Summer Snapshot 2019

Summer Market Snapshot 2019 

Dear Friends,

Summer 2019 has been a busy market for luxury sales closings, thanks to a new, graduated "Mansion Tax" rate on apartments over $1M. Beginning July 1st, what used to be a flat 1% tax on the buyer has climbed up to a maximum of 3.90% on apartments priced $25M and above (see attached schedule).

Brown Harris Stevens has released their second quarter market report for Manhattan. It shows “rush of new development closings” based on the completion of new buildings- specifically One Manhattan Square on the Lower East Side and 15 Hudson Yards. Thanks to these and others, new development sales were up 11% year-over-year.

THE MARKET IS ACTIVE for buyers and sellers- at all price points. It's been my busiest summer ever with showings, open houses, listings and buyer tours.

Though there is concern over rising interest rates- but they continue to remain at very favorable terms. A $3M co-op purchase with 25% down would run an APR in the 3.5% range. 

As to my own inventory, I’ve been as busy as ever with listings all over Manhattan, Uptown, down, east, and west, which is helping me stave off the effects of the newly opened Van Leeuwen ice cream shop at 71st and Columbus where I have an issue resisting their addictive vegan offerings….

 
van leeuwen cones.jpeg
 

Featured below you'll find a gorgeous new listing- an apartment designed by Armani Casa, perched on the 16th floor of The Collection in the Financial District- one of my new favorite hoods thanks to the added shopping, dining, and greenspaces over the past couple of years. This is the secret neighborhood that NYC's too often overlook. This sexy 2-bed/2-bath condo is definitely worth a visit, listing with BHS' Jeremy Rosenblatt.

 
 

Now is a good time to buy- absorb the current inventory which is being reduced for sale- before the new fall product is launched...savvy sellers are reducing now to sell before the fall deluge- at higher prices than they will likely realize later in the year.

 
GettyImages-155775705-59a9756a0d327a001178c061.jpg
 

With so much activity in the market right now, it's as good a time as ever to reach out for more information; design, buying, selling, staging, or just to check in regarding the current value of your home. And if you know someone who's considering buying or selling an apartment in New York City, I would be so grateful for an intro...

Make every last day of summer count… 

More ice cream.

Leave work earlier.

Put down the phone and take a Sunday afternoon snooze in the sun.

~Mike