Hello!
We’ve reached March! March is packed with so much goodness—Women’s History Month, the first day of Spring, Saint Patrick’s Day, Daylight Savings, Ramadan, and our personal fave, the beginning of the Spring real estate market. While flowers are still not quite in bloom across the city, you can catch the Macy’s Flower Show staring March 26th.
In a typical Spring real estate season, we see both buyers and sellers enter the market, as Spring is generally the hottest listing quarter. This year, after a fear-filled year over volatile interest rates, the buyers are back, but the inventory is not. Across Brooklyn and Manhattan, we’re seeing lighter than usual listing inventory. However, Brooklyn demand is as hot as ever, with bidding wars on every corner and homes moving into contract quickly.
Manhattan sellers require a bit more patience than their Brooklyn counterparts; buyers want to take their time in Manhattan and see everything on the market, resulting in sellers waiting for the right buyer to come back around and make that offer. In both Brooklyn and Manhattan, sellers need a smart pricing strategy amid the growing Spring buyer pool, especially since heightened mortgage rates are leaving buyers with little room to stretch their budgets.
“Sellers are less likely to receive an offer above asking than they were last year. Nearly one in five listings on StreetEasy sold above initial asking during the hyper-competitive shopping season last year, but in February 2023, one in 10 listings sold above asking.” (Streeteasy) Price drops are not expected this year and mortgage rates are expected to be chaotic in the coming months. Since rates recently dipped back down, we’ve seen even more buyers begin or re-engage their home search.
Out East, buyers are experiencing an uptick in listing inventory, a welcome change from the prior two years.
Until April, Friends!
And shout out to our fabulous Whitman Team women this month (and every month)!
Our Very First Guest - Mauricio
Tyler and Glennda sit down with their very first guest, Mauricio Umansky, Founder and CEO of The Agency. Mauricio has sold more homes over 20 million dollars than any other real estate agent in the country, all while spearheading one of the fastest-growing global boutique real estate brokerages. Oh yeah, he also has a show called Buying Beverly Hills on Netflix, and just came out with a book titled “The Dealmaker.” He truly does it all!
Mauricio Umansky's New Book
Speaking of Mauricio, Mauricio Umansky is coming to bookshelves near you! His new book, The Dealmaker, arrives in April, mixing business advice with Mauricio’s personal story, from the challenges of his childhood to outgrowing his father’s textile company. The story covers his falling out with brother-in-law Rick Hilton, raising a family and maintaining a strong marriage to his wife, Kyle Richards, for over 26 years. Fans of Mauricio and his wife can pre-order now to get their hands on a copy of The Dealmaker.
Market Update
MANHATTAN
In February, Manhattan sales were down 14% from the previous month, with 637 total sales compared to 742 in January. New listings on the market also continued to rise, with 13% more listings than in January, but still 21% fewer than the same time last year. There were 734 new contracts signed, which was an 40% increase from January. Inventory continues to remain low. The median listed price was $1,482,000, down 1% compared to the previous month and up 6% compared to February 2022.
BROOKLYN
The Brooklyn market continued to see a decrease in sales in February, slowing down 13% from January. The median listed price was $649,600, only a small increase from January. New listings on the market decreased by 4% with a total of 308 compared to 321 in January. Contract activity increased by 49% from January, with 292 signed. The average price per square foot was $873 in February, compared to $869 from the same quarter last year, only a 0.46% increase. Inventory continues to remain low in Brooklyn, with a 1% increase from the previous month.
QUEENS
The Queens market saw 176 sales in February, a 20% decrease compared to January. There were 322 new listings, down 10% from the previous month. The median listed price was $812,000, down 1% from January. The median sales price was down 12% compared to January, coming in at $750,000.
On the Market NYC
You can find all of our listings here.
301 East 75th Street #17C
Lenox Hill | Co-op | $1,495,000 | 2 Beds, 2 Baths
Residence 17C is an opportunity on the Upper East Side not to be missed! The flowing layout with light from every room in this fabulous two bedroom is remarkable. This corner two-bedroom, two-bathroom home is in pristine condition with west, south, and north exposure, featuring exceptional sunshine and views. The gracious 31′ living room flows into the sun-filled formal dining area that is surrounded by amazing windows. The kitchen features a Sub-Zero refrigerator, GE profile appliances, and black granite counters. The kitchen is great for entertaining family and friends! Both bathrooms are finished with marble and feature a glass-enclosed shower and tub.
160 Central Park South #1607
Central Park South | Condo | $2,799,000 | 1 Bed, 1 Bath
Experience the epicenter of NYC with epic Central Park views from your private residence in the esteemed Essex House Hotel. Residence 1607 is a spacious one bedroom/one bathroom unit with expansive, unobstructed Northern & Western views. Take advantage of the highly sought-after & elusive ability to rent for periods as short as 30 days and make an investment in an iconic piece of Manhattan. Life at Essex House is truly elevated; built in 1929 as a formidable art deco masterpiece, the iconic landmark building is comprised of 509 hotel rooms & 185 private residences. As an owner, you will have access to all of the hotel amenities, including a fitness center, spa, business/conference rooms, 24-hour dorman, concierge, valet, and an in-house restaurant.
357 East 57th Street #20C
Sutton Place | Co-op | $565,000 | 2 Beds, 1 Bath
Located on the 20th floor, this two-bedroom corner unit is flooded with light from Southern, Western, and Northern exposure, with unobstructed views of the city. The spacious layout provides ample room for dining and living while taking in the sweeping views of the Manhattan skyline. With a pristinely renovated kitchen and bathroom, this home is ready for you to make your own. The generously sized primary bedroom easily fits a king-sized bed. You can even install a washer and dryer in unit, which can be done in one of the many closets in this home with approved plans.
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.