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JESSICA'S REAL ESTATE CORNER
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NYC | SOUTH FLORIDA
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2023 Real Estate Market Predictions:
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What Sellers, Buyers and Renters Need to Know As Mark Twain once put it "history doesn't repeat itself, but often rhymes". According to Forbes, the story of New York real estate market in 2022 was a tale of two markets. The year started in the best of times, as buyers signed record numbers of contracts in February and March. Then April rolled around, and them market began to shift. By fall, it seemed as if the worst of times had arrived. However, as 2022 closed out, New York City markets becalmed. The recovery story is over. And now, 2023 is free to write its own story! As we usher in 2023, I reflect on the renewed sense of possibility and excitement in the city. The evidence is all around – restaurants, parks, and even the intangible but ever-present bustle have all come roaring back into focus. Thinking of buying or selling a home or finding a great investment property in New York City, South Florida or the Hamptons? I’d love to help! Get in touch to discuss the state of the market, and don't forget to ask about any off-market deals. |
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Where Should I Eat in Miami Right Now?
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Miami's Hottest New Restaurants: Contessa Miami The latest creation from the Major Food Group team (Carbone, Sadelle’s, and Dirty French) is a swanky, two-story restaurant in the Miami Design District. Gekko The latest very buzzy restaurant from David Grutman and superstar Puerto Rican rapper Bad Bunny combines Japanese dishes with steakhouse fare in the heart of Brickell. Walrus Rodeo The duo behind Boia De, Luciana Giangrandi and Alex Meyer, along with partner-chef Jeff Maxfield, have debuted their new wood-fired focused restaurant, Walrus Rodeo, just doors away from Boia De in Little Haiti.
Learn more >
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In Contract Under 60 Days...
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425 East 79th Street, Apt 2D I successfully got this home into contract UNDER 60 days!!! Pretty remarkable considering that the Co-op Resale Sales are taking an average of 106 days to sell... Out of curiosity, what are your biggest real estate challenges? I'd love to better understand your your goals and needs. Hit "reply" to let me know. Do you have an apartment you are considering to sell? Contact me to see what your home is worth.
Learn more >
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Manhattan Real Estate Pulse
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The Fourth Quarter of 2022 represents a market in transition. 2022 was an eventful year in real estate as conditions shifted from one of the strongest markets ever to a more challenging environment as buyers' needs and the economy changed. - It's important to put 4Q2022's numbers in perspective, as 4Q2021 was one of the best quarters ever for Manhattan residential real estate resulting in skewed numbers.
- Fourth Quarter 2022 had more closed sales than every fourth quarter from 2017 through 2020, but when compared to 4Q2021, sales dropped 27%.
- High-end sales above $2M dropped 31% annually, compared to a 22% decline in sales under $2M.
- Sales of New Developments fell the least of all product types due to several new properties commencing closings.
- Manhattan inventory rose annually for the first time in six quarters, up 4% year-over-year to about 6,500 listings. However, the figure was the second lowest fourth quarter tally since 2017. Along with the slight uptick in supply, days on market grew three weeks versus the previous quarter.
Learn more >
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Real Estate News is Never Just About Real Estate
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Inflation, Interest Rates and Economy. What do they mean to you? It's also government policy, financial markets and new technologies that are constantly changing the way we do business. (The Real Deal) In the face of higher mortgage rates, inflation, and economic uncertainty, many buyers adjusted their budgets downward and sellers had to become more negotiable. Plus, there were fewer overall sales of larger residences. As a result, Fourth Quarter 2022 absolute price figures dipped to a two-year low, with average price falling 5% to just under $2.0M and median price slipping 8% to about $1.1M. Conversely, price per square foot actually increased. These statistics were influenced by new development closings, which fell less than the resale market, and select closings in prime locations along Billionaire’s Row, the Upper East Side and the West Chelsea waterfront. Fourth Quarter 2022 was a market in transition with sales influenced by the many potential buyers waiting in the wings. Supply and pricing moved less significantly, setting up early 2023 as a pivotal time to gauge the market’s near-term direction. Regardless, if the last three years proved anything it was the resilience of and enduring demand for Manhattan real estate.
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For those reading that do not live in New York or Florida, don't forget that The Corcoran Group is part of Anywhere Real Estate (Formerly Realogy). This means that if you are Buying or Selling across the country, we have your covered. Don't hesitate to reach out for any of your real estate needs- regardless of your location!
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Jessica Kaufman
Lic. as Jessica L. Kaufman
Licensed Associate Real Estate Broker
516.316.4126 (M) | 212.836.1091 (O)
JKAUFMAN@corcoran.com
2022 Dealmakers Award for Sales Transactions
Bio & Listings |
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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. ©2023 The Corcoran Group. All Rights Reserved.
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