This week’s neighborhood spotlight is the Hudson Heights — a section of Washington Heights, Hudson Heights is a lively neighborhood with restaurants, an emerging retail scene, and just steps away from the gorgeous Fort Tryon Park. Take a look at our top picks in this beautiful neighborhood, including the highly anticipated food hall, North End Food Hall. The communal dining space will be the first of its kind in the area, and will be welcoming local favorites like Dashi Ramen, Harlem Public, and Salt and Bone Smokehouse among others. #BlogPosts #NeighborhoodSpotlight

UP, DOWN, EVEN: Market Metrics With contracts up and number of new listings down (relative to both Q3 and Q4 2017), Q4 in Manhattan seemed to signal a normalizing market after a lagging Q2 and Q3 where we saw an adjustment in prices and lower transaction volume. Lower prices (median sale price down more than 2% Y-o-Y and median PPSF down more than 4%) finally spurred buyers into action starting around November which combined with lower levels of new inventory, has led to greater absorption at the end of the year. We expect further normalizing in the market in 2019 especially with interest rates having dipped to levels not seen in the past year. Brooklyn remained stable through 2018 as limited resale inventory continues to keep pricing strong. While median sale prices decreased slightly across all of the sub-$2M strata of the market, Brooklyn’s overall median sale price was down just 1% year-over-year. Brooklyn resale inventory was also extremely low in all four quarters of 2017, hitting a 5-year record low in Q4 2017. This resulted in an uncommonly high percentage of bidding wars and over-ask sale prices. As inventory levels normalized over the course of 2018, buyer urgency has decreased, and the seemingly meteoric rise in prices the borough has seen over the past few years has been curbed by the 2018 market. However, another factor in the slight downward shift in prices came from a continuing trend of increased market activity in lower priced areas, as buyers seek value in neighborhoods that traditionally held far less market share than “prime” northern and western Brooklyn. Below is our breakdown of marketwide trends in Manhattan and Brooklyn. For more information and neighborhood specific data, check out Compass's Q4 Manhattan report here. For more information and neighborhood specific data, check out Compass's Q4 Brooklyn report here. Download our entire market report here. #CurrentMarketReport #BlogPosts #IYTMarketReports

Brooklyn’s northernmost neighborhood is a tucked away waterfront enclave that has become a burgeoning social and creative scene in the past few years. Originally an industrial maritime neighborhood, Greenpoint has welcomed an influx of modernism that has created a unique mix between old and new. Check out our top picks in the area! #BlogPosts #NeighborhoodSpotlight

South Street Seaport is a historic area that once served as the outpost for the Dutch East India Company starting as early as 1625. In recent years, the neighborhood has become a hotspot for dinner and drinks, and is the perfect place to stroll the harbor for views of the water, the bridges, Brooklyn, and even some maritime antiques. After being hit by Sandy, South Street Seaport has come back stronger than ever with a lot of new commercial development that fuses perfectly with the cobblestone streets and old architecture. Check out our top 10 picks in this truly unique (and fun!) neighborhood. #BlogPosts #NeighborhoodSpotlight

Prospect Lefferts Gardens (“PLG”) is often referred to as Brooklyn’s best-kept secret. Right next to Prospect Park, PLG was home to many of New York’s wealthiest in the 19th century, which is why inventory includes so many beautiful homes. A mix between the liveliness of the city, with a diverse food culture, and suburban-like homes (many with porches and full backyards), PLG is truly a unique neighborhood. #BlogPosts #NeighborhoodSpotlight

Manhattan Overall Inventory at All-time Highs in Manhattan Manhattan inventory has reached new highs, exceeding even levels from mid-2009 at the worst point in the last recession. Old listings lingering on the market have caused an unprecedented number of price cuts, and new listings are flooding the market (often with lower prices) at a pace not seen before (more new listings were reported in September than in any other month since Streeteasy has been hosting listings). What has been interesting is that the slowdown has taken a hold of the entire market — even the usually resilient under-$1M market. This would be a great time to get in the market — where asking prices have come down and most are negotiable on top of that. What has been interesting is that the slowdown has taken a hold of the entire market — rather than proving resilient, the under $1M market has been most affected by the surplus in inventory. Median Prices Down The overall Manhattan median asking price continued to decrease in Q3 2018 by 11% Y-o-Y to $1.55M compared to the same period in 2017. As aforementioned, sellers reduced asking prices and accepted further discounts to seal the deal; we see these factors as positive signs for prospective buyers. Condo median asking price declined 9% Y-o-Y to $2.2M, registering the lowest asking price in 4 years since 3Q 2014. While co-op median asking price declined 13% Y-oY to $995K, registering the lowest asking price in 3 years since 3Q 2015. This decrease was market-wide except for NoHo & Nolita, Harlem & Upper Manhattan, and Midtown West, which exhibited Y-o-Y increases in the median asking prices ranging from 7% to 12%. The total number of closings decreased 18% Y-o-Y during Q3 20181 to 2,616 transactions, consisting of 1,163 condos (44% of total) and 1,453 co-ops (56% of total). Furthermore, all price segments exhibited Y-o-Y sales price declines ranging from 6% to 33%. Closings above $10M saw the lowest Y-o-Y percentage decline of 6% from 55 closings in Q3 2017 to 52 closings in Q3 2018. Closings between $5M - $10M declined by the highest percentage (-33% Y-o-Y), which was attributable to 34 clustered closings at Madison Square Park Tower in Q3 2017. Deals on New Development, particularly in the Downtown Market New development inventory — especially downtown — is at an all-time high, with an absorption time, on average, between 7-9 months on-market. There were over 1000 units on the market in August, but only 85 contracts signed. This does not even paint the whole picture, as only a fraction of available new development units are actually listed publicly. It is estimated that there are 2,000+ more units in the pipeline. There are significant deals (15-30% of listing prices) in the $10M-plus market. Even at the lower levels ($2.5-6M) we are seeing creative concessions and significant variances from asking prices. In this segment, my team recently represented a buyer of a 3-bedroom downtown new development and were able to negotiate almost 15% off of the asking price and host of other concessions. Other new developments in coveted locations and with star-chitect cachet are publicly marketing concessions on real estate taxes, a telling departure from the backroom deals that usually take place in this ultra-luxury market. Possible Causes & What's Next? It is hard to pinpoint a single specific cause of the slowdown. The economy is strong and New York continues to offer a strong and highly sought-after job market. Surplus inventory and over-building could account for the lag on the higher end, but the picture is murkier for the lower end of the market. I suspect the culprit is uncertainty regarding the impact of the recent tax changes. Given the IRS's lack of guidance, most accountants have been in the dark about the financial implications of the changes for their specific clients. I believe uncertainty often causes paralysis, and as more buyers experience hesitation a herd mentality develops. Most real estate professionals agree that this is a passing blip, rather than the indicator of a long-term downward adjustment in prices. As such, it presents a unique opportunity to take advantage of deals in a strong buyer's market — with very few other buyers actually transacting. During other slowdowns, vulture investors made huge gains by betting on the market during low points. This would be a great time to get in the market -- where asking prices have come down and most are negotiable on top of that. Read the full report here. “Rising” Interest Rates are Not a Bad Sign Rising interest rates may be to blame for the slow down of Manhattan’s market, but this isn’t necessarily a bad sign. Yes, interest rates are going up, but this should be viewed as a correction rather than a sign of a crashing economy -- while 30-year fixed mortgage rates are approaching 5%, it shouldn’t be forgotten that three years ago they were over 18%. While rates are rising, this just comes after irregular lows. With the current market, inventory is at an all-time high allowing buyers to have their pick of the litter and negotiate on asking price -- all before rates rise further and inflation kicks in. Rates have been hovering around 4.375 - 4.5% (jumbo, 30-year fixed) and around 5% on conforming loan recently. Brooklyn Inventory Brooklyn’s Q3 market proved to be much stronger for sellers than Manhattan’s market due to a decrease in inventory (much unlike the influx in inventory across the River). Brooklyn experienced a 7% year-over-year (“Y-o-Y”) decline in inventory, decreasing from 1,681 active listings in Q3 2017 to 1,563 active listings in Q3 2018. Inventory priced below $500K declined by 25% and had a decline in median days on market (61 days in Q3 2018 compared to 106 days in Q3 2017) indicates healthy absorption levels in this sector of the Brooklyn market. Median asking price increased by 5% Y-o-Y to $995K this quarter. Furthermore, median asking price in all three property types saw double-digit Y-o-Y increases reaching 10-year highs after dips in Q1 2018; condo median asking prices increased 11% Y-o-Y to $1.2M, co-op median asking prices increased 13% Yo-Y to $565K, and single family median asking prices increased 10% Y-o-Y to $2.1M. Among all 12 submarkets analyzed, Downtown Brooklyn/Fort Greene exhibited the largest Y-o-Y increase (+28%) in the number of active units, primarily attributable to new developments such as Brooklyn Grove at 10 Nevins and Brooklyn Point at 138 Willoughby. Additionally, these new projects pushed median asking prices up by 31% Y-o-Y to $1.2M from $899K in Q3 2017. Brooklyn Heights/Columbia Street Waterfront experienced the largest Y-o-Y increase in median asking price of 51% to $1.98M, mainly led by numerous high-priced co-ops. Despite the slight Y-o-Y decline in median asking price, DUMBO remained the most expensive neighborhood in Brooklyn, with a median asking price of $2.4M in Q3 2018. A Lack of New Development Closings/Contracts are Distorting the Data New Developments that came on the market between 2015-2017 are mostly sold out at this point, and this has been affecting the number of contracts signed and closings in Q3 2018. The overall number of contracts signed decreased from 17% Y-o-Y to 676 units in Q3 2018 from 814 units in Q3 2017 can be attributed to the fact that many of these new developments were signed at this time last year. On a positive note, the $2M - $3M price segment exhibited a 14% Y-o-Y increase in velocity registering 56 contracts signed this quarter, mainly driven by the following factors: 1) rising interest rates, which pushed leveraged buyers to pull the trigger locking current financing terms before rates rise again; and 2) sellers having more reasonable price expectations and accepting discounts to get deals done. Among the 12 submarkets analyzed, Greenpoint saw the steepest decline in number of contracts signed — down 62% Y-o-Y (16 contracts in Q3 2018 compared to 42 contracts in Q3 2017), and is a prime example of how neighborhoods with an explosion of new development projects are manipulating the market data. These new developments boosted contract velocity to record high numbers in preceding quarters, whereas this quarter’s contract velocity is mainly being driven by resales. In Q3 2018, the total number of closings decreased 20% Y-o-Y to 1,099 transactions, consisting of 574 condos (52%), 373 co-ops (34%), and 152 single family homes (14%). The decline was primarily attributable to a large amount of clustered new development closings during Q3 2017, including 46 closings at 550 Vanderbilt, 42 closings at 184 Kent and 27 closings at 50 Greenpoint. Read the full Brooklyn report here. #BlogPosts #CurrentMarketReport #IYTMarketReports

This month's neighborhood spotlight is close to home for me -- Gramercy. Centered around the famously exclusive Gramercy Park, the 9-block-wide neighborhood is perfectly located between some of the busiest Manhattan areas and offers a peaceful enclave full of top-notch restaurants. Check out our top picks in the neighborhood, market news, and our favorite listings in the area. #BlogPosts #NeighborhoodSpotlight

This month's neighborhood spotlight is Bedford Stuyvesant — one of our favorite neighborhoods in Brooklyn — full of architecture, beautiful streets, great shops and food. It also has a large inventory of multifamily homes, and we have worked with many clients who have explored multifamily investment in this beautiful neighborhood. It has experienced extreme appreciation, with average home prices up 119% in the last 5 years. Check out our top 10 picks in the neighborhood, market news, and our favorite multifamily listings in the area. If you've thought about buying a multifamily home, read about the top 5 things to consider before buying. #BlogPosts #NeighborhoodSpotlight

June is Pride month. There are festivities celebrating Pride in hundreds of cities across the globe, including PrideFest in NYC this Sunday. The first Pride march, known as Christopher Street Liberation Day, took place in New York in 1970 to commemorate the one-year anniversary of the Stonewall Riots in Greenwich Village. There were also marches that day in Los Angeles and San Francisco, and the number of participating cities grew each year. The Village is a treasure trove of historic sites of great significance to the LGBTQIA+ movement and community. Here are five: Julius’ Bar Opened in 1864, Julius’ Bar is reputed to be the oldest gay bar in the city. The bar had become widely known as a gay bar by the early 1950’s and was a meeting place for the Mattachine Society, an early gay rights organization in New York. A "Sip In" at the bar, organized in 1966, paved the way for abolishing state liquor regulations that had effectively banned establishments from serving alcohol to gay patrons. Today, Julius’ Bar is on the National Register of Historic Places and still operates as a gay bar. Stonewall Inn Just around the corner from Julius’ Bar is the popular gay bar the Stonewall Inn, which used to be the only gay bar in the city where men could dance with each other. The Stonewall Inn is famous today as the site of the Stonewall Riots, when violent protests erupted after a police raid in 1969. The Stonewall Inn is widely regarded as the birthplace of the gay rights movement. Like Julius’ Bar, the Stonewall Inn is recognized as a historic place. It is also the first National Historic Monument designated for an LGBT historic site. St. Vincent’s Hospital Formerly the third oldest hospital in the city, St. Vincent's was one of the first institutions to treat HIV and AIDS patients, and it was once known as ‘ground zero’ for the epidemic. Although St. Vincent's closed in 2010 and was demolished in 2013, it is not forgotten: across the street from the former hospital is New York City's AIDS Memorial, memorializing forever the hospital's important role in helping AIDS' earliest victims. Christopher Park Across the street from the Stonewall Inn is Christopher Park, home to a permanent art piece called “Gay Liberation,” which was installed in 1992. The four statues commemorate the Stonewall Riots and are dedicated to the gay rights movement. The Church of the Village The Church of the Village (formerly, the Metropolitan-Duane United Methodist Church) was the site of the first formal meeting of PFLAG (Parents and Friends of Lesbians and Gays). PFLAG was founded in 1973 by Jeanne Manford, who wanted to organize with other parents of gay and lesbian youth and to show support of her son Morty, who had been beaten while distributing flyers. Today, PFLAG has 400 chapters nationwide and 200,000 members, and serves to provide resources for the LGBTQ community. Happy Pride everyone! #BlogPosts

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 negotiability, meaning sold prices exceeded asking prices. Area condos similarly moved quickly with an average of only 63 days on the market. The median sale price of these was $1.165M with an average price per square foot of $1,132 (based on average size of 2 beds and 1.8 baths at a square footage of ~1,115 sq. ft.).They spent an average of 63 days on market before entering contract and sold, on average, for ~1.37% below ask. BoCoCa has also been a magnet for developers, with some of the highest priced inventory in all of Brooklyn. In addition to the ongoing controversial project at LICH, four major developments closed in 2017- The Boerum at 265 State Street, 465 Pacific, 610 Warren, and the Carroll at 345 Carroll Street. These have added more than 200 new condominium homes to the area, representing 138 of the 256 total condo closings last year. These new condominium homes are currently trading at an average price per square foot just above $1,350 — about 19% higher than the 2017 average PPSF for resale condos in the neighborhood. #CompassMarketReports #BlogPosts #IYTMarketReports

One of my favorite recent DIY projects was the large modern art canvas I created for my dining area. The wall its on is the first thing you see when you enter our apartment from the entry foyer, and I wanted a single piece that would create a big impact, but would not cost a fortune. You can easily re-create your own artwork similar to mine, which is pictured to the left, with canvas, art supplies, and a little cozy time inside during a rainy early Spring weekend. Also, if painting isn't your thing, you can also get creative with other resources to make art out of other everyday items, even personal photos. I made another large canvas art print, pictured below above our be in our Cobble Hill apartment, which is now in our entry foyer. I used one of my favorite seascapes, and had it printed onto 2" wide canvas for less than $100. Many blogs and websites (two great lists of ideas are on Remodelaholic and Apartment Therapy) have amazing ideas on things to do and ways to make large scale art in many different ways including framing handpainted wall paper, shower curtains, and even creating your own abstract art on canvas backing! Get painting, finding, and DIY'ing - Just one piece of art can bring an entire room to life. #DIYDecor #BlogPosts

The Cathedral of St. Patrick, often referred to as St. Patrick's Cathedral, is a decorated Neo-Gothic-style Roman Catholic cathedral church on 5th Avenue between E. 50th and 51st Streets in Midtown Manhattan. It is the seat of the archbishop of the Roman Catholic Archdiocese of New York, and sits directly across from Rockefeller Center. It is considered one of the most visible symbols of Roman Catholicism in New York City and the United States. The Diocese of New York, created in 1808, was made an archdiocese by Pope Pius IX on July 19, 1850. In 1853, Archbishop John Joseph Hughes announced his intention to erect a new cathedral to replace the Old Saint Patrick's Cathedral in Lower Manhattan. The new cathedral was designed by James Renwick Jr. in the Gothic Revival style. On August 15, 1858, the cornerstone was laid. The location, while in the heart of present-day midtown Manhattan, was far north of the populous areas of New York City in the mid-1800s. Work began in 1858, but stopped during the Civil War, and resumed in 1865. The cathedral was completed in 1878 and dedicated on May 25, 1879. The archbishop's house and rectory were added in 1880, both designed by James Renwick Jr., and an adjacent school (no longer in existence) opened in 1882. The spires were added in 1888, and at 329 feet and 6 inches, were in fact the tallest structures in New York City, and the second highest in the United States, at that time. The final East addition, including a Lady chapel, was designed by Charles T. Matthews and constructed between 1901 to 1906. In 1927 and 1931, the cathedral was renovated, which included an enlargement of the sanctuary and the installation of a new organ. The cathedral and associated buildings were declared a National Historic Landmark in 1976. A second more recent extensive restoration of the cathedral was begun in 2012 and was completed by September 17, 2015, in time for Pope Francis’ visit on September 24 and 25, 2015. The restoration cleaned the exterior marble, repaired stained glass windows, painted the ceiling, and repaired the flooring and steps, along with other restorations. #NotableinNY #BlogPosts