What's selling now

We've done a townhouse in Brooklyn just under $4M c/o. 2/2 Tudor City signed, 3/3 in turtle Bay c/o, 2/2 (2 weeks ago) West 78th Street signed, we have an accepted offer on a 3/3 east 60s, offer out on a one-bedroom west 50s.

We have two new listings coming to the market over the next couple of weeks. We seen a significant pickup in new buyers calling us.

That said business is probably down 80%. Each deal is taking significantly more effort.

Keith
TBG

Townhouse had multiple bids, 4.

The fact that most of the activity on these message boards now concerns all of topics of the moment EXCEPT real estate is perhaps refreshing but also shows where the market stands. That listing on 41st St was great - I actually sent it to a few people who were too slow. Glad there are some realistic sellers. Else we'll have nothing to talk about except disease and civil unrest.

There's stuff to talk about but I don't think it fits people's narratives.

I've noticed a number of recent listings being sold furnished like this one:
https://streeteasy.com/building/150-charles-street-new_york/7cs

I'm just hoping for the best for our city and country. I'm personally seeing quite a bit of improvement in attitudes and activity over the last two weeks. Just one day at a time for us right now, let's see where we're at come January 1st.

It will be interesting to see just how many people actually leave, and what percent of those are renters versus owners. Maybe Noah can create some charts with projections of how that will correlate to prices/inventory. And if prices do fall significantly, something we aren't seeing yet, well that bring a new wave of buyers into the city who were priced out before. Like I said I'm closing on an investment property I own in Jupiter, Florida on Monday, with hopes of finding a brownstone in Brooklyn. we're bidding on another townhouse in Brooklyn on behalf of clients, I believe there are currently 4 other bids.

Keith
TBG

What's the difference in price between the contract which didn't get signed on 41st St and the one which did?

$25k

Just curious - were there live showings on 41st street that led to signed contract or virtual showing?

Zoom.

Some more relevant data from Urbandigs, very surprised less than 300 people watching these updates. I would think the vast majority of New York City agents and brokers would be tuning in.

https://youtu.be/pjdp4RFi6fA

It'll be interesting to see what the numbers look like for townhouse sales in Brooklyn. We recently put one into contract that had multiple bids. We won another on a highest and best last week. We have four new buyer clients specifically looking for townhouses. We have a client interested in bidding on another newly listed house, we were informed by the broker that a very strong offer came in by a buyer that did not need to see it.

The Real Deal: Manhattan luxury contracts hit 12-week pandemic high.
https://therealdeal.com/2020/06/15/manhattan-luxury-contracts-hit-12-week-pandemic-high/

Keith
TBG

It makes me happy whenever I see an “over improved” apartment go into contract. I feel like that is what is selling right now - nicely renovated apartments where sellers are willing to eat their reno costs vs gut teno candidates that sellers cannot give away. Case in point, 414 E52nd 3A - the second “expensive” 2BR/2B I have seen go into contract in our neighborhood recently.

NB "willing to eat their reno costs" because I'm still seeing listings coming on which were bought within the last few years where they did a non-necessary renovation (like buying a recently renovated unit and changing the kitchen cabinets to a different color palette) and then asking for more than they paid.

Although in the case of 414 East 52nd St I'm not sure how much they had to eat.

Yes, I am curious about that too. If it is in contract near asking then I suspect they are getting a lot of whatever they put in back out, which would be a happy data point and an interesting indication of what is selling right now. I feel like in what I am watching, nicely renovated units are moving at not-depressing price points while units needing renovation just sit.

415 is one nice apartment. Great floorplan, good looking renovation. A few details which aren't quite my taste, but I'd live with them until I wore them out rather than trash them up front.

Judging from the pictures of the apartment the extensive shelving/woodwork in the living room, the kitchen cabinets, and the bathrooms go pretty far back. Don’t think a lot of $ we’re sunk here.

In my building a gut renovation that was 9 years old went for very good money because it basically was gently used by meticulous people

In my building a gut renovation that was 9 years old went for very good money because it basically was gently used by meticulous people

So it may be possible that 414 E52nd 3A may actually be an apartment that is breaking even or even coming out ahead from 2015 sale? That would be a happy data point indeed.

Oops - just saw 11/17 closing for 1495000 so probably still losing on transaction costs alone, but not bad given short hold period depending on closing price.

The people who bought it for $1,100,000 in 2015 and flipped it 2 years later for $1,495,000 did pretty well.

I wasn't sure which thread to put this in, but at least it's about 2 BRs in this neighborhood:

I'm pretty sure we bought this unit for around $100K and flipped the contract for $140K in the mid-1990s:
https://streeteasy.com/building/400-east-59-street-new_york/sale/1474384?context%5Bcontroller%5D=%23%3CBuildingController%3A0x0000557d015a4410%3E&context%5Bcurrent_user%5D=1040784&hide_if_empty=true&section=sales

15 contract signed at 4 million or above....nice bounce.

https://www.olshan.com/marketreport.php

Just wanted to chime in and give a wholehearted endorsement of Keith’s services. We (first time buyers) closed on a west 70s 2br last week with Keith & his team as our buyers agent and couldn’t have been happier with his firm’s service from start to finish, especially considering we went into contract in the dregs of the pandemic. Thank you Keith! Loving the new place so far.