Happy October!

During the month of September there was a noticeable increase in Brooklyn supply. In markets that I track, much of that supply was met with buyer demand, accepted offers and firm prices. Check out my market report below for more details.

Additionally, I've included events in and around New York City during the month of October (see Inbox Concierge below), our Q3 Manhattan Market Report, our Open House Traffic Report and various articles I hope you'll find of interest. Click the images below for more details.

Have a great month and feel free to contact me at any time with questions or for real estate assistance.

All the Best,

Steven Segretta
Licensed Real Estate Salesperson
#1 Top Agent - BHS Park Slope 2021
Top 5 Agent - BHS Brooklyn 2020, 2021 
America’s Best Agents - RealTrends 2021, 2022
View My BHS Web Page
NYC Events
Click the image above for curated events in and around New York City during the month of October.
Brooklyn Market Report – October 2022
Supply increased in September from the prior month and has been met in various markets with relatively strong demand and stable pricing.
Consumer Confidence
Consumer confidence rose for the second straight month in September, to its highest level since April.
Manhattan Q3 2022 Market
Since the middle of May, our weekly Contracts Signed reports have shown a sharp decline in activity, especially compared to a year ago. That’s not surprising, considering that mortgage rates have doubled this year, inflation remains near a 40-year high, 2021 was one of the strongest years ever for housing and a decline was inevitable, and the Dow is in a bear market. But this slowdown has yet to show in our quarterly reports, which focus on closings rather than contracts. There’s always a lag from when a contract is signed and a sale closes, which can take months for co-ops, and even years for new developments.

It’s logical to ask about the value of a report based on closings, considering they occurred during the prior three months, with contracts signed months before that. The answer is that until a sale closes and is recorded, the actual sale price is seldom known. Closing data is vital in pricing apartments and for appraisals, even though they can be a bit dated. 

We do see evidence of the market’s slowdown in our third quarter report, but the full impact on sales and prices won’t be known for at least another quarter. That’s because half of the closings in the third quarter of 2022 had their contract signed before May 18, which was when the market began to shift. 

To best understand the status of Manhattan’s housing market, it’s best to look at all metrics, not just closings. 
Open House Traffic Report for the Week of Sept 19th to 25th
Based on survey results from participating brokers and agents
Condo Renovation
A dated Park Slope Condo gets new life as couple’s Pied-à-Terre
Bath Design
75 Bathroom Design Ideas
NYU is building an ultrasonic flood sensor
NYU is building an ultrasonic flood sensor network in New York's Gowanus neighborhood. The hyperlocal flood detection network is set to expand across the city's waterfront in coming years.
Just Sold
Just closed on this property last week.  It sold at just under asking price and went to contract in early July during a very slow time in the market.  It was well positioned in the market at the time and interest was fairly strong given the summer slowdown. Happy client!
The Tacky Weed Bodega Is Everywhere (for Now)
Because the city’s new Office of Cannabis Management has yet to distribute the licenses necessary for cannabis sales and neither regulators nor law enforcement is cracking down, these retailers operate in an exuberant but temporary state of semi-lawlessness.
Brooklyn Jazz Fest
Soak in the Music With the October Return of the BRIC Jazz Fest
Applying the Science of Happiness to Life
I thought this was a good listen.  Increase your happiness by changing how you perceive and invest your time!