Hey Friends, Tis the season to be thankful falalala lalalala! Let me just start off by saying thanks to all of you! Friends, family, colleagues, clients and clients who are friends and family! This year not only was amazing just to be bouncing back from 2020 but my family added our beautiful daughter Bowie and our team, The Freiberg-Cella Team, had our best year ever... Thank you for talking with me, meeting with me, and trusting me/us with your real estate needs in 2021. Please let's keep talking and meeting as soon as you can. I would love to get a coffee in person or virtually. Whatever works for you! Onto the NEWSLETTER! As we head into the holiday season, I want to share some interesting data (it's a bit of a long and dry read but really interesting) on the pandemic migration of New Yorkers, recap where the luxury market stands today and provide a sneak peek at what's coming soon to Compass. We'll round it out with a salute to the return of the Thanksgiving Day Parade and a rundown of my latest listings. Everyone I hope you have the best and merriest Thanksgiving!
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A New Report Sheds Light on Pandemic Migration
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New York City typically shows a net loss migration of 90,532 people each year, according to change-of-address requests. Between March 2020 and June 2021, however, a total of 130,837 more residents left the city compared to pre-pandemic levels.
From March to May 2020, 60 percent of change-of-address forms were marked temporary, indicating an early optimism about how long the pandemic would last. Between June 2020 and September 2021, 79 percent of net move-outs have been submitted as permanent.
It's not surprising that wealthier residents — those with the means to acquire transportation and housing elsewhere and often with white-collar jobs amenable to work-from-home and relocation — were the most likely to leave the city. Residents in the wealthiest 10 percent of neighborhoods, corresponding to the median incomes above $110,000, were 4.6 times more likely to leave than other residents during 2020. Moves from wealthier neighborhoods in 2020 were also more likely to be temporary.
Neighboring areas in Westchester, Long Island, New Jersey and Connecticut were primary destinations for city residents, as were the states of Florida, Texas, Maine and Vermont
Between June and September 2021, the city saw fewer out-moves than in the same period in 2019, before the pandemic.
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The Luxury Market Heads Skyward
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In a record-setting year for New York City real estate, the luxury market has been especially note worthy. The Olshan Luxury Market Report recorded a vertigo-inducing 60 contracts signed for homes priced at $4 million and above between November 8 and 14th. The contracts totaled more than $553.87 million, a level not seen since 2013. A whopping 1,619 luxury contracts have been signed so far this year for a total of $13.77 billion — twice the total asking prices at this point in pre-pandemic 2019 and the highest total in the history of the Olshan Report. Prior to the pandemic, the ultra-luxury segment was the market's weakest. In fact, it wasn't that long ago that headlines were screaming about the glut of luxury condos. Jonathan Miller of real estate appraisal firm Miller Samuel calls today's scenario "inverted," with high-end homes leading the pack. While a roaring stock market and still-low interest rates fuel the luxury buying spree now, we expect to see a wave of new deals ahead, thanks to the end of the international travel ban that should send well- heeled foreign buyers back into the city.
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My fellow Compass agents and I recently attended our all-company meeting, where we got a sneak peek of the soon-to-be-released client dashboard. The portal will make it easier for clients to stay on top of every part of their transaction, before, during, and after the sale. No other firm is even attempting this and it is very exciting. I can't wait to show you! Stay tuned!
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MY NEW YORK CITY – THANKSGIVING 2021 EDITION
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Without in-person spectators, last year's scaled-back Macy's Thanksgiving Parade just wasn't the same. This year, the parade is back in full force with the addition of six new floats, including ubiquitous Baby Yoda from The Mandalorian. The 95th annual parade kicks off from West 77th Street at 9 a.m. and heads down Central Park West before turning east West 59th Street. The route continues south on Sixth Avenue to 34th Street, ending in front of the Macy's flagship store around noon. To watch the parade in person, early birds will find the best views along the west side of Central Park West between 75th and 59th streets, where people often start assembling before 6 a.m. If you'd prefer to sleep in, the best vantage points are on Sixth Avenue between 59th and 38th. Best of all, you can stay in your jammies and watch it on NBC beginning at 9 a.m. with a rebroadcast at 2 p.m.
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115 Christopher Street, Unit PH
$4,995,000 | 2 Bed | 2 Bath CONTRACT SIGNED
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43 Great Jones Street, Unit Penthouse
$4,595,000 | 3 Bed | 2.5 Bath CONTRACT SIGNED
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130 Jane Street, Unit 1/2C
$3,250,000 | 3 Bed | 2.5 Bath
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260 Park Avenue South, Unit 4G
$2,500,000 | 2 Bed | 2.5 Bath
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428 West 20th Street, Unit 2
$2,250,000 | 3 Bed | 1 Bath CONTRACT SIGNED
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© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC
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.
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