Monthly Update

The Monthly Update - July 2020

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A New Chapter in Manhattan Real Estate

As the New York City market tries to normalize, buyers and sellers are wondering what real estate will look like in the coming months. There’s no question that buyers will be looking for discounts — steep discounts — and sellers will want to return to pre-COVID pricing. But what lies ahead in the summer months is truly anyone’s guess. 

Will sellers bow to buyer demands? Will competition between buyers create a frenzy in the marketplace? Or will nervous energy rule the roost and create a stalemate with no activity whatsoever? If anything is certain right now, it’s the uncertainty. 

Yet in uncertainty, lies opportunity. 

Fact: Over 2,500 listings came off the market during the New York City PAUSE period. Now, we are in the midst of many of those properties coming back to life. 

Fact: We completely missed the spring market, when typically more than 5,000 units come online. Those listings never materialized this spring.

Approximately 600 listings went into contract during the COVID crisis, but at what prices did they go into contrat for?  Now that we’re open again and property floods the market, there should be lots of inventory to choose from in the coming months. Supply outweighs demand. If buyers want COVID crisis deals, sellers might hold off until next spring when things cool off and settle down. Then maybe demand would outweigh the supply. 

It’s a market of many “ifs” but few certainties.

If buyers move forward aggressively with purchases ...

If sellers adjust pricing to new market realities ...

If mortgage rates hold ...

If COVID returns ... 

If office buildings never reopen and working from home becomes the standard ... 

Then what?

In many ways, this uncharted territory for the New York City marketplace. Currently, there are strong sellers’ markets surrounding Manhattan, as people reevaluate their shelter-in-place housing needs. The suburbs of New Jersey are seeing bidding wars. In Westchester and even up north into Columbia County, there are strong sellers’ markets. Long Island and the Hamptons — all strong sellers’ markets. Southern Connecticut, Greenwich, Stamford, etc.  Sellers’ markets. The Manhattan flight has taken hold and could be with us for a while.

We’ve seen this all before, haven’t we? After 9/11 and the 2008 financial crisis, the markets were weak for six to 12 months following those catastrophes. So why should this be any different?

It is different.

Which direction the market will go is up to the players involved. Sellers will need to adjust. Buyers will need to adjust. Banks will need to loosen up. Brokers will need to work extra-hard. 

But it will come back. It’s New York City! 

The Hoffman Team put 11 apartments in the contract in June — not bad! But there is an uncertainty in the air, like the market is holding its breath and waiting for the next shoe to drop, But where there is uncertainty lies opportunity. 

Happenings & News

Top Ranked Team

Once again The Hoffman Team has been recognized by The Wall Street Journal and Real Trends as not only one of the top teams in New York State but also as one of the top 1,000 teams in the nation by transactions closed and volume sold! This marks our 10th consecutive year making this prestigious list and we are greatly appreciative. We would like to thank COMPASS and most importantly all of our clients and customers who put their trust in us to represent them when selling, buying, or leasing their properties throughout NYC.

15 Ways to Enjoy Summer 2020

Although so many New York City summer staples have been closed and postponed, there are still plenty of ways to take advantage of the warm weather and blue skies in the city. Peruse this list of 15 ways individuals and families can enjoy summer 2020 in New York City.

Summer on the Hudson 

Summer on the Hudson is NYC Parks' annual outdoor arts and culture festival, which will take place virtually this year! Take advantage of free classes including yoga, pilates, dance, and more. Explore this entirely virtual initiative and learn more here. 

View All Of Our Listings:

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Lifestyle Tips & Tricks

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9 Summer Color Trends to Inspire you this Season 

With warmer weather finally here, we’re focusing on the summer color trends that are defining the design industry this season. Elle Decor has compiled the full list. 

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23 of the Most Beautiful U.S. National Parks 

You don’t have to leave the country for sights that will take your breath away. In the United States, we are surrounded by so many majestic and awe-inspiring natural wonders. Read Elle Decor's list of top national parks you should visit at least once in your lifetime.

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Create an Indoor Oasis 

As things heat up this summer, it’s hard not to be inspired by the gorgeous greenery that surrounds us in parks, courtyards, and charming community gardens. Bring some of that outdoor magic inside, and create your own indoor oasis! Conde Nast Traveler has outlined the best plants and accessories to green-up your space. 

The Monthly Update - March 2020

Bidding Wars Are Back

We may never have predicted it just a few months ago, but right now, the New York City real estate market is sizzling! Buyers have returned in abundance to take advantage of historically low-interest rates, and sellers seem much more amenable to reasonable pricing (after three years of being hit over the head with news reports reiterating that it's a buyer's market.) All of this has led to huge numbers at open houses and bidding wars, bidding wars, bidding wars.

The Hoffman Team was involved in eight bidding wars on the buyer side and six bidding wars on the selling side in February alone. That's a total of 14 bidding wars! Numbers I didn't think I was going to report for at least another five to 10 years!

The activity is confirmed on the mortgage side as well. We invited our favorite Wells Fargo rep to our sales meeting two weeks ago, and he reported that his firm filed more purchase applications for the 30 days spanning mid-January to mid-February than in any 30-day period in the last three-and-a-half years!

So, what's causing this sudden rush of activity?

I think it's mostly due to sellers who are serious about pricing their properties accordingly. And when they do, savvy buyers respond briskly. We recently accepted four bids, on four different properties, all of which were $100,000 over their respective asking prices, and that was by design. Sellers who are ready to sell are reaping the benefits of hungry buyers — buyers who will beat each other up for a chance to get a "well-priced" property.

And, frankly, they should beat each other up for great prices. Money hasn't been this cheap for a very, very long time with some rates dipping below 3 percent for interest-only loans. It's just incredible.

I can't stress how important it is to take advantage of this market if you are a buyer. Many reported that the bottom of the market was at the tail end of last summer, so there's no time to waste. And, if you're a seller, be aggressive with your pricing. If you take the time to prep your property for sale, buyers will respond in a very positive manner.

And always, please call us if you have any questions about today's market, whether you're looking to buy or sell New York City.

News To Know

March 1st New York's Plastic Bag Ban Goes Into Effect

Starting March 1, all New Yorkers will have to bring their own reusable bags to the grocery store or pay five cents for a paper one. Article here.

How Compass Tech & AI Empower Luxury Agents and their Clients

Forbes spoke to Compass CTO Joseph Sirosh and NYC agent Michael Davis about how artificial intelligence is empowering luxury agents and their clients. Read the full Forbes article here.

Brooklyn Chocolate, Wine & Whiskey Festival | March 7

Back for its second year, this incredible festival lets you indulge in chocolate in a multitude of decadent presentations. Quench your thirst with champagne, whiskey, wines, and craft beers, and non-alcoholic options, and taste savory bites like artisan cheese and charcuterie. Hungry yet? Get your tickets here. 

Architectural Digest Design Show | March 19-22 

Celebrate design at the 19th annual Architectural Digest Design Show as the world's leading brands along with today's top talent come together in a carefully curated presentation of design. Get inspired and buy your tickets here. 

The Month In Numbers

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The Monthly Update - November 2019

Pricing Right for Premium Sales

Over the last 18 months, we have talked repeatedly about using pricing as a strategy to sell homes in this market. Just yesterday, a buyer working with our team won a $4.2 million listing for $3.65 million. And the buyer got even more incentives on top of that! The kicker for the seller was that it took over 350 days to get there. Could he/she gotten more if they priced the property at $.3.95 million 349 days ago? And how did we come to this point in today's market?

 

To all the sellers out there in the marketplace, I’ll say it again – you have to price right! Your property shows and sells best when it is priced at fair market value. As the asking price increases above market value, you lose great prospective buyers and you lose money!

 

Here’s How to Determine If You’ve Overpriced Your Listing:

  1. If your listing is on the market for 30 to 60 days, and you’re getting showings and offers but no sales, I’d say your home is overpriced by 5 percent.

  2. If your property has been on the market for 30 to 60 days, and you’re getting showings but no offers, the property is overpriced by 5 to 10 percent. 

  3. And, if you aren’t getting any showings after 30 to 60 days on the market, guess what? You’re listing is overpriced by at least 10 percent, probably more! 

     

We all need to wake up! This isn’t 2015, and it’s not 2016. This is a new era, and buyers are saying, “The buck stops here!” But the thing is, buyers still want to buy! The interest rates are extremely low, and they might even go lower in the future. Oversaturation is abundant in the over-$4 million sector, and to a lesser extent, throughout the pricing spectrum.

 

That said, if you’re a seller and you want to sell, please take heed — pricing right creates a sense of urgency with buyers. Pricing right leaves the seller in control of negotiations. Pricing right can lead to multiple showings, multiple offers and fewer days on market! It captures a higher selling price every time. Reduced days on market gives you more take-home cash, too. In fact, the longer you stay on the market, the more dollars you leave in the buyer’s pocket. Price right! 

 

Listen, if your broker isn’t revisiting and revising in your marketing plan early and often, then you have the wrong agent representing you. Sales are happening in this market, but those are with sellers who are pricing right. Smart buyers, meanwhile, I hope you are taking advantage of an excellent opportunity to get into the New York City market with unbeatable interest rates and prices that are 10 to 30 percent less than what they were just three or four years ago!

 

It’s a great market, but you’ve got to be smart. Smarter than the market. Only when you act in accordance with actual market conditions will you get what you want.

Events This Month

The NYC Marathon | November 3rd

More than 40,000 marathoners hotfoot it through all five boroughs over a 26.2-mile course. Stake out a lively spot—we recommend along Fourth Avenue in Park Slope, Brooklyn; First Avenue between 60th and 96th Streets in Manhattan; or Central Park South near the finish line—to cheer on the passing throngs. More information

NY Botanical Garden Holiday Train Show | Begins November 23rd

The New York Botanical Garden Holiday Train Show returns this season! Marvel at model trains zipping through an enchanting display of more than 175 famous New York landmarks all made from natural materials. Learn more and get your tickets here. 

The 92nd Annual Macy’s Thanksgiving Day Parade | November 28th 

The best NYC Thanksgiving tradition (other than the food) is back! Don’t miss the iconic Macy’s Thanksgiving Day Parade. If you’re in NYC for the holiday, get ready to post up along the parade route to enjoy this spectacle! Not in NYC? You can watch the parade live on NBC Thanksgiving morning at 9:00AM.

Stay Connected & Follow Us

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The Monthly Update - January 2019

In the coming months, even more available homes for rent and for sale will be added to an inventory that's already at a record high. So, it’s no surprise that all the year-end data and numbers are pointing to more choices for buyers and renters, and frankly, more price adjustments, days on market and heartaches for sellers and landlords.

We’ll get into the year-end numbers in a second, but let’s talk about the first days of 2019, and what we’ve seen so far. All this talk of a “buyer’s market,” “lower prices,” and “record inventory” is bringing buyers out to look at inventory. A lot of buyers. It’s been busy, actually. Each of the Hoffman Team’s first few open houses of the year had nearly 20 buyers through and as many as three offers in the first day!

Of course, I think there’s going be further normalization of the market, but we also think there could be some bright spots to 2019 for sellers and landlords moving product off the shelf. Interest rates are at a six-month low, and many predict the Fed won’t raise rates much more in order to keep the overall economy more fluid. This will certainly help keep buyers active and in the market. Having a smorgasbord of choices will do that, too. There’s currently enough inventory to last six years of consumption at the current rate, and that will certainly bring buyers into the market and to the negotiating table.

But, the overall YOY numbers aren’t pretty. According to The New York Times,  Manhattan’s up 18 percent, Brooklyn’s up 21 percent, and Queens is up 35 percent in terms of overall inventory from this point last year. And, overall prices are down. According to Compass data, closing were down almost 15 percent in 2018, and the median price dipped below $1 million for the first time since 2015 according to Miller Samuel.

While, yes, these numbers are scary to some and attractive to others, many view them as healthy for the overall housing market in NYC. Overall, I expect 2019 to be a good balance between buyer and seller, renter and landlord, with both benefiting from a normalization of our dynamic, evolving market  

History Lesson/Fun Fact:

January is named after the Roman god Janus, who was always shown as having two heads. He looked back to the last year and forward to the new one.

Local Events 

Carmen Opera
January 9 - Feb. 8, 2019

This New Year, the infamous opera Carmen is coming to the Metropolitan Opera House. A dramatic tale about a hot-tempered woman who seduces a corporal, the opera is heralded as a classic. For ticket and showing information, click here. 

Martin Luther King, Jr. Commemorative March

January 21, 2019 (10 a.m. to 2 p.m.)

Celebrate the life and work of MLK, Jr. by joining 8th graders from Manhattan Country School on the Martin Luther King, Jr. Commemorative March from Eleanor Roosevelt Memorial to their Upper West Side school, with stops along the way. Click here for more info. 

NYC Restaurant Week

January 21 - Feb. 8, 2019

This month, the bi-annual Restaurant Week returns with deals on 2-course lunches and 3-course dinners at 380+ restaurants. Note that Saturdays are excluded, and Sundays are only included for certain participants. For restaurant and reservation information, click here.

Best of Brooklyn Food & Beer Festival 

January 26, 2019

Explore new bites and beverages at the Brooklyn Food & Beer Festival, which offers unlimited Brooklyn craft beer tastings, food for sale from 20 Brooklyn Chefs, and music from curated DJs. Hosted at Industry City, you can purchase tickets here. 

 

Tips, Tricks & Real Estate News

 

The Smartest Money Resolutions You Can Make in the New Year

Resolutions aren't just for healthy diets and gym memberships. Organizing your finances may be intimidating, but setting clearly defined goals will help ensure your financial success. Get a head start with this checklist!

The Most Expensive New York Neighborhoods in 2018

The list of the top 50 most expensive New York City neighborhoods in 2018 has just been released. Unsurprisingly, Manhattan neighborhoods effortlessly steal the top three spots. Find the full list of neighborhoods as well as the supporting market data in this article by Curbed.

AirBnB’s 2019 Must-Visit List: The New Hot Spots 

Looking for a new destination for your next getaway? Break the mold this season by traveling to one of the newest hotspots uncovered by AirBnB. Check out the complete list of trendy destinations here.

13 Real Estate Pros Share Advice for Industry Newbies

Whether you're considering a career in real estate or simply starting your own business, making a name for yourself takes time and practice. In this article by Forbes, 13 real estate pros, including two of our very own Compass agents, lend their advice for building a successful empire.  

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The Monthly Update - December 2018

Why The Downturn In The Housing Market

In A Robust Economy?

When I explain to sellers the reality of what their home is worth in today’s real estate market, they repeatedly ask me, “Why is the housing market in a downturn while the economy seems to be chugging along?” There have been countless articles, blogs and newsletters written on the subject, but yet when it’s time to sell, sellers are still baffled.

To tackle the question, one needs to closely examine key factors of economy, not just a bullish stock market or historic low unemployment. A few points to consider:

Interest Rates:

After the market crash in 2008, the Federal Reserve kept interest rates low to stimulate the economy. It took a few years, but soon banks start lending again at super (artificially) low interests rates. Money was cheap. The stimulation started working on the housing market in 2010 and 2011 like crack, so much so that, by 2015, it was up double and triple digits in most corners of the U.S. However, a strong economy stokes fears about inflation, which in turn drives the Fed to raise interest rates, which it has been doing at a slow but steady clip. Last week, according to Bankrate [link here], mortgage rates rose to 5.10 percent, a seven-year high. A year ago, they sat at 4.10 percent.

Wage Growth:

As all this interest rate correction was happening, wage growth remained stagnant. Millennials, who are now at the prime age to purchase home, never really had the wages to afford the housing market’s sharp increases. Now, you’re seeing the housing market forced adjust itself to a buyers’ market when the bulk of buyers have been priced out of the market!

Higher interest rates + minimal wage growth is a sticky equation to overcome. And while wages have started to tick up ever so slightly as of late, today’s buyer pool refuses to pay the prices earned in the heady cheap-money days of 2015. As a result, you're seeing property sit on the market for twice or three times as long as before, and many sellers are forced to drop prices to attract offers. Especially if they weren’t priced appropriately to begin with.

But when a housing market shoots up past the rate of inflation and wage growth, the old adage comes to mind: If something can’t go on forever, it won’t.

History Lesson Did You Know?

December was originally the tenth month of the year in the Roman calendar. It gets its name from the Latin word "decem" which means tenth. However, when the Romans added January and February to the calendar, it became the twelfth month. They still kept the name, though. 

Local Events 

Radio City Christmas Spectacular

Dec. 1, 2018 - Jan. 1, 2019

For nearly a century, the Rockettes have appeared at Radio City Music Hall in hundreds of stage spectaculars, and this year they return with a new finale. Bring the entire family for a show that's sure to entertain. Buy tickets here. 

 

Santacon

December 8, 2018 (10 a.m. to 8 p.m.)

Give back with the masses at this year's Santacon, a charitable bar crawl which has raised more than $400,000 over the last 5 years. Grab your Santa hat and donate here before lining up for the infamous daytime event! 

 

Make Music Winter

December 21, 2018 

Make Music Winter features a dozen musical parades on the streets and sidewalks of NYC on the first day of winter. Come watch, or join in for free! For more information, click here. 

 

New Years Eve in Times Square 

December 31, 2018

The age-old tradition of New Year’s Eve in Times Square features dazzling lights, famous musicians, balloons, fireworks, and a crystal ball that drops at midnight. To join the crowd and see it live, be sure to arrive early! Click here for more info. 

Tips & Tricks

'Tis the season! Whether you're looking back or planning ahead, one thing is certain: the year is coming to an end. Below you'll find all you need to celebrate the past year and coordinate what's to come. 

How to Host a Holiday Party Like a Pro

From gift swaps to girls' night, hosting during the holidays seems inevitable. Feeling stressed? Clever has you covered with the best ways to prepare for hosting duties in this article. 

The Top 20 Places to Travel in 2019

With a new year comes new adventures. If you're looking to satisfy your wanderlust, check out this article by Architectural Digest, which details the most interesting places to travel in 2019.

20 New Year's Eve Decorations to Celebrate 2019 in Style

As the year comes to a close, its time to usher in a new beginning surrounded by those you love. Kick off the countdown in style with these decorations, as recommended by Elle Decor. 

7 Long Island City Restaurants to Try Before Amazon Moves In

As Amazon prepares to move into Queens, New Yorkers are understandably concerned about how the tech giant will affect the beloved borough. Change may be coming but there's still time to enjoy the best restaurants in Long Island City, as recommended in this article by Vogue.

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The Monthly Update - November 2018

The Buyer’s Dilemma: Buy Today Or Buy Tomorrow?

We are, no doubt, in a buyers’ market. Prices have fallen significantly since the beginning of the year across all sectors. Meanwhile, buyers are certainly taking their time looking at properties and placing offers, with no measurable sense of urgency at all. Why? Buyers are still on the fence about whether this is the best time to buy or not. A lot of them are asking themselves whether it would be more affordable to wait six months when properties might be 10 percent cheaper, but interest rates are higher. Or is it better to buy now while rates are still low?  

The truth is, it’s better to buy today. Some sellers have been on the market for so long that, in many instances, they’re extremely negotiable. And, if you can take advantage of the still historically low interest rates today, as well as the negotiable deals available, you can truly have the best of both worlds: low prices and low interest rates.

And prices never stay low in Manhattan for long. Once there is the mere suggestion of a “buyers' market”, buyers move into the market quickly and snatch up what’s available. Then, before you know it, prices are climbing back up again for the next cycle. It happens quickly — just ask anybody who was trying to time the market in 2009, 2010, 2011… They waited a few more years and, all of a sudden, the cycle was over. So, if you’re interested in purchasing a property, get out there and find the one you want, make an offer and get the deal done. Today is the day to buy.  

Winter Village at Bryant Park

November 1, 2018 - January 2, 2019

Immerse yourself in the holiday spirit at Winter Village in Bryant Park. Starting November 1, the holiday market features 150+ vendors as well as free ice skating. For more information, click here. 

Holiday Train Show

November 15, 2018 - February 3, 2019
History and train enthusiasts alike will enjoy the Holiday Train Show, set up inside the New York Transit Museum Store. The installation features a 34-foot-long model train layout with trains and subways that run on eight loops of track. You can read more here. 

The Nutcracker

November 23 - December 30, 2018

Enjoy a holiday tradition with George Balanchine’s The Nutcracker, which returns on November 23. With old-fashioned costumes, a tree that grows before your eyes, and Tchaikovsky’s captivating music, the ballet is hosted at David H. Koch Theater. Buy tickets here.

Rockefeller Center Tree Lighting

November 28, 2018

Join thousands of spectators in awe for the annual lighting of the Rockefeller Center Tree. Free and open to the public, the ceremony will occur on November 28th. Read more about this historic tradition here. 

The Monthly Update - October 2018

Dear Reader, 

Sorry for the delay in the monthly update, I was waiting for the Q3 data to arrive. After reading and re-reading Compass Q3 report, Bloomberg's, The New York Times, StreetEasy and Miller Samuel by Johnathan Miller. Rather than giving you a long drawn out explanation of the current state of the Manhattan markets, I'll just sum it up in two easy-to-read charts by Bloomberg (below) entitled, "More Pain for Sellers and More Choices for Buyers." 

COMPASS NEWS:

  • Compass has now officially opened in Austin! Press

  • We are excited to announce the latest $400M funding round and plans for international expansion! Press

  • Starting this month Compass has partnered with WAZE, Compass pins will pop up on the Waze Map, indicating listings equipped with our groundbreaking reimagined real estate sign. Press

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The Monthly Update - July 2018

National Real Estate Market

Trends Finally Reflect Manhattan Trends

According to the WSJ, in four of the first five months of 2018, national resale home prices nationwide have been in decline. And sales of new homes only grew 6.8 percent in the second quarter. With resales making up the bulk of total sales, this equates to Q2 results that are essentially stuck in neutral.

Oh, really??!! This information seems like yesterday’s news if you’re a seller in the New York City market. The Manhattan sales market has seemingly been "stuck in neutral" for quite some time. And with many economists predicting (dare I say it?) a recession, it’s no wonder things are in neutral.

But let's take a step back. The economy is still very strong: The stock market is up and we're experiencing the lowest unemployment rate in decades. So why the hesitation? Why is the national market stuck in neutral?

In Manhattan, we have overbuilding to contend with and an overall buyer sentiment across all price points that a market correction is due. The market is about at the end of a 10-year cycle, so that is a good argument. Rentals have already corrected over the last two years, so many think sale prices are next. We spoke to a HUD representative, and she told us, "A correction is imminent."

What does this mean for you? If you're in market to buy, it's a good time to make deal. If you're selling, be realistic and be prepared to negotiate.

 
  • Check out our HQ office. Read More
  • Our CEO Robert Reffkin has been named one of Glassdoor's Top CEOs. Read More
  • Compass Seattle is opened, Philadelphia & Ft. Lauderdale next month and 12 additional new offices coming soon! #CompassEverywhere
  • Who’s Disrupting Brokerage? A Breakdown By The Numbers. Read More

Don't Miss Out On These Events

Summerstage 

July 1 - 15, 2018

Celebrate summer by getting outdoors! Happening now through July 15th, enjoy fantastic music, comedy, theater, dance, lectures, and films during SummerStage in city parks. The (mostly) free concerts are popular, so be sure to arrive early! Tickets can be purchased online. 

 

Broadway in Bryant Park

July 12 - August 16, 2018

From July 12 through August 16, bring the whole family to the Bryant Park lawn and watch popular on- and off-Broadway shows perform their biggest hits on Thursday afternoons for free! Find the schedule here. 

 

Summer Restaurant Week

July 23 - August 17, 2018

Love a three-course meal but hate the price? From July 23-August 17, take advantage of lunch or dinner specials at 300 of the city's top restaurants during NYC Restaurant Week. For more information, click here.

Don't Forget To Follow Us

@hoffmanteam      #TheHoffmanTeam

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Monthly Update - June 2018

The Importance of a Buyer’s

Agent in a Buyer’s Market

If you are ready to house hunt, I’m sure you know it can get pretty complicated out there. And when you’re working in a buyer’s market, having an agent working for you can be the difference between winning or losing a property and getting it for the right price! When the average New York City home currently spends 87 days on the market — much longer for luxury properties — it’s time to cut deals. But you’ll need a buyer’s agent to help educate you on the correct pricing for your purchase. Not only will you need to navigate the usual offer forms, financial sheets, pre-approval letters, and (possibly) best and finals, you’ll also need guidance from your buyer’s agent on getting your purchase for the right price!

The process can be stressful and surprisingly complex, which is why you’ll need to assemble a pro team to stand at your side throughout the journey. It can literally make the difference between losing out or winding up on top!

A buyer’s agent is just that — YOUR agent dedicated to representing YOUR interests during every step of the purchasing process — and that’s very important in a buyers market. Not only do they get you into properties fast, they also let you know when those homes are on the market before anyone else (including your competition). And, in a fierce market like ours, they are key to helping you find the home of your dreams.

Despite the fact that we are in what some have deemed a “buyer’s market” — where buyers hold a competitive edge over sellers — a buyer’s agent is still crucial to your home search. Here are the top 5 reason to use a buyer’s agent in a buyer’s market:

  1. It’s free! Sellers rely on the agents (seller’s and buyer’s agents) to bring the best buyers into their property, and to do that, they pay.

  2. Your buyer’s agent will find you the right property. Property search is a full-time job. Having your agent scour listings for the neighborhood, properties, and amenities that fit your needs — and setting up tours and appointments — will be your buyer’s agent’s No. 1 priority.

    • At Compass, we believe your time should be sent enjoying the perfect home, not searching for it. With so many listings out there and a multitude of ways to communicate, it’s not easy to stay on the same page. By creating a Compass.com account, we can use Collections together to: 1. Keep track of homes you like in one place. 2. Invite anyone - your friend, spouse, parents - to help with your search. 3. Share comments about the homes so all communication is organized. 4. Receive automated updates about the homes in real time

    • Learn More HERE

  3. Making the offer. After you find the perfect home, placing the offer is the most important and strategic step. Your agent will help you research past sales in the building and in the neighborhood in order to bring a competitive and educated offer to the seller’s agent. Having an expert negotiate the deal can save you a ton of money and help you avoid the many potential pitfalls along with way.

  4. Recommending the right professionals. Getting you to the right real estate attorney or inspector is part of your agent's duty to recognize your needs and protect your rights.

  5. Help overcome setbacks. There will be hiccups along the away, and your agent will be there to work through them. With their abundant experience, they’ll know what to look for to keep your deal on track and get you to the closing table!

 
  • Check out our office. Read More
  • Compass Seattle is opened, Philadelphia & Ft. Lauderdale next month and 15 additional new offices coming soon! #CompassEverywhere
  • Who’s Disrupting Brokerage? A Breakdown By The Numbers. Read More

Monthly Update - May 2018

It’s Easy, Right?

Then why do so many sellers get it wrong?

I’m talking about preparing a home for sale, of course. And here is a definitive how-to guide to getting your property ready to fetch top dollar.

Buyers are attracted to clean, renovated, furnished apartments — who knew?! And that’s it. Not that hard. Just three little things.

Cleaning: This includes not only scrubbing from top to bottom but also a thorough decluttering. Arrange to have the windows washed, inside and out, to really let your place shine. Yes, you’ll have to make your bed and pick up your dirty clothes off the floor for the duration the home is on the market. You’ll also have to keep the place dust-free and vacuumed with no overpowering odors. Purchasing a home is said to be 80 percent emotional and 20 percent logical. As the seller, the more you draw on the emotions of your buyer by letting them envision your home as their home, the higher price they’ll pay. So, get the property cleaned. Easy to do. It’s cheap and the payday potential is huge!

Renovating: This step can be time-consuming and wallet-draining, and often it can be challenging to recoup those dollars. The key is investing just enough money to make your home appealing without spending unnecessarily. Start with a paint job. This can be done relatively inexpensively and will give your home a surprisingly fresh new look. Pick colors with universal appeal — eggshell white is one of my favorites. Next, go through the home and pick smaller items to replace that will give the property an updated look and feel. Make sure all light fixtures are new and working properly. Kitchen cabinets and drawer handles are easy to replace and can take a kitchen from dated to contemporary in no time. An appliance update is a good idea, but don’t feel obligated to purchase top-of-the-line brands, such as Sub-Zero or Miele. There are plenty of other brands that are half the price and just as nice. In the bathroom, a new vanity or medicine cabinet, or even a new toilet seat, can give the space a fresh new look.

Furnishings: This aspect is often overlooked, but that beat-up old couch of yours might be comfy, but it’s not helping your sale at all. Buying inexpensive, modern furniture is the finishing touch to your property’s final preparation and look. There are also many furniture rental companies that will bring in contemporary, chic furniture just for the duration the home is on the market.

All of this is common sense, but might seem overwhelming. Bottomline: Take the advice of your real estate sales agent. He or she is there to help you sell at the highest and best sale price.

Wrap Up Spring Cleaning With Chic Bins & Baskets

 

Spring is the season for cleaning out our closets, but organization doesn’t have to be clunky, or hidden, for that matter. Make your storage do double duty with these stylish recommendations from Vogue.

 
 
  • Compass is now the #6 brokerage in the country. Read More
  • Compass has just opened in Seattle and 15 additional new offices coming soon! #CompassEverywhere
  • Compass acquires Conlan Real Estate in Chicago and adds nearly 300 agents. Read More
  • Interested in learning more about Compass or possibly joining our national agent community? Click Here #agentsofcompass

The Monthly Update - February 2018

Don’t Let These Top 5 Seller Concerns Prevent

You From Selling Your Home

Over the last several months, we surveyed 100 of our recent transactions and asked the sellers what their top concerns were when listing their homes. While we were surprised by some entries — “The agent may not be able to show the positive energy my home possesses.” — there were others we knew would be on the list — “The commission.”

We compiled the top five concerns for you here, but most importantly, we’ve included the reasons why you shouldn’t let this issues prevent you from selling your home with an experienced and qualified broker. When it’s time for your to sell one of you largest assets, and concerns arise, just know that you’re not alone in feeling anxious. We’re here to help answer your questions and quell your fears.

Top 5

The Cost of the Commission

It’s funny that commission is the top issue mentioned by sellers, because it really is the easiest to answer. Commision will help sell your home. Any broker will attest to this fact. For example, when a new development needs to sell property faster and at the best price, the developer incentivizes the brokers by paying them a higher than usual commission. Conversely, if you offer the buyer's agent a lower commission, the agent has less incentive push their buyer to purchase your home. Commision, like price, can be an accelerator for your sale in terms of both price and timing. Including the brokerage community in your sale by offering a commission invites competition, and that’s exactly what want when you sell your home. So, don’t skimp on 0.5 percent or 1 percent on commission — that little 1 percent can bring you more and better qualified buyers who will more than make up that 1 percent.

Fear of Getting “Their” Price

I’ve never met an owner who isn’t concerned about price and getting “their” predetermined price. And I’ve also never met an owner who doesn’t think theirs is the best apartment in the building, on the block or in the city! But, being realistic about price (especially in today's market) and paying close attention to the comparable homes in the area, like commission, can be one of the most powerful marketing tools a seller can use. If positioned correctly in the marketplace, sellers can get “their” price — and then some! There are brokers who make living pricing property just a hair under market value to create a huge rush on the property and drive bidding wars. Price should be viewed as a tool to get more buyers working with more urgency to get you, the seller, more money, faster.  

Uncertainty About When to List

Timing is everything, right? So, it’s no surprise that sellers are frequently concerned about when their home should hit the market. There are seasonal influences, holidays to consider, and even factors affecting what day of the week to release. So, let’s break it down. As far as seasons, spring is the busiest time of the calendar year, but it can also be the most saturated as far as listing inventory, so sometime in mid- to late March, right before the spring market, can be the best time of year to list. As for the holidays, you should never list right before a major holiday, and maybe even wait few days after that long weekend to ensure that everyone's back from vacation. If you’re looking at the best day of the week to list, we like Monday or Tuesday as this gives the listing a week to track and get picked up by public sites and the MLS. I try to avoid listing at the end of the week because the first open house that following Sunday might not be as busy you’d hoped.

Low Appraisal Value

If commission, price and release date are all inline, chances are you could get very, very strong price for your property.  And if so, appraisals can be of some concern. But, if you did get a strong price, there’s a good chance you might have had multiple buyers to choice from. If so, make the offer non-contingent on financing a requirement to accepting the buyer’s offer. Keep in mind this might scare a strong buyer off, so getting the buyer to agree on an appraisal contingency can do the trick. Meaning that if the property appraises for less than 80/20 loan-to-value, the buyer would need to kick in the difference.

Uneasiness About Open Houses and Security

Security and the idea of “strangers” trampling through your home is always on the mind of every seller, so you're not alone if that’s a worry of yours. We always tell our sellers to be practical. If you’re especially concerned about particular items of great monetary or sentimental value, you’ll alleviate your own stress by simply removing those items from the home. Keep in mind that every showing and open house is completely, 100 percent supervised. We keep a detailed log of everyone who attends the open house and are in touch with each buyer after the open house to follow up. But being proactive is the easiest approach. Simply remove the items you feel are vulnerable, and hire an agent who’s sympathetic to the fact that this is not simply a commodity — it’s your home!

We hope this addresses any fears you might have about selling your home. If you have any question or comments please visit us on Facebook, Instagram or at dylanhoffman.com

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The Monthly Update - January 2018

2017, Whew! Hello 2018!

From stock market highs to North Korea blues, the ups and downs of 2017 were unprecedented, unexpected and really just unbelievable. And, based on just the first few days of 2018, it looks like we’re in for more of the same this year. Maybe this time around, we will all be more prepared for it — or not! Whatever 2018 has in store, we are more accustomed to the unexpected and hopefully more able to weather what's quickly becoming the norm.

But even in this new age of expecting the unexpected, there are a few things that held steady. One of which was our team’s strong and steady sales! In only 22 months at Compass, the Hoffman Team has done over 230 transactions and closed more than $200 million in total sales to date. We’re so excited and so happy to provide impeccable service to all of our current and prospective clients, always with the highest level integrity trust and professionalism. We have to tip our hats to Robert Reffkin and Compass for giving us the incredible platform that enables us to deliver unparalleled customer relations to each one of our important clients. Thank you!

Now, what to expect in the age of the unexpected!

There a lot of Nostradamus types who are saying 2018 will be a robust year for the global economy, Goldman being one of them. I think, for our purposes in the New York City real estate markets, it's best  to be a bit more grounded and assume conservatively based on the 2017’s results. If buyers and sellers can stick to what has gotten them to this point, then 2018 should and will be a productive year for all who choose to be or need to be in the market. Last year saw buyers taking more time to find what they’re looking for and being a bit more cautious. 2017 also showed that when sellers were realistic about their selling price, property moved.

These two factors contributed to a resale market that saw a 17 percent jump in transactions year-over-year at the lower end below $1 million. The stubborn condo and new development market saw not only price drops, but also 74 percent of all the inventory has been listed for 180+ days, which is a 31 percent year-over-year increase  

How the markets react to the new tax code in the long term remains to be seen, but if buyers and sellers stay grounded, and do what they did in 2017, the real estate market will continue to turn and be productive.

COMPASS News

  • Our goal is for Compass to be everywhere, and by the end of 2018, we will be operating in every major metro area in the United States, bringing us to 100 offices nationwide! #CompassEverywhere
  • Softbank invests $450 million in real estate tech company Compass at a $2.2 billion valuation. Read full article
  • Copass co-founders Robert Reffkin and Ori Allon are named as 1 of the 7 most interesting people in real estate 2017. Read full article
  • Watch out Dallas! Compass is coming for you.
  • The Hoffman Team has grown! Please join us in welcoming Scott Sobol to the team.

The Monthly Update - November 2017

How we can help you outside of NYC: A Note About Referrals

I would like to take time this month to switch up our typical Monthly Update. Instead, let's talk about the power of our referral partnerships.

Need advice on a tricky transaction or know someone moving to Boise, Idaho? Call us! We’ve referred quality agents from downtown San Francisco to Madrid, Spain, and everywhere in between.  All over the globe, we’ve built relationships with brokerage companies and agents who assist our clients, whether they are buying, selling, renting or investing. And, we have a 100 percent success rate in our referrals.

Buyers have found their dream homes and vacation properties all over the world, and sellers have found the best of the best in their specific locale using our professional referral system.  Need a summer rental in the Hamptons, or perhaps Bali? Call us. We will help. And with Compass’ goal of 20 new cities by 2020, our national reach will be even greater and stronger over the coming years.

To our out-of towners:  No price point is too small (or too big) for us to help you or your friends. You might think we are big, scary Manhattan brokers who won’t want to help but we do and we can! Our successes are found in the smallest towns and the biggest cities, so use us for all your real estate needs, whether close to home or far, far away.

- A Quick Ditty about the Market -

More and more, we are in a real estate market in transition. I’ve seen other brokers' updates declaring that our city’s market is officially a buyers' market now, and it’s tough to argue against it. There are always exceptions or glimmers of hope to every market. A bidding war here or a property there going into contract in 10 days, but overall, it’s a tougher landscape than in recent years.

Price used to be the ultimate marketing tool and barometer for whether you were going to sell quickly or not. But today, even if you follow all the clues from past sales and comps, and release the property exactly where all the numbers suggest you should, the market (and buyers) might still resist making an offer or even calling to see to the property. It’s been extremely frustrating for sellers, and even some buyers seem surprised at the uncertain energy that is permeating the market right now.

My advice? Stay the course. Pay attention to the numbers and be patient. There are still a lot of positive outcomes for properties marketed, priced and positioned properly.

The Monthly Update - October 2017

The Value of Today’s Buyer's Agent

We all know that the internet has changed everything about real estate, as it has for countless other service-based industries, from financial services to travel, and even medicine. But for real estate, everything has been turned inside out. In fact, Compass has based their entire one-billion-dollar valuation on the worth of technology in today's real estate marketplace.

This month, I’d like to focus on the buyer's agent and specifically buyer's agents in the Manhattan and greater New York City area. Ours is unlike any market the country, or the world, for that matter. For starters, in New York City there is no multiple listing service (MLS), like one would find in nearly every other real estate market in the U.S. When I speak to real estate agents from other regions, they are blown away by how much harder it is for us to conduct business here, and that's where the value of the buyer's agent first becomes apparent. The mere fact that there is no MLS in Manhattan means that property listings are everywhere and anywhere. There have always been at least five private systems —either shared by a few agencies or controlled by one — but never a truly collaborative MLS where all listings are collected and shared broker to broker. StreetEasy was our MLS answer for some time, but in July of this year, the website started charging agents to list properties, and the number of StreetEasy rental and sales listings dropped by almost half.

A good and resourceful buyer's agent can make sure that buyers cast as wide a net as possible, searching every private website as well as every public source. Plus, they have ongoing day-to-day knowledge of listings from a variety industry-only sources. These can include broker-to-broker email advertisements, weekly sales meetings where coming-to-market listings are discussed, as well as subscription services that announce off-market, for-sale-by-owner (FSBO) items that are almost never found by the buying public at large.

Having an active agent focused on finding properties for buyers through all of these different resources is a huge benefit. Also, relationships matter. It’s a big city, but a very close-knit community of agents who handle about 80 percent of the transactions in New York City. Tapping into agents who know each other well and work with each other all the time can make all the difference in getting that offer accepted.

After the deal is fully executed is when the benefit of the buyer's agent can really blossom. From co-op and condo board applications, to managing agent relationships, to attorney contacts, brokering the deal happens during the entire lifecycle of the transaction and really has its legs right in the middle. There is nothing more important in a co-op transaction, for example, than the board package. It’s the only time during the deal where the outcome is not in the seller's or buyer's hands, but controlled by a third party who has the power to kill the deal. It’s the responsibility of the buyer's broker to work with their client and create the perfect package that is concise, easy to understand and free of mistakes, yet in-depth and complete.

Bringing in a skilled buyer's agent who has great relationships and a deep knowledge of our complex transactions, inventory and industry can be a huge benefit to getting a deal closed quickly and effectively.

The Monthly Update - August 2017

StreetEasy Turns Against the Industry That Built It

Making brokers more relevant than ever...

Let's roll back the clock 10 years. In those days, there was a huge gap in the New York City real estate market. With no Multiple Listing Service to speak of, buyers didn’t know where to turn for legitimate property listings for purchase or lease. There was an opportunity to build a website with legitimate sales and rental listings matching agents and customers. And so, StreetEasy.com was born. Quickly becoming the No. 1 public source for real estate, it amassed a huge online database of property for the public to consume, built largely on the work of the agents who posted the listings.

Eight years into StreetEasy's successful run, along comes the national real estate platform Zillow, who bought StreetEasy.com for, reportedly, a mere $55 million. Since StreetEasy held the keys to the world's largest real estate market, the price was considered a steal. Soon after the acquisition, Zillow began implementing money-making tools, primarily by exploiting agents and misleading buyers, detracting from StreetEasy’s original goal of providing a legitimate and agnostic source of New York City real estate data.

One of their most recent changes — the deceptively titled "Premier Agent" feature — even prevents listing brokers from being presented alongside on their own exclusives, unless they pay for the privilege. Instead, buyers are misdirected to an agent who likely bought a percentage of the ZIP code in which the property is listed. This, in turn, leads the buyer to a broker who has no knowledge of the actual property the buyer is interested in. It's a classic, and despicable, bait and switch, and the industry was unsurprisingly up in arms about its implementation. Buyers complained. Sellers complained. Angry commentary filled StreetEasy’s message boards. But it made no difference.

Zillow, a national behemoth, had already swallowed up Trulia, Naked Apartments and others, and had their sights set on one goal: making money. Regardless of whether their tactics are good for consumers, sellers or the agent community.

Zillow's latest change is causing another uproar in one of the world's largest rental markets, and it may be the straw that broke the camel's back: They've begun charging agents $90 a month for all rental listings. This move has banned the city's biggest real estate houses together to create a new Real Estate Listing Service (RLS) through the Real Estate Board of New York (REBNY) database. This database will provide all member brokerage houses with up-to-date, legitimate listing information — at no additional charge — so that they can continue to service the public's need for relevant and accurate listing information.

It's really only a matter of time before StreetEasy begins charging agents to list anything on their site. So, as of August 1, every major firm — except for Douglas Elliman — will feed the RLS, which Zillow refuses to feed to StreetEasy. After that, we will have to wait and see how this fight moves forward. Will StreetEasy continue to buck the system for their own profit as brokers log off in droves in favor of New York's first RLS feed? Or will they realize that by turning against the industry that built it, they've created their own demise. Only time will tell, but there’s really only one sufferer in this whole debacle and that's the customers, both buyers and sellers.  

To always get the most accurate information using a broker is more important than ever.  

 

  • The Hoffman Team has grown! We are pleased to announce the addition of Christian Nacpil to the team!

  • The Hoffman Team was recently ranked the #8 team in Manhattan by The Real Deal Magazine, based on volume.

  • Compass has taken over all of 90 Fifth Avenue, and this week we debuted our flag.

  • Our new mission statement is simple and pure. 

The Monthly Update - July 2017

Not to Sound Redundant, But … It’s All About The Price!

And ain't that the truth! But, while pricing is the biggest motivating factor in today’s market, other factors as well are at play when it comes to today's buyer.

The strongest, fastest and highest selling apartments in the current market are the ones demonstrating the utmost quality with tangible renovations and top-notch finishes. Another major factor for success are buildings that are situated within the most desirable neighborhoods or destination locations.

So, you ask, what the secret sauce is for today's marketplace? It HAS to be price first. We are in a climate where the buyers' market rejects the seller's asking price more often than not, BUT when the market does spot an enticing asking price, buyers act almost irrationally to win the bidding! In fact, and I've seen this time and time again, these well-priced scenarios will often result in bidding wars that ultimately drive the final price well over what the buyers' market would've rejected resolutely as an initial asking price! This is a near-illogical overreaction by the buyers' market — a feeding frenzy, if you will.

So, if you combine the right price with a nicely renovated apartment in a desirable building and sought-after location, you have the recipe for a fast and high-priced sale. The hottest segment of the market seeing this kind of reaction is the $1M and below sector. It’s so competitive in this category, that if you didn’t know better, you would think it was 2006 all over again. As you move up the price-point ladder, the market gets tougher and tougher for sellers, and better and better for buyers.

But, and I can't stress this enough, no matter which end of the ladder you're selling in — it’s all about the price.

The Monthly Update - June 2017

The Jane Street Effect

FAILED TO SELL — the words every owner dreads and hates to hear. Yet, in today’s price-sensitive market, these words are uttered over and over again.

A little over a month ago, we took over a Jane Street condo in the West Village from the largest brokerage house in the city who failed to sell. It had languished on the market for almost six months, so giving the property a complete rebranding and facelift was our first priority. The owner agreed to pay us to completely restage the property and to give it a deep cleaning. We brought in our best photographer, floor plan renderer and copywriter, and we made the property a “new listing” with over 100 days “on market” according to StreetEasy, NYC’s No. 1 public real estate website.  We got Compass’ public relations team to get a some press on the unit, and we went ahead with the relaunch. But, there was the issue of price. The property had been listed for $3.395 million. Clearly, we had to bring it to market with an improved price, so we all agreed that  $3.25 million  was a fair market value with a little room for negotiation. Just a bit lower than our predecessor’s asking price, but low enough to spark renewed interest — and that it did.

Over the next three weeks, we brought in over 50 buyers to the property, but alas no offers. It would seem the market had rejected the new asking price, again! But this time, the owner’s agents took action. Instead of letting the property sit there, the market forced us to adjust. The owner was convinced just a small adjustment would do for now, and if that didn’t work we’d move the price again in three more weeks. There was just no way that was healthy for the life of the listing if we wanted to sell it for top-of-the-market value. With much debate we adjusted the price down to $2.995 million and immediately got three offers: one below the asking and two just above.

We commenced with a best and final and signed a contract a week later for $3.15 million all cash. Why didn’t one of the original 50 interested buyers offer $2.95 million when we were at $3.25 million? We could have easily settled on a price of roughly $3.15 million then. This is today’s market — ultra price-sensitive — and this is what is leading to massive days on market for some listings or the dreaded failed to sell label for others.


Find your property’s sweet spot, and the market will respond genuinely. It doesn’t care how long you’ve been on the market or for what price. Once you find the right number, your property will  have the Jane Street Effect!

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The Monthly Update - May 2017

Which markets are better for real estate sales? Historically, spring markets have always the been the stronger market. That being said, over the past three years, I have personally noticed a larger lag between the markets than we are normally accustomed to. In 2014, the spring was strong, and fall, while a bit slower, maneuvered itself and built up to record-smashing Spring 2015.

That hot Spring of 2015 fell flat by August and never recovered after Labor Day. Fall 2015 failed to live up to brokers’ predictions and the lofty sellers’ prices that had spiked earlier that year. And while that downtrend creeped only to the end of 2015 (especially in the luxury markets) and moved its way into 2016, which was a low point for many price-points, late Spring 2016 showed us the most promise of that year.

Fall 2016 was very difficult for many price-points, and now in 2017 after contentious election, a record-setting Wall Street surge and interests rates that are defying normal logic and staying incredibly low, we are seeing many price-points come roaring back. Bidding wars are now common again. Buyers’ interests in the market is white hot. The only segment  left out in our 2017 strong spring market  is the luxury sector. Having a few good weeks early in 2017, it is still highly competitive for sellers with lots of luxury market new development and resale to compete with. And there is more yet is still to arrive.

Price is king in the sector. That said, sellers seem to be holding out and for as much as they can. The average days on market for three-bedroom condos on the Upper West Side, according to StreetEasy.com, is 293 days. But overall, the Hoffman team is seeing record numbers and a strong bounce back so far in Spring 2017. What remains for the rest of this year is completely unpredictable. History would say it could be slow …  and yet, IF the Trump tax plan passes, or is even perceived to have a good chance of passing, that could rev up the markets again for another huge push this fall. That lag might be over.

View All Hoffman Team Active Listings

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Press Bulletin 

 

Compass Acquires Montauk's Oldest Boutique Real Estate Firm
Bloomberg TV  | Read Full Article

The Monthly Update - April 2017

So, where is the market headed?

This is the question on the mind of every buyer and seller in the market today. On the one hand, there are plenty of encouraging signs from all over the media and blogosphere. The broker-coveted Oshlan Luxury Market Report, for example, noted last week that 330 contracts at the $4 million-plus price point were signed in the first quarter, a 33 percent increase over the same period in 2016. But (and there always seems to be a "but" in this market), the average days on market is over 390 days with a 7 percent drop from the original asking price. Sellers were probably willing to negotiate even further given the average days the properties spent on the market in this price point.

Where the high end market goes the rest will follow, right? Not necessarily. We are finding our higher end listings, while popular with appointments, are a bit slower to receive offers given the amount of inventory, again, that's borne out by Oshlan reported average days on market. This is in stark contrast to our "affordable" inventory, which can see as many as 18-20 buyers at each open house and offers within the first or second week. Even though we saw the Fed vote to raise interest rates last month, there was actually a slight dip in rates at the consumer level, which is a likely a contributing factor for the strong response for the more affordably priced homes in Manhattan and Brooklyn. Well, that and the fact that inventory in that sector is limited and not likely to grow any time soon.

Whether high-end or affordable, there is no real answer to the question, "So, where is the market headed?" But — and I’ve harped on this a thousand times before — the current market is so price sensitive that the placement of your asking price relative to other listings in the area can be the difference of selling in 3 days or 300 days.

Looking Back At What Closed...

The 2,649 total closings in the first quarter was down 11% year-over-year. This decrease was related to weak contract activity in 4Q16 (down 12% Y-o-Y), which was attributable to high asking prices and the uncertainty regarding the U.S. presidential election. New development closings continued to decline this quarter (down 20% Y-o-Y), though it should be noted that they are not indicative of the current market due to their delayed and often clustered closing schedules. The median closing price of condos decreased 6% year-over-year to $1.7M but the median closing price of co-ops increased slightly by 1% to $778K.

Download Full Report Here

Press Bulletin

Compass Launches The Pinterest Of Real Estate
Forbes |  Read Full Article

Modernizing R.E. Through Tech
Bloomberg TV | Video  (starts at 38.56)

Introducing Collections — real estate’s only visual workspace. Built by Compass, this new tool streamlines your property hunt. Check it out HERE or contact us today for a collection of hand-selected properties!

Hoffman Team Active Listings

The Monthly Update - March 2017

As the U.S stock market continues its steady climb to as-yet unexplored heights, real estate brokers are finally starting to see the fruits of the upward trajectory in our day-to-day activity of buying and selling New York City property.

Leading with the luxury market, the Oshlan Luxury Market Report, which focuses on properties at the $4 million mark and above, noted that February 2017 was the second strongest February on record for contract signings. The bulk of those luxury market contracts were in a sweet spot between $4 million and $6 million, specifically.

The Hoffman Team at Compass, indeed felt the same surge in business with 10 contracts signed in February. We are also seeing an increased number of online website views of our listings — a good indicator of future business — and at the water cooler, other agents are talking about a general buzz industrywide.

Is it the Trump effect? Is spring finally in the air? Is it because the Fed all but guaranteed that interest rates will be given a hard look during their March meeting? I'd say all of the above are, at last, bringing buyers to the point of purchase, so let's all ride this general wave of optimism while it lasts, shall we?

But alas, there are future hurdles ahead for markets around the word. Take a look at France's elections in late April, for example. Another Nationalist is leading in the polls, and if Marine Le Pen wins, there could be another blow to the EU as she would like to go the way of Great Britain and exit (Frexit?). And, our own Fed has given us mixed singles as to what exactly they intend to do with rates over the long haul.

These type of pluses and minuses point to a general rule that one cannot look too far into the future. It's best to just capitalize on what is happening right now, which is cautiously positive if you are in the real estate market.

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