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Sevier in the City!
Co-op/Condo vs. Townhouse
When buying a home in the city, luxury buyers often choose between a co-op/condo and a townhouse, each with unique benefits. NYC consists of 98% co-ops/condos and only 2% townhouses, influencing decision-making. This blog post will explore the key differences to help you decide. Co-ops and condos offer various amenities and a sense of community. In a co-op, buyers purchase shares in a corporation that owns the building, granting them a lease for their unit. Condo owners own their individual units and share common areas with other owners.
1Q 2024 Manhattan & Brooklyn Market Update!
In the first quarter we saw signs of improvement in both the Manhattan and Brooklyn markets, but the long-awaited interest rate decreases have yet to make their highly anticipated debut. In the first quarter of 2024 buyers started to return to the Manhattan market with a 9% increase in signed contracts from the prior quarter. 63% of all transactions at this time were all cash. The luxury end of the market priced more than $20mm saw a surge of 140% increase in contracts signed, which correlates positively to the level of cash deals done. At the same time, we saw inventory levels reach pre-pandemic levels with 6,000 active listings. We anticipate inventory levels continue to climb with the Spring market. We also saw increased contract figures and inventory levels in Brooklyn in the 1st quarter compared to the 4th quarter. The rise in inventory signals a notable shift in market dynamics and this is further evidenced by a steady climb in price per square foot figures. We’re far off from where we should be, but the numbers indicate that the bottom of the market is behind us.
How to Choose a Buyer’s Agent!
You are about to embark on what is likely the biggest purchase you have ever made and one that has probably entailed some serious frugality on your part, to save that 20% downpayment. A consummate professional who is there to protect your interests is an absolute necessity. In order to make sure you have the right person on your side requires some effort on your part.
Topics:
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How To
2
- May 2, 2024 How to Choose a Buyer’s Agent! May 2, 2024
- Jun 27, 2024 How to Price the Priceless Features of a Pre-war Buildings! Jun 27, 2024
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Market Updates
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- May 10, 2024 1Q 2024 Manhattan & Brooklyn Market Update! May 10, 2024
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Neighborhoods
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- May 2, 2024 Is Murray Hill the Next Hot Neighborhood?! May 2, 2024
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New Development
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- May 2, 2024 Is New Development Dead?! May 2, 2024
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VS
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- Jun 10, 2024 Co-op/Condo vs. Townhouse Jun 10, 2024
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sevierteam@compass.com
(917) 991-5386
110 Fifth Ave, 3rd Floor
New York, NY 10011