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Brooklyn Market Update: Seller's Advantage Softens as Demand Dips Our August report is your window into the latest trends and metrics that are shaping Brooklyn's vibrant and significant real estate market, often seen as a leading indicator for New York City's broader property trends. Using the Elegran | Forbes Global Properties' Leverage Indicator, we shed light on the market's state of play through four key metrics: * Supply * Demand * Median Price Per Square Foot * Median Listing Discount These metrics are instrumental in determining the leverage between buyers and sellers. Currently, Brooklyn is experiencing a softening of the seller's market due to a decrease in demand, impacting all housing segments from studios to two-bedroom properties. In this update, we'll dive into these critical metrics, exploring their implications for buyers, sellers, and investors. As the seller's market begins to lose momentum, new opportunities may be emerging. Let's delve into the details of this shifting landscape to unearth the underlying nuances and possibilities: https://lnkd.in/e2ryzQeX #realestate #development #contracts #manhattan #manhattanrealestate #brooklyn #brooklynrealestate #forbesglobalproperties #Elegran #reporting #newdevelopment #marketanalysis #marketreport #monthlynewsletter Forbes Global Properties

Contract Volume is Light: Signs of a Slow[er] Spring Season in NYC Real Estate The #Manhattan real estate market is experiencing a deceleration in contract volume, suggesting a cooling off in traditionally the vibrant spring season. Buyers may pause as they navigate challenges: rising interest rates, declining stock markets, increasing geopolitical tensions, an upcoming election, and shifting forecasts about Federal Reserve rate cuts. 🌎 Impact of Economic and Geopolitical Factors Financing buyers are particularly affected by the spike in interest rates, which have returned to their highest levels since last autumn, prompting a reevaluation of the rent-versus-buy decision. Cash buyers, more typically engaged in discretionary purchases, may hesitate amid these uncertain times. Recent geopolitical developments, especially the tension between Israel and Iran, add to this uncertainty. While these events have not yet impacted this week’s contract activities, their effects may become apparent in the near future. 📊 Market Trends: Manhattan and Brooklyn In Manhattan, contract activity fell by 12% compared to last year's week and was 24% lower than in 2019. Conversely, Brooklyn saw a decrease of 9% from last year but a notable increase of 60% compared to 2019, highlighting a dynamic shift in buyer interest or market recovery. 🏷️ Inventory Levels and Consumer Sentiment The market is observing an increase in inventory, which is expected during this season and might provide buyers with some negotiating power. According to the Elegran | Forbes Global Properties NYC Consumer Sentiment Index, sentiment aligns closely with the pre-pandemic average at a +5 this week. 🏘️ Rental Market Dynamics As we approach the peak rental season, there is momentum in the rental sector, with the highest number of new leases signed in a week since last September. Additionally, there has been a slight decrease in overall inventory, indicating a strengthening rental market. Read the full update: https://lnkd.in/eKYkNr52 #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates #RealEstate Forbes Global Properties

🏙️ Manhattan's real estate market took a major hit in 2023, with sales of investment properties plunging to levels rivaling those of 2020. While the whole of NYC experienced a downturn, Manhattan was hit the hardest. Luxe neighborhoods couldn't salvage the situation, leaving the market in a gloomy state. What factors could have contributed to this decline? Share your thoughts! #ManhattanRealEstate #SalesDecline #InvestmentProperties #blog https://lnkd.in/gvPUveYc

🏅 Manhattan Sees Highest Contract Signings in 10 Months, Brooklyn Breaks 9-Month Record Amidst Growing NYC Real Estate Demand The Elegran | Forbes Global Properties NYC Consumer Sentiment Index increased from +33 to +47 this week as 278 contracts were signed in Manhattan, a record in the last 10 months, and 158 in Brooklyn, a record in the last 9 months. Notably, contract signings in #Manhattan and #Brooklyn increased by 24% and 12%, respectively, compared to last week, outstripping the rise in new listings by 5% and 4% in each borough. ➡️ Buying: Expect a competitive market; act fast when you find a property you like. ➡️ Selling: Considering selling? Now is the prime time to come to market. Let’s discuss the right strategy for you and your home. ➡️ Prices: Expect less negotiability and be prepared to encounter a bidding war. ➡️ Confidence: People feel more confident about the market and macroeconomic factors, which affects decision-making. ➡️ Preparation: Get your finances in order, make those small renovations, and know the market well to compete effectively. Read more of this week's market update: https://lnkd.in/e7f36GDu #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties #whereyoubelong #mortgagerates

Manhattan Real Estate Market Snapshot - November 4-10, 2023 🏙️ : - 183 Contracts Signed: - Down 2% week-over-week. - Up 2% year-over-year. - Consistent Growth Trend: - Third time in four weeks with sales equal to or surpassing 2022 figures. - New Developments Fuel Surge: - New development sales up 56% annually. - Activity at 450 Washington and Tribeca Green major contributors. - Affordable Segment Thriving: - Sales under $1M rose YoY for the third consecutive week. - Reflects increased demand for accessible housing options. - Upper West Side Soars: - 50% YoY increase in Upper West Side activity. - Strong surge in contracts signed under $3M. In a dynamic market, these trends underscore Manhattan's resilience, with new developments, affordability, and specific neighborhood appeal contributing to a promising real estate landscape. #RealEstate #NYC #Market #November2023

🏢 Manhattan's real estate market took a major hit in 2023, with sales of investment properties plunging to levels rivaling those of 2020. While the whole of NYC experienced a downturn, Manhattan was hit the hardest. Luxe neighborhoods couldn't salvage the situation, leaving the market in a gloomy state. What factors could have contributed to this decline? Share your thoughts! #ManhattanRealEstate #SalesDecline #InvestmentProperties #blog https://lnkd.in/gvPUveYc

🏙️ Our Vision: Elevating Real Estate Excellence in NYC🌟 At Value Truth, we're not just about buying and selling properties; we're on a mission to redefine excellence in the heart of New York City's real estate landscape. Our vision is crystal clear: to elevate the real estate experience for every client. 🏡🗽 ✨ What Sets Us Apart ✨ - Expertise: With a team of seasoned professionals, we bring unparalleled knowledge of NYC's diverse neighborhoods and property markets. - Innovation: We're at the forefront of real estate technology, using cutting-edge tools to streamline processes and enhance client experiences. - Personalization: Your real estate journey is unique, and we tailor our services to match your goals and dreams. - Integrity: We uphold the highest ethical standards, ensuring transparency and trust in every transaction. - Results: Our track record speaks for itself – we deliver results that exceed expectations. Join us on this journey of excellence. Whether you're a first-time buyer, a seasoned investor, or looking to sell your property, Value Truth is your trusted partner in the dynamic world of NYC real estate. Let's make your real estate aspirations a reality. 🌆🏠 #RealEstateExcellence #NYCRealEstate #VisionStatement #YourRealEstatePartner #ElevateYourExperience #ExpertiseMatters #InnovationInRealEstate #PersonalizedService #IntegrityFirst #ResultsDriven #DreamHomeJourney #RealEstate #HomeSweetHome #HouseHunting #DreamHome #PropertyForSale #NewHome #HouseHunters #RealEstateAgent #HomeBuyer #HomeSeller #LuxuryRealEstate #InvestmentProperty #OpenHouse #HouseGoals #RealEstateLife #RealtorLife #InteriorDesign #HousingMarket #HomeOwnership