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| Spring has arrived, buyers are starting to return to Manhattan, as greater acceptance of elevated mortgage rates and all-cash financing drove pending sales (signed contracts) upward, climbing by 9.3% in Q1 compared to Q4 and 1.7% year-over-year. Buyers, tired of waiting on the sidelines, showed significant interest in ultra-luxury apartments priced above $20 million, with a 140% surge in contracts signed in this category. |
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Manhattan Q1 Market Report |
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| | How to Navigate the Spring Home-buying Season in New York City |
| Spring in NYC's real estate market sees lower listing volume and prices due to fewer buyers and limited bidding wars, favoring buyers. Interest rates and delayed listings add to the advantageous conditions, requiring buyer preparedness and market insight for successful purchases. |
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| | Limited New Listings Joining the Market Remains a Challenge for NYC Buyers |
| In March, NYC hit a record $1.1 million median asking price, with 27 areas above $1 million. Buyers gain power, but few new listings and high mortgages are hurdles. Brooklyn has competitive bidding, Queens sees more listings and demand. Spring 2024 may be balanced but tight, with chances across prices if rates drop. |
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| | Manhattan’s Inside Market: A Crystal Ball For Real Estate Success? |
| The "inside market" concept in real estate, akin to the stock market's bid-ask spread. It suggests using off-market listings to gauge buyer-seller perceptions, emphasizing the need for realistic pricing to match market conditions for successful transactions. |
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| | | This year marks the third annual Japan Parade in New York City! Catch a glimpse of the action starting from 81st Street down Central Park West to 67th Street. Spectators can also experience the lively Street Fair portion of the event on West 72nd Street off of Central Park West. It's going to be a blast! Click HERE for more information! |
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| | Make plans to go to a night market |
| Get ready for summer's open-air night markets! NYC's six locations across boroughs offer outdoor dining experiences, promising to bring warmth after the chilly winter. Click HERE for more information!. |
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| | Time to sell your home? Here are 3 questions to ask yourself The need to ask key questions before selling your home, focusing on reasons for selling, affordability, and long-term goals. It advises a rational approach, considering financial implications and personal priorities to make an informed decision in the real estate market. |
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Discover the Tallest New Building on 5th Ave |
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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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