Barbara's October Newsletter

Condos Rise, Co-ops Fall

Happy Fall, everyone! We're in the throws of foliage, football (and baseball here in NY!), pumpkin spice everything, and a real estate market finally showing signs of life. With the 3rd quarter in the books, let's analyze how we fared and where we might be going.

First, the obvious, last month as we anticipated, rates dropped to their lowest point in a year and a half. This action had the desired effect with more buyers coming to the market, however, it did hold some purchasers back earlier in the quarter as they were waiting for it to become official. Realistically we'll get a better read of how much of an impact the cut (and future cuts) make as we near the end of 2024 and early next year. The real-time "boots on the ground" feeling is that buyers have reacted enthusiastically but remain mindful of value.

Third quarter closings fell less than 2% from the year prior which is unsurprising given public trepidation leading into a presidential election, which is a historic occurrence. However, cash buyers, investors, and foreign buyers have seized this moment with condo contracts being signed at a 25.1% higher rate than in Q3 last year. Conversely, co-op contract activity fell 21.3% over the same time frame. For the most part, co-ops are not investor or foreign buyer friendly.

Finally, we saw the luxury segment well exceed expectations. Fueled by generational wealth, stock market gains, and demand for class-A trophy properties, contracts signed for properties priced from $10M-$20M were up over 15% from last year. The same metric for properties north of $20M yielded an even higher jump.

MANHATTAN Q3 REPORT: HERE

5 Things to know about buying a home this Fall

The real estate game is finally shifting in Buyers' favor...

Courtesy of Forbes

Featured Listings

JUST SOLD IN Upper West SIDE!

345 West 58th Street, Unit 11S

1 BD 1 BA $670,000

Just Rented in Tribeca!

101 Warren Street, Unit 2060

3 BD 3 BA 2180 SF $20,250

IN CONTRACT IN CHELSEA

252 7th Avenue, Unit 12L

1 BD 0 BA 953 SF $1,595,000

Price improvement!

80 Park Avenue, Unit 17B

1 BD 1 BA 811 SF $900,000

Featured Development

609 Second Avenue blurs the lines between indoor and outdoor living with cascading, curbed balconies, seamlessly integrated landscaping, and generously sized windows. Each day is a chance to welcome the morning light- and the start of a new chapter for you.

Acclaimed architects, ODA, and Fischer + Makooi Architects have created a façade with curved brick ribbons and patinated copper-look panels to create an elegant, distinctive presence along bustling 2nd Avenue. Inside and out, 609 Second Avenue reflects the multifaceted nature of New York City residents.

Find your second self in solitude or conversation among community spaces including the residents’ lounge, roof terrace with outdoor kitchen, or peaceful garden courtyard. Between the indoor basketball court and the yoga space, the new you finds a way to break a daily sweat.

Email us for a private viewing today!

Local Happenings

OCTOBER 17 - 20, 2024

NYC Food & Wine Festival

It's that time of the year! Check out four days and over 80 events for this year's NYC WFF hosted by Food Network. The foodie extravaganza consists of city-wide tastings, limited time offers, pier parties and more!

Click HERE to learn more!

OCTOBER 31, 2024

NYC Village Halloween Parade

It's back and spookier than ever! Head downtown to check out this year's iconic parade, stretching along 6th Avenue from King Street to 15th Street. Expect to see more than 50,000 ghouls, zombies, witches, robots, Jedis, monsters and more to take the streets of lower Manahattan. This is an annual event you don't want to miss!

Click HERE to learn more!

Featured Restaurant

Created by industry veteran and author Michael Cecchi-Azzolina, Cecchi’s offers a modern take on the quintessential New York City dining experience. Michael brings the knowledge and skill honed throughout his 30-year career working in some of Manhattan’s most lauded restaurants to create a warm, vibrant, sexy atmosphere staffed by industry veterans who know what it takes to make a wonderful guest experience. Guests will find an American menu inspired by some of New York’s iconic restaurants, a thoughtfully complied wine list, and a cocktail menu replete with fun riffs on classic cocktails.

Barbara Quaranta

Licensed Real Estate Salesperson

M: 917.428.9658

barbara.quaranta@compass.com

The Marrus / Goldberg Team

The Marrus / Goldberg Team at Compass

M: 917.224.3100

O: 516.606.0481

mgt@compass.com

Office: 646-982-0353

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. 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. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

Barbara's September 2024 Newsletter New York City

At Long Last, The Fed

Takes Action on Rates

Happy autumn! The leaves aren't the only thing falling this September. After many months of speculation and prognostication, the Fed finally(!) cut its benchmark rate by 50 basis points on Wednesday. This was almost double what most had anticipated and could deliver that 'soft landing', the original goal.

So what does this mean? Most broadly it means that we've now entered the era of normalizing rates. It also signals that inflation is somewhat in check and there is softness in the US labor market. Stating the obvious, the cut is expected to provide more relief for American businesses and households over the coming months: that combination should keep in motion a repricing of trillions of dollars in global assets that’s already underway.

Real estate-wise, we can't overstate the damage incurred by higher rates to both the residential and commercial sectors. Furthermore, dating back to March 2022, the pace and aggressiveness of the rate hikes (11 hikes in only 16 months) exasperated the harm to the housing market. There is no magic elixir and it will take time to see capital redeployed into the real estate market but this action was much needed and has been very well received. Anecdotally our team has been fielding messages from reinvigorated buyers, investors, sellers, and lenders just in the past two days.

While we can all celebrate the beginning of this new cycle, we always preach a wait-and-see approach with a keen eye on opportunities. This is the first cut of many and likely will not create the "feeding frenzy" many sellers are clamoring for but it is unquestionably a step in the right direction.

Featured Listings

For Sale in NoMad!

225 5th Avenue, Unit 10R

1 BD 2 BA 1049 SF $1,840,000

In contract in Chelsea!

252 7th Avenue, Unit 12L

1 BD 1 BA 1001 SF $1,595,000

sold in Hudson Square!

70 Charlton Street, Unit 7G

1 BD 1 BA 824 SF $1,475,000

Just Reduced in Murray Hill!

80 Park Avenue, Unit 17B

1 BD 1 BA 811 SF $945,000

Featured Development

An architectural project that represents a union of European elegance and American industrialization, remarkably integrating the style of Flatiron, Chelsea, and Union Square neighborhoods with timeless interior aesthetics has arrived downtown.

Welcome to LOUIE XVIII, a brand-new boutique condominium nestled in the heart of Ladies Mile Historic District, the symbol of Gilded Age architecture and New York City grandeur. Inspired by the notable loft style NYC buildings by a prominent architect Louis Korn, LOUIE XVIII is the collaborative work of the strong team of New York City and European architects, interior designers, and marketing specialists. The building features a collection of 9 full floor residences available in 3-bedroom full-floor layouts and enhanced by direct elevator access and private outdoor spaces. Residents will enjoy the opulence of common spaces that include meticulously designed lobby, fitness room, spa, and a stunning rooftop with endless city views, lush planters, lounge chairs and grills.

LOUIE XVIII is located at the intersection of three New York City’s posh neighborhoods: Flatiron, Chelsea, and Union Square. Dozens of restaurants, cafes, bars, grocery stores, parks, entertainment options, and shops are steps away from its residents including Ralph’s Coffee, Levain Bakery, Eleven Madison Park, Eataly, Whole Foods, Trader Joe’s and many others. Nearby subway lines include L/N/Q/R/W/4/5/6/F/M/1/2/3.

Local Happenings

Through SEPTEMBER 29, 2024

"Light Line” at the Guggenheim

The site-specific text installation work of Jenny Holzer — in particular, the artist’s 1989 rotunda installation at the Guggenheim, which will be reimagined for this exhibition. Those who are in New York May 16-20 should pop over to the museum at sundown to see the facade-covering projection of “For the Guggenheim” displayed in tall lettering on the museum’s exterior. A selection of paintings, works on paper and more will also be on view.

Click HERE to learn more!

SAT., SEPTEMBER 28, 2024

Global Citizens Festival

This year marks the 12th iteration of Global Citizen Festival in NYC! On Saturday, September 28th Post Malone, Doja Cat, Jelly Roll, and Rauw Alejandro and more will perform in NYC’s Central Park, and you can grab tickets for free!

Click HERE to learn more!

Featured Dining

"One of the Upper East Side's most important relics isn't found in any of the galleries on Museum Mile. Le Veau d’Or opened in 1937, and the small bistro changed hands and changed scenes a few times—from Orson Welles and Audrey Hepburn in the middle of the century, to just a small crowd of diehard regulars before it closed in 2019. One thing that never seemed to change was the rich, classic French cuisine: frogs’ legs in garlic butter, tripes à la mode in a “peasanty” sauce. As longtime owner Robert Tréboux once told the New York Sun, diners could go elsewhere if they wanted “the plate with the little bit of food in the middle.

Now revived by the Frenchette team, who bought Le Veau from Tréboux’s daughter, the restaurant with iconic red banquettes is once more a destination for Escoffier-esque indulgence, drenched in brown stock and butter. The tripe is still available, the $125 prix-fixe menu still has a few entries in red ink (inexplicably highlighted among the navy blue), and the food comes to your table looking like a deleted scene from Ratatouille. In most contexts, we'd find fussy flourishes like roasted chanterelles arranged like the hours of a clock on top of a corn soup pretty silly, no matter how delicious. At Le Veau, it's charming.

Also charming: the calf-shaped, porcelain vases on each gingham tablecloth, including one golden calf that graces one lucky table each night—a small thrill. No table seats more than four, two-tops sit side-by-side, and the bathroom would make an ordinary broom closet look like a Tribeca loft. Come here for a special occasion or a date night when you want to forget all your responsibilities—other than paying attention to the people you’re with. With a mirror-map of France reflecting the lamplight, and pink jacketed waiters pouring French wines, Le Veau d'Or is the kind of place, with the kind of food, that makes you want to skip the glass, go straight for the bottle, and not get up until long after you’ve drunk the last drop."

Review courtesy of Eater.