Hello All!
We hope your 2023 is off to a great start and that you’re still on top of your New Year’s resolutions. We cannot believe it is almost February.
We’ll get right to it. How’s the real estate market in Manhattan and Brooklyn? Well, the two boroughs are telling quite different stories.
Manhattan is still experiencing a buyer’s market, as it has been for months now. Manhattan listing supply is finally starting to tick up—albeit slowly. Contracts signed are down, but we’ll see that number inch up as the new listings begin to trade. No matter what side of the deal clients are on in Manhattan, there seems to be a sense of disappointment. Sellers are not getting the prices they want, and after watching the highs of the seller’s market in 2021, they’re reluctant to dish out steep discounts; on the flip side, buyers are expecting the deal of a lifetime, so we are seeing negotiations slow and stall. The median discount is ~4.8% in the borough which has remained pretty stable as of late, but the number of price cuts is trending down. In markets like today, it’s our job as a real estate agent to inform our clients about the reality of the market and whatever scenario you find yourself in. If you’re buying or selling right now, please find yourself an agent you trust to be on your side and get you to the finish line, even when it doesn’t feel like sunshine and rainbows. For more Manhattan insight, check out the trusted Urban Digs.
In Brooklyn, we’re still in the thick of a seller’s market. In fact, Streeteasy “ranked the top neighborhoods in NYC for sellers by the share of listings sold above their initial asking price in Q4 2022, using StreetEasy listing data and ACRIS sales records.” Eight of the top ten neighborhoods were in Brooklyn. “Of all listings sold in these top 10 sellers’ markets, 34% – about one in three – were sold above asking in Q4 2022. That’s double the rest of the city, where 17% sold above asking. With this data taken into account, buyers and sellers can expect bidding wars for some homes in these neighborhoods.” (Streeteasy). If you’re transacting in Brooklyn, we’re here to help you jump into the crowded, rowdy party.
Out East, the Hamptons market is off to a busy start this year. The rental market for the Summer season is busier than last year, with renters locking in their rentals earlier than they did in 2022. The $1,000,000 – $3,000,000 range started off with a surge of buyers and inventory in 2023.
See you in February!
The Whitman Team
Market Update
The Brooklyn market continued to see a decrease in sales in Q4, slowing down 17% from Q3. The median listed price was $667,000, a 4% decrease from $693,211 in Q3. New listings on the market dropped by 31% with a total of 899. Contract activity decreased by 17% from Q3, with 830 signed. The average price per square foot was $879 in Q4, compared to $1,086 from the same quarter last year, a 19% decrease. Inventory continues to remain low in Brooklyn, with a 3% decrease from the previous quarter.
NEW NYC DIGS, COMING SOON
Big news! We’ll be moving (again!) soon. Over the last few years, we’ve progressively moved furher and further downtown (where all the people go, downtownnnnn). From Times Square to Union Square, we’ve bopped through four offices as we navigated the pandemic office space scene. We’re pleased to announce that we will be taking over the entire third floor of 88 University Place in New York City’s Union Square neighborhood! Spanning 8,551 square feet, the new office will serve as The Agency’s East Coast headquarters.
Glitter And Gay, Season Two
We’ve come to a close on Glitter & Gay, Season Two. Don’t miss the final episode here: Let’s Talk About Sex, Baby
For all you G&G lovers out there, tune in to this week’s homemade bonus episode. For Season One and Two, you can find Tyler and Glennda on Spotify, Apple Podcasts, or YouTube.
On the Market
This month we’re highlighting our homes with Central Park views. You can find all of our listings here.
108 Montauk Highway
East Hampton, NY | MDW - LDW | $110,000 | 5 Beds, 5.5 Baths
Drive up to the gates of your 1.1 acre estate in East Hampton Village. Pull into the large circular driveway, with room for multiple cars and enter the 3,300 square foot 5-bedroom and 5.5-bathroom estate with an indoor fireplace. The expansive and meticulous yard and gardens feature a heated, Gunite pool, outdoor shower, one-bed guest home and garage. The expansive sun-filled home features a large kitchen with breakfast area that has large doors opening to the outdoors, a formal dining room, a large living room with built-ins, fireplace, french doors to the large gardens, and a bright sunroom. On the second and third floors of the home are the bedrooms, each with an accompanying bathroom and enough room to comfortably sleep 11. Each of the bedrooms offer great natural light and the main bedroom has a private patio attached.
22 Oak Lane
Amagansett, NY | MDW - LDW | $55,000 | 2 Beds, 2 Baths
Walk to Amagansett village from this modern and charming 2-bedroom, 2-bathroom cottage. The first floor living area and kitchen are designed for the guest to immediately feel at home and begin their vacation. A bedroom and full bathroom complete the first floor with a second bedroom and bathroom on the second floor. A large open garage space that is detached from the home, could be utilized as a work space for longer stays. Enjoy the beautiful nearby beaches of the Hamptons and then rinse off from the nearby beaches in your outdoor shower. Enjoy the outdoors, cooking on the gas grill and dining in the beautifully manicured gardens. The cottage has the modern amenities you want mixed with a few of the original details that give it the charming character you would expect from a beach cottage.
6 Laurel Drive
Montauk, NY | $8,000 | 4 Beds, 2 Bath | Pricing and Availability Varies
Welcome home to this private, open floor plan home with great outdoor living. 4 beds, 2 baths, with 2500 square feet of space. Close to Montauk town and some of the best beaches on the East Coast! Great outdoor space with a deck, an expansive patio, and a beautiful Gunite in-ground pool.
6 Beech Hollow Court
Montauk, NY | July and August | 4 Beds, 3 Baths | Pricing Varies by Month
Sunset view included! Drive down the long driveway to this beautiful beach home with incredible, postcard views. This 4-bedroom, 4-bathroom modern home has been meticulously designed by its fashion-designer owner. Bright, airy and stylish, with the best views Montauk can offer, you won’t want to leave. The first floor features an open-living plan with tall, cathedral ceilings, a large open living room with fireplace, a beautiful wooden table for dining, Wolf range, wine cooler, and all of the amenities you would need to prepare a chef’s dinner. Off of the kitchen is a butler’s pantry, mud hall and side entrance. The first floor is completed with a front bedroom and bathroom, and the main, large bedroom with a large spa-like bathroom and views all the way to the horizon. On the lower level is second living area with shuffleboard, two additional bedrooms, and two bathrooms. This home is one-of-a-kind, and not a detail was missed in the décor or utilizing the breathtaking views.