The economic and market indicators are a bit all over the place and the opinions are equally so. The overarching takeaway?...which is the only thing anybody really wants to know, is that the market is doing well and improving…and note, this is for both buyers and sellers. Why? Well, there are innumerable, objective and subjective, data points which cumulatively demonstrate this. We’ve had below than average market activity for nearly 30 months now. Since interest rates began to spike in the Spring of 2022 we have experienced a complete reset, which you can see in the two charts below. You can see precisely when, in that Spring of 2022, the volume ratcheted down and how it has essentially stayed in that range. 

Yes, we have wavered up and down with typical market seasonality, but we have not seen enormous swings in deal volume OR price. Unlike many parts of the country, we have had tremendous market stability pricewise. This is indicative of a solid foundation where both buyers and sellers are actually experiencing equilibrium. There’s opportunity on both sides, as long as each strategize according to their specific goals.

Sellers must price correctly, as there is a severe discount for missing your market. When priced right properties sell efficiently. See the chart below which reveals the penalty for missing your mark.

If you price right and sell under 60 days the discount to your asking price is mild; but as those “days on the market” grow, the discount gets severe, upwards of 10%. So you have to price right or you’ll miss your market. Think about it, your price is your invitation to buyers; if you invite the wrong people, the wrong people will come. Also, if you overprice, you’re inviting buyers who are looking at more expensive properties…BETTER properties than yours. Meaning, yours will be the worst one they see; I’m not sure that’s what you want. So price right; get in and get out…get it done. Executing this task efficiently will yield you the best results.

Buyers should consider the moment; as rates slowly ease, the market will become increasingly competitive. The liquidity pace chart above also shows the pace of activity is 33.8% higher than last year at this time. This is bound to put upward pressure on prices. At the moment, inventory is fair (6,700+ listings on the market for sale); buyer demand is solid, but not frenzied and prices are stable…they’ve not tumbled, nor have they spiked. Buyers usually try to time the market when they are typically better served focusing on spending time in the market. Here, as long as your time horizon is 5-7 years, jumping in sooner rather than later generally yields the best return.

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.

The Line - August Job Report Slightly Below Forecast (Greg Heym - Chief Economist @ BHS)

Last Week in Research

Manhattan Weekly Contract Signed Report

Inventory Report (September)

Share Of Cash Sales Wane As Mortgage Rates Fall – Miller Samuel

NYC rents keep slipping as house hunters buy the (rate) dip – TRD

NYC Apartment Renters Get a Break But Bargains Remain Elusive – Bloomberg

NYC Real Estate Sellers: The Reward For Pricing Right And The Penalty For Pricing Wrong – Forbes

Why is New York City so safe? – Bloomberg

Argentina ditched rent control. What if NYC did too? - TRD

Office Visitation Report – REBNY

The Richest People in America – Forbes

2024 Profile of International Transactions in U.S. Residential Real Estate – NAR

The momentum swing methodically continues. Inventory is increasing and with it comes transactions. Partially spurred by the interest rate cuts, both buyers and sellers are feeling less constricted with an increasing willingness to get on with it. Once the election passes this momentum is likely to continue.

Report excerpt: After a significant slowdown during 2023 and early 2024, the Hamptons real estate market rebounded during the second quarter of 2024, with increases in the number of sales, total dollar volume and the average sold price.

There were 29.7% more sales transactions across the Hamptons in the Second Quarter of 2024 than in 2Q23, representing a difference of 109 sales (476 in 2Q24 vs. 367 in 2Q23).

Even more impressive, the total dollar volume achieved in 2Q24 ($1.49 Billion) is 52.6% higher than in 2Q23. This represents the second-highest second-quarter dollar volume recorded, slightly edging out the 2Q22 figure of $1.46 Billion.

The average sold price in the Hamptons during 2Q24 was $3,134,707, a 17.7% increase from 2Q24, and the highest second-quarter average sold price to date. The median sold price, measuring the middle of the market, increased by 4% to $1,872,500 and is the highest first-quarter median sold price recorded. 

The Latest Market Reports - Sales: 



Manhattan's Q3 (2024): click here

Manhattan Contract Signed Report: click here

Inventory Report (September): click here

Last Week in Research: click here 

10-Year Manhattan Townhouse Report: click here

New Rental Listings (July): click here

Rental Concessions Report (August): click here

Brooklyn's Q3 (2024): click here

Second-Half 2023 Brooklyn Townhouse Report: click here

Queens Q3 (2024): click here

Riverdale Q3 (2024): click here

Other Markets:

Hamptons Q2 (2024): click here

Connecticut Q2 (2024): click here

Hoboken/Jersey City Q2 (2024): click here

Essex County, NJ Q4 (2023): click here

Hudson Valley Q2 (2024): click here

Miami Beach Q2 (2024): click here

Palm Beach's Q2 (2024): click here

Interactive Rent vs. Buy Calculator:

(courtesy NY Times) click here

Siena: The Rise of Painting, 1300–1350

Siena: The Rise of Painting, 1300–1350 examines an exceptional moment at the dawn of the Italian Renaissance and the pivotal role of Sienese artists—including Duccio, Pietro and Ambrogio Lorenzetti, and Simone Martini—in defining Western painting. In the decades leading up to the catastrophic onset of the plague around 1350, Siena was the site of phenomenal artistic innovation and activity. While Florence is often positioned as the center of the Renaissance, this presentation offers a fresh perspective on the importance of Siena, from Duccio’s profound influence on a new generation of painters to the development of narrative altarpieces and the dissemination of artistic styles beyond Italy.

Drawing on the outstanding collections of The Met and the National Gallery, London, as well as rare loans from dozens of other major lenders, the exhibition will include more than 100 works by a remarkable group of Sienese artists. It will feature paintings alongside sculptures, metalwork, and textiles, ranging from large works made for public display to intimate objects created for private devotion. Although none of these artists survived the plague of circa 1350, their achievements had an immeasurable impact on painters and theorists in the centuries that followed. October 13, 2024–January 26, 2025 See more here.

Steamed branzino from Cha Cha Tang. | Dan Ahn/Cha Cha Tang

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 October : Creative Nomad brasserie Brass, Cantonese pop-up-turned-permanent Cha Cha Tang, and chopped sandwich spot Brown Bag Sandwich Co.

For more New York dining recommendations, check out the new hotspots in Brooklyn and Queens.

Flour tortillas are served with recado negro butter at Corima. Photo by Jovani Demetrie, courtesy of Corima

See full posting here:

Lucky for you, we’re in peak fall opening season, and that means plenty of new restaurants to check out, from a newly revived and nearly 100-year-old diner (Kellogg’s Diner) to a new destination for Fujianese cuisine in Prospect Heights (Nin Hao). Head here for all the latest new openings in New York.

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!