Bloom, Bloom, Bloom, Let Me Hear Ya Say Way-ooh!
Hello!
We cannot get enough of this gorgeous spring weather. We hope you’re enjoying it and thriving in it. The early mild heat wave landed us out and about in the streets, enjoying the sun on our faces, and dare we say, some of us in sandals and shorts!?
Home sales inventory (aka supply) across Manhattan and Brooklyn continues to be lighter than our typical spring real estate market, although it is steadily growing with another month and a half of spring to keep our eye on. Across Manhattan and Brooklyn, the number of contracts signed took a recent dip (which indicates demand) that we hope is due to the quietude that comes alongside the April holidays and spring break; this dip could indicate that we may be in a more compressed spring market than we’re used to, meaning the spring market may not extend to the end of May. Time will tell. Brooklyn continues to have a steady flow of demand and leans slightly in favor of sellers, whereas Manhattan continues to lean slightly in favor of buyers at the moment (for more market knowledge, follow the data experts at UrbanDigs).
Unless homeowners have a true need to move, those who bought with low mortgage rates a few years ago struggle with the reality of trading in their low rate for a new rate between 6-7% today. As rental prices begin to climb again this spring, the elevated rent rate for their vacant apartment is lucrative. Last month, “asking rents rose 9.2% year-over-year to $3,344 in March, surpassing the record high in October last year of $3,343.” (Source: Streeteasy) Brooklyn is currently the most competitive rental market in the city, where renters have been flocking to since the pandemic, seeking more space with hybrid work-from-home setups. New, modern Brooklyn rental buildings filled with amenities have become home to renters with larger budgets. We expect rental inventory to rise and help alleviate the skyrocketing monthly rates as the year progresses.
The Hamptons real estate market is heating up. With limited inventory and a high demand, properly priced homes are selling fast.
Enjoy the rest of your April <3
Glitter & Gay
Glennda & Tyler released Season 3, Episode 3 last week. Glennda says our most valuable commodity is not time… it’s our attention. She is singularly focused on her goals and knows exactly where she’s going. Tyler has big dreams, and many of them! He’s been advised to narrow his 2023 goals down to just two, and he feels confident he picked the two that will open the door for the rest of his dreams to come true.
Season Two On Netflix!
We’re thrilled to share that The Agency and CEO Mauricio Umansky are returning to Netflix for Season 2 of Buying Beverly Hills. Big listings, big views and even bigger competition. See who has what it takes to make it in the world’s most iconic real estate market.
Market Update
MANHATTAN
In Q1, Manhattan sales were down 20% from the previous quarter, with 2,011 total sales compared to 2,503 in Q4 2022. There were 3,497 new listings on the market in Q1, up 56% from last quarter. There were 2,320 new contracts signed, which was a 24% increase from Q4 2022. Inventory continues to remain low; only up 2% quarter-over-quarter and down 8% year-over-year. The median listed price was $1,481,062 up 3% compared to the previous quarter and up 6% compared to Q1 2022.
BROOKLYN
The Brooklyn market continued to see a decrease in sales in Q1, slowing down 31% from Q4 2022. The median listed price was $651,000, a 2% decrease from $667,000 in Q4 2022. New listings on the market increased by 23% with a total of 1,109. Contract activity increased by 7% from Q4 2022, with 890 signed. The average price per square foot was $875 in Q1, compared to $879 from the same quarter last year, only a 0.5% decrease. Inventory continues to remain low in Brooklyn, with a 9% decrease from the previous quarter.
QUEENS
The Queens market saw 646 sales in Q1, a 10% decrease compared to Q4 2022 and a 38% decrease compared to the same quarter last year. There were 1,153 new listings, up 12% from the previous quarter. The median listed price was $828,000, up 4% from Q1 2022. The median sales price was down 7% compared to Q4 2022, coming in at $775,000.
We Made RealTrend's Top 500 List
We are proud to share that The Agency has placed 18th on the 2023 RealTrends 500 List— the leading industry report ranking the performance of top residential real estate brokerage firms in the country. The Agency was also recognized (once again) on RealTrends’ prestigious Billionaire’s Club, which features the top brokerage firms in the United States that closed at least $1B worth of real estate in 2022. We’re thrilled to be a part of The Agency’s dynamic global team, and look forward to more exciting developments in the year to come!
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.
168 North Sea Road
Southampton | Development Opportunity | $1,495,000
Village Home and Office Opportunity. Rare development or investment opportunity in Southampton Village. Build a home office and dream home with a pool or make the perfect investment property close to all of the shops, restaurants, and charm of Southampton Village. There is currently a 4-bedroom home, garage, and two additional structures on the property.
66 West 84th Street #4A
Upper West Side | Co-op | $800,000 | 2 Bed, 1 Bath
This beautifully renovated two-bedroom, one-bathroom home boasts nearly 10-foot ceilings, rich hardwood floors, and an abundance of natural light pouring in from oversized windows with views of beautiful cherry blossoms and amazing city views of the Upper West Side. The open and airy living room is perfect for entertaining guests and hosting meals around the dining table. The modern and sleek kitchen is a chef’s dream, featuring top-of-the-line stainless steel appliances, custom cabinetry, and quartz countertops. Both bedrooms are generously sized, with great closet space.
234 West 148th Street #5E
Central Harlem | Condo | $595,000 | 1 Bed, 1 Bath
Apartment 5E is a bright and modern one-bedroom home offering well-proportioned rooms in a layout that was designed to create efficiency and separation. Complete with a closeted entryway, eco-friendly and durable bamboo flooring, oversized windows offering views, a spacious and updated bathroom and kitchen, in-unit LG washer/dryer combo, and ample closet space, this home has it all. The living room offers plenty of room for entertaining or relaxing. Separating the living room from the kitchen, the owners extended the kitchen area and built a peninsula for additional storage and countertop space. The Your updated kitchen features LG stainless steel appliances, white lacquered cabinets, and a designer backsplash. The large bedroom with a sizable custom closet can accommodate a king-size bed and additional furniture. Close to the bedroom you will find the modern marble bathroom with additional storage and beautiful finishes and fixtures.
The Buyers Are Back In Town!
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.
Are You Ready for the Spring Market?
Hello Friends!
We hope February, the month of love, has been good to you. As we wrap up the month, we can smell the sweet scent of spring cherry blossoms around the corner and the spring real estate market’s fresh inventory cooking. Across the city, new listings are slightly ticking up while overall listing supply remains relatively flat and resembles your traditional February. Contracts signed are on the rise, and we’ll see this increase as the spring market gets underway. We still remain tilted towards a buyer’s market in Manhattan and a seller’s market in Brooklyn. Buyers are certainly emerging from the sidelines after the volatile years that sprang from the pandemic. How many sellers will show up to the market this season? Will sellers test the waters knowing that buyers are hunting with very low inventory or will their own low mortgage interest rates keep them from listing another year?
Seasonality is returning to the real estate market after a couple years of instability. Streeteasy recently released data about the best time to list your home, and here’s what you need to know:
- March is the best month for sellers looking to shave time off waiting on the market—and to increase potential proceeds from sales.
- Apartments put on the market anytime in March tend to have higher probability of selling above the initial asking price compared to the rest of the year.
- Home shopper inquiries in spring (March through May) are on average 36.5% higher than in autumn and early winter (October through December).
- At its peak in March, the volume of inquiries that for-sale listings receive on StreetEasy is typically 81.2% higher than in December, the slowest month of the year, and 25.1% higher than the rest of the year.
- Springtime listings typically sell almost four weeks (27 days) faster than homes listed in autumn and early winter.
If you’re thinking of selling, it would be wise to get in touch with your real estate agent today. If you’re looking to buy, now is the time to align yourself with an agent who can set you up to compete successfully in this market.
Enjoy your leftover V-day chocolates & we’ll see you in March!
The Whitman Team
Market Update
MANHATTAN
In January, Manhattan sales were down 15% from the previous month, with 742 total sales compared to 871 in December. New listings on the market also continued to rise, with 160% more listings than in December, but still 20% fewer than the same time last year. There were 524 new contracts signed, which was an 8% decrease from December. Inventory continues to remain low; down 2% month-over-month. The median listed price was $1,492,000, up 2% compared to the previous month and up 7% compared to January 2022.
BROOKLYN
The Brooklyn market continued to see a decrease in sales in January, slowing down 37% from December. The median listed price was $649,166, only a 1% decrease from December. New listings on the market increased by 81% with a total of 321 compared to 177 in December. Contract activity decreased by 21% from December, with 196 signed. The average price per square foot was $869 in January, compared to $866 from the same quarter last year, only a 0.35% increase. Inventory continues to remain low in Brooklyn, with a 13% decrease from the previous month.
QUEENS
The Queens market saw 218 sales in January, a 5% increase compared to December. There were 358 new listings, up 45% from the previous month. The median listed price was $818,500, up 6% from Demember. The median sales price was up 4% compared to December, coming in at $849,500.
The Agency Red Paper
What a year. 2022 presented some major shifts in real estate—and our annual market report tells it all. Dive into our markets across the U.S., Canada, Mexico, the Caribbean and Europe and read The Agency’s detailed analysis, including regional spotlights, evolving trends and just what impact 2022 had on buyers, sellers and agents. Plus, get a peek into what 2023 might hold. Check out The Agency Red Paper 2022 Annual Report.
On the Market NYC
You can find all of our listings here.
410 Nostrand Avenue #2R
Bed-Stuy | Condo | $875,000 | 2 Beds, 1 Bath
This winged layout two-bedroom, one-bath home truly has it all, including over 600 square feet of private, sun-filled outdoor space. As you enter into this intelligently designed home, you are greeted with tall ceilings and an abundance of natural light streaming in from the south-facing oversized windows. The open-concept kitchen is a home chef’s dream with a 5 burner stove and an abundance of cabinet space. This kitchen flows seamlessly into the living room making it the perfect entertainer’s home all year long. On either side of the living room, you have two generously sized bedrooms with great closet space. There is also a Blomberg washer and dryer adding to the overall convenience of this amazing home.
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.
On the Market Out East
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.
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.
Happy Very Belated New Year
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.
Happy Holidays!
Hello All!
We’ve reached our final newsletter of 2022. We hope your holiday season has been filled with love, friends, family, and good food so far. As we come to a close on the year, we want to extend a tremendous thank you to all who have trusted us with your most valuable real estate assets, your generous referrals who we aim to take the utmost care of, and to those folks that simply look to us for trustworthy real estate guidance. We appreciate you both personally and professionally and look forward to a bright future in each others lives.
The real estate market around the country quiets down during the holiday season and picks back up with new listing inventory in the new year. After November’s Consumer Price Index report came out in mid-December (the widely watched measure of inflation), the mortgage rate on the popular 30-year fixed-rate mortgage fell to 6.28%. After watching rates rise from 3% earlier this year to over 7% in October, we’re optimisic that buyers who have been sidelined this year are beginning to feel hopeful once again.
Have a safe and happy holiday season.
See you in 2023!
'Tis The Season To Tip Your Building Staff
The Agency’s Holiday Doorman Tip-O-Meter is based on data collected from surveying over 100 NYC doormen in major neighborhoods in Manhattan. There are obviously many personal factors that go into deciding a tip amount like whether or not you tip during the year for help with moving, packages, handyman work, etc. These ranges should help you get a sense for what’s “normal” and then you can personalize to taste from there.
Homes Made For Holiday Gatherings
Whether you prefer city or country, coast or forest, this selection of homes inspires some incredible holiday hosting ideas. From high rises on Manhattan’s posh Fifth Avenue to sweeping modern estates in the sun-soaked Hollywood Hills, these residences offer distinct and diverse settings for epic seasonal gatherings.
Read on for a closer look. Shout out to our featured listing at 200 Central Park, Apt 14A with gorgeous Central Park views.
The Agency’s 2022 Holiday Gift Guide
Selecting a gift for the person who has everything is no simple task. For The Agency’s 2022 Holiday Gift Guide, we’ve curated a selection of the most collectible items, each designed to delight. Whether for a distinguished traveler, your four-legged best friend or the host with the most, these special gifts will impress the most discerning lovers of fine things on your list.
Market Update
In November, Manhattan sales were down 14% from the previous month, with 755 total sales compared to 877 in October. New listings on the market also continued to slow, with 37% fewer listings than in October, and 24% fewer than the same time last year. There were 627 new contracts signed, which was a 7% decrease from October. Inventory continues to remains low; down 6% month-over-month and 3% year-over-year. The median listed price was $1,445,200, up 3% compared to the previous month and up 9% compared to November 2021.
Glitter And Gay, Season Two
We’re more than halfway through Season Two of Glitter & Gay. You can find Tyler and Glennda on Spotify, Apple Podcasts, or YouTube.
Catch one of the duo’s most recent episodes on Fear. Fear can be paralyzing, and the greatest way to conquer it is to take a leap and a risk. Glennda looked fear in the eye and changed brokers after being in real estate for only 6 months. Tyler has learned to accept failure, knowing that failure only happens when you’re fearless.
On the Market
This month we’re highlighting our homes with Central Park views. You can find all of our listings here.
160 Central Park South, #1607
Central Park South | $2,799,000 | 1 Bed, 1 Bath | Condo
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.
200 Central Park South, #14A
Central Park South | $3,500,000 | 3 Bed, 2.5 Baths | Co-op
Residence 14A offers breathtaking Central Park and city views! The sprawling 1,700 square foot layout has 3 bright bedrooms, 2.5 baths, and a large living and dining room. The terrace overlooking Central Park has access from the primary bedroom as well as the massive living room. Experience Central Park views from your private residence in the esteemed white-gloved cooperative building on the most desired Central Park South block. 200 Central Park South was built by developer Bernard Spitzer and designed by the architectural firm Wechsler and Schimenti. Its wrap-around tapered balcony truly exemplifies its modernism and uniqueness to Manhattan. Words can’t capture the magical views with Central Park as your outdoor living playground.
Turkey, gravy, beans & rolls. Let me see that casserole!
Hello Friends!
It’s the most cherished time of the year, filled with overflowing gratitude for our friends, family, clients, and all of those that share a special place in our lives. We hope you have a fabulous Thanksgiving.
The Whitman Team shared each of our most thankful bits from this year. Tyler Whitman is thankful for his health – Without it, nothing else matters – He took great care of himself this year, feels better than ever inside and out, and that allows him to do his job at the highest level. Bailey Gladysz is thankful that she successfully brought baby #2 through her first full year of life, with an epic One-der Woman birthday party for her in November. Josh Heyer is thankful for his healthy baby girl who is turning one in December. Ashlie Roberson is thankful for family – her amazing and supportive husband who she married in October, her parents, and her work family who pushes her to be 1% better everyday. Luke Hoback is thankful that he’s relocated to Hell’s Kitchen and is able to hop to Broadway theaters so frequently these days, and that vaccines have allowed new shows to finally open. Izabella Solarz is thankful for nearly two weeks spent with family in Poland.
Caitlin Daniele is grateful for both her real family and work family and all the joy and inspiration they bring to her life. Lorraine Rigan is thankful for her upcoming one year anniversary on The Whitman Team and how the team has made her transition into this role so seamless and welcoming. Philip Andriotti is thankful for the new people who have come into his life this year and the adventures he’s been privileged to jetset on. Katie Haggerty is thankful for health, happiness, family, and friends. John Caulfield is thankful for his family, good health, and the world returning to normalcy. Drew McLeod is thankful to enjoy every second working with my family and friends. Sara Jimenez-Curtola is thankful to be surrounded by both sides of her family for the Thanksgiving holiday in California. Cameron Johnson is grateful for all the incredible connections she made at The Agency Forum event (more on that below).
The real estate market around the country quiets down during the holiday season and picks back up with new listing inventory in the new year. We wish you a quiet, restful, and relaxing holiday season filled with great conversations, inspiration, and people who light up your soul.
See you in December,
The Whitman Team
The Agency Forum
Some members of The Whitman Team went to The Agency Forum this month, an annual conference hosted by CEO & Founder Mauricio Umansky, Founder Billy Rose, and President Rainy Austin at the gorgeous JW Marriott hotel in Palm Desert.
Over 65 offices from 7 countries came together to learn, grow, and build relationships. The panel of speakers featured seasoned agents in their respective locations, including our own Tyler Whitman representing New York City! The week ended with an incredibly moving and motivating speech by keynote speaker Ed Mylett.
We came away energized and excited for all the possibilities that lay ahead of us, both personally and professionally. And we couldn’t be prouder to be a part of the amazing family that is The Agency RE!
Buying Beverly Hills on Netflix
If you missed the release of Buying Beverly Hills on Netflix last month, we have binge-worthy television for you this holiday season. The new real estate occu-soap follows the agents and clients within Mauricio Umansky’s
The Agency in Beverly Hills, California. Mauricio, his daughters Farrah Brittany and Alexia Umansky, and the talented group of agents highlight the high-stakes world of luxury real estate in Los Angeles. Check out the trailer for Buying Beverly Hills here.
Market Update
In October, Manhattan sales were down 15% from the previous month, with 877 total sales compared to 1,034 in September. New listings on the market also slowed, with 27% fewer listings than in September, and 26% fewer than in October 2021. The number of contracts signed increased 11% from September, but was down 41% from this time last year. Inventory remains low; down 2% month-over-month and 6% year-over-year. The median listed price was $1,398,333, up 1% compared to the previous month and up 8% compared to October 2021.
Glitter And Gay, Season Two
The “Glitterati” (aka the most elite Glitter and Gay podcast fans) raved over Season One and demanded more. This month, Tyler Whitman and Glennda Baker are back with Season Two of Glitter and Gay. Catch the duo on Spotify, Apple Podcasts, or YouTube.
On the Market
Check out a few of our featured listings. You can find all of our active listings here.
160 Central Park South, #1607
Central Park South | $2,799,000 | 1 Bed, 1 Bath | Condo
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.
50 Morningside Drive, #62, Morningside Heights
$1,350,000 | 3 Beds | 1.5 Baths | Co-op
Prepare to be wowed! This bright, airy, top-floor home at Morningside Heights’ finest pre-war co-op, La Touraine, truly exceeds expectations. Come for the details; including original hardwood floors, picture moldings, 9.5’ ceilings, and stay for the incredible views over Morningside Park and beyond. The home features Northern and Eastern views, an expansive entry hall, an eat in kitchen, and it drips with pre-warm charm. The home is currently laid out as an expansive two bedroom with home office and formal dining. It can can easily be converted to a three bedroom with a large primary & adjacent dressing room. The building features an elevator, common laundry room, free basement storage, free bike storage, and a shared garden for residents to enjoy. It is also pet-friendly. The location is ideal, with Morningside Park directly across the street, Columbia University around the corner, and multiple transportation options nearby. Stroll through Columbia’s campus to the 1 train at 116th St, or amble through the park to the B/C trains at 116th St.
14 Horatio Street, #12AB
West Village | $1,995,000 | 2 Beds, 2 Baths | Co-op
Perched on a high floor and designed to absolute perfection, 12AB is the West Village home you have all been waiting for. This modular interior design allows for perfect functional living with complete flexibility of use. Upon entering the home, you are immediately taken by the sleek Miami-style renovation. The eastern and southern exposures offer tremendous natural light all day long, and unobstructed views across the historic West Village and the stunning lower Manhattan Skyline. 14 Horatio Street is a wonderful co-op that features a 24-hour doorman, laundry, and a stunning rooftop for shareholders to enjoy. With public transportation a block away, Jackson Square directly outside, and endless restaurants, bars, and shopping, 14 Horatio is an idyllic home for all true New York lovers.
307 6th Avenue, #1R
Park Slope | $1,150,000 | 2 Beds, 1 Bath | Co-op
Welcome home to 307 6th Avenue apartment 1R. As soon as you enter through the front door, you will know you have found “the one.” The home features a gallery wall entry way, a sun-filled living room with idyllic Park Slope views and floor-to-ceiling built-ins, 11.5 foot ceilings, king-sized bedrooms, tons of storage, and a private outdoor space with a deck. 307 6th Avenue is Park Slope at its finest. It is a well-run, 8 unit co-op with storage in the basement, a roof deck with Manhattan views, great financials, and no underlying mortgage, which allows for incredibly low maintenance. Its location could not be better with perfect proximity to Prospect Park, the farmers market at Grand Army Plaza, R, B, Q,2, and 3 trains, The Park Slope Food Co-op, Union Market, and amazing restaurants.
Hey There Pumpkin!
Hey There Pumpkin!
Howl you doin’? Spooky season is upon us, and there’s that crisp bite in the air that we all love about Fall in New York.
How’s the real estate market in the city? Weekly supply is ticking up ever so slightly in both Brooklyn and Manhattan, though not at the pace of September, leading to a very lackluster month of new listings across the city. September is generally a slower month for closed sales, and we typically look to October to be the rebound month for closed deal volume, but it’s not popping as we usually expect. Pending sales in Brooklyn are up in comparison to Manhattan, where pending sales are dipping. We may be in the midst of a market shift in Brooklyn, but it’s still too early to tell. Brooklyn negotiations are still leaning in favor of sellers at the moment. Manhattan continues to be a buyer’s market and feeling more stressed overall than Brookyn.
We’re seeing Manhattan sellers adjust their prices more seriously to make deals move compared to prior months. That said, sellers are not yet hitting the panic button with super steep discounts.
Out east, data suggests the market is beginning to slow down in relation to the number of homes selling. The median home sales price across the combined Hamptons markets remained stable at $1.725 million, yet 30% fewer homes traded hands in Q3. While the number of closed sales is trending down, we’re surprisingly seeing the volume of closed sales increasing across many of the Hamptons markets. For example, in Amagansett, the median home sales price broke records at $10.7 million – The total home sales volume was impressive, rising 176% to $221.2 million; this happened despite only 15 closings, 44% fewer closings than the third quarter of 2021 (Behind the Hedges).
The #1 rule at The Agency is No Assholes.But we never said No Drama.
We’re thrilled to share that The Agency is arriving on Netflix this fall in the new show Buying Beverly Hills. The new real estate occu-soap follows the agents and clients within Mauricio Umansky’s The Agency in Beverly Hills, California. Mauricio, his daughters Farrah Brittany and Alexia Umansky, and the talented group of agents highlight the high-stakes world of luxury real estate in Los Angeles. Get a first glimpse of the new Buying Beverly Hills trailer here:
Market Update
The Q3 Manhattan real estate market saw year over year and quarter over quarter declines in quantity of sales, and number of new listings to hit the market. Both the median listed price and the average price per square foot was up 7% compared with Q3 of 2021. There were 2,098 contracts signed during the quarter, a 33% year over year decrease and a 37% quarter over quarter decrease. Overall inventory was up 40% compared with Q2 of 2022, but down 48% compared with the same quarter last year.
The Brooklyn real estate market saw a year over year and quarter over quarter decrease in number of sales, number of new listing, and average price per square foot. Total inventory was up 46% compared with Q2 of 2022. There were 1,355 sales in the second quarter, a 21% quarter over quarter decrease and a 26% year over year decrease, while contracts signed were down 36% quarter over quarter and down 10% year over year. The average median listed price was $693,211, down 5% from Q2 of 2022.
Glitter and Gay, The Podcast
Tyler Whitman and Glennda Baker’s first season of Glitter & Gay came to an end with Episode 12. In their final episode, the duo discusses how believing in yourself is of the utmost importance. Both Tyler and Glennda have stopped caring about what others think of them and are unapologetically themselves. It wasn’t always that way though – Tune in to listen to them talk about their journeys from desperately trying to fit in and being liked by everyone, to believing in themselves wholeheartedly – Spotify, Apple Podcasts, or YouTube.
The fans raved and demanded more G&G after Season 1 wrapped up. Season 2 has already been recorded in Atlanta and will be ready for release soon.
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.
50 Morningside Drive, #62, Morningside Heights
$1,350,000 | 3 Beds | 1.5 Baths | Co-op
Prepare to be wowed! This bright, airy, top-floor home at Morningside Heights’ finest pre-war co-op, La Touraine, truly exceeds expectations. Come for the details; including original hardwood floors, picture moldings, 9.5’ ceilings, and stay for the incredible views over Morningside Park and beyond. The home features Northern and Eastern views, an expansive entry hall, an eat in kitchen, and it drips with pre-warm charm. The home is currently laid out as an expansive two bedroom with home office and formal dining. It can can easily be converted to a three bedroom with a large primary & adjacent dressing room. The building features an elevator, common laundry room, free basement storage, free bike storage, and a shared garden for residents to enjoy. It is also pet-friendly. The location is ideal, with Morningside Park directly across the street, Columbia University around the corner, and multiple transportation options nearby. Stroll through Columbia’s campus to the 1 train at 116th St, or amble through the park to the B/C trains at 116th St.
$779,000 | 1 Bed | 1 Bath | Co-op
$1,450,000 | 2 Beds, 1 Bath | Co-op
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.
225 East 79th Street, #7A , Lenox Hill
$499,000 | 1 Bed | 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.
Triplemint is Now The Agency NY
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.
- Click here for the Manhattan Market Update
- Click here for the Brooklyn Market Update
- Click here for the Queens Market Update
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.
Our Days Are Numbered!
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.
- Click here for the Manhattan Market Update
- Click here for the Brooklyn Market Update
- Click here for the Queens Market Update
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.
The Summer Season
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.
- Click here for the Manhattan Market Update
- Click here for the Brooklyn Market Update
- Click here for the Queens Market Update
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.