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Happy Fall, everyone! We're in the throws of foliage, football (and baseball here in NY!), pumpkin spice everything, and a real estate market finally showing signs of life. With the 3rd quarter in the books, let's analyze how we fared and where we might be going.
First, the obvious, last month as we anticipated, rates dropped to their lowest point in a year and a half. This action had the desired effect with more buyers coming to the market, however, it did hold some purchasers back earlier in the quarter as they were waiting for it to become official. Realistically we'll get a better read of how much of an impact the cut (and future cuts) make as we near the end of 2024 and early next year. The real-time "boots on the ground" feeling is that buyers have reacted enthusiastically but remain mindful of value.
Third quarter closings fell less than 2% from the year prior which is unsurprising given public trepidation leading into a presidential election, which is a historic occurrence. However, cash buyers, investors, and foreign buyers have seized this moment with condo contracts being signed at a 25.1% higher rate than in Q3 last year. Conversely, co-op contract activity fell 21.3% over the same time frame. For the most part, co-ops are not investor or foreign buyer friendly.
Finally, we saw the luxury segment well exceed expectations. Fueled by generational wealth, stock market gains, and demand for class-A trophy properties, contracts signed for properties priced from $10M-$20M were up over 15% from last year. The same metric for properties north of $20M yielded an even higher jump.
MANHATTAN Q3 REPORT: HERE
MANHATTAN Q3 REPORT: HERE
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| | The real estate game is finally shifting in Buyers' favor... Courtesy of Forbes |
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| JUST SOLD IN Upper West SIDE! |
| 345 West 58th Street, Unit 11S |
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| | | | 101 Warren Street, Unit 2060 |
| 3 BD 3 BA 2180 SF $20,250 |
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| | | 1 BD 0 BA 953 SF $1,595,000 |
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| | | | | 1 BD 1 BA 811 SF $900,000 |
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| 609 Second Avenue blurs the lines between indoor and outdoor living with cascading, curbed balconies, seamlessly integrated landscaping, and generously sized windows. Each day is a chance to welcome the morning light- and the start of a new chapter for you.
Acclaimed architects, ODA, and Fischer + Makooi Architects have created a façade with curved brick ribbons and patinated copper-look panels to create an elegant, distinctive presence along bustling 2nd Avenue. Inside and out, 609 Second Avenue reflects the multifaceted nature of New York City residents.
Find your second self in solitude or conversation among community spaces including the residents’ lounge, roof terrace with outdoor kitchen, or peaceful garden courtyard. Between the indoor basketball court and the yoga space, the new you finds a way to break a daily sweat.
Email us for a private viewing today! |
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| | It's that time of the year! Check out four days and over 80 events for this year's NYC WFF hosted by Food Network. The foodie extravaganza consists of city-wide tastings, limited time offers, pier parties and more!
Click HERE to learn more! |
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| | NYC Village Halloween Parade |
| It's back and spookier than ever! Head downtown to check out this year's iconic parade, stretching along 6th Avenue from King Street to 15th Street. Expect to see more than 50,000 ghouls, zombies, witches, robots, Jedis, monsters and more to take the streets of lower Manahattan. This is an annual event you don't want to miss!
Click HERE to learn more! |
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| | | Created by industry veteran and author Michael Cecchi-Azzolina, Cecchi’s offers a modern take on the quintessential New York City dining experience. Michael brings the knowledge and skill honed throughout his 30-year career working in some of Manhattan’s most lauded restaurants to create a warm, vibrant, sexy atmosphere staffed by industry veterans who know what it takes to make a wonderful guest experience. Guests will find an American menu inspired by some of New York’s iconic restaurants, a thoughtfully complied wine list, and a cocktail menu replete with fun riffs on classic cocktails. |
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| | Barbara Quaranta
Licensed Real Estate Salesperson M: 917.428.9658 barbara.quaranta@compass.com |
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| | The Marrus / Goldberg Team
The Marrus / Goldberg Team at Compass M: 917.224.3100 O: 516.606.0481 mgt@compass.com |
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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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