Hello Friends,
We hope your August has been wonderful, hot, humid, and filled with ample summer memories.
We’ve officially entered the final days of Triplemint (!!!). In early September, the name Triplemint will become a relic, and we’ll officially become The Agency (ICYMI: Triplemint x The Agency Joins Forces). Over the last 90 days, the two brands have been tirelessly working on the backend to transition Triplemint into The Agency’s world of wonder.
How’s the Market? Manhattan inventory is at its lowest level of 2022 (the prior low was in April). When looking at the number of pending sales, we can see that while demand is down a bit in Manhattan, 2022 is seeing higher demand than 2019. Brooklyn inventory is still super tight and trending slightly down, continuing to put pressure on buyers.
Demand remains strong and stable in Brooklyn, as it has been the last 12 months. Data suggest that sellers in Manhattan are more fearful of the shifting market than sellers in Brooklyn. Manhattan sellers are slashing their pricing faster and Manhattan buyers are seeing this as their opportunity for a better deal than in 2021 in the borough (We thank UrbanDigs for our most up-to-date weekly updates).
The Hamptons market has likely peaked after all the pandemic craziness that ensued since 2020. The Hamptons inventory dwindles as buyers remain very interested. One third of all recent closings have had bidding wars (Bloomberg). We’re looking forward to the fall market and seeing new homes enter the market.
Next month, you’ll see us painting the town red as The Agency. Triplemint, you have our hearts and memories, and we’re excited for the new adventure that awaits us with our clients ahead.
Interested in learning more about the Triplemint x The Agency partnership and how that may affect our relationship with you as a client? This is for you. (Hint: It’s incredible!)
Welcome Betsy Whalen
Please welcome our newest sales agent to the squad, Betsy Whalen!
With the move to Triplemint x The Agency, Betsy opens an exciting new chapter in her career as she joins The Whitman Team. Betsy brings a special energy and creative perspective to each opportunity. Leveraging her experience, boundless network, and wealth of knowledge from her experience of the team, she takes a personalized and resourceful approach to every transaction.
Betsy specializes in working with sellers, buyers, landlords, investors and renters as she is a reliable resource with tenuous hustle. She thrives on integrity and being a strong advocate for those she represents.
Adopted from The Philippines and raised in Connecticut, Betsy spends a majority of her free time deepening her relationships with her friends and family. Interests: lover of abstract arts. Her talents include painting and sculpturing. She is a passionate foodie, walking it off with her chihuahua in tow!
Glitter and Gay, The Podcast
Have you checked out the podcast that’s been breaking the internet for the past month? 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.
Market Update
Manhattan sales continued to see a month over month and year over year slowdown in July, with 7% fewer sales than in June 2022, and 19% fewer sales than in July 2021. Prices remained on the rise, nonetheless, with year over year median listed prices and average price per square foot up 7%. There were 41% fewer contracts signed year over year, which was also down 19% month over month. Overall inventory was down 5% compared with June and 8% compared with July 2021.
On the Market
Check out a few of our featured listings. You can find all of our active listings here.
408 East 79th Street, PHA // Lenox Hill // 4 Beds, 3.5 Baths // $6,995,000
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.
214 West 16th Street, 5EW // Chelsea // 2 Beds, 2 Baths // $875,000
Back on the market! Come design your dream apartment! This incredible opportunity provides a completely blank canvas for a new buyer. Bring your architect and contractor and create a renovation perfectly styled for you. Already formally combined, create an enormous half-floor two bedroom, two bathroom masterpiece. Accentuated by high ceilings, city views, and tons of light, this rare offering is unique to the marketplace and full of possibilities. Perfectly located in prime Chelsea, this well managed pre-war co-op consists of five floors and 13 units.