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What segment are you in?
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People always ask, “how’s the market?” That’s a troubling question, because what they really want to know is, “How is the market for ME?” And of course, the reply is everyone’s favorite, “Well…it depends.” And it depends because the marketplace is infinitely segmented into different categories from size, price, neighborhood, type (coop, condo, cond-op or townhouse) etc. Which segment are YOU in?...or which segment are you trying to glean information on? So you can see, its complicated…or rather, it depends.
Deal Volume as measured by Monthly Contract Signed Activity for all properties = +3.4% Year-over-Year.
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However, below is a breakdown of where the deals are happening (based on UrbanDigs statistics). Depending upon what “price” segment you are in will tell you a very different story with regards to “how’s the market?” You can see that the lowest of the price brackets, where financing is most often required, has experienced the most challenging time.
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But let’s try to answer this question of “how’s the market?” by using a wide lense. Let’s take a look back and see where we are as compared to last year at this point, a Year-over-Year (YoY) perspective.
Inventory, while down (1.3%) overall, is generally considered to be in a moderate range, not high, not low.
Liquidity pace, which measures market activity using a 30-day moving window of contract activity, is up 4.4%.
Contract Activity, which measures the number of contracts signed within any given month, is up 3.4%.
Price/Sqft for resale condos is up 1.3%....and…
Median sales price is up 3.2%.
This would all infer favorable conditions for sellers; however, the actual current trend regarding the market’s climate shows us sliding into a more challenging place. See chart. This is good news for buyers.
Climate Index
| | “Chart shows how favorable or challenging the listing environment is for sellers by examining the ratio of signed deals to listings removed from the market. An increasing ratio indicates a warmer, easier listing environment, while a decreasing ratio indicates a cooler, more challenging one.” | | |
The trend started after March, ironically as the tariff war began. If this is indeed related, it would purely be from a perspective of buyer sentiment and uncertainty brought on by heavy press reporting on this matter. I say that, because the actual data on the economy has yet to show any distinct signs of a slowdown. That said, I do believe that its inevitable that the tariffs (which seemingly could average 10% across the board) will slow the economy. Several conflicting scenarios could ensue and affect the marketplace in varying ways…here lies the uncertainty.
Regardless, one thing is for sure; Manhattan real estate is likely to grow increasingly expensive in the coming years. As mentioned over the past few months, we have withstood so many obstacles and have not crashed. Prices have been relatively flat for a decade. Once we begin to see clarity on the questions of the government spending bill, the tariff effect and the Federal Reserve’s response to these matters, we will begin to see demand escalate. That demand is skin deep and simply waiting to execute buyers’ life plans. The pro-forma on future projects being applied by developers today reveals elevated price expectations. I would further argue that the overwhelming share of renters would rather be buyers, particularly as we are knocking on the ceiling of record prices. We see proof of this now, with bidding wars on properly priced properties.
So does that answer your question? I know…it’s complicated and it’s nuanced. So just contact me if you want to chat through your real estate endeavors; for sure, your situation will be unique.
| | I always say: 1) 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; and 2) Who represents you matters…your best investment is often in the broker you choose; find someone with experience, who you feel you can trust. |
| * MANHATTAN MARKET NEWS * | | |
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The Hamptons market experienced a 33% rise in the number of closings in the first quarter compared to a year ago. Prices were also higher, as the average single-family home price of $3,401,640 was 5% higher than a year ago.
With increases in both the number of sales and average price in the Hamptons, it’s not surprising the total dollar volume of transactions was 39% higher than 2024’s first quarter. Demand for Hamptons homes in 1Q25 was helped by the performance of Wall Street, as the S&P 500 index rose 23% in 2024. The exceptional performance of stocks led Wall Street firms to pay a record $47.5 billion in bonuses for 2024. More.
• At $3,401,640, the average price of a Hamptons single-family home was 5% higher than a year ago.
• The median price rose 10% over the past year, to $2,182,500.
• There were 33% more sales reported than during 2024’s first quarter.
• The total dollar volume of sales reached $1.25 billion, 39% above last year’s level.
For your ultimate RESY Guide to the Hamptons click here.
| | * WHAT REPRESENTATION LOOKS LIKE * | | |
Click on each respective image to watch the video.
| | * MORTGAGE & INTEREST RATES * | | Above charts courtesy: Mortgage News Daily | | Chart Courtesy: Wells Fargo | | * MOST RECENT MARKET REPORTS * | | |
Sadly, this already past, but click here and discover this.
George Condo’s two-part exhibition, ‘Pastels,’ spanning galleries at both Sprüth Magers and Hauser & Wirth in New York City, offers a glimpse into the artist’s creative process and unbound inventiveness through the medium of pastel. Condo’s new works challenge the limits of improvisation within this medium—spontaneously deploying gesso, fields of color and dramatic pastel gestures, all without the benefit of preparatory sketches—to express various states of the human psyche. The artist embraces the act of abstraction within a figural framework in novel ways, materializing the fragmented, elusive nature of ineffable thoughts and feelings.
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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
| | JaBä - Caroline Shin/Eater NY | | |
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 June: Adda, the Manhattan relocation of the Long Island City favorite; DubuHaus, a tofu haven in Koreatown; JaBä, a high-end Taiwanese restaurant in Midtown; Santo Taco, a new taqueria from Cosme’s founder.
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
| | Photo by Heather Willensky, courtesy of Mama Mezze for Resy | | Maison Passerelle, Adda, Sofreh, Penny, Fish Cheeks Williamsburg, Ras Plant Based, Santo Taco, and Keens. See full posting here. |
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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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