July: Brighter Report

July 27, 2021

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

Dog Days of Summer: Sirius Heat Wave and Tilt
 
All eyes on the immutable stars.  Greetings Brighterians, this is my esoteric introduction that makes the newsletter interesting to those of you who may not be in the market for NYC real estate. LOL.

Hope you all are doing well in the physical and perhaps existential heat. 

It's amazing to me how we refer to the Pandemic in the past tense, so again, nothing I write is meant to diminish any negative effects of COVID on individual readers.  Whether that makes us resilient, optimistic, or delusional is a topic for philosophical debate, likely, in person, over food or drink. 

The market is how do you say, hot?  If you read regularly, you know that I generally avoid referring to the NYC real estate market as one monolithic entity.  Rising tide does lift all ships, but not equally. 

With that being said, several factors have contributed to increased volatility in segments of the market that had been lagging, specifically studios and 1 beds.

Money is still cheap, prices are largely corrected and therefore less negotiable, the "bottom" of the makret has been established, and supply in most sectors has been outpaced by demand. 

For 1st time home buyers, pied-a-terre buyers, and parents buying for children/copurchasers the window of opportunity (to take advantage of soft pricing and cheap money) is closing, and the time to get in the game is now. 

That's not an editorial suggestion but rather my interpretation of what I have seen in the past month.

My Gramercy listing has gone into contract.  A sub 600k 1 bed with modest monthlies on an excellent block, that just had not been getting the action it deserved.  We ended up having competitive bids, and are in contract for 0.9% below ask.

In searching for buyers in the sub 600k market--UES, Midtown, BK-- a shortlisted field of 10-20 will yield responses of contract out or just signed for approximately 25%.  This could include properties that have been recently listed <30 days, and properties that were beginning to languish >90 days. 

BK townhouse inventory is refreshing, but there is steady competition.  Townhouses are so personal, in terms of vertical layout, floorplan, building/lot depth, renovation, etc, that if you are in the market, I wouldn't take a "summer break."

Rental market is also hot, with my office experiencing bidding wars for RENTAL PROPERTY, where prospective tenants joust to overpay and pay the full 15% fee.  I personally listed something on Thursday, went Live on Friday, first showing Sunday, application submitted after a Monday showing.

#GoodProduct competitively priced is moving.  Quickly.  So, sharpen your pencils, get your ducks in order, and select a 3rd appropriate aphorism addressing strategic preparedness.  

This newsletter is definitely hitting in July, but it's about a week late.  When I say I have been busy, it has definitely been a 2 shower sweaty type of busy, but also more of a RAM/Cache Allocation mental space, multi-client, multitasking, plus ensure family has a quality summer type of busy, 

4 beach days, 1 570k contract signed, 1 upcoming 1.7M closing, 2 live buyers <600k (offers submitted), 1 rental application submitted, 1 new sale listing (also for rent), and a couple of new renters who likely don't subscribe to my newsletter yet, and don't quite have full Brighter perspective. 

So thanks for your patience... Stats and Promo below.
#EnjoySummer #CarpeDiem
#Live Brighter...

Peter-Charles Bright
petercharles.bright@corcoran.com
347 873 0616
 
LAST WEEK'S STATS.  CORCORAN MARKET RESEARCH.
MANHATTAN
Below are some key highlights from last week:
  • 304 contracts were reported signed last week, up 2% from the previous week
  • Last week was the strongest fourth week of July on record
  • 44 new development contracts were reported signed last week, one of the best weeks so far in 2021
  • But not all product types saw sales increase week-over-week, as resale co-op sales fell weekly by 6%
  • Sales have risen on a yearly basis for 42 consecutive weeks, a cumulative annual increase of 122%
 










BROOKLYN
  • 120 contracts were reported signed last week, up 18% versus the previous week and 94% year-over-year
  • Condo activity increased 30% versus the previous week and co-op activity was level week-over-week
  • By price range, contracts signed  $1 -$2M saw the most activity last week with 44 sales up 47% versus previous week
  • Contract activity has risen 42 of the last 46 weeks since Labor Day and has risen for twenty consecutive weeks
  • Note: July 2020 was the first full month of in-person showings last year following the market pause, but sales remained low at 62 contracts signed

 
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.  
IN CONTRACT!!!
82 IRVING PLACE, 2B, GRAMERCY,
2 BED 1 BATH COOP 900K, $1050 Maint.
PRIME GRAMERCY LOCATION, RENOVATED.


This renovated 1 bed is located on arguably one of the best blocks in Gramercy. Beautiful treelined streets filled with stately architecture await you just outside your front door, and a short strip of accessible entertainment that is at once ultra local and exceptionally cosmopolitan invites you to explore and enjoy..


 
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.
139 Jackson St 2A $3495
(IN Building Comp sold for $795k last August.
Met owner Wednesday, Visited property Thursday, got keys Sunday, showed Sunday.  Showed Monday, application submitted.  2 people got to see it.  Moral of the story:  Properly priced property moves quickly.  In my office, we have seen multiple apartments rent with bidding wars, offers over ask, and full fees paid.  
CLOSING NEXT WEEK! 
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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