We all love to mutually complain about how hot it is, so let’s just get it over with. HELP. US. WE’RE. MELTING. Now, onward! We hope your Summer is going swimmingly and you’re finding ways to cool off with pools and popsicles and rooftops as we smolder and relish in the dog days of summer.
How’s the market? Summer is always a quiet time for real estate markets, and that’s what we’re experiencing in New York, a pretty typical July market. We’re all still reading headlines about the looming recession and the downturn of the real estate sales market as interest rates remain higher than the all-time lows we recently experienced, but we’re not seeing sheer panic. As some buyers pull off to the sidelines to “wait and see” what happens, buyers who remain engaged are finding deals in the city.
New listing supply in Manhattan and Brooklyn are both laying low with a light number of homes coming on the market, as we expect in the Summer. Pending sales are still stable in Manhattan, but we anticipate it may take a dip soon as contract signed data catches up. In Brooklyn, the number of contracts signed is up from the Fourth of July holiday but overall, it remains pretty stable. We don’t expect a flurry of new listings to hit the market until the Fall season begins in September. The rental market is a runaway train, continuing to set all-time records, as the sales market pumps the much-needed breaks after experiencing mayhem over the last year and a half.
The Hamptons market has returned to normalcy, but prices continue to set records. Contract activity slows out east between May and July as renters enjoy their vacation home experiences at the beach and as future sellers relax and wait to re-engage their sales plans in the Fall. New listings are incredibly tight, and for the second time since the start of the pandemic, the Hamptons has seen a median listing discount of 0%.
If you’re thinking of Selling soon, now is a great time to connect with us to get a plan in place.
Enjoy the heat, and we’ll see you next month!
Glitter and Gay, The Podcast
Tyler teamed up with Atlanta real estate expert & TikTok legend, Glennda Baker, to launch their Podcast, Glitter and Gay.
Every week, they’ll be discussing their deepest secrets about how they built their dream lives, the impact sobriety has on their daily lives, and how they stay laughing through it all! You won’t want to miss this. The first episode dropped this week. Tune in on Spotify, Apple Podcasts, or YouTube.
Buying in a Buyer's Market
If you don’t follow Tyler or The Whitman Team on Instagram, start doing so now. Tyler’s been dropping real estate tips every Monday on “Magic Market Monday.” This week, he discusses why everyone should want to buy in a Buyer’s Market. The headlines and real estate agents get fired up about hot Seller’s Markets when prices soar, but we all seem to get drab about lower prices within a Buyer’s Market and say “things are slow.” Tune in to why we should shift our mindset and all be excited about a Buyer’s Market. Cliff hanger!
Market Update
The Q2 Manhattan real estate market saw year over year and quarter over quarter gains in quantity of sales, median listed price, average price per square foot, and number of new listings to hit the market. There were 3,350 contracts signed during the quarter, a 23% year over year decrease and a 5% quarter over quarter increase. Overall inventory was down 66% compared with Q2 of 2021 and 57% compared with Q1 of this year.
On the Market
Check out a few of our featured listings. You can find all of our active listings here.
99 State Street, 4E // Brooklyn Heights // 2 Beds, 1 Bath // $1,450,000
Awashed in light from three exposures, including a stunning southern bay window, this spacious 2 bedroom, 1 bathroom co-op embodies Brooklyn living with its old-world charm amongst the tree-lined streets. Featuring crown moldings, elegant inlaid wood floors, high ceilings, and a wood burning fireplace with whitewashed brick and custom mantle. The pre-war charm and character of 4E blends with modern appliances and features such as a Bosch washer/dryer, a Verona gas oven, a motion activated kitchen faucet, and motorized shades.
408 East 79th Street, PHA // Lenox Hill // 4 Beds, 3.5 Baths // $7,995,000
A terraced trophy penthouse priced to sell! Fresh off a gut renovation from one of NYC’s top interior designers, PHA at the stunning Arcadia is a one-of-a-kind residence nearly untouched and ready for the most discerning buyers. The work resembles the perfect marriage of beautiful modern design with the best of the Classic layouts often sought on the Upper East Side. The home features 12-foot ceilings, wrap-around floor-to-ceiling windows, a working fireplace, unobstructed views and natural light, library, chef’s kitchen, custom built-ins, laundry room, and a 6×6 backlit Onyx shower. To top it all off, this home also features one of the best private terraces in the neighborhood featuring an outdoor kitchen with a gas grill and over a thousand square feet to enjoy.
244 MadisonAvenue, 10A // Midtown South // 1 Bed, 1 Bath // $550,000
If you’ve been looking for a pin-drop quiet, graciously sized one bedroom in a flexible, full-service building at the center of it all, look no further! The loft-like living room is lined with custom bookshelves that are just begging you to sit down with your favorite book for a cozy escape from the busy Manhattan streets below. The scale of the room is enhanced by 12’ ceilings and overhead lighting throughout. The kitchen features a renovated eat-in kitchen with a wine fridge, dishwasher and custom cabinets. The bedroom features a dressing area complete with a built-in vanity, room for king sized bed, an office nook, and a large walk-in closet.
225 East 79th Street, 7A // Lenox Hill // 1 Bed, 1 Bath // $510,000
Conveniently located on the Upper East Side, this fantastic one-bedroom home is everything that you have been looking for. The home features a foyer with multiple closets, a large living room with original hardwood floors, high ceilings, a wall of windows with open-city, and southern-exposure views. The open kitchen was recently updated and allows for a dishwasher to be installed. The massive bedroom has room for a king-sized bed, plus other furniture. This home is both charming and functional, the perfect balance for your next New York City apartment.