Lex and The City Q418
“I believe in New Yorkers. Whether they’ve ever questioned the dream in which they live, I wouldn’t know, because I won’t ever dare ask that question.” –
Happy 2019! Hope you enjoyed a lovely holiday recess full of family and fun. With January upon us and a whole year ahead, new opportunities abound. Buyers are extremely value driven at the moment but deals are still happening every day. 2018 saw the New York real estate market extend the correction that started 24 months ago after several years of over inflation where pricing on many properties escalated at unsustainable rates. The opportunities for buyers and investors now are expansive. See the full market report below.
Thank you for taking the time to read this letter. Have a wonderful day and a new year full of happiness and health.
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30 Irving Place
New York , NY 10003
67 Park Avenue, Apartment 4DE
New York, New York
The Fourth Quarter 2018 Manhattan real estate market faced familiar currents experienced earlier in the year as buyers hesitated despite moderating prices and more availability. Market-wide closed sales declined as potential buyers grappled with a confluence of factors that created uncertainty in the market. Buyers’ concerns included rising mortgage interest rates, tax law reform, volatility in the financial markets, foreign capital restrictions, and political distractions. As a consequence, many prospective buyers are choosing to wait on the sidelines until prices adjust to a more accessible level and other market factors calm.
Fourth Quarter 2018 closings fell 7 percent annually to just under 2,800 sales, bringing the total for 2018 to approximately 11,800 transactions, the lowest annual sales figure since 2009. A weaker condo market drove sales lower this quarter as resale condo and new development sales fell respectively by 12 percent and 26 percent, year over-year. Resale co-op closings were essentially level with last year. Contract activity also receded, as 12 percent fewer contracts were signed versus Fourth Quarter 2017. At the same time, fewer sales, anxious sellers, and new development launches have pushed inventory higher. The number of available apartment listings during Fourth Quarter 2018 was nearly 7,000 units, a seven-year high.
As some sellers relaxed their expectations amid cooling demand, median price dipped 2 percent in the final quarter of 2018 to $1.075M. Market wide, median price and price per square foot are below their peak and back to 2015 figures. Nevertheless, average price rose 2 percent to $2.010M largely due to the start of closings at 220 Central Park South and 520 Park. While the year-over-year changes were minimal, these figures were down 10 percent and 7 percent, respectively, versus their peaks reached in 2017.
Read the full Corcoran report here.
LIFESTYLES OF THE RICH AND FAMOUS
• The Most Expensive New York Neighborhoods in 2018
• East Row village house once home to Andy Warhol and Paul Morrissey lists for $5M
• Matt Damon buys Brooklyn’s most expensive condo for $16.75M
• Lena Dunham lists her Williamsburg apartment
• After four price cuts, Justin Timberlake sells Soho penthouse for $6.35M
• Ralph Lauren set to buy Hamptons oceanfront home asking $20 Million
TIPS & TRENDS
• NYC Restaurant Week is almost upon us, (with deals on 2-course lunches and 3-course dinners at 380+ restaurants).
• 30+ Elegant Valentine’s Day decorating ideas , (to inspire you for romance).
• Upstate New York Getaways, (for when you need a break from NYC).
• 9 Things to Buy in January if you want to save big, (and spruce up your home).
• 7 nutrition pros on what they’re doing in 2019 to eat better and save money (because who doesn’t want to be thinner and richer?)