DET JAN 2025 NEWSLETTER

Doug Eichman Team

January Newsletter

It is January 2025. January is the best month...it just needs a new press agent. It is a great time to take a breather, reflect on the past, appreciate the present, and look forward to the future. In 2024, Manhattan apartment sales were driven by the path of mortgage rates. Buyers took advantage of the sharp decline in interest rates that occurred from May through September. The National Association of Home Builders expects the 30-year mortgage rate to fall below 6% by the end of 2025. The U.S. stock market defied analysts’ downbeat outlook for 2024, producing another banner year for investors. Perhaps the average price increase of 37% in new development sales during the 4th Quarter was a result of the $33.8 billion in Wall Street bonuses. It is early in 2025; however, buyers have already re-entered the market. Fortunately, Manhattan has a healthy level of supply which should keep prices stable. January may lack sunlight and have 31 days of dreary cold; but the winter stillness is the perfect weather to enjoy my Languedoc favorite, Cassoulet.

Doug

Real Estate In The News!

4Q24 Manhattan Market Reporty!

Manhattan apartment sales in 2024 were driven by the path of mortgage rates. A sharp uptick in rates in the second and third quarters of 2023 helped depress sales at the beginning of 2024. In fact, the number of closings in 1Q24 was the lowest for the first quarter since 2009. In the 4th quarter of 2024, buyers took advantage of the sharp decline in rates, and closings in the second half of the year were decent, but not great. Read the full report HERE!

And We're Off to a Good Start!

Twenty contracts were signed at $4M and above in Manhattan last week - 3 fewer than the week before. Condos outsold co-ops 13-4 with 1 condop and 2 townhouses sold. According to the Olshan Report, that total is the 2nd best start to a year since 2002 when they began the report! The 10 year average for the first week of January is 14. The #1 contract signed was PHA at 67 Vestry Street asking $48M - raised from $43.5M when it launched in 2020. See it HERE!

Happening in January!

Not Such a Vicious Circle!

More than a century ago, the Algonquin played host to literary juggernauts such as Dorothy Parker, Franklin Adams, Robert Benchley, Edna Ferber, Harold Ross, Robert Sherwood, Alexander Woollcott and more. The group, who called themselves "The Vicious Circle," met for lunch at the hotel's round table. After 6 months of renovation, that same round table is back in the hotel and can be found in front of a tall blue booth in the Hotel's Round Table Restaurant. Info HERE!

Anne Frank House in NYC!

The Anne Frank House is one of the most popular sites in Europe, and for the first time you can see it in NYC starting this month. Anne Frank, The Exhibition, will open on January 27th which is also International Holocaust Remembrance Day, and run thru April 30th. The full scale replica is a result of a partnership between the Anne Frank House and the Center for Jewish History and can be seen at their center in Union Square.

Get details and tickets HERE!

	Clothes Make the Woman! The clothes we put on our bodies every day don't just keep us warm or covered or in fashion. They also say something. Clothing can convey meaning, sometimes in direct ways like "I'm mourning" and sometimes in indirect ways like "screw the status quo." A new exhibit titled "Real Clothes, Real Lives: 200 Years of What Women Wore" at the New-York Historical Society digs into how clothing has played a crucial role in the lives of everyday women.. Details HERE!
Chamber Magic! Music and Magic, is there a better combination? The charming Steve Cohen, billed as the Millionaires’ Magician, conjures high-class parlor magic in the Madison Room at the Lotte New York Palace. Dress to be impressed (cocktail attire is required here); tickets start at $125, with an option to pay more for meet-and-greet time and extra tricks with Cohen after the show. If you want a classic style magic act, look no further! Tickets and info HERE!

Lifestyle Tips!

Not a Color, A Collection!

Sherwin-Williams introduced one of the first "color of the year "predictions and set a new bar by creating a collection of colors. Something for everyone! See the collection HERE!

Movie Time!

Researching the month of January, I learned that the 19th is National Popcorn Day! Great to learn that one of my favorite food indulgences has it's own day. My friends and I are currently addicted to a truffle popcorn version but caramel corn is a crowd pleaser and this NY Times recipe is the best...easy too. Click on your streaming platform of choice and settle in for a winter evening of tasty movie watching.

Recipe HERE!