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Market Report: 2017 in Review & Looking to 2018

Market Report: 2017 in Review & Looking to 2018

Happy New Year! Each new year I provide an overview of the past 12 months of Manhattan’s residential real estate market, offer some thoughts based on many economic indicators, and try to gauge the tenor of the market in the first 6 months of the new year.

Interestingly though, notwithstanding the trepidation that many buyers and sellers experienced in 2017, the year ended on a positive note, prompting some speculation by agents that 2018 could be a strong market.  That speculation is further bolstered by the strength of the economy and the stock market, coupled with the traditional strong “spring” real...

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FOR BRICK UNDERGROUND: “When is the best month to put my NYC apartment up for sale?”

FOR BRICK UNDERGROUND: “When is the best month to put my NYC apartment up for sale?”
QUESTION:
I’m planning to sell my apartment this year. What’s the best month to list it, and how far in advance should I hire a broker?
ANSWER:

You’ll want to hit the ground running in 2018 if you can, according to our experts. Sales volume traditionally goes up during the first half of the year, and is especially strong during the second quarter, says Deanna Kory, a broker with Corcoran.

“There are several reasons for this: Bonuses are paid out in the first quarter, sometimes as late as March, and many buyers wait for...

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Your Home Team Part 4: How to Find the Right Professional for Renovations

Your Home Team Part 4: How to Find the Right Professional for Renovations

This series features advice on how to build the best team of professionals who will help you with the buying or selling of your Manhattan home. Assemble your Home Team by also reading Part 1: Real Estate AgentPart 2: Real Estate Attorney, and Part 3: Mortgage Specialist

There are two types of home seekers: one group would tour an apartment and carefully examine what is in front of them and may say, “This is exactly what I had in mind!” Others might find things they don’t particularly like, such as an old-fashioned more traditional look of the apartment, a layout that...

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Market Report: December 2017

Regardless of how the tax reform bill is finalized, it appears that overall the residential real estate market in New York City may benefit as a result. While some buyers and sellers remain uncertain, in general, it seems that the market will continue to gain momentum as we approach 2018 and beyond. This projection is supported by the current economic indicators—the stock market continues to rise, bonuses are likely to be higher than last year, unemployment is down, interest rates are still near record lows, and the overall economy remains very strong. ​

For many sellers, buyers, and brokers, this year was...

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Are Amenity-rich Condos Shifting Focus Away from Traditional Prewar Homes?

Prewar apartments have long been prized for the quality construction and charming details that are absent in most postwar buildings. Along with plaster walls, hardwood floors, elegant details, and gracious layouts, prewar buildings are associated with impressive lobbies, desirable locations, and landmark status. The finite quantity of these buildings has only made them more desirable in the minds of some buyers.

But times and tastes change. Once developers began to offer amenities reflecting lifestyle trends such as gyms, party rooms, roof decks and garages, these amenities proved so popular that they are the new norm. In response to demand for these...

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