2024 Real Estate Rundown

This fabulous 10 room Park Avenue prewar gem is on a high floor in this white glove bldg. The gracious 3 bedroom and a library or 4 bedroom apt has grand proportions and 4 rooms that face West onto Park Avenue. Enter into the spacious rectangular gallery and an oversized living room with a wood burning fireplace is on your right. The large windows face over Park Avenue which give the room wonderful light. A large east facing dining room is also off the gracious gallery. The 4 bedrooms are all in a separate wing, each has a walk-in closet and windowed bathrooms, ensuite. 

Ok, but what's next?

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According to Urban Digs analytics, the number of contracts signed at the end of August/early September was 10% higher than it was the year before in the same week. Was the buzz of lower interest rates speeding up our usual seasonal cycles perhaps?
The phone started ringing with buyers wanting to make deals before the seasonal rush (new inventory + more active buyers) a few weeks before Labor Day weekend, which was sooner than expected. Our team went into the holiday weekend with 4 accepted offers.  

Now halfway through the month, we're still seeing slightly lower supply compared to previous years. In the first week of September, 487 new listings hit the market, a dip from both the previous week and this time last year. However, contract signings were up by 20% that same week, with the chatter of lower mortgage rates driving increased activity.
These numbers are expected to rise now that the Fed cut rates yesterday, just as the fall selling season gains momentum toward the end of the month and into October.
In the meantime, you know what to do: Check with us to see if what you are looking for can be acquired off the market. Or if you are selling this Fall, it’s also good to know what your “competition” is looking like, both on and off the market.