Thursday, October 24, 2019

Halstead open House index

I think this is a very interesting boots-on-the-ground report about what's happening every Sunday. Many thanks to Fritz Frigan at Halsted.

Good afternoon Halstead Open House Index followers and contributors!

I'm sending today's report for the second time today. We've received reports of the first email going to people's spam folders. I hope you at least received this email and sorry for the inconvenience.

Here is our report from this past, rainy, weekend. What do you think? Was it just the rain? Or was it the combination of rain AND slow, buyers’ market that influenced the traffic last weekend?

The average for all of NYC dropped to 2.38, from 2.62 the weekend before. October is sliding (3.00 on October 6, 2.62 on October 13 and now 2.38 on October 20! Ouch!). The good news is that we almost broke a record in submissions of open house surveys – we received 424 replies this week, just six short from our record of 430, from October 6th. Keep it growing! More data we collect, better and more reliable the statistics and analysis will be. Try reading all the way to the end of this report, I have more questions (and answers) for all of you.

When 98 open houses, out of 424, did not have a single soul to attend, you know it was slow. 23% of open houses were super lonely! The infamous “Sgt. Pepper’s Lonely Hearts Club Band’ now has over 1000 members, all real estate agents and brokers from NYC!

The most visited open house last weekend was the one held by Andreas Mann of Douglas Elliman, at his first open house for his new exclusive at 146 West 86th Street in Manhattan. A 3BR, $2.6M co-op attracted 14 parties! Here is in Andreas’ own words: “Hi Fritz, We tried to be really careful on pricing.
That was really it – and, it is in move in condition!”

Here I owe apology to Bahar Tavakolian from Compass. Last week she was the winner, and I referred to her as HE. Sorry Bahar. It was HER open house that attracted the most attendees on the weekend of October 13. (note to myself to check online bio and picture of every agent I mention in my weekly report).

Here is dataset. Let’s visit each borough:

Manhattan – tiny drop from the previous weekend: it was 2.26 last weekend, vs. 2.27 the weekend of October 13. I guess Manhattan is slow, rain or shine. Surprisingly busy in the Gramercy Park area (3.75) and Washington Heights (3.60). When Upper West Side scores 2.69, you just KNOW that the weekend was slow. Upper East Side was right there with 2.38. It must have rained harder on Sunday in Midtown East (1.76) and Midtown West (1.55). See the rest of the numbers below. Last year, on October 21st, 2018 weekend, the average in Manhattan was 2.20, from 299 open houses received. This week we got 320 results from Manhattan.

Brooklyn – the average tumbled to 2.87, from 4.19 the weekend prior. I do not recall when was the last time that the Brooklyn average dropped below 3.00. Above the average was in Park Slope (4.90), Williamsburg/Greenpoint (4.00), the rest was slow. Brooklyn Heights scored 1.71 and Brooklyn Other Areas just 1.87. See the rest of the numbers below. Last year, on October 21st, Brooklyn recorded 2.77 from 44 open houses. This week we received 68 replies from Brooklyn.

Bronx – the average nose-dived to 2.08, from 2.92 the weekend earlier. Again 13 replies from the Bronx county. See the number below.

Queens – attendance in Queens dropped 30% from the weekend prior: to 2.73, from 3.93 recorded on October 13. Above average in Queens Other Areas (4.83) and Forest Hills (3.25). Slow in LIC (1.43). See the rest below and watch for small sample sizes. Queens recorded 3.06 last year, on October 21st, 2018 weekend. We received 22 replies from Queens.

Wednesday, October 2, 2019

This is why we have no advertising budget! We don't need one!

"Keith, Christian and Norman, we cannot thank you enough for guiding us through our new home purchase. Really appreciate your hard work, insight, responsiveness and attention to detail. We used Corcoran for our prior home purchase and we both whole-heartedly agree that our representation was much better this time around. You guys have built a very good business. I have been recommending you to all of my friends, some of whom are just about to enter the market (so I hope you get some calls soon!). Truly top-notch work. Thanks again.

Jason C."

Friday, July 19, 2019

Owner has Authorized us to Accept $1,299,000!

Per owners instructions, we will not be changing the price in the RLS. This is a limited opportunity to make a great deal on a wonderful, bright Upper West Side two-bedroom!

Click here to see this wonderful UWS 2 bedroom!

Wednesday, July 17, 2019

Some Interesting Data from Fritz Frigan of Halstead

"1.      The downward trend in both charts for all four submarkets is unmistakable. Attendance started dropping off significantly after April 1, and particularly after May 1.
2.      Interesting how Upper East Side is marginally stronger than Midtown East and how they move in a sync.
3.      Very strong difference between Upper West Side and Midtown West in the first 3-4 months of this year….. Then in May and June UWS lost its momentum." Fritz Frigan, Halstead

If you're an agent or broker and you haven't already subscribed to his open house reports, I would suggest that you do.

Thursday, July 4, 2019

Something I Have Said for Years! Not the Broker, the Price!

If your home is listed across all necessary channels, shown on demand as required and it's still not selling after 2 months; it's the price, nothing else.

Read this great interview by one of the most successful brokers in NYC.

Wednesday, June 26, 2019

We Give Away Money!!!

We provide an extremely high level of service, unlike any you've experienced in real estate. We provide 100% transparency and keep you looped in at all times throughout the process.

And then we give you a big check! What is not to love!??

Have a look at our testimonials. No wonder we are doing so well, even in a very difficult market.


Monday, June 17, 2019

Summer Update 2019: Frustration v. Opportunity

I Just wanted to share a short note to bring all of you my perspective on the current market. While there already exist a ton of agent interviews, company reports and perspectives, I’d like to also humbly pitch my two cents into the fountain of What’s Happening. I have always strived to exist outside of the BS zone while observing and evaluating the state of the market; generally attempting to avoid reaction steeped exclusively in emotion. Long term real estate investment strategies aside, I like to remind myself about the oft-forgotten happiness derived from one’s primary home... getting to live in it. And with enough time, it should also provide you with a reasonable financial return! It only truly becomes a ‘problem’ when, due to timing, you have to sell into a soft market...   

Low rates, a solid economy and real estate is on sale. We saw the market start to take a noticeable downturn early last summer and then more or less fall off a cliff by the time we got into the winter. However, it took until late winter for the reality of what was happening to sink in for buyers (and especially sellers). Hardcore buyers (those that had been looking for a few years), jumped in last fall/winter when they saw inventory increasing, prices falling and homes they had been following still available after a decent amount of time on the market. Seller's were starting to get the message and adjust their prices, usually too little to meet buyers expectations.

All things considered, I think now we are seeing some pricing that mostly reflects rationality. However, buyers are now focusing their attention on the best properties in what have been historically well-established neighborhoods. Even if you are just a little bit off the well-trodden path, selling your home can be tough, even at what you and your agent consider a fair valuation. As I always remind you, there is no magic bullet to selling your home, as long as you are covering all the essential bases; it just comes down to price. There is a lot of inventory being pulled from the market and most of it was represented by large firms and top agents. So if you are on the market for 2-3 months with no offers and diminished showings, it's time to make a meaningful price adjustment. You adjust until you find the sweet spot where buyers start calling again and offers start flowing. If you have the luxury of waiting to sell, maybe pack up your tent and come back when the market shifts in your favor.

All being said, it is a very frustrating time for many sellers as economic conditions remain very conducive to supporting sales. However, the reality is the sales market is weak and continues to soften. But it's not dead, transactions are taking place, we bid and lost (over ask, $1955 a f2) for a PH (144 N.8th) in Williamsburg, same for a 3 bedroom at 41 West 9th street, oh and also a brownstone on Sterling Place in Crown Heights (bid over ask!).

My take is that there is a much smaller, more selective buyer pool chasing a larger seller pool with other buyers lurking for good deals (something that really gets their attention) that they couldn't afford 2 or 3 years ago. The bottom line is that many people want to own their home, they see that prices have come down, competition is mostly minimal and that money is cheap. However, the fact remains, many more are afraid to act when real estate goes on sale. When the market is heated up and frothy, the opposite is true, a paradox of real estate. 

How much of all these developments are due to the new tax laws? Difficult to say, it just hasn't been a big part of the conversation with our clients recently. It certainly hasn't helped, I just think we are in the acceptance stage.

I just want to thank everyone again for all the support and referrals! We have rebated millions of dollars and assisted hundreds of clients through the good and the difficult times. I have made it a priority to always put your best interests first, offering honest advice and a 100% transparent platform to work within and with you to achieve your goals.