As we head back to work and school, this is a natural time to reflect back on what we experienced this summer, as well as look forward towards what we might expect to see this Fall.
The high-end Luxury Sector remained off the high water marks. In the New Condo market, we saw property going into contract significantly below ask - a real change from a year ago. In short, prices are down, but on a positive note, the summer was a bit more active than we have come to expect. We had an increase in showing requests with more buyers looking and bidding on properties - however only on "special" properties or ones that were offering good value. Often, Bidders were coming in far below asking prices.
Looking ahead - As has come to be expected for Fall seasons, there should be an increase of new product hitting the market a few weeks into September leading to an increase in activity . Pricing right, as always, is vital. Buyers need to see that sellers acknowledge the peak is over, and have reduced prices from earlier lofty goals.
Unlike much of Manhattan, many of the coveted neighborhoods in Brooklyn remain red hot. Lines to get into open houses, bidding wars and rising prices remain a constant. So what's all the fuss about?
A short subway ride will get you to the idyllic neighborhood of Park Slope, well-suited for anyone looking for more space, backyards (for dogs, kids and those with a green thumb), as well as a plethora of outdoor activities.
Historic well-maintained brownstones frame Brooklyn's Prospect Park - the epicenter of the bucolic neighborhood. There's something for everyone: picnics, free concerts, yoga, movies under the stars, even Smorgasbord. Another Park Slope outdoor institution is the Grand Army Plaza Farmer's Market, the largest in Brooklyn and second largest in the city.
And when it comes to restaurants, trying to match the competition across the river is always a challenge, but here are a few to try: Al di Là - a quaint, upscale Italian neighborhood gem that has turned into a place that is worth the travel. And as our Slope insider’s tell us, “Talde is very hot, the new Sushi Katseui is supposed to be the bomb, and Brooklyn foodies loves BKLYN Larder – a gourmet coffee spot offering hand-crafted cheeses, homemade prepared foods, and hard-to-find grocery items."
And if you're looking for a spot to take your children, look no further than Annie's Blue Ribbon General Store, offering an eclectic and often whimsical mixture of home goods, gifts, toys, decor, party supplies, and even some apparel. Stories, A new bookstore where kids can both shop for stories and learn how to write them opened this spring - offering creative writing workshops for kids ages 7 to 13.
Due to its surplus of desirable attributes, the neighborhood is certainly on the rise. Not only has Park Slope's median rent and sales price skyrocketed over the last decade, the neighborhood is, literally, rising - with several luxury condominiums cropping up along Fourth Avenue. It’s a big change from the mom-and-pop shops that once lined the street, but its also an important turning point in the neighborhood's growth as more families want to call Park Slope home.
Stein Team Favorites
This month, we are featuring light fixtures by Circa Lighting. Founded in Savannah, Georgia in 1998, they offer ceiling, wall, table, floor and outdoor lighting. The Stein Team loves Circa because we feel they have something for everyone - classic, contemporary and eclectic design options, many designed by famed designers such as Barbara Barry, Thomas O’Brien and Ralph Lauren (to name a few). Enjoy some of our favorite options below.
WallyHome, available at Sears for $99.99
Don't Worry With Wally
From expensive water leaks to unhealthy mold issues, Wally has you covered. A revolutionary home sensing solution, Wally detects and alerts you of water leaks as well as important changes in humidity and temperature. You simply place wireless sensors around your home, connect them to the network using the Wally app, and just like that, your home is protected.
What Exactly is "As Is"?
In a standard contract, the “as is” language refers to the physical condition of the apartment as of the date of the contract and requires that the apartment be in the same condition at Closing. If, for example, a closet door sticks, or the floor is uneven, the Seller is not obligated to make the repair if that condition existed at the time the contract was signed.
Although contracts provide that all appliances must be in working order at the time of closing, they do not typically address the condition of the heating, plumbing, and electrical fixtures and systems other than to state that the Purchaser is familiar with the condition of the apartment and is taking the apartment in its “as is” condition. We recommend a Rider be added to the contract that makes the Seller responsible for the condition of the heating, plumbing, and electrical fixtures and systems, to the extent of the terms of their Proprietary Lease (co-op) or the By-Laws (condominium). Since building fixtures and systems (in contrast to appliances) are often the building’s obligation to maintain and repair, the contract should provide that the Seller promptly notify the managing agent in writing in the event the Seller is made aware of a non-working system.
CITY LIVING Solutions
Using Every Inch!
If you’re discouraged by a small closet or the lack of storage that often comes with a tiny NYC apartment, there are so many ways to streamline your space and be organized—or even make your closet space seem bigger. By taking the right steps, you might find that your tiny closet is actually the perfect size.
DIVIDE AND CONQUER
Consider a shelf divider, which will turn your closet space into smaller, better organized compartments so clothes and accessories are easier to find. Shelf dividers can be used to separate stacks of folded clothing, so that they don’t topple into each other and create a big mess, or can be used to create smaller spaces for storing stouter objects like handbags.
REMEMBER THE FLOOR
Low-hanging clothes, like pants and dresses, can turn the floor of your closet into a "no man’s land." Group your shorter pieces, like shirts and skirts, at one end of the closet and your longer pieces, like dresses and pants, at the other - that will open up lots of floor space for some shoe racks or additional shelf space.
KNOCK ON YOUR DOOR
Hanging hooks to store handbags,scarves, belts or accessories on the inside of your closet door can add a fourth wall of storage to your closet space. Similarly, a full-length mirror attached to the door is another great trick to create the illusion of a bigger closet.
The World of Sotheby's
Rua Jackson de Figueiredo, $7,811,524 USD
Off the Beaten Track
This month, we invite you to explore offerings in Rio de Janeiro, Brazil. Set as the stunning backdrop for last month's Summer's Olympics, Rio de Janeiro has recently stepped into the national spotlight. Famed for its white-sand beaches, lush topography, and beautiful people, this electric seaside city would make for a perfect escape from Manhattan's snowy winters.
With Sotheby's extensive international network of brokers and properties, we can help you find your dream home or vacation property in 63 countries. We have a strong network of colleagues and would love to connect you to an experienced broker.