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Your July 2019 Market Update

Today I’d like to showcase a few properties that were listed as resale properties and sold in under 30 days this past July. The reason properties like these are important to track is that when properties go on the market and sell in such a short period of time, they also often sell at or very close to the seller’s asking price.

So with that, here are our quick-selling properties from July! You can see the stunning photos of each listing at the listed time in the video above:

00:32— 490 West End Avenue, 4B:

  • Newly famous national news media sensation Anne Cutbill Lenane found time to sell her 4-bedroom listing for $2,195,000. It was only on the market for 14 days!

01:21— 305 E 85th St, 3B:

  • This condo was last transacted for $1,175,000 only a year ago. It came back on the market, even in these market conditions, with an appreciation of 10%. Listed by Douglas Elliman, this 1,402 square-foot listing sold in under 12 days!

"When properties go on the market and sell in such a short period of time, they also often sell at or very close to the seller’s asking price."

02:09— 563 Carroll St, apt. 3:

  • This 2-bed, 2-bath, 1,109 square-foot listing is such a gem that I’m not surprised that it sold in under 15 days! Listed by Ari Harkov of the Harkov Lewis Team, this place sold for $1,499,000. All combined, the unabated taxes on this property only amount to around $1,450 per month, which is a stable payment for a 2-bedroom home.

  • The property was sold last year but only appreciated by 7% in that time. However, the last 12 months have been deemed a buyer’s market, which makes that appreciation more impressive. The seller likely didn’t make a profit, but they might’ve just broken even with this aggressive pricing strategy. If they got multiple bids and sold for over the asking price, their closing costs would be about 9%. With a 7% appreciation, maybe the bids were $30,000 to $50,000 higher, pulling them out of the black.

Interestingly enough, when we look at what came on the market and then sold in July, 90% of what’s listed on the Real Estate Board of New York’s online listing exchange were new developments that were actually marketed (but not publicly) for many months, if not years, in advance.

Now more than ever, if you ever want to find a great deal that someone else is likely to bid on, there’s probably information about it somewhere before it gets to a public internet site.

If you have any questions about what’s selling in today’s market or want to find a similar deal for yourself, reach out to me. I’d love to talk to you more.

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Properties That Sold in Under 30 Days This June

Here are the properties that sold in under 30 days in June in New York City. Starting at 0:40 in the video above, you can follow along as I provide a quick slideshow of each home.

1. 111 Hicks Street, Apt. 10O in Brooklyn Heights. This 2-bedroom, 2-bathroom property sold after 30 days on the market. The maintenance fee was $1,900 per month, and the asking price was $995,000. Back in 2007, this property sold for $715,000.

2. 160 East 3rd Street, Apt. 3D in the East Village. This 2-bedroom, 1-bathroom property sold after 23 days on the market. The maintenance fee was $1,208 and the asking price was $1,050,000. Back in 2015, it sold for $750,000.

3. 104 West 70th Street, Apt. 10DEF in the Upper West Side. This 4-bedroom, 3.5-bathroom property sold after 25 days on the market. Its common charges amounted to $2,017, its taxes totaled $2,343, and it sold for $3.5 million.

If you have any more questions about what’s selling in today’s market, don’t hesitate to reach out to me. I’d love to speak with you.

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These Listings Prove That Our Market Is Red Hot

Our market is very active right now, and we’d like to demonstrate this to you today by sharing three of the fastest-moving properties that sold in our New York area this month.

First on our list is 344 West 12th Street, Apartment 4B, a 1-bedroom, 1-bathroom unit that was listed at $749,000 with a monthly maintenance expense of just $866. Complete with an open-concept kitchen and fabulous wood-burning fireplace, this great property sold in just under 14 days.

"Today’s market is red hot."

Next, there’s 370 West 118th Street—a great condominium in the Upper West Side that sold for $1,100,000 in less than 12 days. This 3-bedroom, 2-bathroom abode has common charges of $1,109 a month with abated taxes of just $16 a month, making it a very affordable option, given its size and location.

The last property on our list didn’t initially see the success that eventually made it worth mentioning in this message. After failing to sell twice before, the 21 Mercer Street Penthouse was recently relisted at $7,350,000 with incredible success—it sold in just four days!

The Penthouse has three bedrooms, two-and-a-half bathrooms, and a roof deck with a great view. The common charges for this property amount to $1,987 per month, with $3,084 in taxes.

As this list shows, today’s market is red hot. If you have any other questions or would like more information, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.

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Which Properties Sell the Quickest in Our Buyer’s Market?

Many listings in our area are selling in a month or less—some are selling in a mere 15 days. In today’s first-ever monthly market update, I want to highlight three of these properties to give you a sense of what buyers are scooping up in today’s Manhattan market:

1. 71 Barrow Street, Apartment 2. This sponsored co-op in the heart of the West Village was only on the market for 13 days, which means they accepted an offer in the first week! The asking price was $825,000, with a maintenance fee of $916. With its excellent condition, a property like this will usually sell quickly.

2. 340 Riverside Drive. This unit was only on the market for seven days before they had a signed contract, meaning they probably got an offer within the first 24 hours after it was listed at $1,995,000. With it being a co-op, they didn’t disclose the approximate square footage. It was a beautiful, classic, five-room home located at 106th Street and Riverside Drive. It wasn’t always in excellent condition, but they thought that the value was there for a two-bedroom home; the property had a 10% flip tax that the seller paid and, even with those conditions, it sold just like that.

"Penthouse 53 was listed by a great broker with the Hudson Advisory Team, and after only seven days on the market, they sold the penthouse for $27 million!"

3. 56 Leonard Street, Penthouse 53. Penthouse 53 was listed by a great broker with the Hudson Advisory Team, and after only seven days on the market, they sold the penthouse for $27 million! Though there’s a ton of luxury inventory on the market, this property was 6,400 square feet with panoramic views of New York City from Lower Manhattan in an iconic building. That is $4,219 per square foot!

As you already know, I do all types of videos about how to sell a home in New York City and anywhere else in the county. From now on, we’ll be coming to you monthly with a market update of properties that we’re selling under these market conditions in two weeks or less.

If you have any questions, please don’t hesitate to reach out. I’ll be sure to respond to you as quickly as possible.

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