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Contract Volume is Light: Signs of a Slow[er] Spring Season in NYC Real Estate The #Manhattan real estate market is experiencing a deceleration in contract volume, suggesting a cooling off in traditionally the vibrant spring season. Buyers may pause as they navigate challenges: rising interest rates, declining stock markets, increasing geopolitical tensions, an upcoming election, and shifting forecasts about Federal Reserve rate cuts. 🌎 Impact of Economic and Geopolitical Factors Financing buyers are particularly affected by the spike in interest rates, which have returned to their highest levels since last autumn, prompting a reevaluation of the rent-versus-buy decision. Cash buyers, more typically engaged in discretionary purchases, may hesitate amid these uncertain times. Recent geopolitical developments, especially the tension between Israel and Iran, add to this uncertainty. While these events have not yet impacted this week’s contract activities, their effects may become apparent in the near future. 📊 Market Trends: Manhattan and Brooklyn In Manhattan, contract activity fell by 12% compared to last year's week and was 24% lower than in 2019. Conversely, Brooklyn saw a decrease of 9% from last year but a notable increase of 60% compared to 2019, highlighting a dynamic shift in buyer interest or market recovery. 🏷️ Inventory Levels and Consumer Sentiment The market is observing an increase in inventory, which is expected during this season and might provide buyers with some negotiating power. According to the Elegran | Forbes Global Properties NYC Consumer Sentiment Index, sentiment aligns closely with the pre-pandemic average at a +5 this week. 🏘️ Rental Market Dynamics As we approach the peak rental season, there is momentum in the rental sector, with the highest number of new leases signed in a week since last September. Additionally, there has been a slight decrease in overall inventory, indicating a strengthening rental market. Read the full update: https://lnkd.in/eKYkNr52 #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates #RealEstate Forbes Global Properties

🏙 Manhattan Real Estate Update: December 2-8, 2023 🏡 Dive into the dynamic pulse of Manhattan's real estate market with our Weekly Snapshot! 📊✨ 📈 Market Momentum: Witness a robust surge in activity, with 175 contracts signed last week—a remarkable 18% increase week-over-week and an impressive 26% surge year-over-year. This surge marks the highest annual percentage increase of the year. 🏡 Segment Insights: While the overall market saw a positive trend, some segments experienced nuanced shifts. Notably, the $10M to $20M range witnessed a 50% decline (2 sales), reflecting the market's diverse dynamics. Additionally, the Financial District & Battery Park City experienced a 10% decrease (1 sale). 🌆 Top Sale of the Week: The crown jewel of last week's transactions was the resale of a $19.950M co-op penthouse at 993 Fifth Avenue. This noteworthy sale stands tall as one of the most expensive co-op transactions of 2023. 🔄 Year-Over-Year Analysis: It's essential to recognize the broader context. While this week marked a significant annual uptick, it's worth noting that the comparable period last year was notably sluggish, hitting a low unseen in over two years. 🔍 Market Watch: Keep a close eye on the market pulse as we move forward, and don't hesitate to reach out for personalized insights. Manhattan's real estate story continues to unfold, and we're here to guide you through every chapter. #ManhattanRealEstate #MarketUpdate #RealEstateTrends #NYCProperty #InvestmentOpportunity #MarketInsights #Realestate #NYC #December #2023

🏢 Manhattan's real estate market took a major hit in 2023, with sales of investment properties plunging to levels rivaling those of 2020. While the whole of NYC experienced a downturn, Manhattan was hit the hardest. Luxe neighborhoods couldn't salvage the situation, leaving the market in a gloomy state. What factors could have contributed to this decline? Share your thoughts! #ManhattanRealEstate #SalesDecline #InvestmentProperties #blog https://lnkd.in/gvPUveYc

In Q4, Manhattan sales were up 11% from the previous quarter, with 2,430 total sales compared to 2,195 in Q3. There were 3,469 new listings on the market in Q4, up 11% from last quarter. There were 2,003 new contracts signed, which was a 3% increase from Q3. Inventory decreased by 37% quarter-over-quarter and 34% year-over-year. The median listed price was $1,568,000 up 12% compared to the previous quarter and up 9% compared to Q4 2022. From skyscrapers to brownstones and everything in between, I'm here to help you navigate the complex NYC real estate market and find your perfect space. 🏢🏘️ Let's start your real estate journey today. Link in bio to get started! MELISSA BEMIS LICENSED ASSOCIATE REAL ESTATE BROKER The Agency MOBILE: 908.812.6831 EMAIL: melissa.bemis@theagencyre.com #ManhattanMarket #RealEstateUpdate #ManhattanQ4Report #2023MarketTrends #ManhattanHousing #MarketAnalysis #ManhattanRealEstate #PropertyMarket #UrbanLiving #MarketInsights #HousingTrends #ManhattanQuarterlyReport #RealEstateTrends #PropertyUpdate

🏙️ Manhattan's real estate market took a major hit in 2023, with sales of investment properties plunging to levels rivaling those of 2020. While the whole of NYC experienced a downturn, Manhattan was hit the hardest. Luxe neighborhoods couldn't salvage the situation, leaving the market in a gloomy state. What factors could have contributed to this decline? Share your thoughts! #ManhattanRealEstate #SalesDecline #InvestmentProperties #blog https://lnkd.in/gvPUveYc

Brooklyn Heights Real Estate Market Heats Up: A Tale of Two Trends 🏘️🔥 As a real estate professional in NYC, I'm always fascinated by the ebb and flow of our dynamic market. The latest numbers from Brooklyn Heights tell an intriguing story of growth and change. Here's what's catching my eye: 1. Median sale price soared to $1.6M, up a staggering 34.6% year-over-year! This is a clear sign of strong demand in this historic neighborhood. 2. Transactions more than doubled, with 45 properties changing hands - a 125% increase from last year. Buyers are clearly active in Brooklyn Heights. 3. Interestingly, the price per square foot actually decreased by 11.7% to $1,345. This could indicate larger properties are selling, or buyers are getting more space for their money. What does this mean for the market? 🤔 Are we seeing a shift towards larger family homes in Brooklyn Heights? 🏠 Is the allure of brownstones and historic charm driving this surge in demand? 💼 How is the return-to-office trend impacting this centrally-located neighborhood? For buyers, this could be both an opportunity and a challenge. While prices are up, the lower price per square foot might offer value for those seeking more space. For sellers, it's a promising market with high demand and rising prices. But pricing strategy is key - the disconnect between overall prices and price per square foot needs careful consideration. What's your take on these trends? Are you seeing similar patterns in other Brooklyn neighborhoods? #BrooklynRealEstate #MarketTrends #BrooklynHeights #NYCHousing #TopPropertiesTeam #RealBrokerLLC #RealBrokerage

Contract Volume and New-to-Market Supply Normalize This Week It was a typical week for the Manhattan and Brooklyn real estate market. Contract activity and new properties entering the market remained consistent with recent levels. As such, Elegran | Forbes Global Properties NYC Consumer Sentiment Index was near parity with the pre-pandemic average, measuring +10 this week. In Manhattan, 239 contracts were signed, representing a 16% increase compared to the previous week, while Brooklyn saw a decrease of 8% with 126 contracts signed. Although the overall supply of properties for sale in both boroughs continues to rise, the number of new properties entering the market this week was slightly lower. In Manhattan, there was a 15% decrease compared to last week, and in Brooklyn, a 10% decrease. In the Manhattan rental market, the supply of available units appeared to reach a low point at 2,950 units over the past three weeks. However, it has been increasing for the past two weeks and has now surpassed 3,000 units again this week. For the full report including what sold in New Development: https://lnkd.in/etgMrAhm #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates #RealEstate Forbes Global Properties

🌆 Manhattan Real Estate Snapshot: Dec 30, 2023 - Jan 5, 2024 📊 Key Highlights: 1. Contract Surge:146 contracts signed, up 32% WoW and 13% YoY. 2. Co-op Resales Lead:Resale co-ops drive annual increase; condo sales dip. 3. Geographic Trends: Growth between 34th and 110th Streets; other areas decline. 4. Billionaire's Row Buzz:Four contracts signed, Central Park Tower 69E at $24.5M. 5. Historical Anomaly:Unusual three-week consecutive annual increase. 🔍 Insights: - Resale co-ops thrive, while condos face challenges. - Market dynamics shifting; buyer sentiment evolving. 🔮 Outlook: - Watch for evolving trends and buyer preferences. - Stay informed for a pulse on Manhattan's dynamic real estate scene.

212Bravo's Desk: Is Manhattan's Real Estate Market Truly Under-Supplied? 🏙️ Let’s peel back the curtain on Manhattan's property scene. You've probably heard the narrative - "Manhattan is out of new condos!" According to Marketproof, we've seen a dramatic decrease from 15,000 unsold units in 2020 to just about 4,821 by the end of last year. Sounds like a tight squeeze, doesn’t it? But here's a twist: UrbanDigs highlights something not everyone is talking about – the "shadow inventory." Picture this: over 3,500 properties in Manhattan are like hidden gems, not listed but waiting for the right moment to shine. This revelation begs a significant question: Is the perceived shortage of Manhattan real estate a bit overstated? If we consider these shadow listings, the dynamics of supply and demand in the market might look quite different. #NewYork #Manhattan #RealEstate

🏙️📈 Brooklyn Real Estate Market Trends May 2024 📊🏡 Attention Brooklynites and Real Estate Enthusiasts! 📣 Wondering what's buzzing in the Brooklyn housing market this May? Here's a snapshot of the latest trends: 1️⃣ Prices on the Rise: 📈 Median home prices continue their upward trajectory, reflecting sustained demand and limited inventory. Now's the time to capitalize on your property's value! 2️⃣ Hot Neighborhood Alert: 🌟 Prospect Heights is stealing the spotlight with its blend of historic charm and modern amenities. Buyers, don't miss out on this vibrant community! 3️⃣ Investor's Paradise: 💼 Commercial real estate remains a lucrative option, especially in thriving areas like Downtown Brooklyn. Explore opportunities for your next venture! 4️⃣ Tech Boom Impact: 💻 With tech companies flocking to Brooklyn, demand for housing near tech hubs is soaring. Keep an eye on emerging neighborhoods for investment potential! 5️⃣ Luxury Living: 🏙️ Upscale developments are reshaping Brooklyn's skyline. From waterfront condos to penthouse retreats, indulge in luxury living at its finest. Ready to navigate the dynamic Brooklyn market? Whether you're buying, selling, or investing, I'm here to guide you every step of the way. Let's turn your real estate dreams into reality! 🏠✨ #BrooklynRealEstate #MarketTrends #May2024 #InvestmentOpportunities Contact me today to learn more: Alexander Plotkin Real Estate Associate Broker Brooklyn, NY 📧 aplotkin.r.e@gmail.com 📞 (917) 544-8520 alexanderplotkin.com https://lnkd.in/dC3FHwxu #BrooklynRealEstate #BrooklynHomes #BrooklynProperties #BrooklynRealtor #RealEstateBrooklyn #BrooklynLiving #BrooklynLife #BrooklynInvestment #BrooklynLuxury #BrooklynMarket #BrooklynTrends #May2024 #InvestmentOpportunities #RealEstateMarket #PropertyTrends #MarketAnalysis #TechBoom #LuxuryLiving #ProspectHeights #DowntownBrooklyn #CommercialRealEstate #HomeBuyers #HomeSellers #PropertyInvestment #UrbanLiving #NYCRealEstate #RealEstateAgent #AlexanderPlotkin #NYCProperties #NYCRealtor