Last month, I wrote that the renewed pied-à-terre tax proposal deserved careful attention—and that the details mattered far more than the headlines. Since then, negotiations between the Governor's office and City Hall have moved from concept toward something with real legislative momentum.
Back in 2019, I wrote about the proposed pied-à-terre tax and why I believed it was misguided. At the time, the proposed bill made headlines—and then quietly disappeared. Now it’s back. And this time, it has more traction.
February activity followed one of the most active Januarys we’ve seen in a long time. And although it’s the shortest calendar month, we are entering the spring housing market with some of the healthiest conditions and most encouraging news we’ve seen in quite a while.
Last month, I shared key takeaways from Compass economist Mike Simonsen’s 2026 Housing Outlook, which framed the year ahead as neither boom nor bust, but rather a period of normalization—defined by stability and balance. The Q4 Manhattan data supports that view.
As the year comes to a close, the questions I hear most from clients and neighbors remain the same: How’s the market, and what lies ahead? Fortunately, the answer is beginning to crystallize.
Take a look at a residential property listing, and you’ll see a number titled Days on Market. It usually appears after the price, and it’s meant to show how long the property has been for sale and how long it took to get to a signed contract. But does it really?
In September, we explored some of the most iconic and beautiful townhouse styles lining the side streets of New York City. This month, we’re shifting gears to examine what it might cost to make one of these architectural gems your own.
You don’t need to be a real estate expert to know that the Federal Reserve made waves on September 18th by lowering interest rates for the first time in over two decades. So why have mortgage rates continued to rise since then?
Two key market dynamics are at play in the current marketplace: the anticipation of lower interest rates and a wave of summer price drops. The former is expected to stabilize the latter, and there are implications for both buyers and sellers.
As we approach the end of Q2 2024, the Manhattan real estate market presents a tricky landscape. Optimism and opportunity coexist alongside uncertainty and hesitancy where some properties attract multiple offers while others languish without much interest. Consider these four factors that contribute to this complex climate.
We’re in the middle of the spring buying season, and luxury home sales for this year, so far, are on a par with the number of sales for the same period last year, with one exception. While the number of new development sales has come down, largely because of limited inventory, high-end new development sales have continued to set new price records throughout the city. With strong demand for new development in all price ranges, showrooms are buzzing with activity in Manhattan and Brooklyn. Here’s a look at some notable properties.
Contracts signed are always the best real time measure of market activity, and there’s been an encouraging uptick in signed contract volume since the start of 2024. As residential real estate regains strength, we’ll know soon enough whether Q4 2023 was the nadir of our post Covid market. Similarly, it will take a bit of time to see how buyers, sellers and agents adjust to recent changes and focus on buyer agency commissions.
Restaurant Week is upon us once more, as New York City's eateries unite for a culinary celebration. This winter for nearly three weeks beginning January 16th and ending February 4th, more than 550 restaurants are providing discounted rates and prix-fixe menus for breakfast, lunch or dinner. With prices starting at just $30, it's a carrot that's hard to resist. Explore some of this year's lineup.
Highlighting Last Quarter’s Prevailing Trends. If you have questions about your own property or local neighborhood, don't hesitate to reach out. Here’s a summary of key points along with some commentary:
New York City’s residential real estate market in 2023 was mostly about recalibration and resilience. Despite the year’s challenges posed by banking industry shakeups, spiking mortgage rates and uncertain global political and economic landscapes, the city's real estate sector remained stable. Near the start of the year in February, appraiser Jonathan Miller forecast that this year would be one of disappointment and predicted, “Sellers are not going to get the price[s] they wanted … and buyers aren't going to get meaningful discounts.” Following are a few noteworthy market dynamics.
As a real estate agent with more than 40 years of transactional experience, each year I represent as many buyers as I do sellers, and I’ve been extolling the benefits of buyer agency representation my entire career. It’s never made sense to me when buyers choose to be unrepresented — the financial and emotional stakes are just too high. The recent Sitzer | Burnett class action suit and October verdict provides reason once more to opine on the significant value buyer side agents bring to real estate transactions.
As Q3 2023 ends, it’s apparent that mortgage interest rates will stay higher longer than was expected. Nonetheless, the autumn real estate season is gaining momentum, and buyers are returning to the marketplace--some enthusiastically and others with a bit of lingering trepidation and caution. Over the course of my four-decade tenure selling luxury real estate, I have been fortunate to forge close alliances with scores of discerning buyers.
Twice a year, in winter and summer, New York City’s restaurants join together in a dining extravaganza. Restaurant Week now stretches nearly a full month. This Summer from July 24th through August 20th, more than 550 restaurants are participating, offering reduced prices and prix-fixe menus for breakfast, lunch or dinner and sometimes all three.
As we transition into the second half of 2023, a seasonal summer slowdown is upon us. The definite lull is dramatically different from the robust activity of the post pandemic summers of 2021 and 2022. Today’s sellers are frustrated by fewer showings, silent open houses, and no offers, not even low, embarrassing bids.
In New York, we’re back to pre-pandemic levels, having regained the acknowledged 8-12% drop in property pricing from 3 years ago. This year, we’ve managed to avert disasters, but it was a helluva roller coaster ride!
ChatGPT, or Generative Pre-trained Transformer . . . is a powerful tool which pushes the boundaries of what AI can do and makes advanced AI technologies accessible to different audiences and industries. . . . The new technology is stunning, stupendous and slightly scary.
It would be good if we could come together as an industry to make some changes to this process without having to legislate, blending the talents of experienced residential brokers and transactional attorneys along with the bet practices of managing agents and councels who represent co-ops. What say you?
