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Its hard to believe that August is upon us and we will soon be entering the Fall market. While the 2nd quarter showed a small increase in sales from the 1st quarter, this was very likely due to buyers and sellers rushing to close before the July 1st mansion and transfer tax increases. Many properties, especially apartments that require renovations, are sitting on the market, but sellers with competitive pricing who are taking the time to update and stage their homes are getting strong offers and going to contract.
Q2 2019 Key Takeaways:
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Sales were up 31% from Q1 and 7% from 1 year ago
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Signed contracts are up 29% from Q1 2019 and 3% higher than a year ago
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Average days on market is up to 168, notably higher than last quarter's peak
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Average discount was 8%, up 1% from last year
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Inventory climbed 7% from Q1 2019
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More than 80% of Q2 deals were for studio, one and two bedrooms
Read on to learn more about:
- New Development: 570 Broome
- Your Celebrity Real Estate Rundown
- Colored Cabinets and Mixed Metals
- Our Recent Sales
Enjoy our Monthly Take!
Stacey and Julie
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570 Broome
570 Broome Street
570 Broome is one of our favorite new developments in West SoHo, and we are proud to say it is exclusively listed through Compass. The stunning high-rise will remind you of a modern version of SoHo's industrial past with soaring ceiling heights and floor-to-ceiling windows. Amenities include a private garden, game room lounge and a state-of-the-art gym and yoga studio.
Each home will feature custom-stained oak wood flooring, superior designer kitchens and bathrooms, and ultra-clear, double-paned windows. Prices start at $1,515,000 and go up to $5,995,000 with a variety of floor plans ranging from one to three-bedrooms.
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Your Celebrity Real Estate Rundown
Jessica Chastain has decided to move from her Midtown apartment to a luxury 19th-century brownstone on the Upper West Side. Her new 6,608 square-foot home was purchased for $8.88 million and will be the perfect place for Chastain and her husband to raise their new baby girl.
Many know Lee Radziwill, the younger sister of Jaqueline Kennedy Onassis, as the late socialite and style icon of the Upper East Side. After passing away in February, her last apartment at 160 E 72nd was listed for sale on April 29th and is already in contract. This pre-war, full-floor home has gracious entertaining space and a beautiful master bedroom suite, although the kitchen is apparently not the largest as she was not very keen on cooking.
Amy Schumer has lived just about everywhere in the city but it seems she wants to settle on the Upper West Side. She is once again apartment hunting in the neighborhood, seen most recently touring 555 West End Avenue.
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Lamalo
Lamalo, located inside the Arlo Hotel in Midtown is the place to go for fresh mezze-style dishes. This Middle Eastern restaurant is owned by Gadi Peleg, who also owns the famous Breads Bakery. Share the Daily Spread appetizer which comes with baked-to-order Jerusalem Laffa and a wide variety of dips, salads, and spreads.
Pastis
It's back! If you're lucky enough to score a reservation at the "new" Pastis, know that you are in for a treat. Pastis was a huge hit in the Meatpacking District from 1999 until 2014 and has finally reopened with award-winning chefs Keith McNally and Stephen Starr leading the culinary team. Guests who have been missing Pastis will be happy to learn that the classic French bistro fare that the restaurant is known for is back, just with an updated twist. (Tip: if you can't get in for dinner, try breakfast or lunch which are equally delish!)
Dominique Ansel
You may know Dominique Ansel as the inventor of the cronut, the croissant-donut hybrid that made national headlines in 2013. However, at Dominique Ansel, new desserts are invented and revolutionized every day. Right now, you can celebrate your love for the city with the delicious and Instagram worthy New York Collection, featuring nine new pastries inspired by all things New York like hot dogs and taxis. Or, if you need to cool down from the hot summer heat, try the new What-a-Melon soft serve that comes with a fresh slice of watermelon and dark chocolate "seeds." |
Colored Cabinets and Mixed Metals
Two of the biggest trends we are seeing now in kitchens are colored cabinets and mixed metals. Painting your cabinets is a great way to make a statement and bring some color to the room, and adding contrasting metals enhances the look. You can check out the beautiful designer kitchen in our new listing at 16 East 96th, which features light grey cabinets accented by both stainless steel and copper metals.
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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
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