January 2024

Friends, colleagues, neighbors,

Happy New Year. I think we can say that through January, well I will at least. Also, the Chinese New Year is not that far away, February 10th, when we enter the Year of the Dragon. Chinese people get seven days off work. Can you imagine that here?

A New Year is the opportunity to start again, to look ahead. It does not have to be New Resolutions but can be a commitment to have another go, begin again.

A great mindset is what matters to starting the year off well.

The real estate market is poised for change. Mortgage rates are trickling down and further Fed cuts should support that trend, inventory is low and has only one way to go in the spring, many buyers are already back circling and sellers are starting the conversations about, is 2024 the year to list.

Are you ready for change also? I am for sure and yes, starting all over again in January can be daunting but don’t let it be that. I believe you can make your real estate goals a reality. What are we waiting for, let’s connect.

Wishing everyone health and wellness, until we meet again.

Gaby Aghion was the woman who created Chloe in 1952, a refined brand that is still going strong today. Born in Egypt, and settled in Paris in 1945 after she married. Her Egyptian roots inspired her to create airy, inventive dresses and pioneered the luxury ready-to-wear movement. She guided a stable of real designers, from Karl Lagerfeld to Stella McCartney to Phoebe Philo. This exhibition is the first to feature the creator of Chloe and looks well worth a visit. Mood of the Moment: Gaby Aghion & the House of Chloe, is on at The Jewish Museum, through Feb 18th

The Met has reopened the galleries dedicated to European Paintings from 1300 to 1800 and I have not been yet but the article in the WSJ about what a great job they did, has made me want to.

They have apparently created fresh narratives and dialogues among more than 700 works of art from the Museum’s world-famous holdings. The newly reconfigured galleries—which include recently acquired paintings and prestigious loans, as well as select sculptures and decorative art—will showcase the interconnectedness of cultures, materials, and moments across The Met collection. It looks great and is a fresh take on how to showcase art in a different way.

Did you know that Governors Island has an Ice Sculpture show on Feb 3rd .

Apparently, it is in conjunction with Times Square Arts. Each artist is paired with a professional ice carver from Okamoto studio and it takes place live, with live DJs performing and people can vote on the day for their favorite in the “People’s Choice Award” and then the winner has their sculpture carved and installed on Feb 14th at a special Valentine’s Day event in Times Square. More on that in my February newsletter!

Fresh flowers anyone? When it is cold, wet, or snowy, dreary and dark early and dark late, having fresh flowers in my home, certainly helps to cheer me up. I am trying right now a weekly delivery service by the Botanical Brothers. Founded by Fabian Wood, who grew up in the English countryside with a gardener for a mother and 3 brothers, all surrounded by flowers. So, this very local service, using local farmers, minimal delivery materials and planting a tree with Eden Reforestation projects for every delivery they make, in order to help reduce the carbon footprint, is something I am trying right now. You get instructions for how to display them, a little knowledge about the flowers you get that week and so a little learning on the way also.

Winter is a time to cook for me, much more so than summer. I can usually manage one, maybe two, fully homecooked meals a week with my work schedule but they have to be fast and easy to the table is always my goal. Always looking for new people and ideas and Donal Skehan on Instagram is my new go to. A great young Irish home cook and this Tomato Hoops Soup I love. Look him up @donalskehan and he always gives the recipe and instructions in his post, which makes it so much easier

The report for the last quarter of 2024 Brooklyn apartment sales is now published.

What did it tell us?

👉 Listing inventory was at a 6 year low and so not surprisingly sales declined also

👉 We saw a 22% decline in the number of closed sales 2023 versus 2022

👉 Price also nudged down as a result, all over Brooklyn the average apartment price was down to $929,433

👉 The mid October 23 year high in mortgage rates obviously contributed to these results

Tight inventory can and does mean more competition for anything decent that comes to market. And we did see that as we entered the end of 2023. Will we see that in 2024? Probably, unless more sellers come to market. Things are poised for change in the housing market; rates going down, stock market rally, inflation falling, job market and economy holding up.

As a result, the Federal Reserve will most likely get the economic soft landing it’s been hoping for, which means getting inflation under control without causing a recession. All this points to a healthy housing market for the spring.

Here we are in 2024 and finally seeing a consistent trickle down in interest rates. Look at the history for last 23 years on this chart. Not surprisingly the lovely soft blues and greens are where everyone hopes rates will go. Quite frankly we are in the orange and yellows now and maybe this year we might see the greens. No one knows for sure but all signs point to a busy spring in the housing market.

Reasons to be cheerful for sure.

New York is different in so many ways and the way the housing market operates for buyers and sellers is no exception. But on March 20th 2024 we will be coming in line with the rest of the country when it comes to what is called the seller disclosure statement. This will apply to residential townhouses of up to 4 units but NOT condos and co-ops.

In New York, sellers of Townhouses, one family to 4 family, have been able to pay a $500 credit at closing and not complete this disclosure form. But no more! Sellers must now list known defects before the purchaser executes the sale contract. The standard is “actual” knowledge.

So, as a seller admit if you don’t know
Don’t claim to be an expert on something you are not
If you are responsible for an estate sale, then this can be even trickier
If you are an absentee seller ditto
Maybe pay for an inspection before listing to be sure you know what might get raised by a buyer’s inspection.

And as a buyer, seek clear answers and work with your attorney on getting that.

We are a very litigious society and avoiding post-closing challenges and lawsuits is key. Your broker should discuss this with you before you go on the market and if they don’t…maybe work with someone else.

Oh, and if you go into contract before 20th March 2024 you do not have to complete the disclosure. Another reason to hurry up and get your property on the market?