Q2 Wrap and Summer in the City

Hello and Happy Summer (yes, still six weeks left!)

Where is the time going??I recently read that there have been more changes in our lifetimes than in the two thousand years since the time of Caesar. There's a guy who knew real estate!???

Our Q2 report on the Manhattan Real Estate Market shows a strong market, but that market is now shifting. More on that below and, as always, my quick round-up of fun things to do in the City.??

'Tis moonlight, summer moonlight,

All soft and still and fair;

The solemn hour of midnight

Breathes sweet thoughts everywhere.

~Emily Bronte

Enjoy!

~Marjorie

Our second quarter report shows a strong Manhattan market, with prices up 5% over the past year. Keep in mind, however, that while the information reflects sales closed in the last quarter, the average contract was signed at the end of January. Much has changed since then. Rising interest rates, market volatility, inflation and the fear of a recession have buyers putting on the breaks, and we see some cooling.

After an incredibly strong 2021 and first half of 2022, Manhattan is shifting towards a buyer's market. That movement will take time to show in our quarterly reports. The number of contracts signed started to slow at the end of March, with fewer contracts signed and more inventory. After New York's fantastic comeback in 2021 (really two years compressed into one), it was inevitable that activity would return to more normal levels. The best way to follow the market in real-time is to look at our weekly contracts signed and monthly inventory reports. The latest reports are here and here.

As you can imagine, the slowdown is increasing sellers' anxiety. We expect more inventory and buyers to come out in the fall, and some believe this might be the perfect storm for buyers. As always, however, sellers who price at or just under the current market will get the most money for their homes in the shortest amount of time. With rents at an all-time high, buyers who see good value are always willing to make a move.

Please do reach out for more information. I would be delighted to fill you in.

1. OUTDOORS:

So much to choose from! And they are all just the right price at "free." Shakespeare in the Park is back for the first time since 2019, with rom-com As You Like It opening on August 10th. Central Park's Summer Stage Festival has a variety of shows planned through October. If you want to do more than listen to the music, hop on over to one of the Dance Parties at Lincoln Center's Oasis, which is getting everyone on the floor (under the stars and a ten-foot disco ball) for Disco. Merengue, Lindy-Hop, Zydeco, Salsa, and more. On July 10th, Lincoln Center hosted a mass wedding ceremony for those canceled during the pandemic. It was so sweet! If you are mid-town and get hot, you can splash around a fountain at Rock Center - it is also an art exhibit, so you can feel cultured while you cool off. Outdoor movies are also on tap for summer nights. Here are the 15 best places to see them. Finally, did you know that New York has great beaches? Jones Beach (my forever favorite) always makes the best beaches on Long Island list.

2. ART SCENE:

• Fine Arts – Pop by the Met and feel the ocean Winslow Homer's Crosscurrents, get fashion inspiration at the American Anthology of Fashion, or have a date night with art, music, food, drinks, and rooftop dancing. (Check out this video to see how theatrically the fashion show is set in the American Wing period rooms). MOMA is killing it as always, with many new works in all their collections. Matisse's 1952's The Swimming Pool is a dream. There is a show in the artist's Red Room through September 10th. The Whitney Biennial is BACK! This amazing exhibit brings together 63 contemporary artists and collectives reflecting on the American Experience, which - very timely - is all about change.
• Performing Arts – Alvin Ailey moves New York with outdoor performances in all five boroughs. The Joyce Theater for its wide-ranging modern fare. Mostly Mozart is on and includes choose what you pay as well as regular performances. Here are all the free Summer in the City events at Lincoln Center. Plenty to enjoy at Carnegie Hall, including DJ Nice. Just play his Summer Party Mix if you can't make it. Broadway is always a great idea. Here is a complete list of shows. As many people are away, this is a great time to get discount tickets on performance day.

3. EAT, DRINK, AND BE MERRY:

• Dining Delights – Restaurant Week runs from July 18th to August 21st, offering prix-fixe lunch and/or dinner at close to 600 restaurants across the five boroughs for $30-$60. Here are 20 participating restaurants that won Wine Spectator's 2022 Restaurant Awards. Some spots are charging only $30 for a bottle of wine to celebrate the program's 30th birthday. La! Feeling chic? See the Vogue Guide to outdoor dining. Or choose among Conde Nast Travelers’ 19 most beautiful restaurants in New York. For the crème de la crème, there is always the World's 50 Best List. As of July 18th, THE top spot in the world is the City's Korean "stunner" Atomix. Restaurant week aside, DYK that the City is home to the three cheapest Michelin-Starred restaurants in the US?
• Cocktails, Anyone? Inside or out, there is always someplace fun. Take your pick of the 40 stunning rooftop bars or some from the World's 50 Best. Not surprisingly, the City is home to the best bar in North America, Attaboy. Of course, we also have romantic bars, dive bars, and bars you can dance in.

So come and enjoy Summer in the City. And don't worry about the real estate market, as the French say plus ?a change. New York will always be a beacon. Who wouldn't love to live here?!

"Hot town, summer in the City… Cool down, evening in the City, dressing so fine and looking so pretty … Come on come on dance all night despite the heat it'll be all right" ~Lovin Spoonful