From My Desk to Yours September 2019
Today is National Skyscraper Day, so look up to marvel at the more than 7,000 architectural feats of engineering in our city—structures with 40 floors or more. This month, Labor Day came early, and the Jewish High Holy Days will be late with Rosh Hashanah on the eve of September 29th. Coinciding with the Hebrew month of Elul, it’s an important season for self-reflection. Lord knows we have much to consider and improve upon and build in our lives and in our nation. Autumn, my favorite time of year, begins on the 23rd.
How’s the Market?
Dare I repeat that it’s a good time to buy? I understand that when the economics and politics of the day are confusing, and extremes prevail even with the weather, when we’re spooked by daily headlines of all too frequent shootings, unresolved trade conflicts and a looming recession, the mood of the day is sometimes hard to shake. When prices have been declining for the last three years, it’s tough not to question whether there will be more price reductions. When uncertainty reigns, wait and see psychologies predominate. However, buying options are expanding, and they are expected to grow this month as sellers list more homes after Labor Day. This is an opportune time to finance a home purchase, whether you’re buying for the first time, trading up or down, or making a second home purchase. The 30-year fixed mortgage rate is down a full percentage point from last year, providing more buying dollars. To all those sidelined who have been kicking the tires, but not acting, do not fear buying. Invest in your future. You have a firm negotiating edge especially with fatigued sellers whose properties have been lingering on the market. If you’re thinking about selling, price realistically to create urgency and capture early buyer attention. Savvy buyers and their brokers are shopping for value.
New Rental Offering
I’ve just listed a hard-to-find 5-room 2 BR condo with 2.5 deluxe bathrooms and a south facing 10’ terrace for $9,300/month. It’s a stunning high floor, sun filled residence featuring open views from 3 exposures. Two spacious Master Bedrooms have ensuite white marble bathrooms with Waterworks fixtures. A well-equipped kitchen, separate dining room, attractive powder room off a large foyer, hardwood floors, crown moldings, and a semiprivate elevator landing complete the picture. Situated midblock on the south side of the wide boulevard of East 79th Street between Park and Lexington Avenues, the Belgravia is a full service 21-story condo with 62 apartments built in 1986. Amenities include 24/7 concierge and doorman service, resident manager, state-of-the-art gym, common room for bikes/storage, resident’s lounge and Zen-like Japanese garden. Centrally located, the building is convenient to bus and subway transportation and neighborhood restaurants, shops, museums, schools and Central Park. If you know someone looking for just this, please forward asap. Click for details.
Did You Know?
Mortgage refinance applications have soared since November 2018 when rates peaked just over 5% last year; they are now well below 4%. According to the Mortgage Bankers Association, today’s borrowers have an incentive to refinance. In 2Q2019, refinance applications increased 30% from the first quarter, and in the first two weeks of August, they surged another 50%. Last week when rates inched up to 3.94% from 3.9%, the number of refinancing applications dropped. If you can lower your current rate by 100 basis points, my lender friends advise that refinancing makes sense as you’ll build equity in your home more quickly and reduce your monthly costs.
In Good Company
Meet Deborah Bigeleisen, artist, art consultant and visiting educator. A West Palm Beach-based artist, she pursued her creative passion after relocating from NYC in 1998 following an 18-year career as founder and creative director for a global textile print design company. Twenty years later, her work is prominently included in corporate and private collections world-wide and exhibited in prestigious museums in Boca Raton, Brooklyn, and Los Angeles. Her paintings have been published widely and have graced the covers and pages of international art and design publications including Art and Antiques, Miami Home & Décor and Architectural Digest. She is represented by fine art galleries in Aspen, Greenwich, Miami, Nantucket, Palm Beach, and Vero Beach. With light as her muse, Deborah states, “I continually challenge my creative vision.” Her early work explored the anatomy of a flower with larger than life views and bold expressive brushstrokes reminiscent of Georgia O’Keefe. On her website, she writes of her goal “not only to seduce the viewer into the multitude of its complexities but also to shift the dialogue inward by asking the viewer to slow down, to take the time to really look at the world around them, to see and question more than meets the eye, and to think about their place in life.” Her current Kaleidoscope series brings together elements of her previous genres of realism, surrealism, and abstraction. Deborah will be pleased to engage in a conversation with you about direct purchases and commissions. https://deborahbigeleisen.com/
Shirley Hackel, NYRS®
shirley.hackel@compass.com | (914) 980-0371