January 2023

Prime Property | United Kingdom | Somerset | Bath

Rarely available, this elegant Grade I listed townhouse on The Royal Crescent is currently configured as six apartments and a separate mews house and is situated in Bath’s most prestigious and iconic address.  The property presents a wonderful opportunity for conversion back to a magnificent single residence.

Designed by the architect John Wood, the Younger and built between 1767 and 1774, The Royal Crescent is a row of 30 terraced houses laid out in a sweeping crescent and is among the greatest examples of Georgian architecture to be found in the United Kingdom.

A UNESCO World Heritage Site, both for its Roman history and Georgian architecture and as one of the Great Spa Towns of Europe, the City of Bath along the River Avon is home to the Theatre Royal, the Michelin-starred Olive Tree restaurant and charming boutiques, traditional pubs and tea rooms, museums and historical sites.  Bath is served by the Bath Spa railway station, the A36 and is just 20 miles from Bristol Airport. (Country Life)

Click here to learn more.

The Great Outdoors | Curling in NY and DC

With its origins in 16^th Century Scotland and retroactively named an Olympic sport from 1924, curling is firmly established in Canada, where the Royal Montreal Curling Club is the oldest active sports club in North America.  Curling is related to bowls, boules and shuffleboard and is one of the first sports popular with women and girls. 

Players slide stones on a sheet of ice toward a target area which is segmented into four concentric circles.  Two teams, each with four players, take turns sliding heavy, polished granite stones, also called rocks, across the ice curling sheet toward the house, a circular target marked on the ice.

Care to try curling in Manhattan, Brooklyn, Queens or Washington, DC, Metro?

Click here to learn more.

Manhattan Residential Market Report Q4 2022

The Manhattan residential market in 2022 can best be described as a tale of two halves. The first half was a continuation of the red-hot 2021 market, with the largest number of closings reported since the first six months of 2007. Things slowed down dramatically in the second half of 2022, as runaway inflation caused mortgage rates to more than double in less than a year. The surge in inflation also hurt the stock market, which posted its worst first half in 52 years.

We all knew the Manhattan market could not repeat its 2021 performance, but the decline in activity over the past year has been steep. The number of closings in the fourth quarter of 2022 was down 35% from a year ago. While that certainly sounds concerning, remember that 2021’s fourth quarter was a record number, so a decline was inevitable.

The key thing to remember is that closings in the fourth quarter of 2022 were very similar to 2018 and 2019’s fourth quarters. So, while activity has come down dramatically from 2021’s levels, this is by no means the slowest market we have ever seen.

Click here to learn more.

Brooklyn Residential Market Report Q4 2022

The findings in our fourth quarter report reflect the continued slowdown in the Brooklyn apartment market from the record levels of 2021. Closings were 24% lower in 4Q22 than a year ago, but that was expected given 4Q21 set a record for closings in a fourth quarter. From a historical perspective, the number of closings was pretty much in line with the fourth quarter figures posted before the pandemic.

Prices were mixed over the past year, with condo prices rising while co-ops saw declines. For all apartments, the median price fell 5%, to $743,323. With mortgage rates doubling during 2021, it was inevitable that prices would start to come down at some point. There was also a shift toward smaller apartments, as the average size fell 6% from last year.

When looking at the 2022 Brooklyn market, comparisons to 2021 are inherently unfair, since 2021 was a record year for Brooklyn apartment sales that we knew could not be repeated. The spike in rates, the worst first half for stocks in over 50 years and 40-year high inflation all contributed to the sharp reduction in activity in the second half of 2022. But we must remember the market we have now is still active and looks a lot more like 2019 than 2009.

Click here to learn more.

Queens Residential Market Report Q4 2022

Long Island City Condos. The average price fell 4% over the past year to $1,106,614. There were 29% fewer closings than a year ago.

Astoria Apartments. At $567,422, the average price was 4% lower than a year ago. The number of closings was 19% higher than 2021’s fourth quarter.

Astoria 1-3 Family Houses. The median price of $1,312,500 was 3% above last year’s level. With 30 closings reported, the market was 15% more active than the fourth quarter of 2021.

Forest Hills Apartments. Prices averaged $452,855 in the fourth quarter; a 5% improvement compared to a year ago. The number of closings fell 21% over the past year to 128.

Forest Hills 1-3 Family Houses. The average price ticked down 1% from a year ago to $1,307,125. Closings fell 33% compared to the fourth quarter of 2021.

Click here to learn more.

Washington, DC, Market - December 2022

Montgomery County, Maryland, Market - December 2022

May the Year of the Rabbit Bring Happiness and Prosperity!