From My Desk to Yours October 2019
Autumn is my favorite time of year when the air is crisp but not yet cold, and the apples and pumpkins are ripe for picking. Our region’s fall colors will soon show bursts of red and golden yellows, so do take a drive north or a stroll through Central Park. It’s the month for Breast Cancer and Lupus Awareness. World Teachers Day is on the 5th and World Smile Day on the 7th. Watch out for friendly goblins on the 31st.
How’s the Market?
There’s plenty contributing to tumbling stats: surplus inventory, federal tax legislation changes limiting SALT deduction, global and national political instability, a looming recession, unresolved trade conflicts, to name a few. Nonetheless June was a blockbuster month for sales especially for high priced properties as buyers rushed to close before the new graduated mansion tax took effect on July 1. With the start of the third quarter, however much of the air was let out of the balloon, and transaction volume fell along with prices and velocity. 3Q 2019 saw 12% fewer sales YOY, average sale prices fell by 14%, and average time on the market tallied 152 days, the longest period since 2012. Units selling for $3M and above accounted for only 9% of the totals with one bedrooms making up the largest segment of transactions (41%), and two bedrooms accounting for 32% of total closed deals. Sales priced between $1-3M comprised the greatest share of closings with 39% of all deals, and properties priced between $500K-$1M accounted for 36% of all sales. The $10-20M category experienced the greatest negotiability with an average whopping discount of 23%. The complete Compass Market Report for Q3 2019 MANHATTAN can be viewed here.
Back on Market
Calling all out of town empty nesters. If you thought you missed a chance to buy an affordable pied-a-terre, opportunity is knocking again at 444 East 52nd Street. Freshly painted and move-in ready, this sweetheart studio in Beekman Place asks $349K and offers prewar charm throughout. Tell your friends. View the listing here.
Did You Know?
Instagram currently has more than 1 billion monthly users and its popular Stories feature has 500 million daily users. According to CNBC this rapid growth has resulted in Instagram’s valuation of more than $100B, or about 20% of Facebook’s total market cap. Facebook paid $1B for the photo-sharing app company in 2012 at a time when there were only 13 employees. Two years later, in 2014, Facebook paid $19B for WhatsApp. OMG! 😯
In Good Company
Meet Brian Zaro, Executive Vice President of Zaro's Family Bakery, a fourth-generation family owned business that was started by his great grandfather Joseph, an immigrant from Lublin, Poland. Founded in 1927 in the Bronx, the company has grown to include 10 bakeries throughout the NYC metro area and also offers wholesale, catering and online options. Brian oversees retail operations, managing more than 250 employees. The bakery is known best for its handmade bagels, challah, chocolate babka and black and white cookies. My personal fav are their rolled cinnamon rugelach. On your way to work, grab a bagel and shmear and a cup of their signature house blend coffee. Full disclosure, I've been privileged to be the family’s friend and trusted real estate advisor for more than a decade. www.zaro.com
Shirley Hackel, NYRS®
shirley.hackel@compass.com | (914) 980-0371