As we welcome in 2016, we offer cautious optimism. October and November experienced a slowing of the market, in particular luxury property. We are happy to report that December brought more promising activity - with many high-end sales listings going into contract. We experienced this first hand, with multiple properties entering contract in the $6M-$10M price range.
It would seem that sellers are now pricing with an understanding that the peak has likely come and gone, thus drawing buyers back into the market. As always, our belief is that special property will always sell if priced appropriately and we are hopeful that after what seems to have been a bit of a correction will now lead to more activity in the New Year.
We hope you enjoy our latest edition of our Monthly E-Newsletter and as always, we’d love to hear back from you. We encourage you to join us in the conversation on Facebook, Pinterest, and Instagram.
The Psychology of
On December 16th, the Federal Reserve announced it would be raising short-term interest rates for the first time in almost a decade. While the Fed is likely to raise rates minimally and over a long period of time, borrowing costs have already started to climb.
Historically, the psychological effect of rising rates seems to cut two ways:
Buyers try to buy quickly before rising rates make their purchases more expensive.
Buyers who are already cutting it close with their budget become even more cautious and hold off on home purchases.
Even small rate increases can alter affordability for countless consumers. Beyond the economics, the psychology cannot be underestimated with the idea of the “rate increase” becoming more powerful than the rate increase itself.
High-Tech Home Gadgets
Every Home Can Have a Fireplace
Many New Yorkers want the aesthetic and warmth of a fire, but unfortunately fireplaces are not a very common amenity in Manhattan. Ventless Fireplaces, from companies like Hearth Cabinet and EcoSmart, are a great alternative. These modern Fireplace systems use a safe, clean burning, gel fuel cartridge system, and don’t require a flue – so can be installed virtually anywhere. Now every home can have a fireplace!
CITY LIVING Solutions
Bunkin' Up in NYC
A common concern for growing families living in Manhattan is the lack of space. Bunk beds make for the perfect space-saver and can be a favorite among children. A built-in bunk bed is not just a place to sleep—but a hideaway from adults and a nook to share with a sibling or friend. For practical types and dreamers alike, here are examples of our favorite bunk beds for.
Spotlight On Frank Lloyd Wright
Frank Lloyd Wright, recognized as "the greatest American architect of all time," by the American Institute of Architects, was an American architect and interior designer who designed more than 1,000 structures throughout his seven-decade spanning career. Wright believed in designing structures that were in harmony with humanity and its environment, a philosophy he coined as "organic architecture."
His work includes original and innovative examples of many building types, including offices, churches, schools, skyscrapers, hotels, and museums. Enjoy our curated collection of some of Lloyd Wright's best works.