|
The Market's "Looking" Up
| | It seems clear the initial conflict in the Middle East created enough uncertainty to delay our Spring market; but a Spring market it was, the strongest in years. Likewise, it pushed its momentum deep into our summer. We’re just now, 3 weeks into July, starting to feel the moderation in deal volume, as people are off on vacation and recharging. | | At 6,098, supply has fallen -9.2% from the past month and has fallen -9.9% from this time last year. There is a deficit in Net Inventory Trends over the last month which is currently pushing Supply lower. | Chart courtesy: UrbanDigs | | It’s important to note, the market’s shifting…or perhaps better said “has” shifted. Supply, which is always constrained, is off nearly 10% from where we were last year at this time. The issue on this front is that, it does not seem as if we’re going to experience any material influx of inventory any time soon. Yes, we’ll have a seasonal bump in the Fall and again in the Spring; but will we ever reach the levels we saw years ago? That’s TBD. | Monthly Contract Activity | | |
At 1,108, Monthly Contract Activity has risen 1.9% from the past month
and has risen 14.5% from this time last year.
| Chart courtesy: UrbanDigs | | |
And consider this, with that table set (fewer homes to choose from), monthly contract activity has increased 14.5% since last year at this time…Wow! This is a clear sign that the market demand is there. With rents continually rising, increasing numbers of people are turning towards the purchase option. And the simple supply and demand principle will put upward pressure on prices.
So if you’re interested in buying, getting in early will serve you. On the other hand, if you’re selling, the longer you can hold on the more you might get. But that comes with a caveat: are you upgrading? Are you downsizing? Where are you going? Remember, you’re a buyer too!...and this market dynamic is universal.
After 10 years of blah…flat pricing…we are now at the bottom of the mountain, looking up. It will be slow and methodical, but to get to the next plateau, we’re going to ascend.
| | 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. | | The Dakota is the crown jewel among the most extraordinary residences of Central Park West. It's the most storied residential building in New York's long history. The late 1870s was a time of burgeoning prosperity. A post-war boom saw the proliferation of Mansion and Townhouse living for the affluent; it was a representation of status. It was then that Edward Cabot Clark, architect of the Singer Sewing Machine Company fortune, conceived of an apartment house to be built, as an alternative, for precisely those affluent who preferred not manage the responsibilities of caring for a house. His vision was to preserve the aspirational and distinctive way of life characterized by sophistication, exquisite taste, privacy, pleasure and service for those accustomed. This was to be a house of a different kind. Click here to see the full listing details. | | One of the select-few truly exclusive and distinguished boutique cooperatives on all of Park Avenue..."all limestone, with double sets of Florentine-style windows and with only one five-bedroom apartment per floor"...nearly 70 feet of frontage facing Park Avenue...extraordinary volume...10’ ceilings…innumerable, large outward facing windows...four exposures...views and streams of sun and light throughout...private elevator landing and 375 sqft entry gallery, perfect for art...SE facing living room...oversized dining room...south facing library...an unusual and seductive corridor, 7 feet wide and nearly 48 feet long, perfect for art…commodious primary bedroom suite...and what was once described as a home with “six servants’ rooms, including a separate section for the butler and the second man” is now is currently 15 rooms, inclusive of 5 bedrooms, 6 bathrooms and two staff rooms...unparalleled location, in close proximity to world class restaurants, shopping, entertainment, art and culture, including the Metropolitan Museum of Art, The Frick Collection, Lincoln Center…this list goes on...Click here to see the video and more. | | * MANHATTAN MARKET NEWS * | | |
This summer has brought a tightening of inventory at virtually every price point, which (like Manhattan) is putting upward pressure on prices; as a result deal volume is moderate as compared to years past. Overall listing inventory estimates are down 10% from last year at this time, with the top-tier luxury being off ~35%. Again the supply/demand principle is at play; constrained inventory and limited new construction forces buyers to compete harder for the few well-positioned listings, with ~50% of deals transacting above ask.
Pricing and activity continue to be skewed toward the high end, with average home prices around $4.5 million and median prices near $2.4–$2.5M, both at or near record levels, with record sales above $5M. Luxury has seen the most substantial moves: median luxury sale prices are in the eight-figure range, select oceanfront deals have reached the $70M range, and peak-week rentals are approaching seven figures, most of which were secured well ahead of the core summer season. For Manhattan based buyers and sellers, the practical takeaway is that the current Hamptons market rewards early, decisive action and strong property branding; waiting for “more options later in the season” is unlikely to produce better inventory and may simply mean competing at even higher prices.
Michael Rubin scoops up Hamptons beachfront home that asked $43M
Mogul in contract for house next to his $50M “White Party” mansion in Bridgehampton
Full Hamptons Q1 Report
| | Chart courtesy: Google Gemini | | * WHAT REPRESENTATION LOOKS LIKE * | | |
Click on each respective image to watch the video.
| | Above charts courtesy: Mortgage News Daily | | * MOST RECENT MARKET REPORTS * | | 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. | | |
At a time when AI is dramatically changing how we see, what does it mean to visualize a world that’s no longer centered on the human mind? Pierre Huyghe’s immersive, otherworldly works have redefined how art can engage with technology, human consciousness, and the natural environment.
Read more. Through November 29, 2026
| |
The 100 Best Restaurants
In New York City for 2025
(according to the New York Times - click here)
| | Let's Compare Lists: Eater vs. Resy | |
The Hottest Restaurants
Open Right Now
| | COTE 550 is America’s first and only Michelin-starred Korean Steakhouse and the Best Steakhouse in North America. * According to World's 101 Best Steak Restaurants | | |
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 Julu: West Village seafood tavern Capitaine, Asianish neo-bistro Somssi in Greenwich Village, Nolita Italian restaurant Piccolo Mornini, and the Noortwyck team’s new wood-fired restaurant Oriana in Nolita. And, for now, we’ve removed Odo East Village, Wild Cherry, Cleo, and Kjun.
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
| | Linguine al ragù with mustard kimchi. Photo by Janice Chung, courtesy of Somssi. | |
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.
_______________________________________
| | |
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. |
| | | |
