September marks the start of the Fall New York City Real Estate season, but with Jewish Holidays and schools starting, we generally don’t look to see the market really get going until October. Looking back to September, buyers were out looking and bidding. Many asking prices were actually within the range of perceived value and as such, buyers were moving forward. After Labor Day, we re-listed a number of homes that had been sitting and receiving little to no attention with other brokerages only to receive offers. With our buyers, we have been making offers and negotiating with developers who seem to acknowledge the change in the market and are willing to accept offers as much as 5-10% below asking prices. So, overall, this September, the market has picked up in relation to the summer and we are hopeful the momentum will continue and lead to a very active fourth quarter.
Jeremy and Robin Stein Top 5 Sales Team Nationwide 2017 917.854.4411 | email@example.com 917.570.8386 | firstname.lastname@example.org
GLOBAL MARKET UPDATE
Jeremy and Robin are members of the Global Real Estate Partners Initiative, which is comprised of Sotheby's International Real Estate’s finest professionals in every key market around the world. Currently spanning over 30 markets, this global partnership allows for unprecedented access to real estate resources worldwide. We've asked our fellow Global Real Estate Partners to share with us their thoughts on the current state of the market in their respective areas.
BEVERLY HILLS, CA
"The Los Angeles market still remains strong. Due to limited inventory, we are not seeing a decline in value. What is changing are the days on market. This time last year average days on market was under 40 whereas now the average days on market is around 70-80."
"Washington, DC continues to have a shortage of homes for sale in the entry level ($1.2 million) and mid-level (unto $3.5 million) price ranges. The inventory is very tight and the days on the market are very few. The over $5 million range in the market has more inventory and is providing buyers with some good opportunity we haven’t seen in the past year.”
"The Los Angeles Coastal Cities real estate market of Santa Monica, Venice Beach and Malibu continues to sell at a strong pace. Many buyers continue to move to California where the real estate is free, they just pay for the weather!"
"Greenwich has struggled a bit in the $5 million plus luxury market. We are still finding that the buyers from Manhattan and Asia have been predominately the source of our buyers for the luxury market. Greenwich represents a tremendous value for properties located in mid-country (south of the parkway) and back-country (north of the parkway). New construction has been a preference for the last twelve months."
We are proud to share that our latest listing at 366 Broadway has been featured in this past week's edition of The New York Times column, "On The Market." A staple of the Times real estate section, the column reviews new and interesting listings for sale.
Recently listed for $2.299 million, authentic pre-war charm exudes from this two-bedroom, two bath residence in the heart of TriBeCa. Soaring ceilings, original hardwood floors and oversized windows are all features of this classic loft.
Enjoy The New York Times column by clicking the link below.
While white and light gray have always been and will likely continue to be the default color scheme for kitchen and bathroom design, a black motif has emerged as a top trend, as well. Black fixtures create a striking contrast to light tile and cabinetry, and can also provide a compliment to an overall dark or monochromatic space. It's also versatile in design style - from crisp and modern to rustic and traditional.
Try adding a little bit (or a lot) of black accents into your kitchen or bathroom, for a look that's bold but also classic. Enjoy our curated collection of black kitchen and bathroom design to keep your home ahead of the curb.
Once known as a manufacturing neighborhood, Williamsburg has in recent years transformed into a beacon of Brooklyn creativity. Attracting an overflow of artists from downtown Manhattan, people on the cutting edge of art, music and fashion, the neighborhood exudes an energetic and artistic atmosphere.
Williamsburg is dramatically transforming once again with the recent opening of its new and revitalized waterfront, Domino Park. James Corner Field Operations, acclaimed architects of the High Line, designed the new park spanning a quarter mile from Grand Street to South 5th Street. This extraordinary open space reconnects the neighborhood to its waterfront for the first time in a century. Integrating uniquely beautiful artifacts from the site’s industrial history with a full range of recreational options, the park, like the High Line, is destined to become one of the city's premier attractions.
The park features athletic fields, bocce courts, performance space, fountains, a dog run, an iconic playground and areas for relaxation and leisure, including Tacocina, an already wildly popular taco stand from the owners of Shake Shack.
The park also represents just the foundation of what lies ahead for the Williamsburg waterfront. Once complete, the redeveloped area will be anchored by an apartment complex bringing 2,800 new rental apartments to Williamsburg, 700 of which will be affordable. The first building, 325 Kent, has already begun welcoming residents.
SMART HOME GADGETS
YOU HAD ME AT "HELLO"
Nest Hello lets you know who's there, so you never miss a thing. Replacing your existing wired doorbell, Nest Hello delivers HD video and bright, crisp images, even at night. It's designed to show you everything at your doorstep - people head to toe or packages on the ground. Nest Hello can tell the difference between a person and a thing, then alert you - even if a visitor doesn't ring the bell. And with 24-hour streaming, you can check in anytime. Or go back and look at a 3-hour snapshot history to see what happened.
As members of the Global Real Estate Partners Initiative, comprised of Sotheby's International Real Estate’s finest professionals in every key market around the world, we want to introduce you to our Napa Valley partner Latife Hayson and her property at 5800 Petrified Forest Road.
California's Napa Valley region is one of the world's most iconic destinations, especially for those who appreciate wine, gastronomy, and beautiful nature. From Napa to Yountville, from Rutherford to Calistoga, the Napa Valley region offers an unbeatable and exciting lifestyle that few people ever leave. Napa Valley properties enjoy warm weather, an abundance of local wineries and proximity to San Francisco and Oakland.
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