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We hope you had a wonderful Labor Day weekend!
As we enter the Fall, typically when buyers are back in the market, its an interesting time. With the stock market at an all-time high, historically low interest rates and strong corporate earnings, by historical measures, we should be in a white-hot seller’s market. However, what we have seen is a correction, which we believe has been driven by some overbuilding, fewer foreign buyers due to a stronger dollar, and the higher cost of living due to the changes in the tax laws limiting SALT deductions.
At this point, we believe the market has priced in this “adjustment” and values seem to have stabilized after dropping over the last two years. Case in point, there were 87 contracts signed this August on apartments priced at $4M and above and there were 72 contracts signed a year ago.
Once the new tax laws and the value of the dollar go from being a bit of a shock to the “new normal,” we do think there will be strong demand for apartments in the greatest city in the world. This will lead to an absorption of the new inventory and ultimately to rising prices across the board. While it is always difficult to predict the bottom of a cycle, we do believe we are there (or close to it!).
If you are a buyer who has been sitting on the sidelines, waiting to enter the market, this marks an unprecedented opportunity to take advantage of both a high level of quality inventory and the lowest prices we have seen in several years. For sellers, buyers are abound and are proceeding when they see apartments and houses priced correctly.
If you would like to discuss the market, take a look at some listings or would like us to provide you with a free appraisal, please reach out to us.
Enjoy, what we hope will be, cooler Fall weather!
Read on to learn more about:
- Who is buying and selling in NYC?
- Where to eat this month?
- The Luxury Market and Much More...
Enjoy our Monthly Take!
- Stacey and Julie
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130 William Street
Sales are now underway at British-Ghanaian starchitect Sir David Adjaye’s first New York City skyscraper located at 130 William Street in the Financial District with proximity to the Seaport. Currently available apartments start at $780,990 for a studio and go up to $6.96 million for one of the building’s loggia residences with three bedrooms, three and a half bathrooms, and 863 square feet of outdoor space.
This highly-anticipated condo development has already generated a lot of sales buzz. The 800-foot-tower, which started construction earlier this year, will bring a total of 244 new units to the neighborhood. We love the double-height ceilings and arched windows. The building will offer a large suite of amenities including a private IMAX theater, rooftop observatory deck, health club with spa, hot and cold plunge pools, and a swimming pool. Construction on 130 William, which is being developed by the Lightstone Group, is expected to wrap in 2020.
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Meryl Streep has listed her stunning Tribeca penthouse in the River Lofts condominium for $24.6 million. Streep, along with husband Donald Gummer, closed on the four-bedroom, four-and-a-half-bathroom penthouse for $10.13 million in 2006.
The apartment has direct elevator access that opens into a sky-lit entrance gallery. The terrace stuns with verdant plantings and striking views. The kitchen's white cabinets are anchored by a massive wood island. The corner master bedroom suite includes a walk-in closet and a small master bathroom with a single white marble-topped vanity and a clawfoot tub.
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Kish-Kash
Kish-Kash, located in the West Village, is a restaurant dedicated to Moroccan-style couscous. The 30-seat space is packed with patterns, and everything on the slim menu costs less than $21, including couscous with stewed vegetables, spicy fish, and three-lemon chicken tagine.
The Usual
American comfort food gets an international spin at the Usual, the first restaurant in NYC from famed Los Angeles Eggslut chef Alvin Cailan. Here, Cailan aims to create a casual restaurant with "immigrant spins" on comfort food, resulting in dishes that range from fried chicken of the American South to an octopus tinged with aspects of Mexican cuisine. The LA influence is very apparent in the space, which is super bright and filled with concrete, light wood, pink walls, and gold touches.
Kyma
Greek fare gets a slick setting at Kyma, a massive new restaurant in Flatiron. The whitewashed space seats 250 on two floors, stocked with breezy, patio-like furniture and Ancient Greek terra cotta motifs. Seafood is a big event here, including whole grilled fish that arrives at the table deboned and full of flavor. Also, the Kyma chips with tzatziki are not to be missed!
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Passementerie
Passementerie is so not passé. Instead, it's all about unusual materials and fun shapes this year. The encompassing French term for the ribbons, trims, and tassels that adorn fanciful decor, passementerie is the icing on the interiors cake. It takes standard-issue curtains, pillows, upholstery, and more, and adds a layer of eye-catching depth and whimsy.
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Please feel free to reach out for a more in-depth look at neighborhood-specific market trends and data.
Source: Olshan Report
2017 Data Source Dates: 1/2/17 - 9/3/17
2018 Data Source Dates: 1/1/18 - 9/2/18
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West 80th Street
3 BD | 3 BA | $20,100
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East 78th Street
2 BD | 2BA | $6,150
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