|
The anticipation has been killing us
| |
|
We are due for a break-out year. It should indeed be busy, but not like the frenzied years of the mid-teens. The game seemingly began in September and it feels like the bottom-half of the first inning, with lots of game yet to be played.
Ever since interest rates decoupled from the fantasy decade of low rates (essentially 2012-2022) and began to rise some 36 months ago, we have seen below than average deal volume. But it’s important to note, that this does not mean demand is low; it's actually the opposite. One tenet which is for certain, demand in Manhattan is always strong; it's just a matter of price.
Life is a funny thing, it happens and people need to move; this is a constant force that does not ebb and has had nowhere to release itself for years now….the demand is pent-up.
The bigger issue, more so than mortgage rates*, is supply. Although rising, from a seasonal perspective, it remains below past years’ levels, particularly since the spike in rates began, 3 years ago. This is the real reason for the muted deal volume.
Serious buyers have already accepted the new normal of “real” mortgage rates*. Since September, sentiment has noticeably improved, open house traffic is up, mortgage brokers are experiencing increased requests from buyers to get pre-approved and offers are being made.
Listing Success
| |
|
Chart Courtesy: UrbanDigs
The Listing Success chart shows the percentage of listings that signed a contract within 30 days from list date.
| |
|
Because Manhattan is heavily weighted towards users (not investors), it is a longer term play. Those who are active in the marketplace understand this and recognize that we are likely at the beginnings of a multiple year run of escalating prices. Tight inventory, growing acceptance of the current market dynamics and an eventual easing of rates will create intense competition and therefore rising prices. Buying now will be far more affordable than buying in 1, 3, 5 years from now.
The Mis-Pricing Penalty
| |
|
Chart Courtesy: UrbanDigs
The Pricing Penalty chart highlights the median discount based on the time it takes to go into contract. Listings that enter contract in less than 60 days typically sell close to their asking price, indicating they are "priced right". In contrast, listings on the market for more than 180 days typically experience larger discounts—often reaching the level they would have achieved had they been priced accurately from the outset.
| |
|
Sellers, when properties are priced correctly they sell efficiently; conversely those that miss their mark are penalized. Orchestrating a successful sale experience requires thoughtful preparation and timing. You want to price sharply to value; generating multiple interest and possibly a bidding situation is ideal. If you are getting showings but no second showings or offers, then you are priced high. If you are not getting showings or even inquiries, then you are grossly overpriced.
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 * | | |
Inventory seems to be the name of the game and it remains a bit constrained…but increasing. Sellers continue to grapple with either the decision of a large capital gain hit or giving up that favorable mortgage rate. Consequently, there is upward pressure on prices. Aside from this, it feels like the pre-covid marketplace of 2019. Similar to Manhattan, we are hopeful that Spring will bring more ample product for buyers to consider. | |
* WHAT REPRESENTATION LOOKS LIKE * | |
|
Click on each respective image to watch the video.
| |
* MORTGAGE & INTEREST RATES * | |
Chart Courtesy: Wells Fargo | |
* MOST RECENT MARKET REPORTS * | |
The FLAG Art Foundation is pleased to present A Rose Is, an expansive group exhibition centering on Cy Twombly’s monumental, four-part painting The Rose III, 2008, which combines colossal roses, exploding in full bloom, alongside text fragments from Austrian poet Rainer Maria Rilke’s “The Roses.” A conflation of painting and poetry, the Twombly forms the jump-off point for an exhibition that explores abstraction, poetics, language, and the iconography and mythology of the rose. Artists include Polly Apfelbaum, Arakawa & Madeline Gins, Genesis Belanger, Joe Brainard, Louise Bourgeois, James Lee Byars, Pier Paolo Calzolari, Ann Craven, Sara Cwynar, Alex Da Corte, Jay DeFeo, Ethyl Eichelberger, Awol Erizku, Cerith Wynn Evans, Tony Feher, Allison Janae Hamilton, Gabriella Hirst, Peter Hujar, John Jarboe, Anna Jermolaewa, Sarah Jones, Anselm Kiefer, Lee Krasner, Dr. Lakra, George Platt Lynes, Robert Mapplethorpe, Nicolas Party, Irving Penn, Kay Rosen, James Rosenquist, Taryn Simon, Charles Sheeler, Kiki Smith, Haim Steinbach, Andy Warhol, among others. Read more. FEB 27 – Jun 21 2025 - 545 West 25th Street, 9th Floor | |
Let's Compare Lists: Eater vs. Resy | |
The Hottest Restaurants
Open Right Now
| |
A stew at Sunn’s. | Jutharat Pinyodoonyachet/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 February: Ha’s Snack Bar, a permanent home for a beloved Vietnamese American pop-up; Danny & Coop’s, a Philly cheesesteak counter backed by Bradley Cooper; and, Maxi’s Noodle 3, a third location from a standout wonton shop.
For more New York dining recommendations, check out the new hotspots in Brooklyn and Queens.
| |
Hit List: Where In New York You’ll Want to Eat Right Now
| |
New to the Resy Hit List: Ha’s Snack Bar, Shaw-Naé’s House, Danji, Txikito, Sylvia’s, Ras Plant Based, Lingo, Maxi’s Noodle Chinatown, Clemente Bar and Studio. See full posting here. |
|
|
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!
| |
Rob is also on iHeart Radio & SPOTIFY with his ALL YOU CAN EAT podcast about delicious food, cooking and luxury travel.
| |
|
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.
|
|
|
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.
| |
|
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. |
| | | |
