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Friends, colleagues, neighbors, |
As the sun sets on the golden days of summer, there is a lot to be grateful for and much to anticipate.
When the Federal Reserve this past week cut interest rates by 0.5%, it felt like a long time in coming but it was great news. It's been 1,650 days since the Federal Reserve last cut interest rates and we have seen:
- Mortgage rates peak at nearly 8% in October 2023
- Existing home sales plummet to 1995 levels
- Home affordability hit a 40-year low
Will this single cut dramatically change the property market overnight? No, and of course mortgage rates do not directly correlate but are affected. But, importantly the Reserve signaled that this is the beginning, not the end, of rate cuts.
Yes, lower mortgage rates will result in more buyers, increased demand and likely more refinancing. But it could also lead to something more important which is more homes hitting the market. According to a recent Bankrate survey, only a tiny fraction of homeowners — just 5% — feel comfortable selling their homes with mortgage rates at 6% or higher. The survey revealed that more than a third of homeowners (35%) would be willing to sell their homes if mortgage rates dip below 6%.
More homes hitting the market should lead to a healthy and stable real estate market.
Buyers and sellers alike can rejoice in that news.
As always, I'm here to keep you informed about what’s happening in the market. And of course, to help you take advantage of this change, as a seller or a buyer
Let's dive into the vibrant season ahead together and not forget to also enjoy all the social events that kick off in September.
Wishing you health, wellness, until we meet again.
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 | Three years ago, I saw this amazing elephant herd in London at St James Park. It was super impressive in person then and now here in NYC. There are 100 life sized elephants spread throughout the Meatpacking District, making it one of the largest public art installations since The Gates in 2005. Supporting indigenous and community led conservation efforts, the elephants are made by a community of 200 indigenous artisans living within India’s Nilgiri Biosphere Reserve, who have reclaimed an invasive plant species called Lantana camara and used it to recreate the elephants. The creation of these elephants provides financial stability, status and pride to 200 members of the Soligas, Bettakurumbas, Kattunayakan and Paniyas tribes, who coexist with the real wild elephants the herd is based on. A must see whilst they are here. |
 | Time for another Brooklyn Heights Designer Showhouse. This time at 182 Clinton Street, a townhouse that last changed hands in 2010. Open to the public from Sep 27 to Nov 3, and tickets either at the house or online at the BHA site. I am going to the Opening Night Party on the 25th and cannot wait to see what the designers have done to each room. This biennial event is a fundraiser for the Brooklyn Heights Association, which most townhouse owners in the hood belong to. And of course, the guessing game is always when will it then come to market and at what price…thoughts? |
 | The Salon des Refusés 2024 is held every year by Brooklyn Waterfront Artists Coalition (BWAC) at 481 Van Brunt St, Brooklyn, NY. In the light of the many artists whose artwork was not selected for the Brooklyn Museum “Brooklyn Artists Exhibition”, which spotlights artists who have lived or maintained a studio in Brooklyn during the last five years (2019–24) and runs from Oct 4th and honors the borough’s dynamic present, storied past, and bright future. The BWAC hosts a Salon des Refusés 2024 group show, to showcase some of the rejected works form the Brooklyn Museum. This exhibit is focused on uniting and uplifting the artist community, as well as a complement to the actual Brooklyn Museum show. The original Salon des Refusés took place in 1863 when the Paris Salon held its annual exhibition of academic arts. Thousands of artists applied but were rejected and were unable to display their work in the official Salon exhibition. It was determined that their work did not fulfill academic standards of the time. Emperor Napoleon III, who wanted the public to make the decision, organized a simultaneous exhibition of all the rejects in the Palace of Industry. This exhibition included artists such as Manet, Cezanne, Pissarro and Whistler. The exhibition of “rejects” became famously known as the Salon des Refusés 1863.
The BWAC exhibit opens Sep 21st to Oct 13th, Weekends Only: Saturdays & Sundays, 1-6 PM
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 | I know, I know it is way too early to talk about holiday events. But when I saw that one of my all-time favorite holiday movies to watch, Elf, was being shown at the Lincoln Center whilst the NYC Philharmonic play the wonderful score live, I just had to make sure everyone knew about it! Dec 19th to the 22nd. Get your tickets now |
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Let’s talk about the trifecta that is interest rates, first time buyers and an election year.
Unless you have been living under a rock you will have seen the Federal Reserve rate reduction that occurred on the 18th September. The chart below predicts how this rate reduction could pan out over the next year.
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 The follow through to mortgage interest rate cuts is what we are all looking for. New York is of course a market with cash buyers and many buyers who can still transact with the current rates. Brooklyn is also a market where demand has held and prices with that. But everyone must watch their monthly budgets and the changes we will see in interest rates will mean more people have more purchasing power as a result. More purchasing power, more demand and more competition.
First time buyers are critical to the health of the property market. The chain from these buyers up to the purchasers of second/third/fourth homes and multiple property owners is essential. The share of the market that is first time buyers has dropped over these past 4 years since Covid, currently it averages around 32%, which is the third lowest share in 21 years. Lower mortgage rates should reverse this trend.
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|  | Finally, the upcoming election, will lead to a pause for many in their house hunting goals. But it is just that, a pause, as the reasons for a move do not go away. The market usually comes out even stronger once the dust has settled after an election.
Will things get noisy out there over the next two months? Yes. So, absorb the data and knowledge and be one of those people who does not try to time the market but focuses on their real estate goals in this time of change.
Be prepared is my motto always. Seller or Buyer. No head in the sand
Watch my weekly Instagram videos for the latest updates as they unfold.
Read our reports, watch my videos and let’s talk about what all this means for you and your real estate choices.
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Every sale has a story, that needs to be told.
This month’s story is about 264 6th Avenue Apt 3C
A 1-bedroom, 1 bathroom starter coop apartment in Park Slope. My savvy client had bought this apartment 7 years ago and renovated it in a simple and yet oh so sensible timeless style. She ensured that the kitchen appliances were top notch, maximized cabinet space, used great lighting and a lovely color scheme. This high-end approach in the bathroom also, meant the two most important rooms to attract buyers were stellar and lasted the test of time.
Fast forward to getting married and now being ready to invest in that townhouse dream together, we started the hunt, secured the townhouse deal and then we could list this lovely apartment for sale. With minimal and yet important staging enhancements, it took just two open houses to get offers and an above ask offer accepted and in contract after 29 days. See the stats below .
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Click the button above to read about the full journey from prelisting to closing. There is always a story, and I love sharing these full circle moments.
You can sell your home with the right presentation, pricing and marketing.
As always contact me to hear more, and talk about selling your home
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Be one of the first to see this stylish 2-bedroom, 1 bathroom renovated condominium apartment.
📍 415 Carlton Avenue, Apt C, Brooklyn
Be interested if you want …
✔️ Great natural light throughout ✔️ Quiet bedrooms at the rear of the property overlooking the shared building garden ✔️ Side-by-side washer dryer in a large laundry closet ✔️ Renovated kitchen and bathroom ✔️ Breakfast bar and room for a dining table ✔️ Low monthlies ✔️ Great subway links, restaurants, bars and everything that Fort Greene has to offer on your door step
Drop by the first open house on the last Sunday in September or give me a call to hear more and book another day.
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