Ditmas Park is like something out of a Norman Rockwell dream with the best parts of suburbia smack in the middle of bustling Brooklyn. Characterized by large Victorian homes with porches and yards and a true community feel, there has been a recent influx of hot restaurants and other amenities in this historic neighborhood. #BlogPosts #NeighborhoodSpotlight

UP, DOWN, EVEN: Market Metrics The first half of 2019 seems to support a stabilizing market in 2019, with both prices and closings up compared to this time last year. However, these promising signs for overall market health might be due in part to a dramatic increase in new development sales in the second quarter. Most of these sales entered contract well before the start of 2019, and so are not truly indicative of the current market. Contracts signed, a better indicator of actual market activity, did see a momentary spike in April, but it’s likely much of this was attributable to buyers rushing to close before the new state transfer and mansion taxes took effect on July 1st. Inventory in Manhattan increased year-over-year again this spring, a now familiar trend we’ve seen since the end of 2017. Active listings surpassed 8,000 for the first time since 2011, even though there was actually less new inventory introduced to the market in the first half of this year than last. Marketwide absorption rates have continued to lag, making for a continued buyers’ market, although a modest increase in median co-op sales prices did manage to offset yet another year-over-year decline in condo sale prices. Overall, properties with low monthlies and competitive pricing have continued to transact well, but luxury new development and condo resales continue to linger on the market. Midtown, FIDI, and both the Upper East and Upper West Side markets saw year-over-year drops in both condo and co-op resale prices, while both Downtown and Upper Manhattan saw a year-over-year increase in prices across all product types. In Brooklyn, the number of sales fell short of last year’s record-breaking spring selling season. But 2019 has still been a strong year. Over 2,700 apartments closed between January and June, one of the highest figures recorded in the past decade, and median sale price figures saw year-over-year increases across all price-tiers and almost all product types. While resale closings declined year-over-year, new development sales increased to balance these drops, accounting for a notably high 32% of the total market share. Contract activity also continued to decline, a trend we’ve observed since the start of 2018 – unlike Manhattan, where buyers felt pressure to beat the new mansion tax, Brooklyn appears unaffected by these changes which changed the rates above $2M, a very small segment of the Brooklyn market. Inventory levels in Brooklyn also rose in the first half of 2019 by double digits compared to the same time last year – while the largest spike was due to new development inventory, all product types saw an increase from the extremely constricted levels found in both 2017 and 2018. Co-op inventory, while up from Spring 2018, made up only 1/3 of all active inventory this year, representing a 9-year low in market share. Resale condo inventory increased year-over-year by double digits, although interestingly, also saw a rather unexpected increase in sale price not typical of increased inventory levels. The median sale price for 2-bedroom condo resales also broke $1M for the first time in the second quarter, and resale co-ops also saw double digit increases in median sale price for 1, 2 and 3-bedroom homes. Despite an increase in inventory and decline in contracts and closings, prices were up and days on market declined compared to the same time last year. Manhattan Marketwide Manhattan By Segment Brooklyn Marketwide Brooklyn By Segment Click here to download the full report. #BlogPosts #CurrentMarketReport #IYTMarketReports

Besides being the location of Woody Allen’s iconic Manhattan bridge scene, Sutton Place is a cozy enclave by the East River that is historically known for upscale apartments and prestigious residents. Running from 53rd Street to 59th Street between First Avenue and the East River, the neighborhood has some of the most elegant and classic pre-war co-ops in the city, complete with around-the-clock doormen, roof decks, gyms, shared gardens, and more. Former Governor Mario Cuomo, designer Kenneth Cole, and actress Sigourney Weaver currently call Sutton Place home, and former residents include Michael Jackson, I. M. Pei, Freddie Mercury, Joan Crawford, and Marilyn Monroe and Arthur Miller. Take a look at some of our favorite spots in this secluded -- and exclusive -- neighborhood of Manhattan. #BlogPosts #NeighborhoodSpotlight

In honor of Pride Month, we’re going to focus our neighborhood spotlight on the heart of NYC pride -- the Village! Not only are there some historical Pride sites in the Village, but there are also city-wide favorites for nightlife, food, and much more. Here are the Isil Yildiz Team’s top spots in the West Village, and are sure to have some amazing Pride celebrations going on this month. #BlogPosts #NeighborhoodSpotlight

BoCoCa, the larger area that encompasses the smaller Brooklyn neighborhoods of Boerum Hill, Cobble Hill, and Carroll Gardens, encompasses all that Brooklyn has to offer — a downtown feel within the charming and historic neighborhood, but with a more laid-back lifestyle compared to neighboring Manhattan — and it’s my old hood! BoCoCa is also home to some amazing restaurants, bars, and food shops, many of which became staples when my husband Bill and I lived in Cobble Hill for 6 years. Here are some of my favorite places in my old neighborhood! #BlogPosts #NeighborhoodSpotlight

UP, DOWN, EVEN: Market Metrics While the data suggests that the Manhattan market continues to lag, the reality is much of the market (namely co-ops) seems to be bouncing back from last year’s slump with positive results in the first quarter. The surplus in new development inventory continues to depress condo prices in both new development and resale, which is bringing down the overall market outlook. Marketwide, average and median prices showed a decline, but prices for resale co-ops actually remained even with Q1 2018, and saw a 3% increase in both median sale price and median PPSF compared to Q4 2018. Closings declined by more than 5% Y-O-Y due mostly to double digit drops in condo closings (co-op closings declined a minimal 2%). The relatively strong numbers for the co-op and $1-2M markets in Manhattan is consistent with what we’ve seen on the ground as activity is significantly higher, and demand is stronger compared to the second half of 2018. Similarly in Brooklyn, marketwide numbers are a bit misleading. While overall median prices have dropped, this is due to an ongoing shift of market activity to traditionally lower-priced neighborhoods. This trend pushed sale prices up in those areas yet again this quarter, but brought overall borough-wide sale prices down by 5% compared to last year. The total share of sales priced over $750,000 fell by 6% this quarter, while sales in Bedford-Stuyvesant, Crown Heights, Prospect Lefferts Gardens & Bushwick had twice the market share versus Q1 2018. Closings were also down, largely attributable to a six-year low in the condo market and a steep drop of new development closings, but the co-op market has remained stable with both closings and contracts signed essentially even year-over-year. Our prognosis is a stable market in traditionally higher-priced neighborhoods with continued scarcity of inventory, and a dramatic increase in prices and activity at the lower-end of the market as overall demand in Brooklyn remains strong. Take a look below at a breakdown of the Manhattan and Brooklyn markets in Q4 by both segment and price. Download our full report here. #BlogPosts #IYTMarketReports

What neighborhood is the birthplace of the Oreo cookie? What neighborhood is the first land the Titanic survivors set foot on? What neighborhood has the most art galleries? What neighborhood has a 1.5 mile eco-system thirty feet in the air? Filled with history and a unique culture all its own, Chelsea has a little something for everyone. From luxury new-developments to world-class art galleries, Chelsea has become one of Manhattan’s most sought-after neighborhoods for locals and tourists alike. West Chelsea in particular has been pivotal in the neighborhood’s transformation. Like most of downtown Manhattan's West Side, West Chelsea was historically heavily involved in the manufacturing and shipping industries. For a short period of time in the early 1800's the more central parts of Chelsea saw a major influx of art, music, and theater, turning the once quiet neighborhood into a happening entertainment scene. However, the laying of the Hudson River Railroad in 1847 brought freight trains, lumber yards, warehouses, manufacturers, and an immigrant labor force. In response, theaters, fine-art galleries and the wealthy moved Uptown. With the possibility of becoming New York’s art district (seemingly) in the past, Chelsea continued further into manufacturing and commercialization. For most of the twentieth century, Chelsea was a dilapidated industrial graveyard — while there were historic brownstones and some residential development projects like London Terrace and Chelsea Corners, it wasn’t until the 80’s that the art scene returned to Chelsea, and once again put it on the map as a trendy neighborhood — open lofts and warehouses with cheap rents made for perfect studio and gallery spaces. With an edgy and cool crowd returning, developers interest in the now “up and coming" neighborhood began grow. However, despite the successful art galleries in the area, West Chelsea remained an eyesore to many through the 90s and early 2000s. The neglected High Line train tracks was the topic of development debate for over a decade, and Mayor Guiliani eventually signed a demolition order in 1999. The foundation Friends of the High Line suggested the idea of a public park (founders Joshua David and Robert Hammond saw untapped potential in the wild plants that grew over the abandoned tracks) and the demolition was postponed. Mayor Bloomberg and the City Council were strong supporters of turning the High Line into a public park, and The West Chelsea Special District received certification from the Department of City Planning at the end of 2004. With the success of this new public park highly anticipated, developers began purchasing properties around the High Line — in just two years, 20 properties were purchased with 13 slated to be new condominiums. In the years since, West Chelsea has become one of the most appreciated neighborhoods in Manhattan — famous architects like Frank Gehry and Bjarke Ingel have built architecturally stunning apartment buildings that have immortalized West Chelsea as a symbol of modern New York luxury. Here are some of our favorite new developments in the area today: 520 West 28th Street is the only residential building Iraqi-British architect Zaha Hadid designed in New York, and is one of the last projects she worked on before her passing in 2016. Affectionately named the Zaha Hadid, the curved shape and geometric designs on the facade of the building are signatures of the architect. Construction of the 11-story, 39-unit condo was completed in July of 2017. Complete with all the top-amenities, 520 West 28th Street also features a sculpture deck that plans to rotate art curated by the Friends of the High Line Foundation. Soori High Line, located at 522 West 29th Street, marked the American debut of Soo K. Chan, one of Asia's most regarded architects. Modeled to feel like a high-end resort, Soori High Line features the same amenities you might find at a 5-star hotel, including a lifestyle concierge, state-of-the-art gym, a spa, and yoga and pilates studios. The 11-story condo has 31 units, and was completed in 2017. 515 West 29th Street is another design by Soo K. Chan, and is equally as luxurious as Soori High Line. The glass fin facade of "Five One Five" is a signature of the SCDA's principal architect. With just 15 units split across the 11 floors, Five One Five offers a boutique living experience with amenities that include a roof deck, a gym, private storage, and amazing views of the High Line. Construction was completed last year. Another High Line-hugging new development is 500 West 25th Street. Built on the lot of an old auto-body shop, 500W25 consists of 7 floor-through apartments and a duplexed penthouse, all with outdoor space, and is designed by architect-developer GDSNY. The condo is set to finish construction this year, and sales for the properties have already launched. The Jardim at 527 West 27th Street is the first New York City residential condominium by Brazilian architect Isay Weinfeld. The Jardim is actually comprised of two towers, one located on 27th Street and the other on 28th Street, and both towers will be connected by a lush garden and courtyard for residents. There are 36 units in the Jardim, and the 11-story brick and glass complex will likely be completed by the end of this year. #BlogPosts

West Chelsea has a vibrant energy that mixes uptown ritz and downtown glam. Neighborhood hot spots like Chelsea Market and the High Line are staples to New York City, and are frequented by locals and tourists alike. Chelsea is home to one of our current listings and our Coming Soon listing, and is one of the Isil Yildiz Team’s favorite places — we’re sharing our top 10 places to dine & drink and shop & play on the West Side of this unique neighborhood! #NeighborhoodSpotlight #BlogPosts

You’ve lived in your home for some time now, and you’re ready for a change -- you’ve always dreamed of knocking down that one wall to expand and create a true chef’s kitchen. After saving up, you are finally ready for your renovation. Unfortunately, the architect you’ve hired comes back with news that puts a halt on your renovation fantasies; your building’s alteration agreement restricts wet over dry, and the wall you want to knock down is a load bearing wall that can’t be removed. While an alteration agreement might seem onerous to many who dream of big renovation projects, they are there to ensure that the entire building is functioning properly for all residents. An alteration agreement is a set of documents that essentially lay out the do’s and dont’s of renovating in your building. The specifics of alteration agreements may vary between buildings, but their purpose is the same whether you live in a coop, a condo, a new development, etc. Alteration agreements protect the building from any sort of change that might damage the building or negatively impact the quality of life of residents. For example, many buildings prevent “wet over dry” renovations, which means extending any room with plumbing (kitchen, bathroom) over rooms with no plumbing (living room, bedrooms, etc.) for fear of leaks, or disturbance of your downstairs neighbor (if you put a toilet directly above their bedroom). Again, while this seems more of a hindrance on your renovation plans, keep in mind that your own quality of life (and sanity) could be significantly weakened by some of your neighbor’s renovation plans if an alteration agreement didn’t exist. Often if the work you have planned doesn’t touch electrical, plumbing, or knocking down walls, a certificate of insurance from your contractor can suffice in lieu of a formal alteration agreement with full plans. I recommend that you speak to the superintendent for your building before anyone else as that person will be able to best guide you through the ins and outs of your building and potentially save you time and headache. For more major projects, almost all alteration agreements will mandate that proper permits be obtained and architect plans be submitted. There are many ways to go about this process, so be sure to explore options with several options from a wide range individuals -- general contractors, architects, designers, design-and-build firms -- to decide what the best approach is for your project. Alteration agreements go beyond hard and fast rules for altering your layout -- they often cover everything from what time construction can happen, the timeframe of the project, insurance coverage (for the building and the workers), as well as noise regulations. Some buildings are more strict than others, and reviewing the agreement for the property you are considering is a big part of due diligence when buying an apartment as onerous rules can increase the time and cost of renovations. #BlogPosts

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