May is in full swing and we're happily soaking up the Spring weather this month — I hope you are too! The NYC real estate market has been quite active as there isn't any indication that this market is slowing down either. The city slowly gets warmer and it's the perfect time to go out and enjoy activities and events.
As always, please feel free to approach me with any questions you may have or with any of your real estate objectives, I am available to you! In the meantime, take this opportunity to visit a park, enjoy the flowers blooming, maybe explore a neighborhood you don't know that well--most importantly soak up this warm weather!
DB
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Demand bounced back to where it was the week before the holidays.
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As expected, there was an influx of new supply following the holiday weekend and the market has surpassed 8,000 listings for the first time since November!
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What’s next for the real estate market?
Manhattan residential real estate sales topped $7 billion in the first quarter, marking the strongest-ever start to a year as the market shows no signs of slowing, according to new sales data.
There were 3,585 sales in the first quarter, the highest number ever for a first quarter, according to a report from Miller Samuel and Douglas Elliman. That’s up 46% from the first quarter of 2021. Total sales volume surged by 60% to over $7.3 billion, as falling inventory also led to continued growth in prices.
The average price of a Manhattan apartment jumped 19% over the previous year’s period, to $2,042,113.
The strength came despite rising interest rates, concerns about a possible recession and falling stocks, which tend to have an outsize impact on the Manhattan real-estate market given the city’s dependence on the financial industry.
It doesn’t look like a push for a return to the workplace is driving the increase, either. Only about 36% of New York workers have returned to the office.
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456 West 19th Street, Unit PHH
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169 Huron Street, Unit 3A
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307 West 20th Street, Unit 4F
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420 West 25th Street, Unit PH9C
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THE RESIDENCES
• 115 residences ranging from 1,309 sq ft to 4,850 sq ft
•Spacious floorplans boasting ocean, city and Intracoastal views
• All residence delivered fully-finished including flooring, kitchens & bathrooms
• Private elevator lobby for each residence
• Service elevators
• Italian designed kitchens with top-of-the-line appliances
• Walk-in closets in all master bedrooms
• Laundry rooms with full-size washer and drye
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• Prewired for high-speed internet access and WiFi
• THG Paris bathroom faucets
• Restaurant bar & grill with indoor & outdoor seating areas
•Open lounge area on the beach with chaise lounges
• Beach storage
• Food & beverage service
• Two oceanfront infinity pools
•Private cabanas available for sale
• Private poolside cabanas available for day use
• Food & beverage service
• Oceanfront infinity pool sunken lounge
• Lush Gardens including covered pavilion & fire pit
• Outdoor fitness area & meditation area
• Drop-off & arrival experience with impressive porte-cochère
• Reception & concierge desk
• Signature Lissoni sculptural staircase
• Clubroom – multipurpose social event space with prep kitchen
• Library & breakfast room
• Business center on the 3rd floor
• Oceanfront fitness center with juice bar
• Beauty salon & barbershop
• His & hers spa with locker rooms, sauna, steam room, vitality pool and relaxation lounge
• Business center with private offices, conference room and coffee bar
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© Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS.
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