Notes from the Field November 2022
Dear Friends,
Happy Thanksgiving! Wishing you a holiday of gratitude and peace.
Please enjoy my latest market update.
- New York real estate has become friendlier to both buyers and sellers. The last two years, which were fueled by the pandemic, saw the lowest mortgage rates since 2008 but a lot of buyers were kept out of the market because of low inventory and buyer competition.
- There are many signs that we are returning to a market that resembles pre-pandemic normal. The strong driving force is the lack of inventory which is keeping the contracts signed level at a slower pace. This is creating what Forbes is calling the battle of data vs. perception in which buyers realize that there aren't too many choices, no desperate sellers, and yet a good amount of competition.
- The often-used bellwether for Manhattan real estate is the luxury market of 4 million dollars and above. This sector has seen three consecutive months of a record number of contracts signed, suggesting renewed market confidence.
Just Listed
14 Sutton Place South #7C
Sutton Place
Asking Price: $ 2,000,000
Rarely is there an opportunity to purchase a stylish and sophisticated apartment in beautiful condition. Located in one of Sutton Place's most distinctive white-glove cooperatives, this classic prewar residence is certain to impress. The home offers well-scaled rooms accentuated by beautiful dentelle moldings, elegant archways, and flawless herringbone floors which perfectly enhance the graceful layout.
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Whatever your real estate needs might be, please let me know how I can be of service.
All my best,
Keren
