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41 Central Park West, Apt. 10F: Beautifully renovated home in one of Central Park West’s premier cooperatives, $1,750,000
MARKET UPDATE
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As many of you know, the Federal Reserve cut rates yesterday for the first time in over 10 years. It is unclear what this means for the housing market, however it could certainly spur some activity as people see the opportunity for cheaper money.
When it comes to a "boots on the ground" update...July has been much more active than what is typical for sleepy summer months. Sellers are pricing more responsibly and we are seeing the results. We have also recently begun to field questions from clients about how the election might affect future pricing - obviously brought on by the start of the debate circuit. As we all know, elections come with uncertainty, which slows real estate decisions. While we are not yet seeing this "election slow down", it’s clearly ahead of us.
As we look to the Fall, we expect to see an uptick in new listings, which is standard for the NYC Fall market.
Jeremy and Robin Stein
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The Rate Debate
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With the cut in interest rates, everyone is asking the same question: how this will affect mortgage rates?
While this rate reduction doesn’t exactly mean there will be a decline in mortgage rates, it is important to point out that 2019 has brought on the lowest mortgage rates we have seen in several years. In fact, mortgage rates have been steadily on the decline since November of 2018. To put the numbers into perspective, mortgage rates averaged 4.87% in November of last year, whereas they averaged 3.77% in July.
If you’re a seller, low current mortgage rates may motivate buyers to act quickly when purchasing a new home. If you’re a buyer, you may score an exceptionally low mortgage rate this year.
Although this has been the first interest rate decrease since the 2008 recession, the Fed is not indicating that there will be many more reductions in the future. As of now, the job market is solid, consumer spending is steady, and economic growth overall remains strong.
So, knowing that, why did the Fed cut rates in the first place?
Part of it has to do with the fact that the U.S. is currently in the midst of a trade war with China. With threats of additional trade conflicts and tariffs on the horizon, manufacturing around the world has been declining and American businesses are becoming more and more cautious about capital spending. To help combat that, lower interest rates will help to protect the economy in the event of an economic slowdown.
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Manhattan's Priciest Properties
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From seven-story layouts to private saltwater swimming pools, New York City is certainly no stranger to the most enviable amenities imaginable when it comes to penthouse living. And, as one might expect, that typically comes with a hefty eight or nine-figure price tag. Several of the city’s most expensive luxury listings have recently come to market this summer, and the top five most expensive homes for sale range from Madison Square Park Tower’s $77.7M crowning triplex penthouse to the Woolworth Building’s seven-floor “pinnacle” penthouse listed for an astounding $110M.
Others among the top five most expensive homes listed for sale in New York City right now include a 5-story penthouse with 11-bedrooms and 14-baths at 172 Madison Avenue for $98 million, an undeveloped West Village megamansion with plans to offer sprawling green space, and an $88M Upper East Side townhouse boasting a private theater that is home to Vincent Viola, owner of the Florida Panthers.
Check out the link below see these magnificent properties!
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The Height of Washington Heights
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Like many of us here in NYC, sometimes you just need an escape from the city. And while the Hamptons, Connecticut, and upstate New York all offer a peaceful and much-needed break from the hustle and bustle, it can often be difficult to find time to plan a trip outside of the city. If you are looking for a fun adventure for the kids or a romantic afternoon with a loved one, look no further than Washington Heights – the little sliver of beauty at the tip of Manhattan.
For the art enthusiast, Washington Heights is home to The Cloisters in Fort Tryon Park, which houses the Metropolitan Museum of Art’s stunning Medieval art and a collection of European chapels and Gothic buildings. In addition to the area’s many historic landmarks, several bars and restaurants are gaining popularity in the neighborhood, such as the Italian restaurant Saggio (you must try the homemade pasta) and the beautifully-crafted cocktails at The Uptown Garrison.
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When we consider the color yellow from an interior design perspective, it is easy to be turned off by thoughts of bright lemony hues that detract from the room’s overall design. With that being said, as we shift into a design era that favors warm, earthy tones, we recommend incorporating shades of mustard yellow into your design scheme. Mustard hues help to break up white, gray, and other lighter color schemes and are great to work with because they mesh well with so many different colors including hunter green, blue, lavender, sage, gray, white, burgundy, black, and brown.
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As members of the Market Leader Partners Initiative, comprised of Sotheby's International Real Estate’s finest professionals in every key market around the world, we are pleased to introduce you to our Malibu, California partner, Shen Schulz, and his property at 6902 Wildlife Road.
Malibu is known for its celebrity homes, pristine beaches, and gorgeous waterfalls. This tropical paradise is also home to Zuma Beach and Malibu Lagoon State Beach, which is a coveted surfing destination known for its great waves. For the hiking enthusiast, the Santa Monica Mountains offer stunning canyons and beautiful grasslands to explore.
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