Hello Friends!
The big day has come! As of this month, Triplemint is now The Agency New York. The Whitman Team is thrilled to be part of the global, boutique brokerage that has single-handedly transformed the experience of buying and selling real estate. As members of The Agency, we can provide our clients with a unique combination of local expertise, global reach, boutique concierge service, and cutting-edge technology. We now have an internal network to promote our listings and support our clients no matter where in the world they may be headed.
How’s the Market in NY now that we’re in the post-Labor Day Fall Market?
Brooklyn and Manhattan supply is coming back, as we expected. Will it continue to rise for a few more weeks or settle down? – We’re keeping an eye on the trends with our friends at Urban Digs. In Manhattan, new listings have come on the market, though not as much as we’ve seen in previous years. Buyers in Manhattan have more negotiating leverage today compared to the leverage they had 3-4 months ago. While transactions may feel lighter in Manhattan compared to the frenzy in 2021, Manhattan is back to its “norm.”
While Brooklyn supply ticks up, the market remains in favor of sellers. If your home is priced right in Brooklyn, it is moving quickly, generally at the asking price or above. Manhattan sellers are having to negotiate more with buyers more compared to sellers in Brooklyn. Across the city, sellers need to be prepared to bring their homes on the market with the right pricing strategy so that they don’t lose out on the valuable momentum during their first few weeks on the market.
Out East, supply is rising but homes are still selling swiftly. According to the Real Deal, “The median number of days on the market for closed listings last month was 111, an all-time low.” Listing discounts appear to be coming back. For two months, the median listing discount was 0%. The median last asking price last month was roughly $2.6 million, but the median sale price was about $2.2 million, creating a listing discount of 2.3%. Much like the trend across the rest of the country, buyers Out East are more hesitant to spend as much as they were when interest rates were under 3%.
Until Next Month,
The Whitman Team
Glitter and Gay, The Podcast
Episode 9 of Glitter & Gay dropped this week. This week they’re breaking down Real Estate Rankings. Every week, Tyler and Atlanta real estate expert, Glennda Baker, are 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! Tune in on Spotify, Apple Podcasts, or YouTube.
Market Update
In August, Manhattan sales ticked up 6% from the previous month, while other metrics continued to trend down year-over-year. New listings on the market slowed, with 27% fewer listings than in July, and 18% fewer than in August 2021. The number of contracts signed increased 2% from July but was down 29% from this time last year. Inventory remains low; down 6% month-over-month and 5% year-over-year. Prices continue to rise; the median listed price was up 6% and the average price per square foot increased by 7% compared to August 2021.
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
$1,450,000 | 2 Beds, 1 Bath | Co-op
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.
482 7th Street, #3, Park Slope
$1,650,000 | 3 Beds, 2 Baths | Condo
This stunning 3 bedroom, 2 bathroom home has been thoughtfully renovated to perfectly incorporate the charm of a historic townhouse and the modern conveniences of a new building. The home features 11 foot ceilings, an open concept kitchen, gorgeous northern light, and central air. The bedrooms are south facing and overlook luscious Brooklyn backyards. There are skylights integrated into the home to maximize the natural light in the home. The primary bedroom has an original fireplace and an ensuite bathroom. This home also has the most perfect and private rooftop terrace with Manhattan and Brooklyn views. The perfect 3 unit brownstone condo has everything you need including private storage and a tax abatement until 2031.