The Monthly Update - October 2022

During Macroeconomic Headwinds,

Manhattan is Holding its Own! 

While many predict housing prices will drop 20% to 30% nationwide, Manhattan and the surrounding New York City markets are holding their own. That’s mainly because, during the COVID rebound year – while the rest of that country was seeing increases in prices almost month over month – Manhattan and the surrounding boroughs, particularly prime areas of Brooklyn, were seeing high transaction rates, but pricing really didn’t go much higher than 2018/2019 levels. This could prove to be a lifesaver as the housing market unfolds and the overall real estate markets come down to more realistic pricing levels. 

Manhattan and Brooklyn were in the throes of the COVID rebound in 2021 and half of 2022. Just like the rest of the industry, it all came to a screeching halt in June of this year, due largely to rising interest rates and a downturn in the stock market. Things have somewhat recovered and adjusted since then, and the market continues to be strong when put against prior “normal“ real estate years. For instance, 163 apartments were put into contract the third week in September. That’s pretty much on par with the same week in September 2019. The saving grace for Manhattan and Brooklyn is that sellers weren’t really able to push pricing up in 2021-2022, even though transactions were at a record pace. This means the downturn or recovery months to follow should be relatively easy on prices. Yes, there will be some adjustments, but not the 20% to 30% many pundits are expecting throughout the country. 

Of course, time will tell, but Manhattan and prime Brooklyn have the advantage of a very wealthy clientele, buyers and sellers alike. There are many more cash buyers in New York City: roughly 30% to 40% of all transactions are cash in any given price range and above 50% in prime Manhattan markets. If there is even a slight price adjustment, buyers generally come out of the woodwork to take advantage of that discount. Plus, the real estate market in New York City has a backstop called the rental market. For the most part, these two markets swing back and forth from one another. When the rental market gets too hot, renters tend to return to the sales market and vice versa. Right now, rental prices are 30% higher than pre-COVID levels, which means we are seeing additional buyers in the sales marketplace. These are people who were initially interested in renting but decided that, now that rents have exceeded mortgage plus HOA fees, they’ll dip back into the sales market despite higher interest rates.

Of course, no one has a crystal ball or knows exactly what the three, six or nine months will bring. But Manhattan has been able to weather most major housing market drops in the past. This time should be no different.

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Lifestyle Tips & Tricks

NYC Wine & Food Festival

The Food Network New York City Wine & Food Festival celebrates its 15th Anniversary on October 13-16, 2022. With more than 80 events, the NYCWFF is the largest food and wine festival in NYC and is widely recognized for its walk-around tasting events that celebrate America’s favorite foods, intimate dinners with world-renowned chefs, late night parties, hands-on classes, brunches and more. Click HERE to purchase tickets!

Halloween on the Harlem Meer: Pumpkin Flotilla

Thursday, October 28th come dressed in your Halloween costume and watch the Harlem Meer get spooky! Drop off your very own carved pumpkin and find a spot along the edge of the Harlem Meer to watch as the jack-o’-lanterns float by in New York’s largest pumpkin flotilla. Click HERE for more information!

What You Should Be Planting in the Fall

This may be a little known fact, but fall is the key planting time for a beautiful garden. It's also the key time to give your plants one last manicure before winter sets in. Now that summer's heat is cooling off, it's time for you to switch out your summer annuals for fall appropriate annuals and plant spring bulbs before the first frost. Courtesy of Southern Living

Best Places to See Fall Foliage in the U.S.

It's time for sweater weather, hot apple cider, and best of all, seeing the leaves change from the lush greens of summer to the bright golds, oranges, and reds of autumn. Check out the 21 best places to see fall foliage. Courtesy of Travel + Leisure

25 Easy Pumpkin Carving Ideas

Carve your own funny, scary, or beautiful pumpkin carvings this Halloween. Your whole family will find plenty to love about these easy pumpkin carving ideas—from a classic smile to a flame.
Courtesy of Better Homes & Gardens

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The Monthly Update - September 2022

Snap Back! 

I just returned from an annual Real Estate Summit meeting hosted by TomFerry, held in Dallas and attended by over 5,800 of my fellow agents and Realtors from all over the United States. It was an incredible three days filled with discussions about how to serve our clients better! New platforms, apps and tools to help deliver super guidance! Mindset, knowledge and local real estate data analysis so that we can combat the hyped newsreel “data” from MSNBC and FOX News. In short, we are ready to offer better, trusted service and a renewed sense of purpose. 

But we also talked about the state of real estate right now. I was astounded to see many agents were experiencing the same trends that our Manhattan/Brooklyn market is. And what they all reported was not a dead, crashing or apocalyptic situation but a snapback to what was quite normal just a few years ago. That blew my mind because that’s usually not the case at all! New York City generally goes it alone. We tend to march to our own rhythm and report drastically different numbers than the rest of the good ol’ USA, most of the time. 

We all remember March 2020 and the direction of the real estate market — straight down — followed by the subsequent rebound, which was straight up. And presently, the snapback. Just like a rubber band when you snap it. First, a low, then a high, and now back to the straight line. Many agents from all over the country are reporting the same rebound to a normal market. The type of market we regularly saw back in 2019 and before. A market that just feels slow compared to the high transactional rates we saw a few months ago. 

I reviewed the past four years of closed sales data from The Hoffman Team, from January 1 to September 1. I found that in 2019, we had 51 closed sales. In 2020, the number was 58. In 2021, during the same period, there were 118 closed sales. This year, there were 82. And, I would argue that 20-30 of those closings were actually left over from ultra-hot 2021. 

It’s funny that interest rates in September 2019 were hovering at about 4%. Today, we’re just over 5%. But just a few weeks ago, it was 4.7%. So that’s a bit of a snapback, as well. Yes, the market has changed. Yes, you’re not going to see the increased numbers (both prices and transactions) that we saw nationally or in Manhattan/Brooklyn, but there are buyers out there. Buyers are putting property into contract/escrow at a more normal level. And we welcome that. We welcome the normal. At The Hoffman Team, we’re excited to bring you the new normal! :-)

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Local Happenings:

2022 U.S. Open

The U.S. Open—New York’s exhilarating summer sports event—is one of the most exciting things to do each year and finally, it’s back. The 2022 U.S. Open will take place from Monday, August 29 through Sunday, September 11. Tickets are now available to the general public for purchase! 

Click HERE to purchase tickets and learn more about the 2022 U.S. Open.

The Feasts of all Feasts!

The Feast of San Gennaro is back and will be running in Little Italy, NYC from Thursday September 15 through Sunday September 25! The annual event includes the best spots in Little Italy - eat at some of the best Italian restaurants in the city, watch colorful parades, catch free concerts and of course, see the world-famous cannoli eating competition. 

Click HERE to learn more!

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Lifestyle Tips & Tricks:

Redefining Luxury Through Countertops

While one might be well advised not to go chasing waterfalls, the design world is all over it; because nothing captures our marble-loving hearts like waterfall countertops. With an edge that cascades seamlessly to the floor, this expanse of stone can be a decadent focal point that links floor design with cabinetry. Courtesy of Elle Decor

30 No-Cook Appetizers for Super-Easy Entertaining

On really warm days spent cooking over a hot grill, it's nice to have a few fuss-free options that skip the heat but keep the flavor. Enter these no-cook appetizers.

Courtesy of Martha Stewart Magazine

Valspar Unveils Its 2023 Colors of the Year

The right paint color brushed on the wall doesn't just change how a room looks, but also how it feels. This year, for its 2023 Colors of the Year, Valspar is tapping into color psychology.

Courtesy of Real Simple

U.S. News Ranks the Best Places to Live in the U.S. in 2022-2023

U.S. News & World Report revealed the 2022-2023 Best Places to Live in the U.S. rankings, which compares the 150 most populous metro areas in the U.S. based on affordability, quality of life, desirability, job market and net migration.

Courtesy of U.S. News

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The Monthly Update - August 2022

How to Attack the Current Market

There are different ways to get the most out of today’s adjusting market, depending on whether you are a buyer or a seller. The Fed just raised the interest rate another 0.75 percentage points last week. That means a reduction in purchasing power, so sellers need to acclimate … and so do buyers. 

Here are three great tips for both buyers and sellers to attack today’s real estate market.

Buyers:

1) Get Pre-approved: Call great bankers and mortgage brokers and find out how much purchasing power you have and what rates they can give you! The increased interbank rate doesn’t mean you can’t cut a good deal with your local bank, mortgage broker or national lender. One way to get your rate reduced is through the favorable rates lenders give buyers who move money to their institutions. Ask what kind of rate they offer “private client“ buyers, and see if they can’t buy down your rate for you. Don’t forget to negotiate those buydown terms. If they’re stubborn, tell them that XYZ bank is doing it. They might match what other banks are pledging to you. Shop the banks! Banks that want to increase market share will be aggressive with their lending terms and cut great deals! 

2) Look for property far and wide: Working with a great real estate broker will help you cover every listing out there. Be sure to look closely at “stale listings.” Sellers who’ve been on the market for 200 or more days can either have their heels dug in or are now desperate to cut deals! Doing a reverse search to see older listings is a great way to change it up and find a bargain.

3) Negotiate points other than price: Yes, you can now get a better closing price than 6-12 months ago, but there are other items you can negotiate that many people don’t think of. Closing costs, mansion tax, and even furniture and closing credits for small renovations/updates, such as a paint or appliance credit, are all on the table now!

Sellers:

1) Price it right: Even though the housing market is adjusting, there are buyers out there ready to purchase your home! The correct market listing price is the No. 1 strategy to get buyers into your home in big numbers. Because there is still relatively high demand and relatively low/housing supply, buyers will react strongly and aggressively to smartly priced properties. If you get more than one or two buyers interested in your home and making offers, go with the flow and let them set market value. Many times it will be higher than your asking price, even today! 

2) Get your house ready: Staging, cleaning, painting and decluttering are all important now. Remember, it’s not your house anymore. You’re shifting your mindset to that of a SELLER, so put in a few thousand dollars to make it look as attractive as possible. If you don’t have the funds to do so, Compass Concierge has you covered (see link below). Think of it as a Broadway show: You want to get ready for your big opening night, and everything has to be perfect! Buyers will give you a standing ovation in the way of offers. 

3) Timing: Listing at the right time of the year is key. I like to list during the right season and even the right day of the week. So, for example, a week before Labor Day? Not a good time to list. Between Christmas and New Year’s? Generally not a good time to list. Think strategically about when you’re going to list your home. There are generally two strong markets: the autumn market and the spring market. Choose one. The spring market is the busiest and is considered the high season for selling real estate in New York City, but you can still get deals done in fall and early summer, too. 

These points can help buyers and sellers in any market, but in a shifting or adjusting market, these suggestions should be followed to a T. It’s not always easy to buy or sell real estate in a market like the one we’re in now, and these steps will ensure you get your deal done! If you have any further questions or want to learn more about how to sell or buy in an adjusting market and – how to attack his current market – feel free to reach out to us anytime at HoffmanTeam@compass.com

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NYC Local Happenings

Sun Sets at The Met

The Metropolitan Museum of Art is hosting a weekly music series that celebrates a diversity of rhythms, perspectives, and countries of origin. Free with Museum admission and no reservations required, the Sun Set series will run this summer on Friday and Saturday evenings through September 3. 

Click HERE for event details and artist lineup!

Portside at Brookfield Place

Portside, Brookfield Place's second seasonal waterfront pop-up, is officially open for business now through September and its on-site schedule of activities and programs looks incredibly fun! 

From 9am - 9pm daily, the free and open-to-the-public outpost will look like a nautical-inspired oasis complete with beautiful views of the New York Harbor.

Click HERE for the full roster of events!

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100 Best Grilling Recipes You Have to Try

Looking for new grilling recipes to try this summer? Check out 100 reasons for you to light the grill and enjoy the great outdoors this summer

Courtesy of Taste of Home

28 Creative Ways to Grow a Garden, Even When You're Short On Space

Flowers and plants bring so much beauty to every space, big or small, inside or outside. Given the benefits of gardening, the practice shouldn't be limited to wide-open outdoor spaces and large greenhouses. Get your green thumbs ready for window-box flowers, hanging plants, tiny veggie gardens, and more.

Courtesy of House Beautiful

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The Monthly Update - July 2022

Keeping Everything in Perspective 

Picture this…

We've all been on a highway before. The speed limit is 65 MPH, but everybody else is doing 85/90 MPH. Then there's a slowdown ahead, and everyone slows down to the legal limit. But doesn't it feel like you're standing still? After doing 85/90 miles an hour, 65 feels like a snail's pace. Yet, you're still going the speed limit. That's what today's real estate market feels like.

Coming off the highs of almost 18 months going 85/90 miles an hour in a 65-mile-an-hour zone, downshifting to a normal pace feels like the end of the world! "OMG, why is everyone going so slow!" To extend the metaphor to New York City real estate activity at this particular moment, it feels like the housing market is collapsing. Maybe it even seems like doomsday is approaching. But it's not! 

On the highway of New York real estate, we have a rental market that's 30 percent higher than it was pre-pandemic. Yes, interest rates have climbed 2 percent in the last three months alone, but you can still get a jumbo 30-year fixed for about 4.5 percent if you have a prior relationship with the bank. And under 5 percent if you don't. That's still historically very good. 

In the Manhattan market, you have an industry that's humming along at a very acceptable 65 MPH. In the past 30 days, 1,019 units went into contract. That may be 20 percent less than the previous 30 days, but it's still pretty strong! As for new listings, 1,775 units went on the market in the last 30 days. That's 15 percent lower than the previous month… But it's summer! We always used to have slowdowns in the summer. Don't you remember? 

Let's keep it in perspective. Coming down from 85/90 to 65 MPH is a slowdown, not a catastrophe. We're still doing at or over the speed limit in many of these categories. Interest rates are still within historical lows, and while there aren't 10 bids on an apartment,  even if there are just 3 or 4, that's normal. That's a healthy market. That's going 65 miles an hour in a 65-mile-an-hour zone. 

Now, there certainly are things along the roadside that are not normal: inflation, war, political unrest and a Wall Street correction. These are all hazards that may reduce our speed limit even more, but they won't last forever. Economies come back to normal speeds. Neighborhoods rebound. Markets go up, markets go down. Life goes on. 

A lot is happening along the roadside right now, but the highway of life continues to drive on. Sometimes it speeds up, and sometimes it slows down, but if you keep your loved ones close and are nice to your fellow drivers … We will all endure :-)

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Local Happenings & News

The Hoffman Team:

No. 63 in the Nation

No. 15 in New York State

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.

Compass Debuts on the 

Fortune 500

We are thrilled to announce that Compass has found our home on the Fortune 500 alongside some of the world’s most respected companies like Apple, American Express, and Nike! In less than 10 years, we have become the #1 real estate brokerage in America (RealTrends 500) and one of the youngest companies ever to make the Fortune 500.

Arcadia Earth Exhibit

Come see the reopening of the immersive art exhibit, Arcadia Earth. This exciting exhibit aims to inspire visitors, showcasing the environmental challenges that our planet is facing. Arcadia Earth will leave visitors in awe and help support Oceanic Global, an organization devoted to raising awareness around our aquatic ecosystems. Click HERE to learn more and buy your ticket. For every ticket sold a tree will be planted!

Macy's 4th of July Fireworks

The Macy's 4th of July Fireworks 2022 is back on the East River in New York City! The fireworks are launching from barges spaced along the East River from Brooklyn, Manhattan, and Queens. The show is planned to last for 25 minutes and will feature jazz r&b, hip hop, rock, and country music. You can learn more about this exciting display HERE!

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The Monthly Update - June 2022

2021: The End of The Golden Age?

The 2021 New York City real estate market was the busiest in the entire recorded history of the industry. It was busier than the co-op craze of the early 1980s, with more transactions than the sellers' market just before the Great Recession, and even more active than 2015-2016, when we saw the highest recorded price per square foot. In fact, it was busier than any year since REBNY started keeping figures back in 1995, basically when the internet started :-).

While 2021 prices weren't driven to the extreme highs of 2015-2016, the year was all about transactions. More buyers bought more property in 2021 than in any year in the last two decades. Yet, it seems like we're on the precipice of that all changing. I'm hearing rumblings from other agents that "things are slowing down." But are we finally seeing the regular seasonal slowdown following typical historical trends, or is this something bigger? The stock market has dropped nearly 20 points since the beginning of 2022. Interest rates for conforming loans are scraping the bottom of 6 percent at the time of this writing, and inventory in New York City is finally starting to increase after 18 months of declines. So the question remains: Are we at the end of real estate's golden age?

It's tough to say and even tougher to predict the future nowadays. Several significant economic and geopolitical situations need to unfold for us to know exactly where the real estate market is headed. As we wrap up the 2022 spring market, I can tell you it was extremely busy. Not as busy as Spring 2021, but still record-breaking, fruitful and competitive for most brokers, buyers and sellers. But if we look at our local real estate indicators, we see inventory starting to increase, weekly signed contracts decreasing, and interest rates on the rise. This usually indicates a pullback by buyers in the sales market and possibly a lateral move into the rental market. If so, prices should decrease if inventory rises and buyer participation shrinks.

All we know is that we'll know more in the coming months. Even then, more questions will always arise. As we move into the summer, a historically much slower time, we'll better understand buyer interest in purchasing New York City real estate. However, another consideration is unique to New York City real estate: the rental market. If monthly rents get too high and surpass mortgage plus maintenance/common charge costs, then potential buyers trickle away from the rental market and pursue the sales market. And even with minor adjustments to sale prices, if 1 to 5 percent of buyers jump back into the market pretty quickly and absorb the inventory at a rapid pace, it could increase sales prices ever so slightly. So as this pendulum of buyers goes back and forth chasing interest rates versus rental pricing – the market gets even harder to predict. So don't!

My advice is to stay in the moment. Rent if you can afford it and like the property. Buy if it's right for you, and list (and really just let it go) if you're ready to sell your home. It's time for us to complete the 2021 Golden Age and move on to the next chapters of the New York City real estate market story. It'll find its direction. Buyers will buy, and sellers will sell. It's just not going to bea a 2021 type of market any longer.

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Local Happenings + Lifestyle Tips

Tribeca Film Festival 

The 2022 Tribeca Festival is back with more exciting films and cinema experiences. This special occasion will include big-name films, a director series, and even classes to learn from film industry veterans. The Festival will take place in Lower Manhattan, Chelsea, from June 8-19, 2022. Click HERE to purchase tickets! 

Bryant Park Picnic Performances

Presented by Bank of America, Bryant Park is excited to announce the 2022 Picnic Performances. This exciting tradition is made up of 26 live music, dance, and theatre performances. Over 20 of this Summer's events will also be available on a live stream. No tickets are required, and all performances are free to the public. Click HERE to learn more!

1970's Design Is Making a Major Comeback

The 1970's design trend isn't overwhelming modern interiors just yet, but the new season is a harbinger, a sophisticated extraction of the era's good moments. New trends are cherry picking elements such as low-slung seating, playful florals, and even wood paneling. These are all seeing a sophisticated resurgence! Courtesy of Veranda

Father's Day Brunch Recipes Dad Will Love

Father's Day falls on a Sunday for a reason: brunch! Celebrate Dad with all the mid-morning decadence he deserves by making savory and sweet brunch recipes that are sure to wow. Just don't let him do the dishes. It's his day! Courtesy of Real Simple

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The Monthly Update - May 2022

Brooklyn is on Fire!

For the national audience of this newsletter, if you didn’t know, Brooklyn is hot! I mean really, really hot, especially when it comes to its performance as part of the New York City real estate market.

Of course, Brooklyn is no secret to local market watchers. But the larger audience interested in New York real estate — including brokers who have referrals looking in the city — has to understand that Brooklyn has been the hottest of the five boroughs on many fronts throughout the pandemic and recovery period. My team and I have had listings that received multiple bids within hours of being released. We have buyers win and lose on multiple bid situations in Brooklyn that are as competitive as any other markets in Florida, Las Vegas or anywhere in Texas. 

Brooklyn has been growing in popularity for about two decades now and has really come into its own since the COVID crisis emerged and buyers began seeking bigger homes with outdoor space. Add in its close proximity to Manhattan business centers, its city/suburban appeal and large inventory of townhouses and brownstones, and you’ve got a winning combination. Within the borough, Park Slope is by far the most in-demand neighborhood. There, townhouses will routinely list starting at roughly $3 million and go into contract within 3 to 5 business days, generally for all cash offers anywhere from $200,000 to $500,000 over asking price! I’ve routinely had buyers bid on townhouses, forfeiting all contingencies, appraisals and inspections and placing offers 10 to 20 percent over the asking price, just to be competitive in the bidding process! Not unlike ultra-competitive Houston, Miami or Bergen County, New Jersey. But why? 

Brooklyn’s proximity to Manhattan for one. Also the fact that you can get outdoor space and have Prospect Park close by all make Brooklyn extremely desirable. A little quieter, a bit more small-town feel. Manhattan light, if you will. Buyers are gravitating toward Brooklyn in droves. So much so that you can often find better deals in Manhattan. That’s right — Some segments of Brooklyn’s growing luxury condo market are transacting at higher prices per square foot than Manhattan! And even with interest rates hovering around 5 percent, buyers have not taken their feet off the accelerator even a little bit. It probably has even gotten more competitive as buyers try to lock in their townhouse or brownstone before rates climb even higher (as they’re expected to do). 

But don’t be discouraged. You can buy in Brooklyn. It's a vast, diverse and beautiful borough with great parks, river and ocean waterfronts, tons of recreation and a deep and rich history. That makes it a wonderful area to explore before purchasing. You just need the right agent who is knowledgeable and able to point you in the right direction. Feel free to reach out if you want more information on the Brooklyn market. We’re always here to help as your New York City informational and educational brokers.

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Local Happenings

Photography Show

From May 20-22, come see Center415's 41st edition of the incredible Photography Show. This photo exhibition will bring 49 galleries and exhibitors from nine countries and 23 cities around the world! The featured exhibitors are all recognized as the world's leading galleries in fine art photography and are all active members of the Association of International Photography Art Dealers (AIPAD). Click HERE to learn more about this fantastic show and to purchase tickets for the event. 

Japan Parade in Central Park

Japan Day in New York City is a joyous celebration of the Japanese culture, with a parade that will take place in Central Park West on May 14th at 1 PM EST. Come and experience this historical event that commemorates the 160th anniversary of the first Japanese delegates’ visit to the U.S. in 1860. Click HERE to learn more about how you can support, march, and absorb the beautiful culture of Japan. 

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Lifestyle Tips & Tricks

Easy Annual Plants That Bloom All Summer Long

Whether your garden is a large country plot or a group of containers on a city balcony, easy-to-grow annuals can add a burst of color wherever you need it. Why not give yourself the joy of endless summer color?

Courtesy of HGTV

How to Mix Bold Colors in Your Home

Designers say that color has the ability to transform a house into a home. And yet, so many people still feel a bit hesitant to use vivacious shades in their interiors, fearing it will make the space feel overwhelming. Consider this a colorful playbook for your home refresh!

Courtesy of Veranda

How Mother's Day Became a National Holiday and How to Celebrate in 2022

Moms truly are superheroes, so it's only fair that we have a whole day dedicated to them. Mother's Day is all about celebrating moms and mother figures everywhere. These days, the holiday is often celebrated with cards, gifts, and breakfast in bed, but it wasn't always that way. The holiday has a fascinating history filled with inspiring women that's worth learning about.

Courtesy of Better Homes and Gardens

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The Monthly Update - March 2022

The Art of the Bidding War

That’s right. There is an art to creating a real estate bidding war. First, the ingredients have to be just right: low inventory, high demand, a desirable property, incredible imagery/photography, a video, professionally written description, social media buzz (is nice, but not 100 percent necessary) and … a suggestive (even seductive) price. If those ingredients are just right, and several buyers are interested in the home, then the seller and their agent could be in the midst of a multiple-bid situation. 

Now bidding wars aren’t unheard of in places like Miami, Austin or even 20 minutes away in Westchester — or pretty much anywhere across the country over the past two years. (Although, I am hearing about pockets of cooling in some places in the U.S.) But in New York City, just before the COVID crisis hit, real estate was in the midst of its fourth year of a declining (buyer’s) market, and multiple-bid scenarios were very few and far between. Today, the bidding war is a new and welcoming sight to many sellers and seller’s agents.

Even this broker has been on both ends of a multiple-bid situation. Recently, a buyer of mine just about won his third try at getting an apartment in New York City and had to beat out stiff competition and wager $205,000 over asking to be chosen. Even then, it took heavy lobbying (begging) from my team and me for our buyer to win out. Meanwhile, in Brooklyn’s Park Slope, where the competition is fierce for townhouses, a buyer of mine, unfortunately, lost his second bid for a house even though he offered $255,000 over the asking price. He came in third. 

So, are bidding wars back? If those aforementioned ingredients are juuuust right, the market is suggesting YES! Yes, the seller can achieve a multiple-bid scenario if those conditions are perfect. But if just one ingredient is off, you will sour the bidding war soup. But because of the low inventory supply in Manhattan (roughly 5,000 listings as of Feb. 25) and in Brooklyn (about 2,400 listings) and because of the high demand from buyers over the past 18 months, the conditions for multiple bids are definitely back. Well, at least for a select number of properties. I’d say roughly 20 to 25 percent of the marketplace (and growing) has just the right ingredients for a bidding war. 

All of this is an indication of where this New York City market is going — into the hands of the sellers.

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Local Events

Women's History Month

Since 1987, March has been declared as National Women's History Month in celebration of American women and their achievements. A series of events will be hosted by female leaders such as workshops, comedy shows, movie screenings, concerts, and more. Click HERE to learn more about the NY events you can attend in support of women all over the world!

International Children's Film Festival in NY

March 4th-19th, one of the biggest and most exciting Children's Film Festival will include new movies, short films, panels with the creators, workshops, and other special events. All programming for ages 3-5 will be available exclusively online throughout the Festival so that all audiences are safely included. Click HERE to learn more and to purchase tickets for you and your family.

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Lifestyle Tips & Tricks

8 Traditional Irish Desserts for

Celebrating St. Patrick's Day

Whether you're celebrating St. Patrick's Day or just looking for a satisfying, classic Irish dessert, these scones, shortbreads, and cakes will hit the spot. Courtesy of Real Simple

Colorful Yet Hardy Plants to Grow in March

There's something special about watching a seed you sowed grow into a bountiful, lush plant over time. March is truly a month of planning for, prepping, and enjoying all four seasons in the garden.
Courtesy of Veranda

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The Monthly Update - January 2022

The Year in Review for NYC!

2021 was about a bounce-back for NYC.

2021 was the highest transacted market since records have been kept for NYC.

2021 was about the luxury market having its strongest year ever.

It was about deals and more deals, and more deals….(and no days off!) 

It was about many sellers being frustrated and misunderstanding the market (but there are so many transactions, why can’t I list high??)

It was about buyers still taking advantage of historically good pricing, even though it was a hot market with more transactions than ever. While it felt ultra-competitive, buyers still got good deals.

There are so many differences between the New York City market and the rest of the country's real estate activity. While most urban cities achieved record-high price-per-square-foot sales levels, New York City's price per square foot stayed subdued relative to the pricey transactions and high demands of buyers.

If you were a buyer in the lower end of the market – $500,000 and below — there were some really good deals, (and there are still very good deals to be had now and in the near future).

If you were in the $500,000 to $1 million ballpark, again, good times and good deals, but you had some competition. 

Meanwhile, the $1 million to $2.5 million range was the meat and potatoes of market transactions. 

The $2.5 million to $4 million sectors was also robust and still traded at or around 2018/2019 levels. 

Always considered the bellwether of the New York City real estate market, the luxury sector north of $4 million saw incredible growth with many transactions. The overall market goes where luxury goes, and there was an incredible desire to purchase homes in this segment, where buyers got great pricing compared to 2015, the last recorded "seller's market."

Our Team recorded close to 200 transactions (we're still computing the numbers) and over $200 million in total sales — a team record!

We are so happy to have made so many clients' and friends' real estate dreams come true in 2021. Our clients are always our greatest motivation and the most important facet of our business.

Congratulations to everyone, and all the best for 2022!

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Local Events

2022 Winter Jazzfest

Join the infamous music marathon event this winter in downtown Manhattan.
Winter Jazzfest is comprised of over 600 artists on 20 stages over 10 nights. The festival features multiple artists and venues and has become one of New York's most exciting and unique nightlife offerings.

Visit the website HERE to learn more. 

Learn More

NYC Restaurant Week 

Back this winter is restaurant week, which for New Yorkers means enjoying cheap meals all over the city. Several tourists and locals look forward to this event every year because it’s a great opportunity to try new restaurants or simply enjoy top-notch meals at decent prices.

Read more about restaurant week HERE.

Learn More

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The Monthly Update - December 2021

Seasonality in Real Estate

(Does it still exist?) 

Over the past three weeks, I’ve had sellers (and buyers) ask me how this real estate market will perform over the holiday period. Historically, the number of listings and transactions slows to a crawl during this time of year, and then the market picks back up after New Year’s for the “spring selling season.” But in the COVID era, the overall real estate market has been performing at a nonstop, blistering pace since October 2020.  While the market isn’t putting 400 units into contract every week like it was in the Spring, there is still plenty of action. Take November, for example. There were over 2,000 listings put into contract that single month — a month with only three full weeks due to Thanksgiving. Past Novembers have typically seen about half that many units going into contract. 

Currently, buyers are still out in droves, putting listings (that are priced right) into contract, and many more are starved for new inventory, which brings me to the seasonality of the listing supply. Instead of the typical seasonality, where supply subsides because demand subsides, this year, we’re seeing demand stay hungry and supply come off anyway. This is happening for two main reasons: either the listing goes into contract or the seller doesn't get their price. This is setting up an interesting dichotomy between prices and inventory and supply and demand. Sellers are taking their property off the market now in the hope that prices and demand will be strong this spring … but the demand is there now! 

There’s no seasonality to the buyers who are out now. They want to take advantage of low interest rates and hedge inflation. Their companies did great last year, and they’re getting incredibly large bonuses and “good” prices. Prices are still relatively low and competitive compared to the peaks of 2015. But sellers think that seasonality will drive prices and interest higher this spring, which could be the case, but it's a gamble. 

The overall listing supply has been diminishing since October 2020, but recently, over the last 30 days really, inventory is taking a particularly hard nosedive. Sellers are not taking their product off for the usual reason of seasonality or because their prices are too high for this market. They are taking them off because they think that prices will rise by this spring. In fact, the current overall inventory is dropping so fast that three out of the last four weeks saw more units being put into contract than are coming onto the market. This is really putting a strong damper on overall supply, but it’s not lowering buyer demand, yet. 

Generally, the industry doesn't like there to be little to no supply. It’s then that buyers as a whole might withdraw and pull back. Although, we haven’t seen that yet. Markets will perform at their peaks when there is a healthy balance of inventory coming on and listings going into contract. Sellers are hoping (praying) that buyers will react by bidding on low inventory and push prices up if demand remains high while inventory drops, but that’s not what we’re experiencing now. We’re seeing low inventory and buyers still attracted to correctly priced homes. 

We will see a market that performs solidly if prices are preserved correctly. A market like this does not see signs of seasonality; it’s just busy all the time. Listings will sell no matter the time of year if the property is listed for the right price. This is why I think seasonality comes into and out of play for sellers, but it’ll boil down to pricing, not the season anymore for the near future. If you list at the right price the day before Christmas, you will still get offers because buyers are starved for listings at the right price, no matter what time of the year it is. 

So, seasonality has become a thing of the past (so far). I believe it will come back at some point when the market balances out. But for now… It’s a 24 hours a day, 7 days a week, 365 days a year market. There’s been no seasonality to this point in 2021, just a strong price-driven, highly transactional, year-round market.

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Local Events

New York Botanical Garden Glow

Come and see the second annual lights show at the New York Botanical Garden this holiday season! This outdoor 1.5-mile walking experience, made for all ages, is filled with gorgeous lights, performances, ice sculptures, and additional seasonal activities. Tickets are on sale now, and you can learn more about the new safety measures on the NYBG website here.

Click Here

The Bryant Park Winter Village

Bryant Park's Winter Village is back in the city with ice skating, shopping, dining, and incredible holiday shops. Come with friends and family to enjoy 

the most wonderful time of the year and take a stroll through the park! For health 

and safety protocols and the kiosk schedule, you can visit the website for more details here.

Click Here

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The Monthly Update - November 2021

Is It Crystal Ball Time?

“How’s the market been and what’s next”...

This is the #1 question I get asked.  The answer is;  It's been a phenomenal (rebound) year for New York City real estate. Manhattan and Brooklyn bounced back from the pandemic, breaking all types of real estate records, including: 

• The number of total listings on the market at one time 

• The most properties in contract/escrow in the history of NYC real estate

• Multiple deals signed over $50 million in one week 

• The luxury market's 20-plus weeks with 30 or more signed contracts

• Multiple months with more than 400 units put into contract every week

• The list of broken records goes on and on.. Even for us! 

The Hoffman Team averages about 100 sales annually, but this year, we're closing in almost 200 transactions for the year!  Everybody everywhere is working double- and triple-time to keep up with buyer demand and record-breaking transaction volume. But what does the future hold? (Does anyone have a crystal ball I can borrow??)

Some brokers and pundits are touting the arrival of international buyers and European Union one-percenters after the lifting of the travel ban arrives, as anticipated, on November 6. The National Association of Realtors (NAR), Knight Frank and others predict a tremendous international buyer push in November. That doesn't even include the reinstatement of Chinese, Russian and South American buyers to the mix. Cities like New York, Los Angeles, Miami and other top international destinations, such as Texas and Georgia, could see a second surge of purchase activity with the opening up of the real estate markets to all international purchasers.

Hyperinflation or inflation will likely be additional reasons why buyers will flock back into the real estate market. They'll be seeking to put their money in America's oldest form of investment to protect their nest eggs against inflation. As recently reported by millionacres.com in The Wall Street Journal, investors buying real estate when inflation increases is an excellent way to hedge against the rising cost of goods. 

With the FED pumping over $340 million billion dollars into circulation, we're seeing goods and services rise at about a 5 percent rate since the COVID crisis. It remains to be seen what will transpire, but many, many experts believe that this inflation is not a temporary trend like once reported and that investors will start to surge back to real estate as a protective strategy.

Raising interest rates are also on the minds of every prospective purchaser, and that's why many believe this late fall, winter and spring markets will be just as busy if not busier than earlier this year. Beyond that, it's anyone's guess. But for the remainder of the fall quarter and winter quarters and into Q1 of 2022, people expect the New York City real estate market to continue its historic run and keep the same blistering pace as the last 13 months. I guess only time will tell! (Unless I can borrow that crystal ball…)

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Local Events

New York City Marathon

The world’s largest and most exciting marathon, The NYC Marathon, courses through the five boroughs of New York. Come cheer on neighbors and friends as they run the 26-mile trail, starting in Staten Island and ending in Central Park. Please be sure to map your route on November 7th accordingly, as runners take miles 16-19 along 1st Avenue through the Upper East Side. For more information on the marathon and donation opportunities, please visit the website here.

More Info

Annual Macy’s Thanksgiving Day Parade

November in New York City is a magical time, and the ultimate holiday tradition is marching this way. On Thursday, November 25th, watch the 95th Macy’s Thanksgiving Parade live from the streets of NYC or on NBC 9 AM-Noon. Be one of the millions around the world to enjoy the spectacular balloons, exciting performances, colorful floats, and so much more. For more information on the Parade, go to the website here.

More Info

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Lifestyle Tips & Tricks

Chic and Festive Thanksgiving Decorations

Thanksgiving decorations are all about showing off your style, but that shouldn't equate to stress or going way over your budget. Regardless of your aesthetic, there are a slew of inexpensive DIY decorations you can try to make your Thanksgiving celebration more inviting for family and guests!
Courtesy of Good Housekeeping

The Best Thanksgiving Drink Recipes Loaded with Fall Vibes

Step aside, wine and beer. We're thinking cocktail hour is in order this Thanksgiving! Whether you pair these Thanksgiving drink recipes with your menu or enjoy them before or after the big meal, these Thanksgiving cocktails are sure to get the party started.

Courtesy of Better Homes & Gardens

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The Monthly Update - October 2021

October 2019 Vs. October 2020 Vs. October 2021 

I looked back at our team’s October monthly updates for the last three years to see what has changed and what has stayed the same.  I was hoping to (possibly) use the past to create some predictions and road maps for moving forward through this fall, the coming winter and the future spring market in New York City, but when I looked back, It was quite interesting to see where we were and where we are now...

In October 2019, we wrote, "Big money on pause."

In October 2020, we wrote, "Uncertainty is the enemy of many scenarios."

In 2019, big money may have been on pause, but this year, we just broke $11.3 billion in the luxury market, crushing the previous record of $11.2 billion set back in 2014. Big money is definitely not on pause. In fact, the luxury sector set a record in 2021 with over 20 weeks of 30-plus contracts signed at $4 million and above. The townhouse market woke up as buyers desired privacy, safety and autonomy during COVID. 

In 2020, uncertainty may have been commonplace, but not anymore.  Buyers in 2021 are very certain that they want to buy in Manhattan and Brooklyn. They crushed contract signed/pending sales records with over 5,200 units in contract at one point during the summer. Buyers also broke records for weekly contract signings. Last spring, the marketplace was putting 400-plus units into contract for several weeks in a row- but this is also because prices were down.

Even before the pandemic, there was hesitation and languishing urgency among buyers. COVID seemed to compound the issue early in 2020, which is to be expected. But that was not the norm for the rest of the country, which experienced a buyer boom during the pandemic. The unexpected turnaround in the Manhattan and Brooklyn real estate markets was a flat-out surprise to just about every professional in the real estate industry. So what can we expect for the remainder of 2021 and beyond?  That all depends on whom you ask..

Even though it's been the hottest transacted market in the history of Manhattan/Brooklyn real estate one thing that is certain is that buyers still aren't ready to pay "seller's market" pricing —not just yet anyway. We know sellers are hungrily salivating at the thought of raising prices past 2019 levels  but as I've reported time and time again, overall pricing has stagnated, and sellers' prices need to be competitive across most categories to be able to sell and close. However, many (myself included) believe that there will be a time when prices will "pop" but who knows... 

Looking back at the last two years of October newsletters, the only thing certain is the unexpected. The next nine months are anyone's guess However, the main take-away is: 

If you're a buyer: Take advantage of today's market. If you're a seller:Take advantage of today's market, as there's no certainty in today's real estate future.

The Monthly Update - September 2021

The Tipping Point 

There comes a time in every real estate market when it tips either in the buyer's favor or the seller's favor. The New York City marketplace has been a buyer's market for the better part of five years. But with the sudden switch in buyer urgency, buyers have been putting property into contract in record numbers since about October 2020. More apartments have gone into escrow/contract than ever before. In early spring, there was a stretch when Manhattan was putting 400 units into contract nearly every week for 20 weeks, which is just incredible given that we just came out of a pandemic. 

Last year, pundits were busy predicting a slow, gradual recovery in Spring 2021 as a best-case scenario, but buyers had other plans. We topped out at almost 9,000 units on the market at the beginning of October 2020, but that number has dwindled every month as the pace of demand outweighed supply week in and week out for months and months. However, even though we were charging ahead at a record pace, buyers still turned their noses up at "overpriced" units. Which begs the question, Where is the tipping point between a buyer's and seller's market?

In the case of Manhattan real estate, the tipping point will be where supply gets so low that buyers will tend not to care (or at least care a lot less) where the listing price is. Then, prices will start to rise gradually. We're certainly not there yet. Today, any listing priced above roughly 2019 levels will be shunned by the buyer community and overlooked by interested prospects. The phone will not ring for sellers who wish to push the envelope of market value without buyer public approval first. 

But we will reach that tipping point soon! It's only a matter of time before prices start to increase. It could be as soon as this fall; it could take as long as next spring. But it most certainly will happen. As long as buyers stay active in the marketplace — and there are no signs of slowing just yet — prices will rise.

So, if you're a buyer, take advantage, NOW. Secure your property as the tipping point is near. 

Sellers: Should you wait? Should you list? A lot will be answered now that it’s after Labor Day. The fall market is underway, and new listings presumably will enter the marketplace. It will be interesting to gauge buyer urgency when there is an abundance of new listings available. Only time will tell in that regard, but as an overall summation of our current marketplace, I would say we're at the precipice of the tipping point into the next seller's market. 

What would you like to hear more about?  Let me know if there are any topics you wish to see featured in our newsletter! 

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Local Events

Tribute in Light- 9/11 Memorial

From dusk to dawn, on the evening of September 11, twin beams are presented annually to honor those killed and celebrate the indestructible spirit of NYC. Tribute in Light is a commemorative and symbolic piece of art created six months after 9/11 and every year after. Click here to learn more about the memorial, donate to the Never Forget Fund, and review museum visiting hours.

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Broadway is BACK!

Broadway shows will begin again, starting in September. Come see some of Broadway’s classics like Chicago, Hamilton, Moulin Rouge, Hadestown, Wicked, Lion King, Aladdin and so much more. Please note the vaccination, mask, and healthcare guidelines for each theater. Playing schedules for each production could vary; check purchase sites for schedules. Click here to learn about more shows coming back this fall! 

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The 2021 US Open

August 30 – September 12

One of NYC's favorite tournaments is back. The 2021 US Open will welcome back fans at 100% capacity for the two-week jammed-packed tournament. More information here.

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Current Hoffman Team Listings

The Monthly Update - August 2021

The hottest real estate market in New York City‘s history is not a “sellers” market!

The hottest real estate market in New York City‘s history is not necessarily a “sellers” market...

We are currently experiencing the most active New York City real estate market ever recorded. More transactions have been signed and closed than at any point in the last 20 years.  

Currently, there are over 5,400 units in contract. The luxury market has been recording 30-plus contracts signed in 26 out of the last 27 weeks. There was a point over the winter holidays and into spring when Manhattan was recording 400 or more contracts signed every week. This is unprecedented! This has never happened before. We discuss this market weekly; the word “ludicrous” has been used on several occasions. 

My team (The Hoffman Team) has sold and closed 91 units so far this year. We have another 54 in contract and we have about 27 accepted offers about to sign, which, like the rest of the market, is unprecedented! 

So, why can’t sellers sell for whatever price they want today?

Buyers have been levelheaded and rational throughout this entire COVID recovery market. They are not going for the properties that are priced too high — plain and simple.  Inventory is trading at 2019 levels. The market has basically made up the 5 percent to 15 percent COVID discount of a year before. The primary difference between now and then is speed.  If you price your property at 2019 pricing, you will sell the property extremely fast. Buyers in 2019 were still hemming and hawing and basically in indecision mode for months. 

So why now? The prices are at the same level as 2019, so why are buyers buying today instead of back then? Interest rates are lower, that is true, but it’s also a psychological play coupled with low inventory. Families want the stability of homeownership. In a world that for the last year has been anything but normal, they want something stable in their life — they want a place to call “home”....If you are in the same boat and want somewhere to call “home” or want to sell your property “quickly”... let’s talk!

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Local Events

Shakespeare in the Park

Come enjoy another one of New York’s exciting re-openings, free Shakespeare in Central Park. Performing in the heart of the city is a fresh and comedic adoption of Shakespeare’s “The Merry Wives of Windsor," directed by Saheem Ali. Let’s celebrate the return of New York and theater and fill The Delacorte with joy and life again! Click here for more details. 

2021 US Tennis Open 

The US Tennis Open is welcoming back fans at 100% capacity in one of New York’s nicest sporting venues, The Billie Jean King National Tennis Center (NTC). Come see players like Djokovich, Federer, Williams, and Halep in action and on the court in what's sure to be the best Open yet. All ticket categories are available, from reserved stadium seating to general admission passes! Click here to review the US Tennis Open Schedule, purchase tickets, view photo galleries, and more.

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Lifestyle Tips & Tricks

The Best Vegetables and Flowers to Plant in August

If the idea of gardening in the summer isn't sitting well with you this year, or if you've just been too busy to actually start your garden, don't worry. The crisp fall season is a great time to grow a slew of vegetables and flowers!

Read More - Courtesy of Good Housekeeping

The Best Places to Travel in August

Is there any month more tailor-made for a vacation than August? The peak of summer is the perfect time to jettison all 9-to-5 obligations and indulge in a trip. If you're hoping to squeeze in a vacation before Labor Day, here are nine of the best places to travel in August.

Read More - Courtesy of Condé Nast Traveler

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The Monthly Update - July 2021

Did You Miss The Bus?

As New York City nears the 100 percent fully opened mark, the droves of COVID deserters are flooding back to New York City. We’re seeing the rental market rebound in a matter of weeks. The sales market is hitting unprecedented territory with a record-setting number of transactions and signed contracts each week. For example, the luxury market (homes priced at $4 million and above) just posted 21 straight weeks of 30 or more contracts signed. In fact, 80 percent of the listings that the Hoffman team has put into contract since January — that’s 84 closed transactions — have been for New Yorkers moving back into the city!

So, does that mean you missed the bus on COVID deals? Not necessarily.

Despite all the record-breaking transaction volume in the sale market, prices are stubbornly sticking to 2019 levels. And what is the 2019 level? The last high/sellers’ market was in 2015. The market headed into a steady decline from 2015 to the end of 2019, dipping down about 10 percent from the previous highs. So, if you’re buying something at 2019 levels, you’re still buying it at a good price! 

What’s different between 2019 and 2021? Competition. We're seeing fierce competition for those listings where the sellers were advised smartly and listened to their agents by pricing their properties accordingly. If the seller’s homes are priced at 2019 levels, they will probably put the property into contract in 3 to 14 days. However, if the seller priced at 2019 levels back in 2019, it could still take 30 to 60 days to put the property contract. The difference being demand — there wasn’t the same demand then that there is today.

The trick for catching the COVID bus, if you didn't purchase over the last eight months, is to look for properties that have been on the market for over 250 days. Those sellers might be anxious about selling, and you might get a better deal than on more recent entries to the market that are priced at a competitive 2019 level. In those new listings that are priced correctly, buyers will most likely see bidding wars. Meanwhile, the property that’s been on the market for over half will see little competition, and buyers might be able to secure a good price. Or, it could be that the seller is crazy and wants a higher price than what buyers are willing to pay, and that’s why it’s been on for 250 days! :-) 

Either way, it's a good idea to examine those lingering listings with your agent, as you never know what deal you could uncover. A savvy buyer’s agent like those on the Hoffman Team can help you navigate the “stale listings“ inventory and get the best deal from product that has most likely been forgotten about by the school of hungry piranha-like buyers out there in the bloodbath waters — better known as NYC the real estate sales market!

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Real Estate in the News

Luxury Home Sales Soar, Even Helping Houses That Languished on the Market for Months

Americans looking to buy a home have struggled with bidding wars and a limited number of houses for sale. 

But one area of the cutthroat real estate landscape is improving. It's the luxury segment, where listings are up and homes are selling at a rapid clip. The demand is so great that even "white elephants" – high-end homes that sat on the market for months before the pandemic began – are selling quickly as their owners willingly splurge on remodeling projects to spruce them up.

Read more on USA Today

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Local Events

Macy's 4th of July Fireworks

The 45th annual Macy’s 4th Of July Fireworks will illuminate the Big Apple skyline with an electrifying light show full of bursting colors, jubilant music & a feeling of positivity. 

This year, they’re honoring America’s everyday heroes from communities across the country & the resilient spirit within us all. It’s our way of looking ahead with renewed hope for a brighter tomorrow. More details here.

Bryant Park Picnic Performances

Broadway may still be dark for the summer, but just a few avenues down 42nd Street, live performances are returning in a big way to Bryant Park. The park’s Picnic Performances will be bringing 25 live, in-person events to the park, many featuring performers from the city’s top art institutions including Carnegie Hall, Jazz at Lincoln Center, New York City Opera, All of the outdoor concerts will be free and open to the public. Read more here.

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The Monthly Update - June 2021

The New York City COVID Market and Subsequent Rebound Shatters Records — Oh, how far we’ve come! 

After COVID ravaged New York last spring, the city entered Phase 2 of the reopening plan on June 26, 2020, which meant brokers could start limited showings again. But by that point, it seemed like no one was left in the city! Listings slowly started to come on to the market and then started growing and adding up (in a big way)! The first record COVID broke was the inventory record — total listings rose to 9,600 properties on-market, tying the last record-setting period in 2008, during the financial crisis. This time around, we were adding listings to the market at a breakneck pace from June 2020 to about October 2020 — but no one was buying! 

Until they were. 

Now, one year later, the tables have turned! Demand outweighs supply. We’re now in a market starved for listings (or at least malnourished). As of May 31, we currently have 7,230 listings on the market, which is on the lower side of historical averages for this time of year. To the U.S.  real estate industry as a whole, inventory shortages are nothing new. Nationwide, there was almost no hiccup for demand in the housing market during the height of the pandemic. In New York City, however, it was a different story, and industry pundits thought that COVID was the Armageddon Manhattan was “due.”

Just before COVID, NYC was coming off an almost four-year buyer market with prices descending about 10 percent from 2015 to the end of 2019. When the pandemic hit, the overall market was finally seeing a stronger buyer demand. Then COVID hit with thud and we saw prices descend even further. 

Or did it? 

After nothing was selling in the “COVID market”, today’s market has seemed to compound buyer demand into one single selling season. Pent-up demand from 2020 and renewed buyer interest in 2021 has created a frenzy I’ve never witnessed in my almost 20-year career. I started seeing buyer demand pick up in October 2020, and it just snowballed from there! 

COVID record-breaker No. 2 — We have over 5,200 listings in contract as of May 30, 2021. A number never recorded before. Other impressive stats include a luxury market with over 30 contracts signed every week for almost five-and-a-half months now! Yet another COVID record-breaker is the rental market. During the pandemic, there was a roughly 30 percent vacancy rate in Manhattan — a market that generally hovers around a 1 percent vacancy rate. And now, the rental industry is signing over 1,000 leases signed per week, which is on par with any robust summer season. 

So, what's to come? 

We all think we know the answer, but we’re all just guessing. I think activity will stay robust and remain in this snapback mode until Spring 2022. There could be a small lull this summer as vaccinated New Yorkers are turned loose and can finally travel! But then things should pick right back up again in the fall. If it continues at this pace, maybe, just maybe, the market will start to see prices begin to rise! 

But for now, we’re happy to see the high transaction rate of buyers purchasing new homes. The Hoffman Team has also set its own record this selling season with over $120 million in pending sales and closed contracts year to date. It’s an incredible, truly remarkable, head-spinning turnaround!

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Local Events

“Futures Ever Arriving”

Head to Chelsea Market for an exhibit featuring works from five emerging Asian American artists in honor of Asian American and Pacific Islander Heritage Month. Visitors can see the entire exhibit through a self-guided tour map with the locations of each piece marked throughout the main concourse. Read more HERE.

Sunset Jazz Cruise 

All aboard for a cruise at sunset set to live jazz, passing beautiful views of the city and the Statue of Liberty. As you sip your drinks, the Boat Band plays jazz standards live. Classic Harbor Line’s Live Jazz City Lights or Sunset Sail in NY Harbor starts Saturday, June 5th. 

See HERE for details and tickets.

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Lifestyle Tips & Tricks

Gardening for a Great Cause

Many people are facing food insecurity due to the economic impacts of the global pandemic. Did you know that many local food banks will take fresh produce donations? If you’re a gardener, consider growing a few extra plants and donating the surplus food - small, pandemic victory gardens can help fight a big problem. 

Use the hashtags #CreateFoodSecurity, #TheFoodSecurityProject as you share your growing gardens on social media! If you don’t have a green thumb, support The Food Security Project started by Compass Boulder Agents, Catherine & Andy Burgess.

30 Outdoor Bars That Will Tempt You to Sit and Sip

From pergola-covered and perched on a hill to open-air and oceanside, these outdoor bars are the ultimate destinations for at-home relaxation.

Courtesy of HGTV

50 Unique Father's Day Gifts for Every Type of Dad

Although your dad may say he doesn't want anything for Father's Day this year, you know that showing up without a present isn't really a possibility. After all, he's the guy you looked up to (quite literally) all these years, and it's only fitting to get him a Father's Day gift that shows just how much you appreciate him and all that he does for your whole family. Courtesy of Good House Keeping

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The Monthly Update: May 2021

Are there still good deals to be had in the New York City post-COVID market?

It’s no secret that the New York City real estate marketplace is back. And back in a big way. The luxury sector is breaking records, and mid-level properties are seeing huge transaction numbers. But there are still facets of the market that are lagging, and that’s where the best deals can be found.

The Rental Market:

The mass exodus of New York City residents took a huge toll on the rental buildings and landlords, who make up almost 60 percent of the city’s total housing market. The rental market was reeling by late June 2020, and vacancy rates soared to a staggering 30-40 percent. With people renegotiating rental rates 25 percent to as high as 50 percent off of their previous rents, nobody thought the rental market would recover – at least anytime soon. But rentals have already begun to bounce back. There were a few weeks last month where the market signed over 1,000 leases in a one-week period. Those are stunning numbers! The kind of numbers usually reserved for a typical summer market. But overall, pricing is still 25 to 30 percent off from pre-pandemic levels, and there are still impressive deals to be had in rentals. It’s a segment of the market that is still clawing its way back, and it probably won’t be at 100 percent again until sometime mid- to late-spring 2022. The rental market needs a full reopening and a return to universities and offices. It needs Broadway, movie theaters, restaurants, bars, nightclubs and everything that makes New York City great. The rental market is reliant on that, so it’s going to take some time yet.

The Sub-$500,000 Market:

The lowest end of the price spectrum is a market segment where buyers can secure significant discounts — if you make a move today! As in, right now! Like renters, the first-time buyers typical in the sub-$500,000 market tend to be very Manhattan-focused. They are rarely found in their small studio or one-bedroom and spend the bulk of their days and nights enjoying New York City to the fullest. Right now, this buyer pool is renting at a 30 percent discount or enjoying huge returns in the stock market on what would’ve been their down payment into a purchase, or they’re lingering on the sidelines for whatever reason. The stock market is delivering 20 percent returns on their would-be down payments, so why pull it out? They may even be paying half as much renting their current space than if they bought it, so why pull the trigger on a mortgage? But, looking at the bigger picture, purchasing that $325,000 studio that sold for $425,000 just last year would be a great way to create equity quickly and make their way up the apartment ladder to their dream unit in record time.

While Manhattan real estate is breaking records weekly – there are still facets of this market that buyers and renters can take big advantage of if and when they return to the city. They are trickling back already and will do so in droves soon as Mayor De Blasio has set his sights on a full reopening of the city by July 1. So act now if you still want to take advantage of a rare and rapidly recovering market.

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Local Events

Macy’s Flower Show 2021

May 2-16, 2021

Macy’s (socially distanced) 2021 Flower Show theme is "Give. Love. Bloom, a Floral Celebration of Fortitude." The two-week exhibition of exotic flowers & plants from around the world returns to transform Macy’s Herald Square in New York City into a breathtaking floral extravaganza. Learn more here.

Governors Island Activities

Governors Island will officially open to the public starting May 1, ringing in the start of the fun outdoor season in NYC. Ferry trips will be free to seniors, public housing residents, children and those with an NYC ID card. All month long the island will be hosting events including  "glamping" and 5K and 10K races. Learn more here.

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Lifestyle Tips & Tricks

Sell your home faster and for a higher price.

Compass Concierge is the hassle-free way to transform your home with zero upfront costs or interest. I'll work with you to determine how we can maximize the value of your home by taking advantage of select Compass Concierge Services. With Concierge, you do not have to pay the initial out-of-pocket costs for home improvement services like painting, staging, flooring, and more.

Learn how you can maximize the value of your home.

Design Ideas to Try Now

From budget hacks to easy updates, these creative home ideas from HGTV Magazine are sure to spiff up your space. Test a few or try 'em all! Your next weekend project is waiting for you. Courtesy of HGTV

DIY Mother's Day Gifts Mom Will Love

Nothing says thoughtful giving like a homemade gift, especially on Mother’s Day. Anyone can buy a card and a fresh bouquet, but why not get a little crafty with these DIY Mother’s Day gifts made just for her. Courtesy of HGTV

10 Delightful and Delicious Things to Plant in May

April showers may bring May flowers, but May planting brings tasty summer crops. Tomatoes, zucchini, eggplant, and peppers are just a few of the delightful veggies we dream of as soon as September rolls around, and May is the perfect time to start planting your favorites for a season full of hyper-local dining alfresco. Courtesy of Veranda

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The Monthly Update - March 2021

What A Roller Coaster!

 Nobody thought that at the end of February and the dawn of the spring market that inventory would be diminishing, but that's exactly what we're seeing. Buyers are snatching up homes as soon as they come onto the market and last summer's COVID slowdown seems to be a distant memory. 

While pricing is still a key factor in how quickly things will move, buyers are definitely on the hunt and ready to purchase. We were seeing 15, 18, 25 people at open houses by appointment. Of course, not all properties sell in one weekend.  It can still take 30 to 45 days for buyers to cycle through listings before they make the offer but they are making offers and that's a far cry from six months ago (when we tied the recorded high total inventory volume). Today, inventory is shrinking, and it's buyers who are initiating the push.

That said, no one knows if this momentum will continue. As we move deeper into the spring market and more and more homes are listed, it remains to be seen if buyer's appetites will continue to consume that much product. But, something tells me the Manhattan marketplace (and New York City as a whole) is on the verge of roaring back. The luxury market is responding like it hasn't in half a decade. Which is a huge relief!

If you look at the bigger picture, before COVID, the real estate market gradually declined between 2015 to the end of 2019. We were just starting our cyclical climb back up when COVID hit. So, it feels like we're starting now where 2019 left off. The real estate market just forgot about 2020 and is jumping right into 2021! At least as far as activity is concerned. 

No one knows what the future will bring, but I can tell you that it appears to be quite bright. Everybody in the industry is buzzing with transactions, deals, and energy so be sure you contact me to get in the game before you miss the boat! 

The Monthly Update - February 2021

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Happy New Year to All of Us!

We don’t know what 2021 has in store yet but based on the responsiveness of the last quarter in 2020, things seem to be on the up and up! 

The real estate market finished with 32 percent more signed contracts year-over-year*.  It's both startling and welcome news! Just when things were supposed to be winding down at the end of the year, the market was actually heating up.  It's been extremely busy and buyers have been incredibly active. We're looking forward to carrying that momentum right through Q1 2021. 

So, what's pushing buyers into the market? Softer prices, low interest rates and increased inventory.  Prices are still anywhere from 5 to 15 percent under pre-COVID levels, and there's usually some room for negotiation under that (Unless they are priced competitively to begin with…then we are actually still seeing bidding wars...I’ve been involved in two this week alone!). 

For the last five years or so, we've been seeing a declining market and lower property values. The oversupply of luxury condos that filled the headlines years ago caused a trickle-down effect for the rest of the market. Interest rates in some cases are even lower than they were before COVID. And they were already extremely low then! Add in a bountiful supply of listings, and buyers are acting like kids in a candy store — picking and choosing what they want and buying at prices that they dictate (in most cases). And we haven't even hit the spring market yet!  That's when we typically see the biggest increase in inventory.  

The stock market is hovering over 30,000 and breaking records every other day. Interest rates are likely to remain low for the rest of 2021, and the rest of the nation is seeing a windfall in their respective real estate markets. That means Manhattan and Brooklyn should see the same record pace in transactions and properties sold well into 2021. 

And who is leading the charge? The luxury sector, if you can believe it! After five years of a down market, buyers are purchasing luxury property (units priced at $4 million and above) and transacting in record numbers. The luxury market segment broke weekly records for contract signs several times over the past four months. While developers may have over-built the luxury sector between 2015 and 2019, buyers are snatching up those properties, sometimes at a discount as high as 25 percent. But as these buyers continue to push that market forward, developers and sellers are starting to pull back and be less negotiable.

*as per urbandig.com

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Local Events

'To Go' Restaurant Week 2021

Through Feb. 7

NYC Restaurant Week is back, with a focus on takeout and delivery options across all 5 boroughs. Each participating eatery will offer an entrée with at least one side dish for lunch or dinner at $20.21 a meal to commemorate the new year. 

Get the full list of participating restaurants and more information here!

Children's Open Book Discussion [Zoom]

Thurs. Feb. 25, 4PM

Join the librarians at the Columbus library for our kids book discussion. Kids ages 3-12 (accompanied by a caregiver) will be able to share their thoughts about the characters they meet and exciting plots they've explored. 

Click here for more information!

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News & Lifestyle Tips

Your Q4 2020 Manhattan & Brooklyn Market Reports are here!

As we continue to experience these unprecedented times, we are here to provide valuable insights into the real estate market so you can stay educated and informed.

We are pleased to share Compass' Q4 2020 Manhattan & Brooklyn Market Reports, highlighting the prevailing trends shaping these markets. 

Have questions about how Q4 2020 wrapped up, market forecasts, or anything else real estate? We’d love to connect! Don't hesitate to reach out.

HoffmanTeam@compass.com

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11 Common Kitchen Design Mistakes

As kitchens become more integrated into our homes and our daily routines, your cook space should reflect your personal style, whether you prefer all-white kitchens, kitchens with color, modern kitchens, or even a small kitchen. Veranda asked designers and architects from around the country to share the biggest kitchen design mistakes to avoid. 

Courtesy of Veranda

HGTV's Take on The Biggest Home Design Trends for 2021

After a year that guided many of us to spend more time at home, the new year is an opportunity to bring comfort and creativity to our living spaces. From calming Zen room ideas to stylish (and smart) approaches to home office design, HGTV is predicting 15 of the biggest interior design trends for 2021.

Courtesy of HGTV

2021 Color of The Year

Pantone is the latest to reveal its prediction for the 2021 color of the year. See which shades you can expect to see in the coming year from some of the biggest names in paint. See the top shades on Better Homes & Garden's radar so far.
Courtesy of Better Homes & Gardens

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The Monthly Update - December 2020

Did You Miss the Boat?

As we move into the final month of a raucous 2020, there are many things to be thankful for. A coronavirus vaccine seems to be right around the corner. The election is over, with a transition of power that appears to be moving in the correct direction for now. The Dow hit 30,000 for the first time ever, and New York City just announced that schools will reopen.

But, if you were to examine real estate market activity alone, you'd never know there was so much to be grateful for. There hasn't ever been a better time to buy, and yet I had three calls this morning from buyers who may have “missed the boat.” Maybe we'll see a more robust return to normal after the holidays, but if buyers were smart, they would be negotiating and putting property into contract RIGHT NOW!

The opportunity to buy has never been better, and here's why: Interest rates are hovering around 2.5 to 3 percent. Listings are going into contract anywhere from 5 to 15 percent under their adjusted COVID pricing. The rental market has about 5 percent visible availability and a shadow inventory of close to 20 percent. The cards haven't been in the buyers' or renters' favor like this in the 20 years that I've been selling real estate. 

It's the darndest thing, but when the streets are on fire, the buyers run to the hills instead of turning back around and buying, buying, buying. There is a small group of smart buyers who took advantage of our current situation. In five years, when they go to sell, they will be extremely happy as droves come back into New York City and drive prices back up. Invariably, that's what's going to happen in the next six to 12 months. Then buyers will be asking themselves, where were all the discounts I've been reading about!?!? 

So if you're a buyer — buy.

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News & Local Happenings

Compass expands to Hawaii

Compass has announced its expansion to the State of Hawaii. Top agents from O’ahu, Maui, Kaua’i, and the Big Island have joined the firm.

Read the full article here by Real Estate Weekly.

BK & NYC Heated Outdoor Dining!

With Winter on its way and outdoor dining here to stay for the holidays, take off your coat and dine in comfort inside a heated tent! 

From Bed-Stuy to the UWS,this article has got you covered with a list of establishments that offer outdoor dining with heaters to keep you warm.

Holiday Lights @ The Bronx Zoo

If animal lantern safaris, ice-carving, costumed characters, and stilt walkers sound fun to you, then you'll love this year's annual outdoor Holiday Lights event at NYC's own Bronx Zoo! 

Tickets must be ordered in advance this year to allow for social distancing and cost $35 for adults and $23 for children. Check out available dates here!

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Lifestyle Tips & Tricks

48 Beautiful Holiday Decoration Ideas

Nothing welcomes the holiday season quite like a well-decorated, festive home. Whether you prefer traditional red-and-green decor or favor a more subtle use of gold and white, you can infuse every room in your home with holiday cheer. Take decorating inspiration from VERANDA.

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The 40 Best Subscription Boxes to Gift

Not only will the personalized boxed gifts show your loved ones that you're thinking about them, but they're sure to last well beyond the holiday season. Harper's Bazaar has made a list of the perfect subscription boxes to choose from, from fashion and beauty to food and fitness.

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14 Winter Vacation Ideas in the U.S.

A winter vacation is a great cure after the holidays. Where to go is the question, with so many options and destinations. Here are Travel + Leisure's top 14 winter vacation ideas for destinations around the United States. Whether flying or driving, there's sure to be wintery fun within your reach!

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The Monthly Update - October 2020

The status of the New York City

real estate market as we head into fall: 

Uncertainty is the enemy in many scenarios, especially in financial markets, employment and the real estate sector. Right now, there are a number of deals happening in the city. However, many buyers are on pause as a multitude of question marks lie ahead, in business, health, politics and more. In the meantime, the rental market continues to sink lower while the sales inventory climbs ever upward.

Sale prices seem to be wavering in the wind like a kite — momentarily holding steady, then changing direction with another guest of wind. The metaphor holds true for the scads of unsure buyers, as well. We're seeing a lot of interest but also a lot of trepidation. In some markets, especially in Brooklyn, listings are going to contract seemingly immediately, and some even, dare I say it, bidding wars.

What lies ahead is anyone's guess, frankly. In the wake of a world-altering pandemic, today's market feels different than it did after other world-altering, life-changing events from our past. Probably because there is so much hanging in the balance at this very uncertain moment. Nobody knows what the next six weeks will hold, not just in terms of COVID, but also all the hot button issues such as the Supreme Court nomination, national social justice demonstrations  and, oh, that presidential election thingy. Will New York City be able to keep numbers low in light of a return to school and indoor dining? Or will a second wave be on the horizon? Is a full recovery of the economy possible without a vaccine or will we see a broader global economic downturn? Uncertainty is everywhere--so it’s understandable that buyers have a bit of this as well. They can’t help themselves. It’s everywhere.

Other regions across the country, including larger cities, are experiencing tremendous sellers' markets. But we're not quite there in New York City. Yet. Our market as a whole seems to be in flux. On hold  Paused. Halting. In transition. Stopped. Resting. Waiting for the other shoe to drop. And yet, some buyers are confidently skating out onto the ice and being rewarded handsomely for it with record-low interest rates, listing prices (arguably) 10 percent less than before COVID, with extra negotiation room on top of that. 

It's a good time to buy. Really good. And buyers who are boldly forging ahead know this. All the questions cannot be answered right now. All the uncertainty cannot be removed. But to live in the moment is to seize the day, to live your life in the city that you love and help revive and care for it. There's a reason why we were all here. It's because we love New York City. And our city will come back. It always has, and it always will.

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Local Happenings & Lifestyle Tips

Leaf Peeping 2020

Who doesn't love witnessing the gorgeous transformation of leaves during the fall? Autumn is a magical time of year in our beautiful state. Take a trip out of the city to recharge and enjoy the fresh air and stunning scenery by exploring this 2020 Fall Foliage Map for optimal leaf peeping!

2020 Fall Foliage Map 

Most Anticipated Restaurants Opening this Fall

Looking to try something new? As we settle into the new season, new restaurant openings are on the horizon. Eater New York has rounded up a list of the most exciting openings to look forward to through the end of this year. Read up here.

Restaurants Opening

62 Best Fall Crafts to Help Celebrate the Season

Autumn is finally here, and that means it's time for a some easy, earth-toned, comfy-cozy DIYs. Country Living has gathered together the best crafts to bring in the new season. Each of these easy, family-friendly crafts is super cute and incredibly simple to make.

Read More

2020 Simple Organizing and Design Ideas

Over the past six months, we've all realized the importance of our homes and the impact of our living spaces. For the third annual Real Simple Home, Real Simple partnered with talented designers and organizers to share ideas for making every area inviting, calming, and ultra-functional. Explore here.

Read More

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