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Dear Friends,
I hope this message finds you well as we enter the final weeks of 2024 and get ready for Thanksgiving! To me, this season serves as a reminder to pause, reflect, and give thanks for all that enriches our lives—whether it’s the people we care about, the work we do, or the quiet moments of joy we often take for granted.
As Thanksgiving draws near, I find myself reflecting on the many people who have made this year so meaningful. Among them, I’m incredibly grateful for the friends who have supported me, brought joy to my life, and have been a steady source of encouragement and perspective year after year. To my colleagues, your collaboration and dedication has helped to inspire me each day. Working alongside such talented and driven individuals has been a true privilege. And, of course, I am so thankful for my clients, whose trust and partnership continue to be the heart of my work. Your confidence in me is something I cherish, and I’m honored to be a part of your journeys.
I wish each of you a peaceful and restorative holiday, filled with love and appreciation for all that you have and all that lies ahead. May your Thanksgiving be joyful, and may the coming year bring even more reasons to be thankful.
I leave you with all of my best wishes as well as a few personal and market updates and an adorable (and delicious) recipe I’m loving this year!
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I’m thrilled to share that I have been recognized by Real Trends as the number 12 individual agent out of over 10,000 agents in New York City for my sales volume in 2023!
Thank you to my wonderful clients for the trust you continue to put in my and for filling my days with so much joy and purpose. It’s a privilege and a pleasure to work in your service.
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Episode 3 of my motivational podcast series, Rise and Thrive, is live! For those not yet acquainted, Rise and Thrive centers around overcoming life’s many obstacles, and the beauty, challenges and rewards of both professional and personal rebirth.
This series is deeply personal to me, and in this special episode I take a turn in the guest seat and share my own transformative journey of reinvention and rebuilding from the ground up.
As I reflect on the tools that kept me going and all the lessons I learned along the way, I dive deep into topics like the power of self-forgiveness, the relief of candor and the importance of embracing support. I invite you to tune in and hope that my story can in some way be helpful to anyone navigating adversity of their own.
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We have seen significant increases in deal activity relative to this time last year. Overall, contract signings for October and November are up 20.24% year-over-year.
Of the 1,497 contracts signed in October and first three weeks of November, there have been 257 contracts signed for new development property which represents a 46.02% increase from the same period last year when there were 176 contracts signed. Contracts signed on resale apartments are up 16% year-over-year.
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Activity in nearly every price segment has seen gains with the exception of the $3-5M range which fell about 6.98%. By contrast, apartments asking over $5M are up a whopping 77.65% -- a phenomenon likely due to the surge in new development contract signings between this year and last.
It’s important to view these increases in context – mortgage interest rates in October 2023 were at their highest levels since 2000, approaching 8%. By November 2023, they’d begun to show signs of receding and finally dipped below 7% by mid-December 2023.
Not only are rates currently lower than they were a year ago, buyers have also grown more comfortable with mortgage rates in today's range and as those who have had their plans on hold for over a year simply can’t wait any longer and are diving in.
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If we look specifically activity in the upper luxury segment of the market (traditionally defined as property asking $4M+), we see a 27.16% increase in the number of contracts signed in October and a 64.52% increase in the number of contracts signed so far in November year-over-year.
The average weekly number of contracts signed for the last seven weeks is 29 compared to an average of 20 contracts during the same period last year. Notably, there were 39 contracts signed during the week of the General Election (11/4 to 11/10), and 14 of them were on co-ops. That was the highest weekly total for co-ops asking over $4M since November 2021 (11/15 to 11/21), when 16 contracts were signed. As it were, weekly totals of 10 or more contracts signed on co-ops have only happened 13 times over the last 3 years.
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Despite a 48.39% increase year-over-year for contracts signed on co-ops, condos continue to make up the bulk of what’s trading. Of the 205 contracts signed throughout October and in first three weeks of November this year, 146 of them have been on condos. That represents a 67.82% increase from last year when there were 87 contracts signed on condos.
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By the end of October, the supply of apartments for sale in Manhattan rose 13% to 7.1 months after three straight months of declines. November’s supply rate has pulled back slightly to 7.0 months.
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Large apartments remain in higher supply. In October, the supply rate for condos with 3+ bedrooms crept up to 12.7 months from 10.8 months in September and the supply rate for co-ops with 3+ bedrooms increased to 8.8 months from 6.9 months in September. In November, the supply rate for 3+ bedroom condos remained at 12.7 months whereas that of 3+ bedroom co-ops came down slightly to 8.0 months.
Supply is tightest on the West Side at 5.2 months and the East Side at 6.1 months.
The most oversupplied neighborhood remains Midtown West at 11.0 months followed by Midtown East at 9.0 months.
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Yield: 24 Servings
Prep and Cooking Time: 35 minutes
Crescent dough, brie, cranberry sauce, pecans, rosemary
- Preheat the oven to 375°
- Grease a mini muffin tin with nonstick spray
- Lightly flour your work surface and roll out the dough; pinch together at the seams
- Cut the dough into 24 squares, trying to make them as even as you can
- Place each square in a muffin cup, center it over the cup (so it rises evenly up), then push it all the way in
- Cut the brie into small pieces (easier done when cold); be sure to leave the rind on to prevent the cheese from spreading too much
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- Nestle a piece of brie into each pastry cup
- Top with cranberry sauce or with your favorite jam
- Add on the pecans and one piece of rosemary for each bite
- Bake until the pastry is golden and the cheese is melted before serving warm!
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