'tis the season
It's all about the Rentals
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The real story in the marketplace right now…Where ALL the action seems to be happening?...is in the rental market. Tis’ the season…it’s rental season; the time period when most people pick-up and move. As the sale market sits back in the shade, the activity on the rental side is becoming increasingly frenetic. Because of the economics of the moment (meaning everything’s expensive), we all know interest rates have lots of would-be buyers on the sidelines. Deal volume over the past three years has progressively dropped (see the Liquidity Pace chart below, which measures the number of contract signed deals over the past running 30 days).
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Chart courtesy: UrbanDigs
At this time in May of 2021 when the sale market was in a frenzy and interest rates were still super low (in the 3% range) deal volume was at a rate of 1,816 deals over the most recent 30 days. In May of 2022 it had dropped to 1,401, in May of 2023 to 1,034 and this year down to 905. Regardless of the slowdown, deals are still indeed happening. If you consider what I always say, which is that “the greatest barrier to entering the Manhattan marketplace is not the price, but the competition” then one will clearly see the opportunity this slowdown presents, IF one is serious about buying in the coming year or so.
With this malaise draped over the sale market, the focus is on rentals. To paint the picture for you a bit, there are sale properties which have struggled to simply generate showings, which when the owners decided to switch gears and rent instead, the brokers representing them are receiving 20, 30, 40 inquiries in just a matter of hours. Last summer the rental market peaked…all-time highs; naturally it slowed in the Winter months, but is now on the cusp of tremendous acceleration. As mentioned, we’re at the beginnings of the busy season and demand is mounting. I personally believe we’re likely to surpass last year and establish even new highs.
The choice, for most, to rent over buy, is only ONE of the pressure points on the competitiveness in the marketplace. The other is that those, currently in rentals, aren’t moving in any large numbers; at least they haven’t revealed themselves YET. And this is putting overwhelming demand pressure on the units that are actually available now. Meaning, prices are merely a suggestion, with bidding wars happening…for rentals!!
Look at the chart below, as a result concessions continue to disappear.
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So you have to consider the moment. Even with all the geopolitical unpredictability, conflict and confusion…and the mixed economic messages from interest rates to inflation to jobs…you name it, we are still in the midst of a fairly robust economy.
Where do you fit in? What’s your goal? Should you be renting? Or should you actually buy?
The information is foggy, right? So if you’re trying to make this decision it’s important to ask yourself, “What’s your time horizon?” And almost as importantly…“What’s your time horizon
for making that decision?
Let me know….I’m always happy to chat…
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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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* H A M P T O N S - M A R K E T N E W S *
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In Q1, as transactions declined slightly, prices remain high. After a period of sharp declines throughout 2023, the Hamptons real estate market has leveled off during the first quarter of 2024 and entered a more stable period. There were 6.1% fewer sales transactions across the Hamptons in the First Quarter of 2024 as compared to the previous year, which represents a difference of only 17 sales (260 in 1Q24 vs. 277 in 1Q23). The total dollar volume achieved in 1Q24 ($786.6 Million) is only 0.1% lower than in 1Q23 despite having fewer sales transcations in 1Q24. The average sold price in the Hamptons during 1Q24 was $3,025,457, a 6.4% increase from 1Q23, and the second-highest first-quarter average sold price to date.
The single largest category of sales in the eastern part of the Hamptons was the $1 million to $2 million range, with 49 sales in 1Q24, accounting for 27.7% of all transactions. The $2 million to $3 million range had the second highest number of sales, with 44 transactions.
Percentage of Sales by Price
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A weekly podcast on real estate in the tri-state area,
around the country and globally.
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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:
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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Joan Jonas:
Good Night Good Morning
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(click image above to see preview)
Joan Jonas: Good Night Good Morning presents drawings, photographs, notebooks, oral histories, film screenings, performances, and a selection of the artist’s installations. Jonas continues to produce her most urgent work through immersive multimedia installations that address climate change and kinship between species. “Despite my interest in history,” she has said, “my work always takes place in the present.”
Jonas began her decades-long career in New York’s vibrant Downtown art scene of the 1960s and ’70s, where she was one of the first artists to work in performance and video. Drawing influence from literature, Noh and Kabuki theater, and art history, her early experimental works probed how a given element—be it distance, mirrors, the camera, or even wind—could transform one’s perception. - Though July 6.
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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 May: Sammy’s Roumanian, the revival of a longtime Jewish steakhouse that closed in 2021; and Kisa, an homage to the Korean homestyle restaurants that cater to taxi drivers.
For more New York dining recommendations, check out the new hotspots in Brooklyn and Queens.
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Because of its mention in Eater above, I just had to give this one, by Rob, an encore.
"Classic Jewish comfort food & vodka presented in a
basement dining room studded with photos." - Google
SAMMY'S Roumanian Steak House
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The Perfect Father's Day Gift
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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