From My Desk to Yours February 2020
According to sources, Punxsutawney Phil didn’t see his shadow on February 2nd, so an early spring is forecast. But it’s a leap year, so this February is one day longer. Join the crowds on the 9th in Chinatown for the colorful and very noisy Chinese Lunar New Year Parade to celebrate with costumed dancers, martial artists, giant dragons, firecrackers, cymbals and drums. Pick up some popcorn for Oscar Night that evening as red-carpet screening parties typically start at 7pm. Random Acts of Kindness Day is on the 17th, same day as Presidents Day, and Love Your Pet Day is on the 20th. Thoughtfulness matters.
How’s The Market?
As buyers deal with the new realities of changing tax laws and a new graduated mansion tax, they are coming off the sidelines to make deals, encouraged by historically low mortgage interest rates. With the exception of June and December, the 2019 market was defined by price declines of 15-25% depending on the product category and neighborhood. Nonetheless, the year ended with an unexpectedly high number of contracts signed in December: more than 60 luxury properties, priced at $4M and above, moved to contract in the last month of last year, signaling the busiest and best end of year performance in three years. Last month in January, contract velocity continued, albeit at a slower pace, with the signing of 49 contracts for luxury properties in this year’s first month. To make deals happen, sellers are recognizing the challenges and lowering prices, and developers are continuing to offer concessions. Manhattan’s residential market is stabilizing, and the climate to make a luxury purchase is now.
Coming Soon
We’re in the process of readying a hard-to-find affordable duplex co-op, comprising two bedrooms and 1 ½ baths in the highly desirable Cobble Hill Historic district. It’s a walk-up and washer/dryer is not permitted, but there’s coveted outdoor space. Monthly maintenance is approximately $1,100, and the price will be set under $1M. Stay tuned.
Did You Know?
The 30-year fixed-rate mortgage averaged 3.51% during the week ending January 30, down nine basis points from the week prior according to Freddie Mac. The average rate on the 30-year mortgage is almost a full percentage point lower now than it was a year ago.
In Good Company
Meet Seymour Ubell, successful entrepreneur, lecturer and published author. Brooklyn born and self-taught, he’s Chairman of the family owned JC Edward Corporation which provides packaging for some of the world’s biggest brands with products including pharmaceuticals, shoes, apparel and most recently cannabis. At 88 years young, he’s just completed his first novel entitled Birth Mother which borrows from his own life and posits what might have been had he and his wife Marsha adopted the twin girls they had met at an orphanage in China early in his career travels. In his published memoir A Life of Risks Taken, Seymour shares his triumphs and failures, offering an honest view of his own life and the passion and stamina required to achieve success. Seymour is my favorite octogenarian and my friend, whose personal mantra I hold close to my heart: “Retirement is not an option.”
Shirley Hackel, NYRS®
shirley.hackel@compass.com | (914) 980-0371