Q3 2023 and Fall in NYC!

Hello and Happy Fall!

This is such a great season! The air is crisp and the City is infused with fresh energy. Here is the latest news on the Manhattan Residential Real Estate Market and a selection of places and happenings I think might enjoy.

Among other things on tap is a new show by Alicia Keys about growing up here in this City we love.

"Let's hear it for New York." - Jay Z and Alicia Keys

Best always,

Marjorie

THIRD QUARTER MARKET REPORT

The market is slow but chugging along. High mortgage rates continue to depress deal volume, which was down 22% over Q3. Surprisingly, volume this quarter saw more deals than the pre-pandemic third quarters of 2018 and 2019, when interest hovered between 4 and 5%. You can view the full Third Quarter Manhattan market report here.

Details: Volume is down because inventory is down. This, in turn, is keeping prices somewhat stable. While both average and median prices rose, a closer look shows that was due to sales of larger condos. Prices varied within each submarket. You should look at the size, location, condition, and type (condo v co-op) of the home you are interested in to see where prices really sit. Happy to help with this analysis.

Inventory may remain low as sellers hold out for what they hope will be better times ahead. Owners who do not need to move and have mortgages at 2.5% are loathe to exchange them for higher ones, understandably. We are seeing more cash deals in general, and, of course, not all owners will be financing their next purchase or even making another purchase.

There are still plenty of buyers ready to make a move. Stagnation comes when sellers do not accept that prices have not increased in years, and buyers think that fact entitles them to discounts below the market. So, meeting in the middle is the key. (As with everything in life!) Indeed, well-priced listings can still move quickly. See Forbes.

Predictions: While we don’t expect much to change this quarter, demand is historically too strong for deal volume to remain low forever. Buyers still want to live in Manhattan, the market has proven resilient (think post-Covid comeback), and home ownership remains a solid long-term investment and stabilizing force (particularly as a hedge against high rents). On the flip side, sellers cannot put decisions off indefinitely. The best time to buy or sell is based on where you are in your life and your plans for the future. If you are wondering whether this might be the right time for you, check out this NY Times "rent vs buy" article with interactive calculations.

My Sales and Listings: June saw the closing of 1060 Fifth Avenue. This sale to a noted author was included in a NY Times article showing prominent New Yorkers still very interested in classic pre-war real estate on the Upper East Side. Similarly, grand apartments on the West Side have also kept their appeal. Check out this video of sumptuous Apartment 2S at the St. Urban. If you’d love a backyard, come see this pretty townhouse.

Please feel free to reach out if you need more info on any or all of the above. I would be delighted to fill you in.

Now for the fun stuff!

DRINKS? DINNER? HIGH TEA?

Drinks: The NY Times lists the best new places to drink this fall. Here are the 50 best bars right now. It is still warm enough to go to one of the 32 best rooftop bars. I love Nubelez at Nomad’s Ritz-Carleton for sheer glamour. Ditto Darling at the Park Lane. Get a new city view at 1 Hotel Brooklyn Bridge in Dumbo. For more in that popular borough, here are the 23 Best Rooftop Bars in Brooklyn.

Dinner: The NY Times has again chosen 18 new restaurants to keep your eye on. Old or new, these are the 50 best restaurants in the city right now, including the 10 best fine dining options. A forever Upper East Side favorite is Daniel.

High Tea: Yes! If you have some leisure time or just want a real treat, here are Town and Country’s choices of the 18 best places for afternoon tea. I recommend The Whitby Hotel, both for afternoon tea and evening drinks. It is right off Fifth Avenue on 56th Street. The atmosphere is uplifting and fun with its extravagant use of color and whimsical design.

ART AS ALWAYS, Speakeasy included:

So much to choose from! The Met has curated a massive face-off on frenemies Manet and Degas. The Great Hall has Metta Prayer, a multi-channel video installation accompanied live performances every Friday at 7PM. Vertigo of Color features a great look into Fauvism. MoMA has pop-artist Ed Ruscha and Picasso in Fontainebleu. The Whitney’ s Ruth Asawa Through the Line reminds us to see wonder daily. The Guggenheim’s Going Dark seems timely. The Frick, soon to its mansion on Fifth, has one last eye-opening show by stunning black artist Barley Hanedricks, a must-see. The Museum of the City of New York turns 100 this year and has a lot of fun planned. Don’t miss New York at its Core, showcasing 400 years of NY history. Its Friday night Cocktails and Culture events are fun. If you are near Chelsea or Flatiron, check out Fotografiska, a contemporary museum of photography, art, and culture. For pet lovers, Best in Show is sure to make you smile. This cool fave also has a glam restaurant and evening SpeakEasy in a Chapel Bar. Did you know that most museums now have lovely dining options? See NY Times Top Museum Dining List. Did you know you can get tickets to over 80 cultural institutions for free with your NYC library card?

DANCE WITH ME

Performances: Fall is one of the BEST seasons for dance in New York, It is the 75th Anniversary of Balanchine’s New York City Ballet! The Nutcracker is next. BAM in Brooklyn has it going on with a variety of performers, as does Baryshnikov Arts in Hudson Yards. More is coming this weekend when American Ballet Theater kicks off its Fall Season.

Dance Yourself! New Yorkers are feeling the party vibe, as always. Here are the 23 Hottest Night Clubs for Dancing. If you want an afternoon of swing, check out Seaport Swings at the Tin Building by Jean-Georges. Plenty of spots for Salsa. Eventbrite has a long list of parties across town.

HALLOWEEN TOWN

Scary Fun: Boo! Here are some of the Best Halloween Events in town, from the Village Parade to dog costume contests and a pumpkin flotilla in Central Park. There is even a list of the best Halloween bars. And best Halloween shows. Yes to Harry Potter and the Cursed Child and Sweeney Todd! Here is a series of Halloween Candlelight Concerts.

"I suppose that is the thing about New York. It is always a little more than you had hoped for. Each day there is so definitely a new day. ‘Now we’ll start over,’ it seems to say every morning, and 'come on, let’s hurry like anything." Dorothy Parker, My Home Town