Monthly Take - July 2022

July 2022 MANHATTAN MONTHLY TAKE Is now a good time to buy? Some buyers are pausing right now pondering whether this is the right time to buy a home as interest rates increase and the threat of a recession looms.  Here is our market take right now: ✦ Q1 2022 was the market peak. ✦ Market liquidity is diminishing.  ✦ Demand now is typical for this time of year. However, we are coming off of an inflated moment in time. Supply is holding and demand is trending down. The market will reveal quality opportunities. ✦ With fewer buyers, the chances of over-bidding is reduced. ✦ All cash investors have an opportunity in this market. ✦ In a 'down' market, upgrading is smart. Selling a $500k home at a 10% discount delivers a $50k 'loss'....then buying a $1m home at a 10% discount delivers a $100k 'gain'.....leaving you with a net $50k gain. And often the lower priced homes have smaller discounts. ✦ There has been an increase in listing discounts for properties that have been sitting on the market.  ✦ Well informed sellers are pricing properties lower from the outset with the new market conditions in mind. ✦ Days on market are increasing.  ✦ This is not the time to test pricing. Price right from the start.  If you are considering buying in NYC, you need to always be looking. Knowledge is power. That is how you find quality at the best price.  If you would like to explore buying or selling opportunities, let's talk. Schedule a call here. The Kanbar Kopel Team is expanding! Ronnie Dagan-Slochowsky  has joined the Kanbar Kopel Team. Ronnie is a a native New Yorker and an UES expert with an eye for detail and hidden value. Learn more about Ronnie here.  Read on to get our JULY TAKE on: ✦ NEW CONSTRUCTION: Manor 82 ✦ OUR FAVORITE NEW SUMMER VIBE Restaurants ✦ CELEB REAL ESTATE ✦ HOME INSIDER TIPS: Balcony & patio bright ideas Let's talk soon! Stacey and Julie Manor 82 @ 333 East 82nd Street (btwn 1st and 2nd Avenue) ✦ Fifteen boutique condominiums with 1 to 4 bedrooms including two penthouse apartments and 1 townhouse.  ✦ Team includes: RYBAK development,  ZProekt architecture & design studio and Molly Elizabeth Interior design. ✦ Detailed molding throughout, herringbone floors, imported stone, European cabinetry, Miele appliances, Grohe finishes, Toto plumbing and m ulti-zoned HVAC from Mitsubishi. ✦ Amenities: 24 hr. doorman, storage, fitness room, cold storage room, playroom, indoor heated parking and pet spa. ✦ Estimated completion timing: September 2023.  ✦ 13 apartments still available (1-4 bedroom residences): $1.495M - $6.975M.  Our Favorite  “New”  Summer  Vibe  Restaurants If you're in the city this summer, these NEW restaurants have a vacation vibe! Cascalote Latin Bistro comes to the UES from East Harlem. Relax in a festive, family owned restaurant serving Mexican fare with a Latin twist. (Note: liquor license is coming). 1712 Second Avenue (btwn 88th and 89th Streets). Coco Shack is the latest addition from restauranteur Pino Luongo. You may be in Soho but the interior is a nod to New England lobster shacks while the fresh seafood is inspired by flavors from waters all around the world. 184 Prince Street. Mezze on the River makes dining on the Hudson River a reality at this new Greek inspired eatery. The spectacular terrace seating along with food inspired by a trip to Oia, Santorini will have you feeling transported. 375 South End Ave, (Battery Park City). Celeb Real Estate Rundown Carrie Fisher and Debbie Reynolds’ NYC townhouse lists for $11.5M The 4,275 square foot townhouse is located at  154 E. 74th St. The completely updated  home includes 5  bedrooms and 4 1/2 bathrooms across four floors.  Hugh Jackman Lists West Village Triplex for $38.9 Million Located in boutique condo building Meier South Tower, the 11,000-square-foot 5 bedroom triplex boasts breathtaking views. The apartment was designed by the building’s architect, Richard Meier.  Netflix star surgeon Dr. David Langer, lists UES home for $4.35 Million Reduced $400K from its original price, this 3400 square foot 5 bedroom, 3 1/2 bath duplex is located on the 20th-floor of the Chartwell House, at 1760 Second Ave. Balcony & Patio  Ideas That Spark Joy!  Apartment balconies and patios are often the last to be addressed, and sometimes people just never get to them. However, this space is an extension of the interior and gives the opportunity to create your own view. Take advantage of this space if you have it!   10 Outdoor decor ideas we love… (click links for our favs) ✦ Seating: Combine comfort, style & durability ✦ Eating: Colorful cafe tables & chairs. ✦ Outdoor tabletop: ❤️ Melamine. ✦ Timeless accents: Kick back in an Adirondack chair. ✦ Accessorize: Pillows & throws that belong outside. ✦ Lighting: Go with rechargeable and portable options. ✦ Speakers that Glow: 2 in 1 speaker and lantern. ✦ Outdoor Flooring: Enhance the floor with deck tiles. ✦ Gardening: DIY Planters for a garden in the sky ✦ Hiring: Hire an expert to design your dream patio. How is the Luxury Market? Residential Properties $4M and Above Please feel free to reach out for a more in-depth look at neighborhood-specific market trends and data. Which Kanbar Kopel Team Listing is your Favorite? Active 16 Sutton Place, Apt. 19B 4 Bed | 4 Bath | $1,595,000 | Active 205 East 63rd Street, Apt. 7B 3 Bed | 2 Bath | $995,000 | Active 250 East 87th Street, Apt. 23J 1 Bed | 1 Bath | $725,000 | Active 43 West 64th Street, Apt. PH9D 2 Bed | 2 Bath | $13,500/month | Active Rental 320 West 90th Street, Apt. 1D Studio | 1 Bath | $2650/month | Active Rental In Contract 33 East 70th Street, Apt. 10/11D 8 Bed | 7 Bath  | In Contract 1175 Park Avenue, Apt. 4A 5 Bed | 4 Bath | In Contract 14 East 90th Street, Apt. 9D 3 Bed | 2.5 Bath | $3,695,000 | In Contract 401 East 86th Street, Apt. 2HJ/3J 5 Bed | 5.5 Bath | $3,295,000 | In Contract 400 East 70th Street, Apt. 304/5 2 Bed | 2.5 Bath | $1,799,000 | In Contract 315 Riverside Drive, Apt. 11B 2 Bed | 2 Bath | $1,575,000 | In Contract 130 East 94th Street, Apt. 9B 2 Bed | 2 Bath | $1,495,000 | In Contract 508 Waverly Avenue, Apt. 6 2 Bed | 2 Bath | $1,495,000 | In Contract  49 East 96th Street, Apt. 4A 2 Bed | 2 Bath | $1,395,000 | In Contract 200 Cabrini Boulevard, Apt. 112 1 Bed | 1 Bath | $799,000 | In Contract Just Sold 310 West End Avenue, Apt. 7C 3 Bed | 3.5 Bath | $2,750,000 | Sold 301 East 79th Street, Apt. 30R 1 Bed | 1 Bath  | $860,000 | Sold 290 West End Avenue, Apt. 8A 3 Bed | 3 Bath | $3,250,000 | Sold 130 West 79th Street, Apt. 10CD 2 Bed | 2 Bath | $1,995,000 | Sold 55 Wall Street, Apt. 705 1 Bed | 1 Bath | $620,000 | Sold 20 Pomander Walk, Apt. 1 2 Bed | 1 Bath | $855,000 | Sold 230 East 50th Street, Apt. 10AB 4 Bed | 3.5 Bath | $1,550,000 | Sold 1000 Park Avenue, Apt. 7B 3 Bed | 3 Bath | $2,770,000 | Sold NYC Team Listings © Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. marketingcenter-newyorkcity-manhattan