constant translates to par for the course in this spring market so far, I'm happy!

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Local Happenings

SUNDAY, APRIL 9TH

The Easter Bonnet Parade & Festival

The Easter Bonnet Parade & Festival is all about the hats—lavishly decorated, from the exquisite to the outlandish. Anyone is welcome to join!

Click HERE for more details.

NOW - SUNDAY, APRIL 23RD

The Orchid Show: Natural Heritage

Acclaimed artist Lily Kwong, the designer for The Orchid Show’s 20th year, presents a meditative and captivating design inspired by her ancestral connections to the natural world.

Click HERE for more details & to purchase tickets.

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Lifestyle Tips and Tricks

30+ Best Kitchen Color Ideas

Grab your paintbrush and get ready to give a fresh new look to your kitchen walls and cabinets.

Courtesy of Country Living

Best Healthy Home Upgrades for 2023

“It is no surprise that many homeowners are considering renovations that improve more than the look of a home.” These can all help homeowners clean faster, cook smarter and rest easier.

Courtesy of Forbes

Spring Cleaning Checklist

The Ultimate Guide to a Tidier Home. Spring cleaning will be easier with our checklist that covers your house from top to bottom.

Courtesy of Better Homes & Gardens

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Featured Listings

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The Monthly Update - March 2023

Spring Real Estate Markets Blossom Every Year!

(Despite Stormy Economic Outlooks)

Manhattan and Brooklyn are gearing up for their annual spring markets! That's despite interest rates that are twice as high as they were last spring and foggy (at best) economic outlooks. Although last week, some reports said economic conditions were improving, I'm sure next week we will be hearing stormy forecasts again. That's how it's gone for months now. Good news followed by bad news.

The fact is, whether there are negative economic indicators on the horizon or not, deals happen all year round! Case in point: Manhattan contract activity has jumped 25% in the past three weeks. Listing inventory comes on the market, and if it's priced right, it goes into contract almost immediately! This proves that buyers are hungry for new inventory that's priced right. Of course, we're not currently seeing the same record number of frenzied buyers putting property into contract that we did during the golden era of the post-COVID real estate boom. But we are seeing steady activity that is very similar to the last spring season before COVID! Buyers are putting property into contract, and if sellers are OK with stomaching a price a bit lower than what they probably missed out on last year, they will see strong interest in their apartment! 

The crystal ball outlook says it will be more of the same for the rest of the spring. Real estate brokers, real estate attorneys and bank lenders all think it's going to be a robust and busy spring this year. While prices might not be increasing very much, if at all, there will be plenty of transactions. Buying and selling will happen even if interest rates fluctuate throughout the season, even with the possibility of inflation coming back into the equation, and even in the face of all the other world events that keep churning up. No matter what we do, spring is going to spring, and it's going to be busy! 

The rental market is sure to be really active as well. With prices hovering about 30% higher than pre-COVID levels, we're expecting a very busy and robust rental season ahead. So if you're in the market, get in early. And if you're a  landlord looking to rent, get your property painted, cleaned up and ready for an active spring! 

And for the rest of you: If you're looking to buy a property or planning to sell, there will be plenty of activity this spring. We're already seeing it across the board, so get out there! Get the home you've always wanted, or sell the property you've always wanted to sell (finally!), and take advantage of a busy spring market – just like every year.

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Local Happenings

SUNDAY, MARCH 26

MACY'S FLOWER SHOW

Macy's annual flower show is set to bloom again this spring beginning Sunday, March 26 at Macy’s flagship store at Herald Square. The 48th annual event will be a multi-sensory experience filled with beautiful views of flower arrangements taking over the store’s main floor, balcony level, and world-renowned windows. The show will operate during regular store hours.

Click HERE for more details.

FRIDAY, MARCH 17

NYC Saint Patrick's Day Parade

The Saint Patrick's Day Parade is coming up soon, and is a really big deal - it's the oldest and largest St. Patrick’s Day Parade in the world! From pipe and drum bands to dancers and performers in regalia, midtown Manhattan transforms into a big party with a sea of green revelers.

Click HERE for more details and join in on the festivities!

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Lifestyle Tips and Tricks

Refresh Your Design for Spring

There's something about spring that makes us want to mix up our interiors. An updated, spring-inspired interior can inspire a welcome change in perspective, and it helps us enjoy our lives a bit more as the season slides into summer.

Courtesy of Forbes

Best Irish Food Recipes for Celebrating St. Patricks Day

Honor the patron saint of Ireland with a homemade meal!

Courtesy of Country Living

Spring Cleaning Tips and Tasks

Spring Cleaning is the tradition of deep cleaning at the start of spring. It's a way to welcome the change of the seasons and tackle often neglected chores.

Courtesy of Home Edit

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Featured Listings

Floating Farmhouse

Eldred, New York

5 BD | 2.5 BA | HOUSE | $2,350,000

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55 W 17th St. Unit 405

2 BD | 2 BA | CONDO | $2,795,000

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1199 Park Ave. Unit 17D

2 BD | 2 BA | CO-OP | $1,350,000

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201 E 21st St. Unit 7D

1 BD | 1 BA | CO-OP | $799,000

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99 E 4th St. Unit 6L

1 BD | 1 BA | COND-OP | $739,000

View Listing

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The Monthly Update - February 2023

An Experienced, Trusted Advisor is Key 

At one point early in December 2022, over 823 apartment listings were removed from the market in a single week! This significant number of failed listings can be due to many reasons, but most of them likely relate to what the seller was advised to do. Sure, sometimes getting advice can feel like looking into a crystal ball, but if you have an honest and hard-working agent, they will tell you the truth about the market and not just what you want to hear (or what benefits them). By facing the tough questions upfront, sellers and buyers can make better-informed decisions based on facts, not the self-interests of other parties. In the current market, you should count on the experienced adviser rather than those prone to over-promising.

Having a trusted real estate advisor during changing times and markets can be the difference between sinking and swimming, drowning and surviving. And frankly, not just surviving, but flourishing, while others wilt under the pressure. February 2023 marks The Hoffman Team's seventh year at Compass! We have sold more than $905 million worth of real estate with over 792 closed transactions during that time. This kind of volume doesn’t happen by mistake; it comes from hard work, perseverance and having one thing in mind — the client! 

Since last October, NYC real estate inventory has been declining week after week. The final week of January marked the first increase in overall supply. It was a modest 2% (and one week doesn't not make a trend), but overall inventory should (finally) start to increase as the spring market gears up. With that, many sellers will be advised to list their property too high or be counseled to skip preparing or staging the apartment to save a couple of bucks. Many of those sellers could lose even more money at the end of a six-month exclusive because they missed the market on price or appearance only to have market momentum slip away without a sale to show for it. A smart advisor will share honest sales advice upfront so clients can make the best decisions about their property before they list. Real Estate advisors will do this because it’s the right thing to do, not because it benefits them. In truth, it benefits everyone. Intelligent, honest, seasoned advice is what clients and this market need more of today.

We will not stop until we have served our clients to the best of our abilities. Does that mean sometimes we don’t get a listing because we’re not going to overprice it as the next broker will? Sometimes. Does that mean we might have to be the second or third broker before the seller comes back to us, saying, “Gosh, you were right."? Sometimes. But you know what? As long as the client is first, we achieved our goal. As long as a buyer is able to purchase their home and is happy after closing – we have done our job and can go home, knowing that we served our client to the best of our ability. 

One of Compass’ mottos is “collaborate without ego.” For us, that means having a client-first mentality, always. That is what will lead us through the first and second quarters of 2023 and into the second half of the year, where things could get a little muddy. But it will be bearable because our clients will know the truth about the market. As long as we keep clients first, we should be all OK.

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Local Happenings

NOW - FEB 12, 2023

NYC Restaurant Week

NYC Restaurant Week is back! Now through February 12, explore the five boroughs through specially priced prix-fixe menus at hundreds of participating restaurants. Click HERE to explore participating restaurants, view menus, and make reservations!

NOW - FEB 12, 2023

NYC Broadway Week

Here again for its winter run, NYC Broadway Week makes its return engagement. Now through February 13, get two-for-one tickets to nearly every Broadway production! Click HERE to view the list of participating shows and snatch up the best seats for the ones you want most.

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Lifestyle Tips and Tricks

80 Super Bowl Appetizers

Crowd-pleasing comes easy with any of these winning apps.

Courtesy of Good Housekeeping

Send Sweets to Your Sweetie

Desserts that really deliver: exciting options for nationwide shipping.

Courtesy of Forbes

Get Restaurant-Quality Meals at Home

Elevate your eat-at-home game.

Courtesy of Better Homes & Gardens

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The 2022 Year in Review (All in all, not too bad!)

The 2022 Year in Review

(All in all, not too bad!)

All things considered, 2022 turned out to be better than many would have thought, but it was definitely “front-loaded,” with the majority of deals signed and closed in the first six months of the year. 

Throughout the year, The Hoffman Team saw the same trend as the overall New York real estate market. As of Dec. 23, we had closed 104 deals with another 14 units in contract and ready to close in early 2023. However, between January and June 2022, we signed about 76% of those contracts, with the remainder signed from June to December. So, deal activity was definitely front-loaded. Overall, this gave the market a false sense of security. It would’ve been a seriously doom-and-gloom year if the hyperactivity of 2021 didn't carry over into the first half of 2022.

The luxury market saw the same activity trends. By the last half of December, there were 1,304 contracts signed for $4 million and up in Manhattan. There were 836 signed contracts (64%) in the first half of the year compared to 468 (36%) in the second half. (Thank you to Olshan Realty for their luxury market report every week!) 

So, activity both overall and in the luxury sector deteriorated after June 2022 under spiking interest rates and a declining stock market, which is now down 20% year over year. But there’s hope! The Hoffman Team put 11 properties into contract in November alone, and we have over 15 accepted offers at the time I write this newsletter. I think the first half of 2023 will be busy. Interest rates that are flat or gradually descending, an extremely hot rental market and low inventory should give the market a floor moving into early 2023. Beyond that is anyone’s guess!

At this point in my annual review, I usually consider year-over-year metrics, but because of the hectic and frankly erratic last three years, it’s almost not worth doing so. The Hoffman Team’s deal volume for 2022 was $129.82 million compared to $183.95 million in 2021. The pandemic year (2020) saw sales volume of $67.36 million. As you can see, the ups and downs of recent years can’t predict things to come. Because of this volatile annual data, these metrics don’t really count this year, but they’re interesting to look at, and the financial markets like to base their analysis on them. I think it’s misleading. 

All in all, it was a good year. Some months/weeks were dreadful, and others were strong. Generally, the real estate market mirrored interest rates and the stock market — it rebounded when rates fell or the stock market rose. There will likely be more turbulence in 2023, as many pundits predict. But what doesn’t change is The Hoffman Team‘s dedication to our clients and leading real estate transactions with your best interests in mind. That’s our number one asset and enduring promise.

Thank you so much for a wonderful year. We look forward to serving your real estate needs in 2023. 

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Listing Spotlight:

The Monthly Update - December 2022

The Power of the Purchaser in Today's Market.

The winter months can be a very powerful time for buyers to step into the Manhattan/Brooklyn real estate market and purchase a home. Generally, the end of the fall/beginning of winter can be a great time of year to buy. This year, even more so, as the Fall 2022 market felt (was) much slower to sellers than last year, which is weighing heavily on sellers' minds at the moment. Therefore, negotiability is on the table in the 2022 holiday season.

During the fall, real estate activity was under a microscope — much more than in past years  — mostly due to the economic downturn, the real estate slowdown and increased interest rates. That combination resulted in buyers holding off, and that's too bad. For them. Generally, winter months are always a good time for buyers to get serious about their purchase. Historically, locking in a sale during winter from the “leftover listings” that failed to sell in the fall can result in smart money purchases.

However, this year, sellers seem to be a bit more content at lower sale prices than in past years. Of course, it depends on the property, the listing price and how popular the listing is on the market. But most listings are languishing somewhat, (the average days on market rose over 5% from last year) and sellers are more vulnerable than in years past. Buyers should feel that they have some power right now. Interest rates are starting to stabilize and even dip a bit. Another reason buyers should act: At the time of this writing, Jason Richie at HSBC  has the 30-year jumbo rate with no points at 5.578%. Not bad! Plus, if buyers can get some sort of discount off of their property’s asking price, it's a win-win! 

I'm not really sure why buyers aren't out there in droves right now! I would be. For example, I had a buyer purchase in a new development, and the sponsor paid for all of his closing costs (I mean everything!) Plus, they took almost 3% off the sale price. Interestingly, the average negotiation off listing price is about 3% to 7%. And, the longer the property stays on the market, the bigger the discount off of the asking price.

Buyers: I know it's scary to skate out on the ice by yourself, but this is the time when there are good deals to be had and smart purchases to be made. If you like something between now and February 1, I can tell you you'll be a very happy seller in 5 to 7 years if you make an offer and lock in a price. After February of 2023, I think the word is going to get out that The Fed is not raising interest rates, and rates will trickle down. That will be coupled with new inventory supplies this spring. In NYC, rentals also play a huge role in the health of the sales market, and many are predicting a furious rental market come spring. If the U.S. economy can hold on and start to dig out, buyers are going to return, setting the stage for a robust spring market. That said, right now, I wouldn't say it's a full-fledged buyer's market, but it's definitely leaning in your direction! ACT NOW!

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Real Estate in the News:

Global Trends Impacting Real Estate in 2023

Looking ahead to the new year, the annual report from PwC highlights the top factors that will drive changes to real estate. Macro forces of today will result in changes for real estate in 2023—from the sales pace and buyer preferences to city infrastructure and investor demand. Check out the article to read about it all, and get an inside peek at the top markets to watch.

Courtesy of PwC

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Local Happenings:

OPEN NOW - January 2, 2023

Winter Village at Bryant Park

Bryant Park's Winter Village by Bank of America is back in NYC with holiday festivities and shopping and food at its holiday shops. Its 17,000-square-foot ice-skating rink that's free to use (if you bring your own skates) is always the highlight, but it's Winter Village in all its holiday spirit is a close second. This year, over 170 new and returning kiosks will be there for you to peruse through—all at one of the best NYC parks.

Click HERE for more details.

DECEMBER 31, 2022

Times Square New Years Eve

New Year’s Eve 2022 is almost here and 2023 is just around the corner! The biggest party in NYC is back in Times Square and you can attend the evenings' festive celebrations as the famous New Year's Eve Ball descends atop One Times Square. The celebration begins at 6pm with the lighting and raising of the New Year’s Eve Ball, and is followed by a spectacular lineup of events.

Click HERE for more details.

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Lifestyle Tips and Tricks:

7 Best National Parks to Visit in Winter

Many people consider a National Park visit an essential summer trip—but don’t sleep on the same parks in the winter. Break out your winter gear and journey to these winter wonderlands.

Courtesy of Travel + Leisure

How to Make Holiday Dinner Cleanup a Breeze

Do you ever feel like you spend more time cleaning up after a holiday meal than you do enjoying it? You’re not alone. Set yourself up for an efficient clean up and spend more time with friends and family. Try out these tips during the holiday season, and even use them for parties all year long.

Courtesy of HGTV

25 New Year's Eve Desserts to Ring in 2023

Celebrate the start of the new year with something sweet! Whether you’re looking for a decadent showstopper or an easy treat, end your meal—and the year—on a delicious note.

Courtesy of Southern Living

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