August: Brighter Report

August 18, 2021

The irrational fear of numbers taken out of context and the intrinsic value of vibe, feeling, and "dare I say" Love, when it comes to real estate.

August is the eighth month of the year in the Julian and Gregorian calendars, and the fifth of seven months to have a length of 31 days.[1] Its zodiac sign is Leo and was originally named Sextilis in Latin because it was the sixth month in the original ten-month Roman calendar under Romulus in 753 BC, with March being the first month of the year.

About 700 BC, it became the eighth month when January and February were added to the year before March by King Numa Pompilius, who also gave it 29 days. Julius Caesar added two days when he created the Julian calendar in 46 BC (708 AUC), giving it its modern length of 31 days. In 8 BC, it was renamed in honor of Emperor Augustus. According to a Senatus consultum quoted by Macrobius, he chose this month because it was the time of several of his great triumphs, including the conquest of Egypt.[2]

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Feelings vs Numbers.  6/8 split over 13.
 I learned a new word today.  That doesn't happen often.  Paraskevidekatriaphobia.  While many of us know the word for fear of the number 13, Triskadekaphobia, I have never encountered the word for fear of Friday the 13th. 

No social commentary in this Brighter Report.  Rather, I want to speak about the irrational fear of numbers taken out of context and the intrinsic value of vibe, feeling, and "dare I say" Love, when it comes to real estate.  

I will also give you some stats, update you on my personal performance and introduce you to some properties.



BIDDING
Lest you get so caught up in negotiation that you spend so much time trying to beat the other party and end up losing the deal... please keep in mind 2 things.  

1. An increment of 10k, pegged at a 3% rate on a 30 year fixed mortgage, corresponds to roughly $40 per month. 

As a buyer, you will likely be facing competition.  Could be all cash, higher down payment, higher price, or non contingent.  The seller will always want to get as much as possible, and will generally have their acquisition cost, plus renovations, plus closing costs as a price floor. 

Given the present marginal cost of money, it is better to swallow your pride and play ball than lose the deal.  Pretty straightforward.

2. I love buying things on sale.  What I don't do, is buy things I don't like because I got a better deal.  Getting a deal on something you don't love, that won't make you happy, or leaves you feeling unsatisfied, is not a win. 

Key in on how the property and it's environs make you feel, and put your best foot forward.  Make peace with a number that fits your budget, with respect to monthly carry, draw a line in the sand and don't cross it.  Losing a bid over an amount that your ego deems too much, will ultimately be felt by the entire self. 

Replacement cost is almost always dearer than the marginal increment required to win.  Simply put.  If you miss out on the place you love, you will statistically have a hard time replacing it.  And if you are truthful with yourself, and get outbid, you can easily rationalize that it just wasn't meant to be.



Since we last spoke. (LAST 2 WEEKS)
  1. 1.7M Closed.                               Bed Stuy
  2. 575k contract signed.                  E 91st street
  3. 1.695M Accepted Offer.               Williamsburg
  4. $3250 Rental Exclusive leased.  Williamsburg

#BidBrighter 
#Live Brighter...

Peter-Charles Bright
petercharles.bright@corcoran.com
347 873 0616
THE CORCORAN REPORT: LAST WEEK'S STATS
Overall, we are seeing a lot of activity.  Some are saying that we are seeing 2 years melded into one, in terms of last years stifled transactions and this year's regularly anticipated deal flow.  

Action is not limited to neighborhood, price point, property type, or resale vs new dev.  It is really case by case.  Happy to walk you through the numbers.    Shoot me an email. ;)


BROOKLYN

Condo and Co-op contracts signed 7/31 to 8/6. 
Below are some key highlights from the week:
  • 119 contracts were reported signed last week, up 17% vs the previous week and 28% annually
  • Both condo and co-op activity expanded by double-digits vs the previous week and last year
  • By price range, contracts signed under $500K saw deal activity more than double year-over-year, thanks to co-op activity primarily in East and South Brooklyn neighborhoods
  • July 2021 finished with a total of 469 condo and co-op contracts signed, up 83% versus July 2020
  • Sales have risen annually for 44 of the last 48 weeks since Labor Day 2020 and consecutively for the past 22 weeks
     

 
MANHATTAN
  • 297 contracts were reported signed last week, up 3% compared to last week
  • New developments drove the increase, up 29% vs last week; resale activity was stable
  • Last week was the third best week of the year for reported new development sales
  • 22 contracts signed asking over $5M last week, 16 (72%) of which were new dev sales
  • July ended with more than 1,300 sales, the strongest July in Manhattan since 2013
  • Sales have risen for 44 consecutive weeks, a cumulative annual increase of 122%

 
JULY STATS.  LEASING.

“Many New York City apartment seekers expect conditions to be the same as they were months ago, with rents slashed and incentives bountiful, but that’s simply not the situation today.  

In July, the median rent rose 5% in Manhattan and 4% in Brooklyn versus June, while the number of active listings fell 35% and 6%, respectively, during the same period.  

In some cases, we are seeing bidding wars for rentals.  If a listing is well-priced in a prime location, then it’s going to see a lot of activity. 
 
The tenant pool has essentially tripled and we are experiencing incredible pent-up demand.  People looking to upgrade or change neighborhoods, those who left the city and are now coming back, and new arrivals for work and school are all looking for homes in the city now.  No matter what, New York will always be New York - and its magnetic pull is intensifying once again.”
 
  • Gary Malin

     
Below are some key highlights from July:
Manhattan Findings:
  1. There were 10,261 active listings across Manhattan during July – down 35% from the 15,794 in June and down 24% year-over-year.
     
  2. 8,114 Manhattan leases were signed in July, up 89% year-over-year.  Lease signings down from the record 8,995 in June, but this is still a sign available inventory is being absorbed rapidly.
     
  3. The Manhattan median rent hit $3,195 – up 5% month-over-month and marking the highest median rent charted in nine months.  However, the median rent is still 6% lower when compared to July of last year.
     
  4. In July, the overall Manhattan vacancy rate was 2.61% - vs. 3.49% in June.  This marks a 13-month low due to lower inventory and continued strong leasing activity.
Brooklyn Findings:
 
  1. There were 5,088 active listings available in Brooklyn during July, down 6% from last month but up 36% vs. last year.
     
  2. Brooklyn also experienced strong July leasing activity, when 2,111 leases were signed.  The number is up 16% year-over-year but down 17% from June’s record of 2,544.
     
  3. The Brooklyn median rent reached $2,700 in July - up 4% vs. June.  However the median rent is still down 10% year-over-year.  Average rents are still lower vs. last year across all bedroom types and nearly all neighborhoods except Downtown Brooklyn.
BRIGHTERBROKER.COM LAUNCHED!!!
A personal real estate website can be considered a business card, a value added service, an information hub, and a personal branding tool. Finally, I have a website where the aesthetics are attractive/professional, the functionality provides value to potential customers, and the overall look and feel represents my brand in a way that I find wholly appropriate. 

I've had 1.5 out of 3 before, and I am confident that this is easily a 2.8 out of 3, striving for a full 100%.  The site will grow over time iwth new features and functions, but for now, pls feel free to visit, subscribe to and share www.brighterbroker.com

Interested in hearing your feedback.  
2107 Bedford Ave B8
Flatbush Brooklyn
2 Bed 1 Bath Condo. 742sf
595k ($2250)
2 bed 1 bath walkup prewar condo a short walk from Prospect Park.  595k to purchase, $2250 to lease.  Rents in this corridor haven't fully recovered "post" covid, which means future upsid across the board, for rents and by extension exit sale value and potential profit.  This is an excellent opportunity on a 3-7 year sale horizon.
CATSKILLS CHILL. 
For those of you contemplating a cozy Fall/Winter upstate,
with potential airbnb income as a bonus.

Chris Sellers. 
Tell her I sent ya.
Click the pics for the link.

She is already working with a couple Brighter clients and is referring me a Seller,
so let the eponymous exchange continue in full force.

3 BED 2.5 BATH FARMHOUSE + BONUS BARN ON 17 ACRES.  $1,095,000

E 91ST STREET COOP,  575K. 
CONTRACT SIGNED TODAY!
IN CONTRACT!!!
82 IRVING PLACE, 2B, GRAMERCY,
2 BED 1 BATH COOP 900K, $1050 Maint.
PRIME GRAMERCY LOCATION, RENOVATED.
139 Jackson St 2A $3495 (LEASED)
(IN Building Comp sold for $795k last August.
SOLD AND CLOSED
804 LEXINGTON AVE, BED STUY, 
17' WIDE 2 FAMILY TOWNHOUSE. 1.7M
FULLY RENOVATED.
3 BED 2 BATH OWNER'S DUPLEX
OVER 1 BED 1 BATH RENTAL.
Sold and Closed
360 Macon.  $2.25M
2 Family Townhome
Stuyvesant Heights. 
SOLD AND CLOSED: 
675 LAFAYETTE AVE, BED STUY,
2 BED 1 BATH BROWNSTONECONDO 900K
LARGE PRIVATE TERRACE, PARK BLOCK. 
How can I help you?
Rent, Sell, Buy, Invest.

Areas Served. 
All Manhattan.
All Brooklyn: accessible by train, 1 fare zones.

Property Types:
Rentals: Doorman, Walkup, Elevator, Loft, Townhouse
Sales: Condo, Coop, Condop, Townhouse/Brownstone
Commercial: Office Leasing, Retail Leasing, Investment Sales

Featured Blog Posts

August: Brighter Report

August 18, 2021

The irrational fear of numbers taken out of context and the intrinsic value of vibe, feeling, and "dare I say" Love, when it comes to real estate.

July: Brighter Report

July 27, 2021

Money is still cheap, prices are largely corrected and therefore less negotiable.

June: Brighter Report

June 22, 2021

For the market, it generally means more activity in most sectors, more competition, and less negotiability.

May Brighter Report: Neighborhood Arbitrage and Sub Market Speed

May 5, 2021

Loving the wealth of information at my fingertips and the seamless packaging.

April: Spring and New Beginnings

April 16, 2021

Spring represents the "awakening" of the world from winter's slumber.

March: Move in a Direct Purposeful Manner

March 21, 2021

New Development is notorious for not negotiating on their listing price.

February: The Longest Short

February 27, 2021

Prioritize list of search criteria and figure out what is best for you.

January Brighter Report. Transitions and Transacting

January 30, 2021

2020 taught us what are most important to us, so we prioritize our intentions.

December Brighter Report, Happy Holidays, See You in 2021!

December 21, 2020

Grateful for the closed deals, the lessons implicit in stalled searches.

November Brighter Report: Let's Talk Turkey

November 26, 2020

The energy of the number 9 represents completion, but not finality.

October Brighter Report: Let's Do the Time Warp, Again!

October 31, 2020

Buyers need to be reassured that they are not making a bad move.

When 7's Are 9's

September 18, 2020

September became the 9th month as a result of political action.

August or Bust

August 18, 2020

Sellers are experiencing financial hardship and unsure of whether they would qualify.

Julyin or Buyin?

July 31, 2020

Whether you are in the market for NYC real estate or not, July is hot.

J.U.N.E. Brighter Report

June 26, 2020

The significance of this image to me is a singular perspective being refracted.

Brighter Report: Maybemight(Y)

May 22, 2020

Late May typically marks the start of the summer vacation season.

KW Red Day: Zoom-athon for Charity

May 13, 2020

Keller Williams agents take time to give back to their communities. 

Brighter Report: April Jewels, Resources, Real Estate, and Relativity

April 2, 2020

With limited competition, sellers who need to sell will be negotiable.

Brighter Report: Covid-19 Edition

March 18, 2020

Eviction notices may be served, but courts will not process evictions.

Brighter Real Estate Tips for 2020

February 25, 2020

Ordering an inspection before signing contracts revealed some flaws.

Robust and Rigorous: August Brighter Report

August 30, 2019

Median Sales Price for new developments is on a downward trend.

Brighter July: Interpreting the Effect of the Stars

July 31, 2019

Buyers who wanted to save money avoids the new mansion tax. 

Oh Snap. June Just Got Brighter!

June 28, 2019

Given the nice weather, sale open houses are showing better attendance.

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