Although the market has picked up in many respects, meaning increased showings and offers which comes with the Spring season, it’s actually shaping up to be a bit of a bore…and buyers should be loving this. The reason for my statement is that expectations for an explosive Spring have been dashed and the primary culprit, still, is interest rates. In December, the Fed had indicated some five rate cuts to start in March, which…weeks later…turned into three or four cuts not starting until June, then two cuts not starting until September to even perhaps no cuts. These decisions have been driven by sticky inflation which remains at higher levels than the Fed’s goal. The strong economy, evidenced by a very strong jobs report, has disincentivezed the Fed from lowering rates, as they fear a worst case scenario of another spike in inflation. Consequently, we’re back temporarily to “higher [rates] for longer”. Likewise, the result disincentivizes sellers from listing and makes buyers more cautious about committing. |
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Chart courtesy: UrbanDigs
This scenario actually plays well for buyers. I was with a dear, and very experienced, colleague the other night at a dinner, who when speaking on the market said, “yeah, this is the darndest (paraphrasing) market, but as all of us who’ve been doing this as long as we have know, it’ll turn around.” She's saying this as a comment on the mere moderate deal activity we're experiencing at the moment, but there’s far deeper meaning packed in her statement for each party in the transaction. Whichever side you’re on now, your perceived circumstances may not actually be what you think (meaning you have to see the forest for the trees) and yet…those circumstances will change again. When they do, too often, it’s too late and people emerge with a “could’ve, should’ve, would’ve” excuse/predicament.
For sellers it requires pricing right and patience. There is a direct correlation between price and “days on the market”; the fewer the days, the more accurately you priced and got the deal done. As days mount, you realize that you over shot the mark and value begins to erode. Deals are difficult to put together these days; you have to be patient. The economics are unrecognizable from where they were in years past. Also, if your property needs work (which for buyers can be your greatest opportunity), you really need to price it right, as the costs of doing a renovation have risen substantially. Renovating was always expensive; but since Covid, when supply chains were disrupted and now inflation,…the math is simply different. As a seller you need to reconcile that delta and price right in order to find your buyer.
For Buyers, her statement’s meaning is in the counter-intuitive subtext. Being that it’s a "tough" market to maneuver, it presents opportunity. As many are still conflicted about making the commitment, others can get in and seize a great property. I am sure you are so sick of me saying this every single month, but after 26 years, to me this is the preeminent truth about our marketplace…the greatest barrier to entry into the Manhattan marketplace is not the price, it’s the competition. Note: if you think it’s expensive now…just wait until next Spring when the flood gates open and everyone, and all their relatives, will be scrambling to buy.
If you’re a buyer, embrace the boredom of the current marketplace.
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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.
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* M A N H A T T A N - M A R K E T N E W S *
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* F E A T U R E D P R O P E R T I E S *
250 West 89th Street #7C
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Among the most unique offerings on the entire Upper West Side, apartment 7C at the Savannah is a glorious duplex with soaring double-height ~18' floor-to-ceiling windows and your own private, fully planted ~350 sqft terrace. Additionally there is a separate Juliet balcony with a sideways view of Riverside Park. If you are seeking substantial outdoor space, bring your green thumb and your grill. Your terrace is wonderfully positioned precisely where you want it, beside your living room, making it perfect for entertaining.
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* F E A T U R E D P R O P E R T I E S *
205 East 63rd Street #3D
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From the moment you walk into this peaceful corner residence at the crossroads of East 63rd Street and Third Avenue, with light and air from two separate exposures to the south and west, you feel the warmth of a "home". Exceptionally renovated, this three-bedroom residence was meticulously designed for ultimate flexibility of living. Asks - $1,195,000. See Full Listing Here.
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* H A M P T O N S - M A R K E T N E W S *
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Robert Nelson, our Executive Managing Director in the Hamptons, explained that the market seems to be opening up. We had 250 new listings come on the market in March, which is a 37% increase compared to March of last year; this also equates to 60% more than February. This increased inventory outpaced closings by nearly double; 123 closings vs. the 250 new listings. The closings represent an 18% increase from February, but 10% less than last March. Sellers continue their trend from February, becoming more realistic on pricing, evidenced by another 149 price reductions.
Hamptons Single Family Homes
New Signed Contracts vs. New Listings
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A weekly podcast on real estate in the tri-state area,
around the country and even globally.
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Thursday's from 3-4pm
See you then.
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* What representation looks like * |
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Click on each respective image to see video. |
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* MORTGAGE & INTEREST RATES * |
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Chart Courtesy: Wells Fargo |
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* Most Recent MARKET REPORTS * |
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The Latest Market Reports - Sales:
Second-Half 2023 Brooklyn Townhouse Report: click here
Other Markets:
Hoboken/Jersey City 4th Quarter (2023): click here
Interactive Rent vs. Buy Calculator:
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These are great local resources, especially at times like these. Here are some of the best and most comprehensive neighborhood blogs that are helping to keep us informed. Click on each. |
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With Patch you can choose New York City; however, they also have more concentrated areas categorized as follows: Central Park, Upper West Side, Upper East Side, Midtown-Hell's Kitchen, Harlem, Astoria-Long Island City, Chelsea, Gramercy-Murray Hill, West Village and East Village.
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Even Better Than
The Real Thing
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(click image above to see preview)
Get ready for the cultural event of the season! Seventy-one innovators take the stage at the Whitney Biennial, opening March 20. Every two years, this headline-making event champions the creativity, talent, and vision of our time. In the 2024 edition, Even Better Than the Real Thing, contemporary artists and collectives take over the Museum and share their stories across film, performance, painting, sculpture, digital art, and more. Explore the Biennial's culture-defining legacy in the show's official teaser video.
Don’t miss your chance to witness history in the making—reserve your tickets today and be among the first to experience the magic of the Whitney Biennial! - March 20 - August 11, 2024
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The Hottest Restaurants
Open Right Now
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San Sabino comes from the Don Angie team. | Evan Sung/San Sabino |
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Eater's Heat Map (click below) - Some of the Hottest Restaurants open right now:
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 April: San Sabino, a restaurant from the Don Angie team; Penny, a seafood bar upstairs from Claud; Bungalow, from two Indian cooking heavyweights, and Okiboru House of Udon, focused on udon.
For more New York dining recommendations, check out the new hotspots in Brooklyn and Queens.
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"Classic Jewish comfort food & vodka presented in a
basement dining room studded with photos." - Google
SAMMY'S Roumanian Steak House
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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.
Upcoming Courses include:
Note: These are live, virtual courses hosted by Roundtable, which include interactive opportunities and post-course recordings available for all course participants.
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Rob is also on iHeart Radio & SPOTIFY with his ALL YOU CAN EAT podcast about delicious food, cooking and luxury travel.
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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.
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New York City * The Hamptons * Palm Beach
Connecticut * Miami
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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.
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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. |
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- Recognized by New York Magazine & Five Star Professional as one of the "most accomplished real estate professionals in New York City."
- Ranked nationally by REAL Trends as one of "America's Best Real Estate Agents" for avg. sales price of $4.350M.
- Recognized member of the 2016 "TOWN Elite" class
- Sold a single family Townhouse faster than any other on the Upper West Side over $10M to date. (StreetEasy)
- Certified Negotiation Expert (CNE)
- Trivia: Won the 2015 New York Times NCAA Basketball Pool.
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Roberto Cabrera
Licensed Associate Real Estate Broker
New York City * The Hamptons * Palm Beach * Miami
rcabrera@bhsusa.com
o: 212-906-0554
m: 917-701-3907
Clubhouse: @cabrera_roberto
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Brown Harris Stevens
1926 Broadway
New York, NY 10023
(917) 701 3907
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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.
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