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Court-side
MANHATTAN | MAY 2024
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Hello Everyone – We are in the midst of the Spring Selling Season which in my opinion has been a “dud.” So far, signed contracts in Manhattan are down 2% year-over-year. And signed contracts in Brooklyn are down 16% year-over-year. This is supported by the Sunday Open House Reports I receive that show an average of only one attendee. Despite the overall decline, there was a 35% jump in sales in the Luxury Market that includes sales above $5M. This category is witnessing prices averaging $2,800 per sq ft— up 3% year-over-year! The Rental Market - The median rent in Manhattan has reached a new all-time high of $4,595 per month. Therefore, tenants who have the opportunity to re-sign a lease and stay put are doing so. This scenario is keeping the vacancy rate at the lowest level since May 2022. Consequently, the number of leases signed last month reached the lowest level since the market pause in 2020. In contrast, last month saw the strongest activity in the Brooklyn rental market in three years. Most renters remain price-sensitive and for some, Brooklyn offers a chance for more space, at a lower cost. It comes down to a tenant’s specific lifestyle needs. If you have any questions about this market or your property, please reach out to me and we can plan a strategy for the remainder of 2024. Remember what some deep thinker once said... "You will never see the positive things ahead of you, if you keep looking at the negative things behind you." Therefore, nothing in the world can bother you as much as your own mind. Lastly, scroll down below to check-out some activities in the city. And let us all remember our fallen veterans on Memorial Day. Thanks so much for reading.
Court Hassinger |
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On the Market with Court
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1831 Madison Ave, Apt 7L
Avoid Congestion Pricing in this Value-Priced Two Bedroom / Two Bathroom Coop in South Harlem near Marcus Garvey Park.
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372 Central Park West, Apt 4T
Here's a One Bedroom Condo for Rent, available July 1st.
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150 West 51st Street, Apt 1609
Here's a two bedroom Condo for Rent in midtown for those who want to be near the office and walk to work.
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Updates for Your Home
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Manhattan Real Estate Market Report - Q1 2024
I reviewed the dismal First Quarter Market Reports last month. Here they are again for those of you who don't pay attention. Read the full report below to gain more insight.
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The Newest Design Trend: Quiet Luxury
Becoming increasingly more popular, the "quiet luxury" trend in interior design focuses on simplicity, functionality, and timeless elegance. Inspired by Scandinavian minimalism, prioritizing quality craftsmanship and understated beauty is key. Check out the link below for tips from interior designs on how to bring this aesthetic into your home.
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The Want List: Architectural Bird Houses
Love thy avian neighbor as thyself — by giving them a home as stylish as your own. Make outdoor life a little more fun by considering these scaled-down iterations of human dwellings.
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Happening Around Town
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Snag Yourself A Sailor... It's Fleet Week!
NYC gives a warm welcome during Fleet Week to nearly 2,300 service members of the U.S. Navy, Marine Corps, and Coast Guard as they dock in the city for the weeklong celebration that overlaps with the Memorial Day weekend. The 36th annual Fleet Week in NYC runs NOW thru May 28th.
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Paul McCartney Photographs 1963–64: Eyes of the Storm
The Brooklyn Museum presents a new, captivating exhibition on the iconic musician Paul McCartney, Paul McCartney Photographs 1963–64: Eyes of the Storm. Offering a personal journey through his legendary career with The Beatles and beyond, it's a must-see for fans and music lovers alike! Grab your tickets at the link below.
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Makers Market at Bryant Park
For the last weekend in May, explore a vibrant showcase of creativity at the Makers Market in Bryant Park. From handmade crafts to artisanal goods, it's the perfect place to discover one-of-a-kind treasures while supporting local makers. Click on the link below for dates and hours.
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Memorial Day Celebrations
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Gather your friends, fire up the grill, and get ready for a Memorial Day weekend filled with laughter and sunshine. Whether you're soaking up the sun at the beach or firing up the grill for a backyard BBQ, it's also important to remember what the holiday is for; to honor and remember the men and women who have passed while serving in the Armed Forces. Check out our list below for ideas on how we can celebrate the Memorial Day holiday this year.
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Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker located at 590 Madison Ave, NY, NY 10022. All information herein is intended for information purposes only and has been compiled from sources deemed reliable, but Corcoran makes not warranty or representation as to the accuracy thereof. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer. Equal Housing Opportunity. ©2024 The Corcoran Group. All Rights Reserved.
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