{August 2024} Market Getting Warmer
Hope everyone enjoyed their summer and is now settling back into the swing of things. This is the first time in 3 years that the beginning of the fall came with the busy tone September usually brings. Rates have been so high and the transaction volumes so low that even the fall and spring seasons lost their usual excitement. But starting mid-August, it felt like the market was finally rounding the corner. Our team represented two buyers who bought in new construction projects this month. In both deals, we faced more competition than we did in the last 3 years. The first buyer we represented had an accepted offer, only to be squeezed out by a cash buyer after the contract had been sent out to us. Shortly after, a cash buyer we represented was able to jump in and win a deal from a financing buyer whose offer had been accepted also. A 3rd buyer we worked with, who was an investor looking to buy something that needed work, had 4 other bidders to contend with. The traffic also improved quite a bit across our listings. One of our listings, which faced the back in an older building, didn’t have much traffic for a long time. All of a sudden, we got a full-price offer just last week.
This new phenomenon is still very fresh, reminiscent of this Jan and Feb, when we briefly had a pop in activities but it quickly simmered out as hopes for rate cuts faded. Logically, if rate cuts actually happen and go on for a while, our market should see transaction volumes continue to increase and at some point, push up the prices.
This back-to-school season saw both of my girls starting at new schools - the younger one starting elementary and the older one starting middle school. As always, I was more anxious than they were, although my older one’s emotions went on occasional roller coaster rides as her teen years began. I’m happy to report that so far, they are having the greatest time! If any of you want to talk about schools: public versus private, etc, I’m always a good sport for that. Just like restaurants, NYC has so many different schools and so much to offer our children!
New Development
The Williamsburg Wharf is the first Brooklyn condo project for the prominent developer The Naftali Group and is also one of the final sites along the East River in Williamsburg.