February 2023 Real Estate Review - NYC Edition
I hope you find this February 2023 Real Estate Review - NYC Edition?useful and encourage you to share it with anyone who may find it interesting.
Reviews, referrals, and recommendations have become?the lifeblood of the real estate?business.?If you have had a good experience working with me, in any market, and would be so inclined, I would appreciate your positive review:?Sure, I'd love to recommend Andrew Fishkind
After what felt like an eternity, ok, some hyperbole there,) The Real Deal reports that?New listings in Manhattan, Brooklyn rise for first time in 4 months
A development I can get fully behind is covered in Brick Underground, as a?New bill would require NYC co-op boards to give reasons for rejecting a buyer
Sellers have been asking, and Brick Underground also provides insight into?How much should you renovate your NYC apartment before selling it?
I am also happy to report that we are resuming our educational series of events and will begin with our First-Time Homebuyer Seminar on February 23rd, starting at 5:30pm.
Topics covered include:
Current Market Conditions
Differences Between COOPs and CONDOs
Mortgage Pre-Approval and Process
Due Diligence and the Role of Your Attorney
There will also be plenty of time for Q & A
The seminar will be offered live and in-person as well as via Zoom.
? Email me?to RSVP and I can provide the appropriate details.
Brick Underground:?Buying for the first time in NYC? Be sure to prep your finances first
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If you would like to discuss anything?you see here, please feel free to reach out directly.
February 2023 Real?Estate?Review- NYC Edition
The?Ekroth Fishkind Margolin Team?is a collaboration between dedicated agents who utilize our individual skills to form a multi-faceted real estate consultancy.
Manhattan New Signed Contracts
Newly signed contracts declined month-over-month for the second time in 4?months as new listings expanded for the first time since September. However, annually, the decline in newly signed contracts has been partially offset by significant decreases in new listings. (Click any chart/graph to expand.)
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Brooklyn New Signed Contracts
Newly signed contracts in Brooklyn declined month-over-month for the second time in 5?months as new listings expanded for the first time since September. However, on an annual basis, the decline in newly signed contracts has been partially offset by significant decreases in new listings. (Click any chart/graph to expand.)
January 2023 Manhattan, Brooklyn & Queens Rentals
The median rent in?Manhattan?rose to the third-highest on record as the vacancy rate slipped for the first time in 9 months. The median rent was the highest on record for the month of January and the third-highest overall. The number of new leases expanded annually for the first time in 3 months. Non-doorman price trend indicators grew annually more than doorman price trend indicators. New development new leases rose year-over-year at 5 times the rate of non-doorman rents. Luxury median rent remained at the third highest on record as luxury bidding wars accounted for nearly 1 in 5 rentals. Luxury listing inventory expanded but remains below pre-pandemic levels.
Average rent in?Brooklyn?soared above the August peak as median rent rose to the second-highest on record. New lease signings rose month-over-month for the first time in 4 months. Concessions paid by the landlord were at their highest level since the fall of 2021.
Average and median rents in?Northwest Queens?surged over the summer highs to set new records. Net effective average and median rents also rose to the highest on record. New lease signings slipped annually but were sharply higher than pre-pandemic levels, while the market share of 2-year leases was at its highest level in 2 years.
Investopedia:?New York City Rents Flirt With Highs in January
The Real Deal:?No, really, New Yorkers came back: Unraveling Curbed’s rent conspiracy (Article theorized landlords faked demand to inflate rents)
Thinking About Selling? ~ Wondering About Home Value?
Are you considering selling your home, but are unsure of current market conditions and/or the process of getting a home ready for sale. Our team is happy to consult with you to answer questions or provide you with a customized valuation. Douglas Elliman provides?a?Seller's Guide for New York City.?
Are you curious about the value of your home? If you are not ready for our customized valuation,?then try our?value estimation tool,? What is Your Home Worth??Keep?in mind that these?models may?have wide?swings, and never replace the custom valuation that our team?offers.
Thinking About Buying?
?Are you ready to join the ranks of homeowners in NYC? Thinking about?upgrading to a larger home? Douglas Elliman offers a?Buyer's Guide for New York City.?
If you are interested in buying or selling properties in any of these regions, I would be happy to help you?or refer you to an agent in your market of interest.