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Grab your picnic blanket and a cold beverage because it's June! In this month's newsletter, we delve into the May 2024 market update, discuss the latest real estate news, and more. |
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| | After another month with no relief from the Fed, the market is much the same as it has been all year: showing signs of life, but not quite as lively as experts had hoped or predicted. In the Manhattan and Brooklyn sales markets, we're seeing encouraging signs from the month-over-month data. Median asking prices, contracts signed, and inventory levels in both boroughs are experiencing either a leveling out or a moderate increase since April 2024. Average days on the market, meanwhile, are decreasing. It's a promising trend that suggests we're heading toward a more dynamic market, even with high interest rates. The biggest changes to the sales market are in the year-over-year shifts. In Manhattan, inventory in May 2024 increased 11.1% compared to May 2023, but contracts signed were down 9.5%. Brooklyn's data exhibits much the same, with a modest 5.2% increase in inventory and a whopping 15.2% decrease in contracts signed. Let's take a closer look at sales trends in Manhattan and Brooklyn. |
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| | | | | | | | Source: Compass May 2024 Manhattan Market Report |
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| | | | | | | | | | Source: Compass May 2024 Brooklyn Market Report |
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| | | In rental market news, Brooklyn's median asking rent rose 4.5% year-over-year (April 2023 and April 2024), while Manhattan saw an increase of only 0.6%. Experts are attributing the cooling Manhattan rental market to a slowing down of available tech and finance jobs. Still, the near-record highs in median asking rents in both boroughs continue, even if StreetEasy and Urbandigs disagree on what kind of summer the numbers portend. Meanwhile, the Rent Guidelines Board is going through the public hearings process leading up to their final vote on rent increases on June 17th. Given this particular Board's history, it's likely we can expect them to announce an increase of 2–4.5% for one-year leases and 4–6.5% for two-year leases. |
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| Last month, we did a Deep Dive into the upcoming Congestion Pricing plans, but there's been a surprising new development—Governor Hochul has put the program "indefinitely" on hold. You can read more about it in this article from Patch.
New proposed legislation aims to make life in a land-lease co-op a little more secure. As per this article from Brick Underground, the bills seek to put a cap on the amount a land owner can charge for the lease of the ground beneath a co-op building.
International wealth migration specialists at Henley & Partners have declared New York City #1 on its list of cities with the most millionaires for the second year running. NYC is reportedly home to 349,500 millionaires, 744 centi-millionaires, and 60 billionaires, Mansion Global has more information.
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| Brew at the Zoo, the adults-only, after-hours party is back, and it's the perfect way to celebrate the 125th anniversary of its host, the iconic Bronx Zoo. On Friday, June 21st, from 6-11 PM, adults 21 and older can spend a night wandering between 40 pouring stations with more than 100 drink varieties, partaking in salsa lessons, a Glow Party, and 68 eco-sculptures in honor of the Zoo's achievements in conservation. Click here for more information. |
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| | | 251 East 32nd Street, Unit 5J |
| 1 BD 1 BA 750 SF $599,000 |
| This recently renovated home is sunny, spacious, remarkably quiet, and boasts ample closet and storage space. Featuring wide-plank white oak floors and charming views of townhouse gardens through expansive windows, the apartment exudes a bright and cheerful atmosphere. |
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| | 2 BD 1 BA 850 SF $849,000 |
| With approximately 850 square feet of living space, this inviting home boasts east-facing windows that bathe the interior in sunshine throughout the day, offers abundant closet space, the ability to install a washer/dryer, and an incredibly low-maintenance, all in a full-service coop ideally positioned west of Third Avenue. |
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Sold for 97% of List Price |
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| | | Just off Park Avenue, this large and pin-drop quiet one-bedroom with home office offers the perfect mix of prewar charm and sleek modernism, a storage unit that transfers with the apartment, and the ability to install washer/dryer! |
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| | | 376 President Street, Unit 1B |
| 2 BD 3 BA 1,367 SF $1,565,000 |
| Discover the late Victorian industrial charm of Carroll Gardens in this highly unique two-bedroom, three-bath condo at the iconic Mill Building. Brimming with vintage factory details, this expansive sunlit unit boasts an open Northern exposure and the kind of inviting warmth and soul you simply can’t find in a new build. |
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| | | 645 East 11th Street, Unit 1C |
| | Located in the East Village, this retail condo was formerly a dental office. There are three exam rooms and two street entrances. |
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| | | | 1 BD 1 BA 750 SF $599,000 |
| This sunny, spacious, renovated home has open city views from southern and western exposures. The apartment features hardwood floors, an open kitchen with stainless steel appliances, and six large closets, including two California closets. |
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| Perfect for an investor or end user. Tenant in place paying $7,750/month. Tenant can vacate with 30 days' notice. Contact me for details. Perched on the 30th floor with breathtaking views from three different exposures, this expansive home has been fully renovated, and not a single detail has been overlooked. Enjoy 75 square feet of private outdoor space, an open chef’s kitchen with top-of-the-line appliances and a large island, and laundry just down the hall, all in a full-service condo. |
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Most Recent Mortgage Rates |
| | Rates are from Citibank and are effective as of 06/10/2024. Rates are subject to change without notice. |
| Everyone’s mortgage needs are different. I have great relationships with mortgage brokers and loan officers from big banks and small banks who can help find the best loan for you. If you're looking for a lender you can trust, I'd love to help. Email me for more. |
| | | I'm an expert at successfully repositioning and selling homes that were previously listed without success. Click here for examples of how I have transformed listings to showcase a property's full potential, securing favorable deals where other agents could not. |
| Find out how Compass Concierge can help you prepare your home before coming to market by fronting the costs of upgrading, renovating, and staging at no interest. |
| I'm born and raised in New York City. If you've got a question, I've got you covered. For recommendations on anything, from which co-ops come with cold storage to indoor activities to beat the heat, it's as simple as sending me an email. |
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| | Licensed Associate Real Estate Broker |
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Office: 646-982-0353 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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