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So here we are...the question is where is that? Everyone's been talking about the Mayoral election...and I mean everyone. I was just at a conference in Spain, where I was a panelist and member of the International Delegation, and everyone was asking the same questions, but with less context. From the outside, both internationally and domestically, the perception is the same. "How could New York, the global symbol of capitalism, have elected a socialist Mayor?"...hmmm, Good question?
My response?...that's politics; real estate is business. Yes, the politics can throw punches at us, but we rope-a-dope. Like Ali did against Foreman in Zaire; they keep swinging and we just need to exhibit patience. And like Frazier said about Ali after the "Thrilla in Manila", "I hit him with punches that could've crumbled walls and the man didn't go down." That's New York; it's resilient. It's literally like a machine, a steamroller...methodical; it keeps turning over and moving ahead, can't be stopped...not by any one man, that's for sure.
People believe in New York, particularly the wealthy, which have been rumored to be leaving (or planning to leave) in droves. Well, let's take a closer look at that. In the weeks leading up to the election, a time when people notoriously pause due to uncertainty, the marketplace for luxury property accelerated. The number of contracts signed over $4M in the 2nd, 3rd and 4th weeks of October was 30, 31 and 37 respectively. In the week of the election itself, the number of contracts went up 41 and even in the week afterward, it remained high at 25. What's that tell you?
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Over the last decade, through the battering of fiscal policy, Covid, interest rate spikes, you name it...Manhattan has persevered. Pricing has basically stayed flat, signaling stability. Through all of that, our prices have not declined. And it's just now that we're at an inflection point in which we will likely experience several years (5-7) of market appreciation. Nothing severe, but slow and steady, like the steamroller. This will prove the health of our marketplace. So identify where you fall in this ecosystem and plan accordingly. If you don't know, that's what we're here for.
So regarding the election?...there's a bigger picture. With improved rates, pent-up demand will continue to flow at an accelerated pace...and this across a landscape of constrained inventory. We're at the beginning of the next cycle, the 5-7 years mentioned, where pricing will be favorable as long as you get in sooner rather than later. If your time horizon matches that time frame, then you're likely to prosper. It's not about timing the market; it's about time in the market.
...which is why I keep saying…and Let’s Go Shopping ! ®
| | Anyone interested in buying or selling, should be rolling up their sleeves to determine whether the time is right to sell or if there's a home/investment property out there for them. Who represents you matters…your best investment is often in the broker you choose; find someone with experience, who you feel you can trust. |
| It was an honor to have been invited to and participate on a panel at this years SIMED conference in Malaga, Spain. We discussed the global future of luxury...the trends and the must-have experiences demanded by the ever-growing international buyer population. Centrally located on the global map with an average of 300 days of sun annually, there are many extraordinary opportunities in this region of Andalucia, which include Marbella and Estepona. Reach out to me if you would like to learn more; we can discuss your interests, goals and specific needs. Click here to see an impressive presentation on Malaga City's growth. | | * MANHATTAN MARKET NEWS * | | |
* Featured Listing *
32 Washington Square West, #14E
The Heart of Greenwich Village
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Right in the heart of New York is Washington Square Park, a neighborhood gathering place cherished for its vibrant energy and artistic legacy. Here, on its 100th anniversary, is 32 Washington Square West, one of the premier full service downtown prewar cooperatives.
Within, we find this thoughtfully renovated 7 room, 3 bedroom, 3 bath home; where great attention was placed on every detail. Upon entering, you're struck by the streams of sun and light provided from innumerable outward facing windows and four exposures. See listing details. Watch video.
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In the third quarter, on the high-end, the Hamptons did what the Hamptons does. It was a season defined by headline-making deals, with five extraordinary estates closing above the $20M mark. These exclusive sales lifted both the average and median prices to new highs compared to last year. The average sale price climbed to $3.93M, a 41% increase, while the median soared 35% to a record-breaking $2.3M.
Although there were actually 5% fewer closings than last year, the overall dollar volume jumped by 34%. In many ways, the market’s energy felt concentrated at the top, as properties under $2M experienced a marked slowdown with 28% fewer transactions than the Q3 2024. It was clear that luxury drove the story, as buyers with deeper pockets kept things lively while the more moderately priced homes took a back seat.
Meanwhile, on the North Fork, the atmosphere was a bit quieter. Here, the average sale price edged down by 4% to $1.25M, and the number of homes sold dipped by just 1%, totaling 98 transactions. The total dollar volume was gently lower, landing at $122.5M...not quite the dramatic swings of the Hamptons, but reflective of a generally steady market that’s adapting in its own way.
| | * WHAT REPRESENTATION LOOKS LIKE * | | |
Click on each respective image to watch the video.
| | Above charts courtesy: Mortgage News Daily | | * MOST RECENT MARKET REPORTS * | | |
Wifredo Lam’s paintings expanded the horizons of modernism by creating a meaningful space for the beauty and depth of Black diasporic culture. Born in Cuba at the start of the 20th century, Lam forged his political convictions and commitment to modern painting in war-torn Europe in the 1930s. His exile and return to the Caribbean after 18 years abroad drove him to radically reimagine his artistic project through Afro-Caribbean histories.
For Lam, who was of African and Chinese descent, crafting his vivid new imaginary was more than a means of self-reflection. He famously declared that his art was an “act of decolonization.” His formal experiments, his transforming figures and landscapes, and his affinity for poetry and collaboration allowed him to disrupt and overcome the colonial structures he encountered in art and in life. “I knew I was running the risk of not being understood either by the man in the street or by the others,” Lam said, “but a true picture has the power to set the imagination to work, even if it takes time.” Wifredo Lam: When I Don’t Sleep, I Dream is the first retrospective in the United States to feature the full trajectory of Lam’s remarkable vision, inviting us to see the world anew. Through April 11, 2026.
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The 100 Best Restaurants
In New York City for 2025
(according to the New York Times - click here)
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Let's Compare Lists: Eater vs. Resy
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The Hottest Restaurants
Open Right Now
| | Txula Steak by Nitzan Keynan | | |
Eater's Heat Map (click below) - Some of the Hottest Restaurants open right now. This list will be updated monthly.
Eater editors get asked one question more than any other: Where should I eat right now? Here, we’ve put together a map of the latest Manhattan debuts drawing NYC’s dining obsessives.
New to the list in November: Txula Steak from José Andrés, Kebabwala from the Unapologetic Foods crew, with this one in the new Time Out Market; Wild Cherry in the West Village theater bought by film company A24; the relaunched Babbo, a team-up of Stephen Starr and chef Mark Ladner; and Sungchul Shim’s tasting menu Hwaro.
For more New York dining recommendations, check out the new hotspots in Brooklyn and Queens.
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Hit List: Where In New York You’ll Want to Eat Right Now
| | The buckwheat pancake at Smithereens. Photo by Tom Wilson, courtesy of Smithereens | |
ARE RESTAURANTS SPYING ON YOU?
Is it a restaurant
. . . or is it the CIA?
The show Cheers got it right: we all like to go where everybody knows our name. But how much more do we want our favorite restaurant to know about us? Read Article.
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Cookbook Author, Culinary Journalist and Food Humorist©, Rob is a Manhattan born man-about- town who writes, produces and hosts programs about food. I highly recommend his new book for Dads like myself. There is a new kind of dad, and he's doing far more domestic duty than at any time in history, including cooking. Although it's written with a sense of humor, this book is a serious resource for dads and anyone else interested in upping their game to make great tasting foo d bat home, even if they have never used a chef's knife or a roasting pan before.
Order: Short Order Dad ...A Great Gift for Dad!
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Rob is also on iHeart Radio & SPOTIFY with his ALL YOU CAN EAT podcast about delicious food, cooking and luxury travel.
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PRIVATE ONLINE COOKING CLASSES:
Ask Rob about his privates…by which he means that he offers customized cooking lessons to individuals and to groups. You learn, you laugh, and you eat well.
Now that ALL of us need to pitch in when it comes to feeding the family, I suggest picking up some serious tips from Rob. As he says, he went to cooking school so you don't have to. These sessions are fun and literally provide prized skills for upping your game. Enjoy. See Rob's intro here.
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With Partnering Worldwide, Brown Harris Stevens continues to leverage
its very productive relationships with top brokerages nationally and
internationally by inviting partners to high-light key properties in their
respective markets on BrownHarrisStevens.com, and to feature
our important properties on their sites.
Learn more.
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Brown Harris Stevens
1934 Broadway
New York, NY 10023
917-701 3907
| | | Disclaimer: The opinions and content in this newsletter are assembled solely by Roberto Cabrera (a licensed real estate broker in New York State) for informational purposes only and and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No financial or legal advice provided. 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. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Equal Housing Opportunity. Everyone has unique circumstances and should consult the their own respective professionals. |
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