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* Global Search * Buy * Rent * Neighborhoods * * Register * Sign In * Agent Email enesher@elegran.com * Agent Phone +1(646) 319-6081 Find Your Home Search for HomesSell My HomeHome Valuation BuySellValuation SEARCH CONTINUE Please enter valid address. OUR GOAL IS SIMPLE: TO HUMANIZE THE WORLD OF REAL ESTATE MORE THAN AN AGENT FIND YOUR REAL ESTATE ADVISOR Eran Nesher IN THE NEWS Previous New York Post HERE’S HOW MUCH IT COSTS TO CALL JEFF BEZOS YOUR NEIGHBOR IN NYC He’s the second wealthiest person on Earth — and now you can be his neighbor in New York City. A 16th-floor residence at 212 Fifth Ave., a neo-Gothic, turn-of-the-century former manufacturing building has listed for $10.25 million. The New York Times HOMES FOR SALE IN MANHATTAN AND THE BRONX This week’s properties are on Riverside Drive, in Chelsea and in the South Bronx. A two-bedroom, two-bath, roughly 1,000-square-foot duplex with an updated windowed kitchen, a dining area, a bedroom or sitting room, French doors and a half bath on the lower level; a living room, a bedroom and a full bath on the upper level; plus built-ins, a wine fridge, ample storage, mini-split heating and air-conditioning, a washer/dryer and a 500-square-foot roof deck, on the top floors of a 19th-century five-story walk-up with a super, bike storage and basement storage rooms. Kirk Eckenrode and Trevor Connolly, 570-419-6295, Elegran | Forbes Global Properties; Inman TEAMS SPOTLIGHT: ASSET ADVISORY TEAM AT ELEGRAN Learn how these award-winning team members got their start in real estate and what they're predicting for the year ahead. Inman LESSON LEARNED: LEARN HOW TO ADVOCATE FOR YOURSELF Find out what Rockette Realtor Jessie Crouch can teach you about standing up for yourself and your clients. CBS news HOME EQUITY LOAN RATE FORECAST FOR SPRING 2024: HERE'S WHAT EXPERTS PREDICT Following its March meeting, the Federal Reserve did not change the federal funds rate, keeping the target rate at a range of 5.25-5.50%. A few months ago, many experts predicted that the Fed would start cutting rates in early 2024, but conditions have changed, with inflation being more persistent than expected. And with the Fed keeping rates high, that has influenced the real estate market. Curbed A HIGH-CEILINGED SUTTON PLACE DUPLEX In the 1980s, Carolyne Roehm's life was as close as anyone could come to one of the socialites in Tom Wolfe's Bonfire of the Vanities. Her second husband was Henry Kravis, a private-equity scion known for his leveraged buyout of Nabisco, and they lived in a $5.5 million Park Avenue apartment, furnished with Louis XV furniture and paintings by Renoir and Sargent. She had her own career, too; she had been an assistant, model, and muse to Oscar de la Renta, then left to found her own line. Brick Underground RETURNING TO THE OFFICE FOR SOME WALL STREETERS MEANS MOVING BACK TO NYC Hybrid no more: Unpredictable in-person work schedules mean daily commutes from far-flung suburbs are unappealing. Is the end of hybrid work at Wall Street firms giving the New York City real estate market a boost? Financial firms that had flexible work-from-home policies are joining the return-to office trend and requiring more workers to be in the office as many as five days a week. For employees who moved to the suburbs because they could work hybrid schedules, having to be in the city more days appears to be fueling a small burst of real estate activity. Several brokers told Brick Underground they’re working with Wall Street workers on apartment searches because of updated RTO mandates. What they’re hearing: Long, often unpredictable in-person work schedules are tough on employees who need to conform to commuter train schedules. Mann Report LEO JACOBS DISTRESSED REAL ESTATE'S WARTIME GENERAL Navigate turbulent times with confidence. With our deep insight and experience, where others see challenges, we see opportunities. The Switzer Group is a global design firm for interior design, planning, and workplace strategy. We design environments that reflect our client's business values and contribute directly to one's happiness and productivity. Disruptors TOP 10 REALTORS TO LOOK OUT FOR IN 2024 In the ever-evolving landscape of real estate, success is often defined by the ability to adapt, innovate, and deliver exceptional service. As we approach 2024, the industry is poised for a transformative year, with a new breed of realtors emerging as trailblazers. These professionals have not only mastered the art of buying and selling properties but have also embraced cutting-edge technologies and innovative marketing strategies, setting them apart from the rest. With an unwavering commitment to their clients and a keen eye for emerging trends, these top 10 realtors are redefining the industry’s standards and paving the way for a new era of real estate excellence. New York Post HERE’S HOW MUCH IT COSTS TO CALL JEFF BEZOS YOUR NEIGHBOR IN NYC He’s the second wealthiest person on Earth — and now you can be his neighbor in New York City. A 16th-floor residence at 212 Fifth Ave., a neo-Gothic, turn-of-the-century former manufacturing building has listed for $10.25 million. The New York Times HOMES FOR SALE IN MANHATTAN AND THE BRONX This week’s properties are on Riverside Drive, in Chelsea and in the South Bronx. A two-bedroom, two-bath, roughly 1,000-square-foot duplex with an updated windowed kitchen, a dining area, a bedroom or sitting room, French doors and a half bath on the lower level; a living room, a bedroom and a full bath on the upper level; plus built-ins, a wine fridge, ample storage, mini-split heating and air-conditioning, a washer/dryer and a 500-square-foot roof deck, on the top floors of a 19th-century five-story walk-up with a super, bike storage and basement storage rooms. Kirk Eckenrode and Trevor Connolly, 570-419-6295, Elegran | Forbes Global Properties; Inman TEAMS SPOTLIGHT: ASSET ADVISORY TEAM AT ELEGRAN Learn how these award-winning team members got their start in real estate and what they're predicting for the year ahead. Inman LESSON LEARNED: LEARN HOW TO ADVOCATE FOR YOURSELF Find out what Rockette Realtor Jessie Crouch can teach you about standing up for yourself and your clients. CBS news HOME EQUITY LOAN RATE FORECAST FOR SPRING 2024: HERE'S WHAT EXPERTS PREDICT Following its March meeting, the Federal Reserve did not change the federal funds rate, keeping the target rate at a range of 5.25-5.50%. A few months ago, many experts predicted that the Fed would start cutting rates in early 2024, but conditions have changed, with inflation being more persistent than expected. And with the Fed keeping rates high, that has influenced the real estate market. Curbed A HIGH-CEILINGED SUTTON PLACE DUPLEX In the 1980s, Carolyne Roehm's life was as close as anyone could come to one of the socialites in Tom Wolfe's Bonfire of the Vanities. Her second husband was Henry Kravis, a private-equity scion known for his leveraged buyout of Nabisco, and they lived in a $5.5 million Park Avenue apartment, furnished with Louis XV furniture and paintings by Renoir and Sargent. She had her own career, too; she had been an assistant, model, and muse to Oscar de la Renta, then left to found her own line. Brick Underground RETURNING TO THE OFFICE FOR SOME WALL STREETERS MEANS MOVING BACK TO NYC Hybrid no more: Unpredictable in-person work schedules mean daily commutes from far-flung suburbs are unappealing. Is the end of hybrid work at Wall Street firms giving the New York City real estate market a boost? Financial firms that had flexible work-from-home policies are joining the return-to office trend and requiring more workers to be in the office as many as five days a week. For employees who moved to the suburbs because they could work hybrid schedules, having to be in the city more days appears to be fueling a small burst of real estate activity. Several brokers told Brick Underground they’re working with Wall Street workers on apartment searches because of updated RTO mandates. What they’re hearing: Long, often unpredictable in-person work schedules are tough on employees who need to conform to commuter train schedules. Mann Report LEO JACOBS DISTRESSED REAL ESTATE'S WARTIME GENERAL Navigate turbulent times with confidence. With our deep insight and experience, where others see challenges, we see opportunities. The Switzer Group is a global design firm for interior design, planning, and workplace strategy. We design environments that reflect our client's business values and contribute directly to one's happiness and productivity. Disruptors TOP 10 REALTORS TO LOOK OUT FOR IN 2024 In the ever-evolving landscape of real estate, success is often defined by the ability to adapt, innovate, and deliver exceptional service. As we approach 2024, the industry is poised for a transformative year, with a new breed of realtors emerging as trailblazers. These professionals have not only mastered the art of buying and selling properties but have also embraced cutting-edge technologies and innovative marketing strategies, setting them apart from the rest. With an unwavering commitment to their clients and a keen eye for emerging trends, these top 10 realtors are redefining the industry’s standards and paving the way for a new era of real estate excellence. New York Post HERE’S HOW MUCH IT COSTS TO CALL JEFF BEZOS YOUR NEIGHBOR IN NYC He’s the second wealthiest person on Earth — and now you can be his neighbor in New York City. A 16th-floor residence at 212 Fifth Ave., a neo-Gothic, turn-of-the-century former manufacturing building has listed for $10.25 million. The New York Times HOMES FOR SALE IN MANHATTAN AND THE BRONX This week’s properties are on Riverside Drive, in Chelsea and in the South Bronx. A two-bedroom, two-bath, roughly 1,000-square-foot duplex with an updated windowed kitchen, a dining area, a bedroom or sitting room, French doors and a half bath on the lower level; a living room, a bedroom and a full bath on the upper level; plus built-ins, a wine fridge, ample storage, mini-split heating and air-conditioning, a washer/dryer and a 500-square-foot roof deck, on the top floors of a 19th-century five-story walk-up with a super, bike storage and basement storage rooms. Kirk Eckenrode and Trevor Connolly, 570-419-6295, Elegran | Forbes Global Properties; Inman TEAMS SPOTLIGHT: ASSET ADVISORY TEAM AT ELEGRAN Learn how these award-winning team members got their start in real estate and what they're predicting for the year ahead. Inman LESSON LEARNED: LEARN HOW TO ADVOCATE FOR YOURSELF Find out what Rockette Realtor Jessie Crouch can teach you about standing up for yourself and your clients. CBS news HOME EQUITY LOAN RATE FORECAST FOR SPRING 2024: HERE'S WHAT EXPERTS PREDICT Following its March meeting, the Federal Reserve did not change the federal funds rate, keeping the target rate at a range of 5.25-5.50%. A few months ago, many experts predicted that the Fed would start cutting rates in early 2024, but conditions have changed, with inflation being more persistent than expected. And with the Fed keeping rates high, that has influenced the real estate market. Next ELEGRAN EXCLUSIVES Previous 1/24 24 Active $ 12,000,000 3 Beds4 Baths3,404 SqFt 53 W 53RD STREET #51-B, MANHATTAN, NY 10019 Condo Listing Courtesy of Elegran LLC 1/6 6 Active $ 10,250,000 3 Beds4 Baths3,078 SqFt 212 5TH AVENUE #16-B, MANHATTAN, NY 10010 Condo Listing Courtesy of Elegran LLC 1/21 21 New $ 7,695,000 3 Beds4 Baths 910 5TH AVENUE #11-BC, MANHATTAN, NY 10021 Co-op Listing Courtesy of Elegran LLC 1/16 16 Open Tue 6:30PM-8PM $ 6,999,950 3 Beds3 Baths2,490 SqFt 45 E 22ND STREET #46-A, MANHATTAN, NY 10010 Condo Listing Courtesy of Elegran LLC 1/17 17 New $ 6,318,000 7 Beds6 Baths9,447 SqFt 2626 NATIONAL DRIVE, BROOKLYN, NY 11234 Other Types Listing Courtesy of Elegran LLC 1/16 16 Active $ 6,150,000 3 Beds4 Baths3,850 SqFt 322 E 57TH STREET #12/13B, MANHATTAN, NY 10022 Co-op Listing Courtesy of Elegran LLC 1/22 22 Active $ 5,495,000 6 Beds6 Baths4,473 SqFt 246 E 48TH STREET #BUILDING, MANHATTAN, NY 10017 House Listing Courtesy of Elegran LLC 1/22 22 Active $ 5,350,000 5 Beds3 Baths5,000 SqFt 360 W 36TH STREET #9, MANHATTAN, NY 10018 Co-op Listing Courtesy of Elegran LLC 1/20 20 Pending $ 5,295,000 3 Beds4 Baths3,000 SqFt 605 PARK AVENUE #8-BC, MANHATTAN, NY 10065 Co-op Listing Courtesy of Elegran LLC 1/14 14 Open Sun 2PM-3PM $ 4,995,000 4 Beds4 Baths2,496 SqFt 230 W 78TH STREET #11-B, MANHATTAN, NY 10024 Condo Listing Courtesy of Elegran LLC 1/18 18 Open Sun 11AM-12:30PM $ 4,995,000 3 Beds4 Baths2,417 SqFt 522 W 29TH STREET #B-3, MANHATTAN, NY 10001 Condo Listing Courtesy of Elegran LLC 1/10 10 Open Sun 1PM-2PM $ 4,800,000 2 Beds3 Baths 210 CENTRAL PARK S #7-D, MANHATTAN, NY 10019 Co-op Listing Courtesy of Elegran LLC 1/25 25 Active $ 4,700,000 3 Beds4 Baths2,324 SqFt 133 W 22ND STREET #PH-B, MANHATTAN, NY 10011 Condo Listing Courtesy of Elegran LLC 1/9 9 Active $ 4,699,000 1 Bed2 Baths2,339 SqFt 195 HUDSON STREET #4-C, MANHATTAN, NY 10013 Condo Listing Courtesy of Elegran LLC 1/24 24 Active $ 3,995,000 3 Beds3 Baths2,736 SqFt 16 W 21ST STREET #8-A, MANHATTAN, NY 10010 Condo Listing Courtesy of Elegran LLC 1/15 15 Active $ 3,975,000 3 Beds3 Baths2,283 SqFt 272 W 86TH STREET #3-E, MANHATTAN, NY 10024 Condo Listing Courtesy of Elegran LLC 1/9 9 Open Sun 11AM-12:30PM $ 3,450,000 2 Beds3 Baths1,733 SqFt 1 YORK STREET #4-F, MANHATTAN, NY 10013 Condo Listing Courtesy of Elegran LLC 1/15 15 Active $ 3,200,000 2 Beds2 Baths1,717 SqFt 650 6TH AVENUE #3-H, MANHATTAN, NY 10011 Condo Listing Courtesy of Elegran LLC 1/24 24 Active $ 3,190,000 2 Beds3 Baths 20 E 74TH STREET #10/11F, MANHATTAN, NY 10021 Co-op Listing Courtesy of Elegran LLC 1/15 15 Active $ 2,999,500 2 Beds3 Baths1,637 SqFt 400 5TH AVENUE #34-A, MANHATTAN, NY 10018 Condo Listing Courtesy of Elegran LLC Next More Listings EXPLORE NYC What are you looking for? Whether buying, selling, or renting, moving can be overwhelming… especially with the endless options available in New York City. The good news? Elegran has the team and tools to find the right neighborhood for you. Let us take the stress out of the real estate process. Let's find your dream home. Explore More Neighborhoods » Chelsea Greenwich Village Midtown ELEGRAN INSIGHTS Thought-provoking intelligence on the real estate market. Our in-house research experts provide valuable weekly and monthly analysis on the Manhattan and Brooklyn markets. This is more than just data. We consider what's happening in the industry and offers actionable advice to keep our clients ahead of the curve. . See All Insights » MORE * WEEKLY MANHATTAN & BROOKLYN MARKET UPDATE: 6/17 Rihards Gederts - Elegran | Forbes Global Properties Contract Volume Stable in Manhattan, Drops in Brooklyn while Supply Peaks for the Season Manhattan saw a modest 4% increase in contracts signed this week compared to the previous week. In contrast, Brooklyn experienced a notable 12% decline in contract activity. This disparity contributed to a decrease in the Elegran | Forbes Global Properties Consumer Sentiment Index, which fell from +17 to +8. On the supply front, Manhattan’s inventory remained nearly unchanged, maintaining a flat trend for the past five weeks, indicating that supply has peaked for the season. Brooklyn also showed stability in supply, with slight weekly increases over the last four weeks. As we move into the summer months, we can expect a decrease in supply, with a resurgence anticipated after Labor Day when new inventory enters the market for the fall season. Manhattan Supply Inventory in Manhattan remained almost unchanged at 7,425 units as 319 new listings hit the market. Manhattan Supply | Data courtesy of UrbanDigs Brooklyn Supply Inventory in the Brooklyn residential market increased slightly by almost 1% to 3,366 units as 192 new listings came to market. Brooklyn Supply | Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales increased by 3% to 3,226 units this week. Brooklyn Pending Sales: Pending sales increased by almost 2% to 2,064 units this week. Manhattan Consumer Sentiment This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -10 to -5, as 233 contracts were signed, marking a 4% increase from the previous week and returning to the average level observed this spring. Brooklyn Consumer Sentiment This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +88 to +63. A total of 135 contracts were signed, reflecting a 12% decrease from the previous week. In June so far, Brooklyn’s contract activity is lower compared to the same period last year, a surprising development given the robustness of the borough's demand. New Development Insights Marketproof reported that 44 new development contracts were signed in 30 buildings this week. The following buildings were the top-selling new developments of the week: - 520 Fifth Avenue (Midtown), One11 Residences (Midtown), The Rockwell (Manhattan Valley), and Tribeca Green (Battery Park City) each reported 3 contracts. - Skyline Tower (Long Island City) reported 3 contracts. If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors. About Us Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients. As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success. Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe. Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey. Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us. Read more * WEEKLY MANHATTAN & BROOKLYN MARKET UPDATE: 6/10 Rihards Gederts - Elegran | Forbes Global Properties Contract Volume Rebounds and Normalizes after the Holiday Week; Supply is Likely Peaking for the Season Contract volume rebounded this week with a 30% increase in contracts signed in Manhattan and a 53% increase in Brooklyn compared to the previous (holiday) week. This increase caused the Elegran | Forbes Global Properties Consumer Sentiment Index to rise from -17 to +12. Supply remained stable in both boroughs and is likely peaking as 2% more properties came to market in Manhattan and 8% more in Brooklyn compared to last week. Manhattan Supply Inventory in Manhattan remained almost unchanged at 7,416 units as 353 new listings hit the market. Supply in the borough has likely hit the peak for this season. Manhattan Supply | Data courtesy of UrbanDigs Brooklyn Supply Inventory in the Brooklyn residential market increased slightly to 3,338 units as 235 new listings came to market. Brooklyn Supply | Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales remained almost unchanged at 3,131 units this week. Brooklyn Pending Sales: Pending sales increased slightly to 2,028 units this week. Manhattan Consumer Sentiment This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -36 to -10, as 223 contracts were signed, marking a 30% increase from the previous (holiday) week and returning close to the average level observed this spring. Brooklyn Consumer Sentiment This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +21 to +88. A total of 154 contracts were signed, reflecting a 53% increase from the previous (holiday) week and a level slightly higher than the average observed this spring. New Development Insights Marketproof reported that 33 new development contracts were signed in 22 buildings this week. The following buildings were the top-selling new developments of the week: - The Broad Exchange Building (Financial District), The Westly (Upper West Side), and Claremont Hall (Morningside Heights) each reported 2 contracts. - 174 North 6th Street (Williamsburg) and The Rogers Residences (Prospect Lefferts Gardens) each reported 2 contracts. If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors. About Us Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients. As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success. Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe. Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey. Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us. Read more * ELEGRAN MANHATTAN MARKET UPDATE: JUNE 2024 Rihards Gederts - Elegran | Forbes Global Properties Contract Activity and Supply Increased Month-over-Month and Decreased Year-over-Year The Manhattan real estate market showed signs of improvement in May compared to April, with an acceleration in contract volume (demand) and an increase in supply. However, both demand and total supply were lower than in May of the previous year. Contract volume increased by 4.5% month over month but declined by 13% year over year, while supply rose by 4% month over month but was 2% lower than the same time last year. Earlier this year, demand increased at a faster rate than supply, but this trend reversed in May, with supply growing more rapidly than demand. This shift could have a cooling effect on the market, which might become more evident in the summer months. According to the Elegran | Forbes Global Properties Manhattan Leverage Index for May, the market is nearing equilibrium, with properties selling more quickly and at a higher price per square foot than last month. Moving into the summer months, buyers may gain some advantage. Historically, contract volume declines during the summer months. Although overall supply tends to decrease—due to fewer new-to-market properties and more properties being taken off the market—remaining sellers may be more motivated. This could lead to reduced asking prices or increased negotiability, presenting potential opportunities for buyers. SALES – “Neutral” markets don’t exist because buyers and sellers are constantly playing tug-of-war for leverage – At times (e.g., more than 1 year already), there’s no clear winner as buyers & sellers reach equilibrium¹ – According to the data, May was a neutral month, where neither buyers nor sellers had a significant edge, although sellers gained a very slight edge. - Demand (measured by contracts signed) increased by 4.5% in the seller's favor. - Supply increased by 4% in the buyer’s favor. - Median days on the market decreased by 19% in the seller’s favor. - Median PPSF (Price Per Square Foot) increased by 2% in the seller’s favor. RENTALS – April saw a 5% increase in median rental prices from March, lifting the median price to $4,200. – The median rent for new developments continued to rise at a higher annual rate compared to existing rentals, reflecting the more luxurious nature of these new projects.³ Elegran | Forbes Global Properties Manhattan Leverage Index The Elegran | Forbes Global Properties Manhattan Leverage Index is powered by four indicators: supply, demand, median price per square foot (PPSF), and median listing discount. It informs us whether the current is a buyer’s or a seller’s market, i.e., which party possesses transactional leverage. Looking at the graph below, this is indicated by the direction of the curve, where: - An increasing trend from left to right indicates a seller’s market - A decreasing trend from left to right indicates a buyer’s market Our indicator also informs us regarding the relative strength of that leverage, indicated by the slope of the curve, where: - A gentle slope indicates a weak advantage by one party over the other - A sharp slope indicates a strong advantage But the numbers are not important. What is important is the direction and slope of the curve. For more than a year, there has been a stalemate between buyers and sellers in a relatively balanced market. The Manhattan market is currently in a state of equilibrium, with neither buyers nor sellers holding a clear upper hand. Heading into the summer, with less new-to-market supply and traditionally fewer contracts signed, will a window of opportunity arise for buyers? Manhattan Supply Despite the typical seasonal increase from April to May, the total supply in May was still 2% lower than last year. This lower supply helps maintain the market’s near-equilibrium, counterbalancing the decrease in contract volume. What this means for: - BUYERS: The month-over-month increase might offer more options in the short term. - SELLERS: The year-over-year decrease in supply might be beneficial for sellers, as less competition can potentially lead to faster sales and possibly better pricing power. Overall, while the short-term increase in supply provides more immediate options for buyers, the longer-term trend of decreased listings suggests a generally tighter market, which could influence future market conditions in terms of pricing and availability. Heading into the summer months expect a decrease in new-to-market supply until the fall and an increase in properties being taken off the market. Manhattan Demand Data courtesy of UrbanDigs The 4.5% increase in contracts signed from April to May 2024 indicates a seasonal or short-term uptick in market activity, which is typical for the spring season when more buyers and sellers enter the market. However, the 13% decrease in contracts signed compared to May 2023 suggests an annual slowdown influenced by higher interest rates, inflation, and the upcoming election. What this means for: - BUYERS: Despite the annual decrease, the month-over-month increase suggests heightened competition among buyers. Be prepared to act quickly if you find a desirable property. - SELLERS: You may need to be more competitive with pricing due to the overall annual decrease in demand. However, the month-over-month increase indicates slightly more activity and interest than in April, providing a potentially better selling environment. The mixed signals—a decrease year-over-year but an increase month-over-month—indicate a nuanced market. While there is a general cooling compared to last year, the seasonal trend shows a rebound in activity, typical for the spring season. Manhattan Median PPSF The median price per square foot (PPSF) increased by 2% from April 2024 and decreased by 5% compared to May 2023. Both buyers and sellers should continue to monitor the market for any new trends or changes in economic conditions that might affect real estate prices in Manhattan. What this means for: - BUYERS: Understanding these trends is crucial for timing transactions. The recent monthly uptick might prompt sellers to capitalize on higher prices, while buyers can leverage the annual decrease to negotiate better deals. - SELLERS: The increase in PPSF from April is encouraging, but this trend may not persist in the short term. The year-over-year decline highlights the need for realistic pricing, as overpricing may result in properties lingering on the market. While the short-term increase in PPSF is a positive sign for sellers, the longer-term decrease suggests a cautious approach is warranted. Buyers can find opportunities in the current market and potentially benefit through the summer months. Manhattan Median Listing Discount The decreasing median listing discount in Manhattan indicates a shift toward a more balanced market, potentially favoring sellers slightly more than in recent months. This trend reflects contracts signed in late winter and early spring when the market was more competitive due to supply and demand dynamics. What this means for: - BUYERS: The trend of decreasing discounts means buyers might have less room for negotiation than in previous periods. As discounts decrease, the opportunity to secure a better deal might diminish, urging buyers to act more quickly. - SELLERS: The decreasing median listing discount points to a potentially stabilizing market, with improving conditions for sellers. It remains to be seen if the recent decline in listing discounts continues into the summer months or if the trend reverses. Rental Remarks April saw a 5% increase in median rental prices from March, lifting the median price up to $4,200. Median rent for new developments continued to rise at a higher annual rate than existing rentals. The 30-Year Fixed Rate JUMBO Mortgage Index is trending at 7.2%⁴, and the average JUMBO APR is 7.1%⁵. So, it’s a “catch-22” for renters, as the rent versus buy scale may feel equally punitive on both sides. Rents are expected to continue their upward trend through the busy summer months. Investor Insights The total return is driven by net rental income and capital appreciation. For all-cash investors, Manhattan cap rates are currently 2.7 - 3.2%. Unfortunately, there is no net income potential for those investors using a large percentage of leverage, with the average JUMBO mortgage APR at 7.1%. Timing and a strong USD may afford foreign investors, depending on their native currency, the opportunity to realize significant capital gains upon selling their assets. References 1. According to the Elegran | Forbes Global Properties Brooklyn Leverage Index 2. Data courtesy of UrbanDigs 3. Data courtesy of Miller Samuel, Inc. 4. Data courtesy of Federal Reserve Bank of St. Louis 5. JUMBO mortgage rate APR data courtesy of Bank of America, Chase, and Wells Fargo If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors. About Us Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients. As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success. Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe. Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey. Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us. 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