How has the % of cash buyers for Manhattan’s new development and resale condos changed over time? Mar 2024 UPDATE: After a dip earlier in the year, % of cash buyers surged upward in March for both new dev and resales Feb 2024 UPDATE: % cash buyers for Manhattan new dev and resale condos diverged, with new dev rebounding back to 70% and resale retreating to just below 64% Jan 2024 UPDATE: % cash buyers for Manhattan new dev and resale condos retreated to 65% As mortgage rates fluctuate, the percentage of cash buyers has moved in lock-step with approximately a one-month lag Over the spa ..read more

In a recent Wall Street Journal article, How to Make Sense of New York’s Confusing Luxury Home Market, Katherine Clarke illuminates the volatile and complex state of the New York City luxury real estate market in the aftermath of the Covid-19 pandemic amidst rising interest rates and an AI-driven stock market surge.  Using Marketproof’s analysis, the article contrasts Midtown’s dense luxury inventory with Downtown neighborhoods such as Greenwich Village, West Village, and Tribeca, where there is low supply and high demand. The analysis also points out a significant decreas ..read more

Guest post by Pierre Debbas Time heals all wounds, but when you look back 15 years ago, we experienced the worst financial crisis in America since the Great Depression. We lived in a world where subprime lending was rampant and created a bubble that tore apart the housing market and nearly destroyed our banking industry. We witnessed the largest bank collapse in U.S. history, Lehman Brothers. Millions upon millions of homes were underwater or foreclosed on. The world appeared to be ending. Then the government stepped in, issued trillions of TARP money, and rescued the financial system. Given ..read more

“I’m a features reporter for the New York Times,” began the email I received last month. The reporter, Steven Kurutz, was working on a story about the evolution of Williamsburg, Brooklyn. And he sought Marketproof’s input to make it happen.  The article – which aimed to chronicle Williamsburg’s transformation from a bohemian industrial zone to a desirable luxury development site — would appear in the Times’ Styles Section. It would not be a straight-up real estate story, but it needed data and a market expert’s commentary to illustrate its premise.  At Marketproof, we do very littl ..read more

Each week Marketproof publishes an NYC new development newsletter. These reports provide the most update-to-date info on new development trends. Marketproof Pro subscribers receive these on the day they are published. Start trial → WEEK START FEB 5, 2024 Another Strong Week for New Dev Highlight: Manhattan Cash Buyers – January Update JAN 29, 2024 Contract Activity Holds Steady Highlight: Daily 3 Brokers of the Month JAN 22, 2024 Contracts Rebound After Slight Dip Highlight: 5 Manhattan Condos Priced Over $50M JAN 15, 2024 Momentum Eases During Short Week Highlight: 2024 Sal ..read more

Every year, Marketproof releases a year end report on the new development market in NYC. This year-end review delves into the latest trends and provides critical insights and key takeaways about the city’s evolving real estate landscape. You can subscribe to receive the year end reports here >> 2022 2022 NYC NEW DEVELOPMENT MARKET REPORT & TOP SELLING BUILDINGS OF THE YEAR 2021 2021 NEW DEVELOPMENT RECAP – A BLOCKBUSTER YEAR 2020 2020 NEW DEVELOPMENT RECAP – THREE EVENTS THAT SHOOK THE NYC NEW DEVELOPMENT MARKET You can subscribe to receive year end reports here: Sta ..read more

Each week Marketproof publishes an NYC new development newsletter. These reports provide the most update-to-date info on new development trends. Marketproof Pro subscribers receive these on the day they are published. Start trial → WEEK START DEC 11, 2023 Retreating Rates and Advancing Equities Set the Stage for 2024 Rebound Highlight: All Cash Buyers Tracking Chart – November Update DEC 4, 2023 Demand is Moving in the Right Direction Highlight: Brooklyn’s 4th Avenue Corridor NOV 27, 2023 Market Bounced Post-Holiday, But Not High Enough Highlight: Manhattan’s Grip on Luxury N ..read more

How has the % of cash buyers for Manhattan’s new development and resale condos compared over time? Nov 2023 UPDATE: cash buyers for Manhattan resales caught up to the level reached by new dev buyers Next month, we will see if the recent mortgage rate decline results in fewer cash buyers Over the span of a year and change, we have seen a bottom (37%) and a top (72%) 37% is the lowest level, and 72% is the highest level reached in the period tracked Subscribe to Marketproof Pro & Marketproof Pipeline for all the details. The post Manhattan Resale & New Develo ..read more

GFI Development, a New York-based real estate developer, announced on December 5, 2023, that closings have commenced at ONE11 Residences at Thompson Central Park, located adjacent to Billionaire’s Row at 111 West 56th Street. On the heels of an especially strong month of sales – reporting an impressive ten contracts signed in the last three weeks – ONE11 Residences at Thompson Central Park is now available for immediate occupancy. Crowning the top nine floors atop Thompson Central Park, the building offers a collection of 99 stylish condominium residences by the renowned architectural de ..read more

The REBNY Listing Service Universal Co-brokerage Agreement Rules and Regulations state the rules for co-broking in New York City. Co-broking is when a home buyer and seller’s brokers coordinate a deal. REBNY-Universal-Cobrokerage-Agreement-Jan-2024 Link to download the REBNY Listing Service Universal Co-brokerage Agreement Rules and Regulations: https://blocksandlots.com/wp-content/uploads/2023/11/REBNY-Universal-Cobrokerage-Agreement-Jan-2024.pdf The post REBNY Universal Co-brokerage Agreement: Jan 2024 Update appeared first on Blocks & Lots ..read more