New York Real Estate in 2024: Navigating the Upsurge in Manhattan's Market

As we usher in 2024, the Manhattan real estate market, as detailed in the COMPASS Manhattan Market Report Q4 2023, presents a compelling narrative of resilience and growth amidst challenges. This comprehensive report sheds light on the key trends and expert predictions that are shaping New York's real estate landscape, offering a valuable perspective for buyers, sellers, and investors alike.

The Resilient Manhattan Market

The Manhattan residential real estate market has persisted admirably, with prices for both condos and co-ops rising to the highest levels since Q4 of 2018. Elizabeth Ann Stribling-Kivlan, a respected voice in the industry, notes, "The market has shown significant positive movement going into 2024, with a 7.6% increase in contract activity this quarter." This uptick is a testament to the enduring appeal of Manhattan as a prime real estate destination.

The Stagnation of Resale Inventory

One of the most pressing challenges has been the stagnation of resale inventory, which continues to be the market’s current limiting factor. This has led to a competitive environment, especially in sought-after neighborhoods and property types.

Luxury Market's Remarkable Growth

The luxury segment of the market, particularly properties over $5M, has seen almost 30% year-over-year growth in newly signed contracts. This surge is indicative of Manhattan's status as a hub for high-net-worth individuals and investors seeking premium real estate opportunities.

Agent Insights

Ian Slater, a seasoned real estate agent, highlights the impact of the upcoming Presidential election on the housing market. He predicts, "Falling rates and a rising stock market will continue, as the Fed signals further rate drops in 2024." He also anticipates a growth in inventory due to lower interest rates, which will likely activate both buyers and sellers.

Leonard Steinberg adds, "Co-ops have maintained a strong foothold, often offering more affordable options and price stability compared to condos."

Brian K. Lewis foresees a continued rise in prices in the ultra-luxury market. He explains, "The ultra-high-end of the condo market will continue to attract global wealth, causing prices to climb. New York City, being the heartbeat of the world’s economy, always attracts top-tier investors."

Pamela D’Arc observes a boom in the Upper West Side, particularly in new developments. She predicts, "2024 should transition from a buyer’s market back to a more balanced scenario. With interest rates lowering, more buyers are incentivized to take advantage of the market before prices increase."

The Great 2024 Unlocking

As Brian K. Lewis aptly puts it, "The Great 2024 Unlocking is upon us." With interest rates falling from their peak last fall, the market is set to become more active. Sellers are more inclined to list their homes, and buyers are encouraged to engage with the market. This shift is expected to unlock a plethora of opportunities for both buyers and sellers.

The Upper West Side's New Development Boom: The Upper West Side, particularly north of 91st Street, is witnessing a surge in ground-up new construction. This trend, historically focused more downtown and on the Upper East Side, is reshaping the neighborhood's landscape and fetching high prices per square foot.

A Balanced Market in 2024

The transition from a buyer's market to a more balanced market is on the horizon. As economic uncertainties begin to stabilize and interest rates continue to lower, the market is poised for a rebalance. This shift is expected to bring more buyers off the sidelines, eager to capitalize on the value present in the market.

Conclusion

The Manhattan real estate market in 2024 is a dynamic and evolving landscape. With prices at their highest since 2018, a burgeoning luxury market, and a shift towards a more balanced buyer-seller dynamic, the market is ripe with opportunities. As industry experts predict, the market's resilience and adaptability, coupled with economic factors and new developments, will shape the future of real estate in New York City. As we navigate these changes, one thing remains certain: Manhattan continues to be a beacon of opportunity and progress in the global real estate market.

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Celebrity Power Broker Aaron Seawood Returns to Compass

Aaron Seawood

Compass has announced the reunion of Aaron Seawood and Team Carte Blanche with the company. With this partnership, Seawood, a dominant force in New York real estate, looks to expand his team to crucial luxury markets while providing a frictionless experience for an impressive client roster that includes celebrities, athletes, and high-net-worth individuals.

"I'm grateful for my time at The Agency, a killer brand, and even better people," said Seawood. "Now, to have Carte Blanche powered by Compass makes for a seamless experience for our clients, expands our reach into key luxury markets, and reunites me with OG Compass colleagues I call family. A true trifecta."

Andrew Pritchard and Priscilla Diaz are joining Seawood on the move, both renowned for providing a white-glove experience and spearheading business partnerships and branding.

During his five-year tenure at Compass, Seawood was a cultural stalwart and founding agent of The Sports & Entertainment Division, developing long-lasting relationships with many executives and agents.

"Aaron was one of the earliest Compass agents, and we're thrilled to welcome him and his team back to Compass," said Rory Golod, president of growth and communications. "Carte Blanche has a unique blueprint and a renowned customer service culture that we're excited to amplify in New York City and beyond."

Team Carte Blanche brings over $55 million in total listings, including Carmelo Anthony's $11 million Chelsea loft at 508 West 24th Street and the Penthouse at 50 Madison Ave featuring Giovanni Versace's private furniture for $10 million, as well as $26 million in off-market properties.

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Veteran Agent Raquel Lomonico Joins Top Compass Brooklyn Team

Raquel Lomonico

Lior Barak and Christine Blackburn Lior Barak and Christine Blackburn announce that local Brooklyn new development specialist and resale agent Raquel Lomonico has joined their high-flying team. The Barak Blackburn Team has sold $2 billion in property and $50 million in land and development in Brooklyn and Manhattan. With the support of Ms. Lomonico, the team looks to continue its perforation of northern Brooklyn and its omnipresence in new development.

"I could not think of a better fit than working with Christine and Lior," said Ms. Lomonico. "I was getting calls from agents wanting a Brooklyn specialist while they focused on Manhattan, but I run around Brooklyn in sneakers and wanted to be on a team that matches my personality and prioritizes business here." 

Ms. Lomonico started her career at Douglas Elliman 14 years ago before moving to Corcoran. She was most recently at Nest Seekers, where she managed sales at 510 Driggs, the luxury-defining new development condominium in Williamsburg. Throughout her storied career, she has established herself as a local agent with insightful market knowledge and an extensive referral neighborhood client base.

Raquel's pivot to Compass comes at a time when the tech-enabled firm has grown to be the largest residential brokerage in Brooklyn by closed sales, according to The Real Deal. 

Lomonico notes a recent surge in individuals and families looking for three-to-four bedrooms in Williamsburg and Greenpoint will drive new real estate activity. "North Brooklyn was not traditionally where you raised a family, but that has started to change," she said. 

"Raquel is a local agent who aids her clients in making smart decisions," said Christine Blackburn. "We believe she is the best cultural fit for our team and, coupled with Compass tools and services, will continue to help us elevate our business." 

Lomonico is raising awareness for animal rescue when she is not selling real estate. A self-declared animal lover, whenever possible, she uses her marketing to raise funds for that cause.

NYC Broker and Social Media Agency Founder, Ryan Garson, Partners with Compass

Compass announced that Ryan Garson and his six-person team have joined the firm. Garson, an influential Manhattan and Brooklyn real estate agent who has transacted over $100 million in sales, will pair his personalized approach and innovative marketing aptitude with Compass' in-house creative teams and the company's industry-leading technology to reimagine what is possible. 

"Ryan's entrepreneurial and creative talents will elevate what is it means to provide great service to his clients," said Rory Golod, President, Tri-State. 

Aside from his working as an agent, Ryan also leads Very Social, a strategic creative and social media agency that specializes in building and amplifying the brands of real estate professionals around the country through tailored social media strategies. As part of his partnership with Compass, Ryan will have access to the firm's extensive network and will be a preferred agency vendor. 

The partnership comes at a time when Compass is heavily investing in tech-oriented solutions. This month, the company acquired Modus, a Seattle-based startup that automates the closing process of selling a home. Earlier this year, the venture-backed firm announced the release of Compass Lens, an AI-powered tool that allows homeowners to envision what homes would look like with cosmetic upgrades to maximize the home's value. 

"Joining Compass provides me with unrivaled technology and dedicated support staff that will help me better serve my clients," said Garson. "Real estate and marketing are constantly evolving, and I want to be at the forefront of innovation." 

Garson was previously at Halstead, which recently merged with Brown Harris Stevens, where he achieved over 400 client success stories. He currently serves on the Garment District Board, is a founding member of the Anti-Defamation League's NY Next Generation Real Estate Group, and on the Executive Board of the 14th Street Y. 

Ryan's active listings portfolio includes  54 Warren Street, Unit PH, 77 Bleecker Street, Unit 1025, and 101 West 12th Street, Unit 3G.

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