BLOG

BoCoCa Market Update

Mar 5, 2018

BoCoCa Market Update

In recent years, Boerum Hill, along with neighboring Cobble Hill and Carroll Gardens, sometimes referred to as BoCoCa (yes, another broker acronym) has experienced exponential growth in prices driven by buyers' insatiable demand in the area. In 2017 there were 58 co-op and 118 condo resales in BoCoCa. The co-ops entered contract after an average of 67 days on market with a median sale price of $900,000 (based on an average size of 1.5 beds/1 bath) - with negative negotiabilit

Redfin: The Redux

Jul 31, 2017

Redfin: The Redux

Redfin initially declared its intention to go public earlier this summer and priced shares at $15 with the goal of raising $100 million at a valuation of approximately $1.2 billion. After officially listing on the NASDAQ this past Friday, the stocked surged on the first day of trading and closed at $21.72, 45% above where the day began, giving the company a valuation of over $1.7 billion. This marks an important event in the real estate industry. Redfin has been able to build

The 2017 Sales Market: Manhattan & BK

Jul 28, 2017

The 2017 Sales Market: Manhattan & BK

Sales activity in Manhattan during the second quarter of 2017 saw a promising up-tick, especially in the luxury market, compared to the first quarter of the year. Equity markets, which are typically highly correlated with luxury residential sales in New York City, have plateaued near all-time highs and interest rates remain suppressed despite three interest rate hikes from the Federal Reserve since December 2016. This macroeconomic environment is likely contributing to relati

Market Insight: 2017 Rental Market in NYC

Feb 21, 2017

Market Insight: 2017 Rental Market in NYC

The rental market in NYC, which has long seen average rents higher than almost any other major US City, has softened in the past six to twelve months, especially in the higher end of the market. The median rent in Manhattan in December 2016 was still effectively higher than it was the previous year: $3,388/month as compared to $3,350. However, factoring in rent concessions and broker fees costs, which owners are increasing willing to pay in order to order to attract renters w

Manhattan Q4 2016 Market Report

Jan 23, 2017

Manhattan Q4 2016 Market Report

I'm pleased to share Compass' 4Q16 Manhattan Market Report. This report highlights the prevailing trends shaping the market from this past quarter and provides a glimpse into the research and data analytics in which Compass prides itself. Highlighting a few trends: - The total number of closings in the fourth quarter (1,987) was down 36% compared to last year. However, the 2,502 contracts signed in 4Q16 represented a more modest decline of 7% due to a noticeable uptick in con

Brooklyn Q3 2016 Market Reports

Oct 18, 2016

Brooklyn Q3 2016 Market Reports

It is my pleasure to share Compass' 3Q16 Brooklyn Market Report, which looks at the prevailing trends shaping the market from this past quarter and provide a glimpse into the research and data analytics in which Compass prides itself. • The median closing price for Brooklyn overall set an all-time high of $850,000, a 16.4% increase over the third quarter 2015. Median closing prices were up in all Major Markets, with the largest year-over-year increase (29.1%) occurring in

Manhattan Q3 2016 Market Reports

Oct 10, 2016

Manhattan Q3 2016 Market Reports

It is my pleasure to share Compass' 3Q16 Manhattan Market Report, which looks at the prevailing trends shaping the market from this past quarter and provide a glimpse into the research and data analytics in which Compass prides itself. Highlighting a few trends: - The total number of closings in the third quarter (2,739) was below expectations, down 25% compared to the third quarter last year. However, total contracts signed exhibited a more modest decline (-8% Y-o-Y) and act

Brooklyn Q2 2016 Report

Jul 20, 2016

Brooklyn Q2 2016 Report

It is my pleasure to share with you Compass' 2Q16 Brooklyn Market Report. This report highlights the prevailing trends shaping the market from this past quarter. A few major trends to note from the data: The 2Q16 median closing price was the highest on record for the market overall ($835,000), for the condo market ($900,000), and the highest second quarter on record for the co-op market ($499,250). Prices are on the rise for active units as well as signed contracts, as the ov

Manhattan Q2 2016 Report

Jul 5, 2016

Manhattan Q2 2016 Report

It is my pleasure to share with you Compass' 2Q16 Manhattan Market Report. This report highlights the prevailing trends shaping the market from this past quarter. A few major trends to note from the data: - The 2Q16 median closing price was the highest on record for the market overall ($1,195,000), co-op ($795,000), and the highest second quarter on record for condos ($1,650,000). - Absorption is brisk in the Downtown Market, where median time on market (68 days) nearly match

2016 Q1 Market Data Now Available in the New Compass Markets App

Apr 19, 2016

2016 Q1 Market Data Now Available in the New Compass Markets App

It is my pleasure to share Compass's newest market analysis tool with you. You can now find specific market data through the Compass Market App, which allows you to get an even more in depth read on trends and changes in specific boroughs and neighborhoods. I personally have spent a large part of Q1 working with multi-family and single family home buyers and I have been struck by how much you can get when you are willing to venture beyond Manhattan and the more established Br

Market Update: Volatility In the Global Economy - What It Means for Real Estate

Mar 9, 2016

Market Update: Volatility In the Global Economy - What It Means for Real Estate

2016 has been characterized by high economic volatility. Different areas of the market have changed dramatically and unexpectedly both up and down. The oil price was heading towards $20 per barrel causing havoc in the global equity markets, now it is up again at $40 per barrel. About a month ago, the DOW had dipped below 16,000, now it is up 9%. Since the start of the year, mortgage rates have been dropping -- almost unimpeded. Freddie Mac reports that U.S. mortgage rates hav

Market Update: 2016, Already Eventful

Feb 10, 2016

Market Update: 2016, Already Eventful

The mild start to 2016, save a snow storm or two, have made for an already busy start to 2016. Open houses have stayed busy and sales have remained high, especially in light of mortgage interest rates hitting an recent record low in the first five weeks of the year. I have had two buyers move into contract already this month, and have several more active buyers who have been involved in multiple-bid situations. The main conversation in real estate circles and beyond has been

Manhattan Q4 Report

Jan 12, 2016

Manhattan Q4 Report

It is my pleasure to share our Q4 2015 Manhattan Market Report with you. The year-end was very busy for me personally, with 5 deals going into contract in the last quarter. While prices have continued to rise, much of this was due to closings in the high-end luxury market. Personally, I saw a flattening of prices in several submarkets, particularly in Brooklyn, that had previously been rising steeply. - The median price for a Manhattan property surged to $1.2M during the fo

Notes on the Year-end

Dec 30, 2015

Notes on the Year-end

2015 wrapped up with a flurry of activity for my buyers, in part due to friendlier pricing and a motivation to secure financing before the Fed raised rates. Properties that were priced correctly sold briskly, and over-priced properties saw swifter price adjustments and drew negotiations. For buyers, this meant a more rational marketplace, and for sellers, it meant adjusting to a more rational marketplace. As for interest rates, last week the Fed finally announced that it w

Manhattan Q3 Report

Nov 17, 2015

Manhattan Q3 Report

It is my pleasure to share our Q3 2015 Manhattan Market Report with you. This report details the most up-to-date trends that we’ve observed in the marketplace this quarter, with a particular focus on Prices, Inventory, Time on Market, and Closings. I hope that you find these key takeaways useful and enjoy reading the full analysis in this quarter’s report. I welcome your comments and look forward to speaking with you soon about the NYC real estate market or process. #CompassM

Manhattan Q2 Report: Are all of the deals gone?

Jul 1, 2015

Manhattan Q2 Report: Are all of the deals gone?

It is my pleasure to share our Q2 2015 Manhattan Market Report with you. This report details the most up-to-date trends that we’ve observed in the marketplace this quarter, with a particular focus on Prices, Inventory, Time on Market, and Closings. What struck me was that despite increasing inventory in both condos and coops, prices continue to rise. This is partly due to an uptick on the lower end of the market. In Harlem and other parts of Upper Manhattan, where prices

Manhattan Q1 Report: The Needle is the Haystack is the Smaller Manhattan Coop

Manhattan Q4 Report: Coops leading the pack

Jun 2, 2015

Manhattan Q4 Report: Coops leading the pack

After the typical holiday-lag in the market, new listings have been slow to hit the market, with eager buyers fighting over meager new inventory. I recently put a one-bedroom on the market in Hamilton Heights, which was the first new listing in the area since October. It was a first-floor apartment that needed some upgrades but we ended up with several offers within hours of the first open house. #CompassMarketReports #BlogPosts

Manhattan Q3 Report: Increased Inventory, Contracts, and Price in the Higher End of the Market

1

2 3 4 5

Follow Us