Category: Upper West Side

Quick Market Update – NYC Luxury Real Estate

Quick Market Update – NYC Luxury Real Estate 60 Powers Street, Williamsburg Brooklyn - Photo: Tony Sargent

Wherever you are in New York, people ask – “How’s the market?” “The Market” really depends on which segment of the real estate market you are interested in. New York’s market is divided by neighborhood, by price point and property type.

Sellers ranging from Greenwich Village Studios to Deluxe Upper West Side apartments and to West Village Townhouse owners have contacted me lately asking about the market and evaluating selling. I’ve been actively marketing 2-3 Bedroom homes in Chelsea and Williamsburg, Brooklyn giving me a deep snapshot into the market on multiple levels.

  • West Village Studios – ($550K to $850K)  – The Studio / 1Br market is picking up again after a slow summer and fall. Contracts are being signed at a faster clip. Prices seem to be stable
  • Chelsea 2-3 Bedrooms – ($2.25M to $3.3M) – Chelsea continues to have higher levels of inventory in this category, providing buyers with some opportunity. Well priced listings are selling, or those listings that lingers have been going to contract, after their prices align with buyer expectations. On average 5-7 contracts have been signed per month with approximately 50+ active units on the market. My listing has a contract out. Fingers crossed!
  • Williamsburg –  When you move away from the Williamsburg waterfront and look at townhouses, there is little on the market that is not older. Around the Lorimer Street / Metropolitan Avenue area development of multi-family homes is evident. Walking up and down Devoe, Ainslie or Powers street old homes have been replaced by more modern designs. The are is vibrant and for the un-initiated, the Lorimer / Powers area is almost the perfect tip of the triangle to be able to have access to South Williamsburg and Williamsburg Bridge within minutes or being able to access the Bedford Street area and McCarren Park of Williamsburg. My listing there at 60 Powers Street has seen a lot of activity of late. Buyers are out in force – and many already live in the area and are renting or begrudgingly looking outside of Dumbo where they have been enjoying loft living for many years.  The big question is this: What about the L-train?  After being in Brooklyn now for two months to prep and stage my listing and market it, I’m in love. The train also (especially from Lorimer St) will hopefully be less of an issue than one thinks. To get to mid-town it’s four short stops to Court Square and a connection to the E or 7 train as well as others. For downtown, it’s easy to get to the J,M and Z trains.
  • Luxury Properties – The luxury sector has picked up significantly compared to 2017. That’s not to say it’s flying, however buyers who were on the sidelines have jumped into the market and are buying properties which have been reduced in price. Reports have been showing 24+ signed contracts over $4 Million which is a significant jump from the slower months recently. New Developments are still commanding the highest prices and volume of new luxury contracts with their views, amenities such as private garages and secure driveways like at 70 Vestry Street in Tribeca.

Bottom line: It’s still a challenging market for most, however if well positioned both sellers and buyers have opportunity in this market. If you have any questions, please contract me. I’m happy to help you.

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What is Real Estate?

What is Real Estate?

What is real estate? As I leave my office late tonight, I look at the list on my desk-wall of clients who want to buy or sell. They aren’t numbers to me. They are people: fathers, mothers, children, partners. All with a dream of owning a home or having more space. A place to create memories, to celebrate anniversaries, to laugh, to cry, to perhaps disagree and then come back together. To watch teeth fall and then the 1st sideburns grow.

This is why I do what I do. To help people make their dreams come true, as smoothly as I can. Nothing feels better than to seem them smile on closing day…and five years later. – By Tony Sargent

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Matt Damon Skips Away from 535 WEA

Matt Damon Skips Away from 535 WEA

Not so Hush Hush!  According to Curbed.com Matt Damon turned his back on the 19th Floor 6,600 SF behemoth of a 6 Bedroom apartment at 535 West End Avenue.  The price of this super-deluxe unit has now been chopped to $18.9 Million from the previous asking of $20 Million.  While the price may appear mind-boggling while many are struggling, the higher end of the market has seen a lift in 2010.  The highest priced sale in the building was over $17 Million.

From townhouses to luxury properties, contracts have been signed and sales have happened.  Read more…

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Quick Market Update – NYC Luxury Real Estate

Posted on March 15, 2018

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