What Real Estate Experts Predict About the Housing Market in 2022

In the latter half of 2021, the housing market exploded. The average American home cost $287,148, a 13.2% increase from May of 2020. Home sales rose to 6.8 million.

Experts agree that changes are coming on the cusp of the new year. But is the housing boom about to bust? Unlikely. If anything, the market may cool by a few degrees, but it's in no danger of crashing or experiencing other instability. Here are eight housing market trends experts anticipate for 2022.

1. Buyer Demand Will Persist

Buyers are still in the market for properties – experts believe this trend will continue throughout 2022. However, buyer demand isn't increasing at the same frantic rate across the entire country. The south and west coast lead the nation in high buyer demand.

Properties continue to sell in approximately 18 days, and most homes sell with an average of three offers. You can expect this trend of homes moving quickly to extend into 2022.

2. Housing Inventory Will Remain Low

According to the national inventory of active housing listings, 2021 witnessed a decline of 22.2% in total inventory. Compared to last year, the catalog of newly listed homes also decreased by 3.9%.

Experts anticipate 2022 will essentially look the same as the previous year. So home buyers will have to work harder to find the perfect home, while sellers should note this is another good year to put their property on the market.

3. Housing Prices May Fall

In 2022, it’s likely the growth of home prices will slow somewhat. Experts at Freddie Mac believe the prices will grow at a rate of 5.3%, which is lower than the 12.1% increase last year. Zillow takes a moderate stance of projecting an 11.7% rise in housing market prices. However, analysts at Goldman Sachs estimate home prices will expand by 16% in 2022.

4. Foreclosures Will Likely Stay the Same

Beginning in September 2021, the government lifted its temporary ban on foreclosures, and the country saw a rapid increase in evictions due to missed mortgage payments. Foreclosure filings increased by 24%, compared to before the foreclosure ban, and were up by 102% from September 2020.

Because of the end of the foreclosure ban, experts largely expected this jump in numbers. It's also important to note that our nation's foreclosure rates are still historically lower than average. Due to these factors, the rate of foreclosures will likely plateau and remain consistent in 2022.

5. Mortgage Rates Will Increase

Up to this point, homebuyers have enjoyed low mortgage rates. In 2022, experts expect rates to be above 3% for a 30-year mortgage. The National Association of Realtors estimates 3.5%, while Freddie Mac and Kiplinger predict 3.7% and 3.8%, respectively.

Interest rates will continue to rise because of several factors. Earlier this year, the Federal Reserve increased its inflation estimates, signaling inflation will be here to stay. If the Fed raises its interest rates, banks will follow suit, and borrowers' mortgage rates will increase.

6. The Housing Market Will Stay Steady

It's improbable the housing market will crash in 2022. Experts believe the current market is healthier than the 2008-2010 housing bubble. Various factors separate the current market from those of the past. Subprime mortgages, a major contributing factor to the 2008-2010 housing bubble, now have much stricter regulations than previously. 

Additionally, the supply of homes for sale is still low, so the overall price of homes is in no danger of dropping dramatically. As long as new homebuyers continue to enter the market and the supply of homes stays consistent, the market should remain healthy.

7. How Do These Trends Impact Homebuyers?

For interested homebuyers, expect much competition when finding your dream home in 2022. Homebuyers will also need to anticipate low property supply resulting in bidding wars.

However, there’s some good news: interest rates are historically low for 15-year, fixed-rate mortgages, at 2.15 to 2.39%. Locking into a fixed-rate mortgage with a lower-than-average interest rate is ideal for any property buyer because it means cheaper monthly payments and less money going towards interest throughout the loan.

Combine low-interest mortgage rates with decreasing home prices, and the new year could be the perfect time to buy a home. However, making a purchase that important all depends on how one manages one's finances. Having no debt, setting aside an emergency fund, preparing a 10-20% down payment, and saving for closing costs will ensure one can afford a home in 2022.

8. How Do These Trends Impact Home Sellers?

There's no doubt the real estate market of 2022 still favors the home seller. There will likely be more property buyers than sellers with low home inventory. However, with the recent end of the foreclosure ban, more properties could flood the local market. Working with an experienced agent to sell a property should help set a competitive house price, navigate offers, and manage any issues.

Anticipating the Real Estate Market in 2022

The housing market in 2022 will look similar to that of 2021 – expect buyer demand to remain strong, housing inventory to stay low, and foreclosure rates to likely stay the same. Be on the lookout for housing prices to fall and mortgage rates to slowly increase. Despite the changes, the housing market should remain steady.

Author

Evelyn Long is the editor-in-chief of Renovated. Her real estate work has been published by the National Association of REALTORS®, Rental Housing Journal, and other online publications.

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From Lobby to Living Room: NYC Luxury Buildings With Next-Level Elevator Access

Is privacy the ultimate luxury?

For New York City’s most discerning homebuyers, the answer is often yes—especially now, when sharing a crowded elevator with strangers may be even less appealing than before.

The latest crop of new Manhattan residential developments, however, offers unique variations on private elevator entry, allowing buyers to ascend directly to their front door, foyer or living room, oftentimes without crossing paths with anyone else along the way.

212 West 93rd Street

Offering a boutique experience that embraces indoor/outdoor living, 212 West 93rd Street brings just 20 condominium residences—most featuring a generous private terrace—encased in a striking contemporary façade to Manhattan’s Upper West Side. ODA, the award-winning architecture firm known for its mold-breaking, human-centric design, conceived the 14-story building as a vertical collection of 20 individual homes. These residences range from one- to four-bedrooms, including full-floor penthouses, with gracious layouts that express the building’s architecture. As a result, 35% of the building’s homes feature elevators where residents step directly into their living rooms or private foyers, while a handful of residences comprise an entire floor.

(credit: 212 West 93rd Street)

67 Vestry

67 Vestry, the last historic loft conversion on the Tribeca waterfront, is a luxurious boutique building with quite an interesting art world backstory. Originally built in 1896 as the warehouse for The Great Atlantic & Pacific Tea Company, 67 Vestry was converted in the 1970s into artist's lofts used by some of the most iconic artists of the 20th Century. The Romanesque revival landmark is now being restored and converted into 13 loft homes. All of the spacious loft homes at 67 Vestry are either full or half floors and have direct elevator entry, providing privacy and space. Gachot designed all of the homes and public spaces at 67 Vestry.

(credit: VUX)

532 West 20th Street

Designed and developed by Joe McMillan’s DDG, 532 West 20th Street is an intimate collection of only nine full-floor condominium residences in West Chelsea. From the private parking garage, residents have secure, direct elevator entry into their homes, each of which features a private south-facing terrace, a 50-foot-wide great room, a gas fireplace and 10-foot ceilings. The homes emphasize privacy and sanctuary in one of Manhattan's most culturally rich and architecturally significant neighborhoods.

(credit: Robert Granoff)

555 West End Avenue

Nestled in the heart of Manhattan's Upper West Side neighborhood, 555 West End Avenue offers 13 breathtaking, one-of-a-kind residences with unmatched architectural magnificence from the building's origin as a historic Beaux Arts private school. Each home at 555 West End Avenue has a unique layout, including sprawling flats, townhomes with private entrances on West End Avenue, and specialized residences born from quintessential spaces found in a historic private school, such as the penthouse gymnasium and former library. All homes are incredibly spacious, with 12.5- to 20-foot ceilings, original towering windows offering abundant natural light, private elevator landings, gracious entry foyers and voluminous eat-in, chef's kitchens. Select residences feature direct elevator entry, which provides for a seamless, discrete entrance home. Only five homes remain and immediate occupancy is available

(credit Hayes Davidson)

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The Must-Have Amenity in New York City is Art

There's always been a connection between art and real estate, particularly when it comes to luxury residential developments. As developers increasingly incorporate fine art into high-end residential buildings, gallery-worthy art collections have become the must-have amenity for lobbies and other shared spaces at developments across the country - whether the work is a sculpture, painting, or a piece solely commissioned for the project itself. Below are some of our favorite museum like buildings in New York CIty,

17 Jane Street

Credit: Courtesy of 17 Jane Street

17 Jane Street is a newly built yet timeless boutique condominium designed by architect Sir David Chipperfield and developed by Edward J. Minskoff. Located in the heart of the historic West Village, this rare ground-up building features Corks (Couple), a monumental 10-foot bronze sculpture by American artist Jeff Koons. While 17 Jane Street is a private residential building, Chipperfield designed the jewel-box lobby to be an illuminated presence on Jane Street, making it the perfect showcase for contemporary art — and a striking visual from the sidewalk and street.

The Smile

Credit: NOISE

The Smile, a one-of-a-kind new rental building from the internationally known Danish architecture firm BIG-Bjarke Ingels Group, features an 24-hour, attended lobby boasting rainbow colors and Harlem-inspired murals - not to mention an expansive work by KAWS, an American graffiti artist and designer. Prominently featured behind the lobby's desk, the 10 silkscreen prints are part of a series of 100 titled No Reply.

Waterline Square

Credit: Evan Joseph

Waterline Square, the starchitect-designed mega-development on Manhattan's Upper West Side, features an impressive collection of gallery-worthy art hand-picked by Culture Corps, a unique art advisory and creative consultancy firm. Through the partnership, Culture Corps curated the art displayed throughout Waterline Square's lobbies, residential corridors and amenity spaces, bringing a gallery atmosphere to the everyday residential experience. The art was specifically chosen to reflect Waterline Square's world-class architecture, waterfront location and lush green space, and the selection includes pieces by notable American and international artists such as Jean-Michel Othoniel, Kiyoshi Otsuka, David Row, Landon Metz, Miya Ando and many more.

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How to Navigate the Post-Pandemic Market

By Briggs Elwell, CEO and Co-Founder of RLTY Capital

Being a real estate agent in New York City is hard work but arguably one of the most exciting careers the city has to offer. Unlike desk jobs, real estate agents can experience something new every day, traverse the greatest city in the world and build networks that will benefit them for a lifetime. This career path takes hustle and grit - if you can make it in NYC, you can make it anywhere. 

Briggs Elwellcontact

Between new developments, resales, conversions, lofts, brownstones and skyscrapers, clients of all backgrounds can find a housing option that suits their needs, surpasses their lifestyle expectations and is uniquely New York. It’s a real estate market renowned for its value worldwide. For agents, the thrill of the hunt - and guiding clients along the way - is an eternal source of motivation with incredible rewards. 

As we emerge from the pandemic, real estate agents have a newfound appreciation for financial literacy, understanding operating costs and keeping workflow in balance. The challenges of last year showcased the need to think long-term and reaffirm your commitment to whatever it is that you do. For agents, that means doubling down and reinvesting into your real estate business to achieve growth and regularity for your team. And, despite the rebound of the New York real estate market, agents continue to experience fluctuations in deal flow and a lag time in commission delivery for a variety of reasons. 

Closing date push backs, construction delays, timing to sign a lease, and inspections are items that have always been challenging for agents as it relates to pay day. As independent contractors, agents fund much of the staging and marketing costs themselves and the uncertainty of commission timing makes financial planning all the more difficult. It takes a real commitment to the numbers and lean operating costs to sustainably grow a real estate business in New York - and even then, without the ability to definitely plan pay days, finances can be overwhelming for even the most astute agent. Adding the post-pandemic effects of uncertainty in terms of remote work and school, delays are more common as people plan for the future in neighborhoods and housing types that may not have considered pre-pandemic. 

My co-founder, Daniel Kennedy, and I launched RLTY Capital - a REtech platform and speciality finance firm for the real estate community to have more certainty and confidently approach the post-pandemic market. We carefully analyzed current market dynamics alongside an advisory counsel of real estate veterans like Ryan Serhant, CEO and Founder of SERHANT., and studied the day to day operational tools that are needed to succeed right now.  

RLTY is a new service that enables real estate agents, brokerages and developers to secure earned commissions upfront with no hidden fees or extraneous costs. We provide an efficient, seamless application process and complete confidentiality. Our underwriting is powered by a proprietary AI-enabled platform, deep relationships within the real estate community, and the ability to secure data from NYC listings services in real-time.  

We are committed to serving real estate professionals who have a proven track record of success and are looking to grow their businesses, hire and boost performance. Partnering with Ryan via SERHANT. Ventures, we are pioneering a new category of technology products and resources dubbed REtech. This pipeline includes tools for agents, brokerages and developers to enhance their performance, rapidly transact and accelerate investments in the New York real estate industry. 

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Bringing the Suburbs to the City

In 2020, over 3.57 million New Yorkers left the city, many of them in search of more space and fresh suburban air. But, as the vaccine continuess its distribution, those who’ve dreamed of returning to the city life are peaking at the market once again. This time, in search of the best in both worlds. 

One building that is getting set to open in Hell’s Kitchen is Bloom on Forty Fifth – a low-rise building featuring 92 residences with an 8,000 square foot park-like elevated terrace that is set between the north and south residential towers. The open-air courtyard is beautifully landscaped with a variety of plants and full-size trees, including three honey locust trees, along with various seating areas –bringing the suburb-y greenery and Zen to its future residents. The courtyard also features skylights that shed an abundance of natural light into the lobby. 

525 West 52nd Street 

Between the two towers at 525 West 52nd Street, residents have access to a 15,000-square-foot courtyard with lush landscaping and amenities.The amenity deck features al fresco dining areas with grilling stations, a bocce ball and shuffleboard court, ping pong and multiple dining areas – providing residents with their very own fun-filled backyard in the city. Up on the roof are additional lounge areas and even real grass. 

PLG 

Luxury rental PLG in Brooklyn’s Prospect Lefferts Gardens, designed by Hill West Architects and Whitehall Interiors as one of the first new major developments in the neighborhood, offers over 50,000 square feet of amenity space, with an indoor/outdoor fitness center, luxe indoor swimming pool and hot tub, dog run, half basketball court, children’s playroom and a rooftop pool, giving residents a relaxing respite from the surrounding city. 

SKY

SKY, a 60-story luxury tower designed by Hill West in Manhattan, brings all of the amenities that suburban buyers crave to the center of Manhattan. The building boasts over 70,000 square feet of fitness space, including a suburban-sized Life Time Fitness, three pools, two outdoor and one indoor, and a Hammam spa. 

Townhouse on The Park -- 11-19 46th Ave., Long Island City, NY

courtesy of Modern Spaces)

Just steps from LIC’s largest green space not situated along the East River, Murray Park, this brand new tech-forward rental development in Long Island City is ideal for those looking to enjoy suburban perks without having to leave the city. Recently launched by leading Queens brokerage Modern Spaces, the building features 75 3-bedroom triplex apartments with private outdoor space for every unit via private gardens or rooftop balconies. Ranging from 1,583-2,288 square feet, units are more than twice the size of the average NYC apartment, and offer “bonus” rooms that can easily function as a home office or gym in the COVID era.

363  and  365 Bond  

The apartments at 363 and 365 Bond in Brooklyn’s emerging Gowanus neighborhood were intentionally designed by Hill West to vary in scale and height, mimicking the low density, neighborhood feel of the surrounding area. Amenities include a boat launch with spaces for kayak storage; courtyards; a shuffleboard court; a rooftop pool; and kids’ room to rival even the most luxurious suburban homes and take advantage of the great outdoors.  

Townhouse 28 -- 39-32 28th St., Long Island City, NY

courtesy of Modern Spaces

The two-unit luxury townhouse development in Long Island City’s rising Dutch Kills neighborhood features about 1,000 SF of private outdoor space for each unit. The condos include suburban perks like in-unit washer/dryers, loft-style double-height living rooms and expansive floor-to-ceiling windows providing ample natural daylight. Queens-based brokerage Modern Spaces is handing sales and marketing for the building. 

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Maintaining Luxury Apartments For Wealthy Investors

Dylan Pichulik

Dylan Pichulik began XL Real Property Management with one goal in mind- provide an unparalleled level of service and attention in a world dominated by companies that seem to have forgotten the basic principles of property management. Companies should be up to date with the latest property statistics and aim to gain customers from this. For example, Dylan has kept up to date with the latest lease accounting standards (learn more about IFRS 16 here) and many other elements of the property business to keep his company ahead of the game. As the chief executive officer of XL Real Property Management, and with a decade of experience, Dylan is responsible for overseeing the company’s operations and business development objectives.

• What type of offerings do you provide to clients?

• XL goes beyond just the laundry list of offerings for clients. Our services are designed so the role as the owner is only to sit back and relax – we take the stress out of owning investment properties in New York City and ensure we’re available 24/7 for our clients. Services include: rent Invoicing, rent collection; expense payment; insurance procurement; tenant requests; repair and maintenance issues; lease and lease renewal preparation; board application assistance for new tenants/renewals; apartment turnover services; emergency repair assistance; renovation oversight; unit owner meeting attendance; monthly and annual accounting statement preparation; state and federal tax filing preparation; furnishing procurement and inventory services; legal services; routine property inspections; mortgage escrow reviews; boiler, elevator and life safety equipment inspection; and monitoring and regulatory filings and compliance.

• How much of an increase have you seen in business since the pandemic? How much of it is people who have left NYC, but plan on coming back?

• We’ve seen about a 20% increase of business across the board and 50% of it is people who have left NYC but are planning on returning. 

• What do you predict the real estate market is going to see in 2021? 

  • Presently, I think there’s going to continue to be a very active sales market – especially because people are specifically worried they’re going to miss the “covid discount”. It’s similar to those who kicked themselves for not investing in the stock market. While it’s still too soon to tell, by summer we should see more activity and recovery in NYC. I also predict you can count on seeing an increase in bulk buying – going back to the covid discount, we’re having a lot of conversations with our clients about taking advantage of the market and rates for long term investments.  

• Can you give us an example of a client who you worked with during the pandemic? 

  • Of course – we worked with a gentleman who owns a condo in Midtown East but moved to Costa Rica to ride out the pandemic. He has an expensive art collection and engaged XL to do the following:  

    • Perform weekly inspections to ensure no leaking of the apartment

    • Work closely with HVAC company to ensure equipment working properly so that climate is well-maintained in the apartment

    • Coordinate and oversee weekly cleanings of the apartment

    • Clear drains on terrace to prevent clogging

    • Clear snow from building up around drains to ensure proper drainage

    • Check mail weekly

    • Pay and review all operating expenses

• Is there one example/instance you can share about an ill-intended renter taking advantage of the Tenant Safe Harbor Act?

  • I think the Tenant Safe Harbor Act protected a lot of New Yorkers but with anything, of course there were people who took advantage of it. For example, we had a tenant that didn’t think it was fair he had to pay full rent because he was quarantining in Bora Bora.

• How do you help investors enhance their profitability? What are the benefits to using XL?

  • New York City is a complex market – hiring a property manager to represent your individual apartment or small building is vital to having a prosperous investment experience. With all of the challenges that real estate investors face, XL Real Property Management maximizes the income potential of assets to help enhance profitability with services such as lease renewal negotiations, volume pricing on operational expenses, trustworthy vendors, and insurance policy audits

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Four Compromises Homebuyers Should Never Make, Even in a Seller's Market

Ryan Dibble

Buying a home, whether it’s your first or your fifth, is all about compromise. You start with a wishlist that includes every amenity you’ve ever wanted. Then you whittle down that list until you have your “must-haves.” Even then—because no home is perfect—you edit that list down further.

Compromise is the name of the game when it comes to buying a home, but there are certain areas where you should never budge. Here are the four things you should hold sacred while buying your home.

Your (and your partner's) goals

When buying a home, sometimes you’re buying an asset, and sometimes you’re buying a lifestyle. Either way, knowing your goals will help you decide what to invest in and what to avoid. 

If you're buying with a partner, it's crucial to make sure your goals are aligned before starting the homebuying journey. It's a much harder conversation to have at an open house or in front of your mortgage lender. 

Sticking to your goals is all about being intentional. Before you start house hunting, write your goals down, ground yourself, and come back to them regularly. The most successful homebuyers are intentional about what they want.

Budget 

It may be tempting to buy above your budget if you find a home you love, but doing so can lead to long-term problems. Getting in over your head can quickly turn a dream house into a nightmare.

Want to make sure your budget is realistic? Get pre-underwritten, not just pre-approved, by your mortgage lender. With pre-underwriting, the lender carefully reviews your ability to pay back the loan before a property is involved. Put simply, pre-underwriting is the only reliable answer to a big question: “how much can I spend on a home?” It’s a written commitment from a mortgage lender confirming the loan amount and program you’re qualified for.

Location, location, location 

You can change almost anything about a home, but you can’t change a neighborhood. No amenity matters if you're miles from where you want to live – even if it is the perfect house otherwise. 

Yes, it's true that you may not be able to afford the hottest neighborhoods, but that doesn't mean you can't find a more affordable area you love. Identify your favorites, then widen the circle. Before locking in on any location, go one step further and explore each neighborhood you're considering in person to make sure it has what's most important to you, whether it be good schools, walkability, or social life.

Fixer-upper vs. Turnkey. 

Consider your appetite for big renovations, and the costs associated, when buying a home. If you've never swung a hammer or don't have the patience to live in a less-than-desirable home for a lengthy period, you could end up regretting taking on a fixer-upper because of a lower price tag. 

About the author:

Ryan Dibble is Chief Operating Officer of real estate startup, Flyhomes and an early employee of the company. Over the past five years, Ryan has built several core functions at Flyhomes, including both the Mortgage and Title & Escrow divisions, and ushered thousands of customers through the homebuying process. 

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Properties With Amenities That Won't Leave You Inside

No longer are outdoor amenities such as parks and rooftops being used just for the warmer seasons. Because of COVID and the need for access to fresh air, developers are now turning these coveted spaces into year-round amenities that residents and the surrounding community can use to stay active, safely socially distance and feel connected with friends or neighbors. Fitness classes like yoga and kickboxing, to running clubs and jazz concerts or plant-your-own herb classes (+more) are becoming the norm at today's new residential developments. Below are some properties we plan to check out soon.

Waterline Square

At Waterline Square on Manhattan's Upper West Side, the three-tower starchitect-designed mega-development, residents have access to a variety of outdoor activities that are planned through the in-house lifestyle director. Taking place within the 2.6 acre park that connects all three buildings, premier yoga and HIIT trainers will get your blood flowing in the morning, while Grammy-nominated jazz musicians like Pat Bianchi and Paul Jones' jazz trio will play Bach and more melodic tunes in the evenings. Residents can also learn about gardening and planting and cultivating their own herbs. These new and unique in-person experiences are designed to foster a sense of community and engagement for residents and help them connect while at home, with some even fostering new friendships since moving into the development.

Quay Tower

Credit: Evan Joseph

Across the bridge in Brooklyn, residents of waterfront condominium Quay Tower can walk just downstairs and head over to Brooklyn Bridge Park's Pier 6. Partnering with top gyms and institutions in the neighborhood through the fall, Pier 6 provides fun, free classes for all such as Yoga with Chelsea Piers Fitness, Zumba and Pilates with Dodge YMCA, and Barre with the YMCA of Greater New York. As outdoor exercise becomes the new norm, this one-of-a-kind amenity grows more alluring to residents seeking a new workout routine.

Avora

Courtesy of Avora

At Port Imperial on New Jersey's Gold Coast, Avora is a residential oasis that offers the optimal outdoor experience that complements a post-pandemic lifestyle. With endless green space and breathtaking waterfront views of the Manhattan skyline, exercising safely is not only possible, but enjoyable. Avora residents can walk or jog along the Hudson River Promenade, a path that travels alongside the Port Imperial coast, or venture to the running track at nearby Weehawken Waterfront Park.

The Smile

Credit: Vizerio Architectural Visualization.

A new rental building designed by BIG-Bjarke Ingels Group, features an expansive rooftop terrace with an outdoor movie theatre. In addition to the panoramic views of the Harlem River and Manhattan skyline, the beautifully landscaped rooftop boasts a rooftop plunge pool, three whirlpools, and barbeques and dining areas.

111 Varick

Credit: Binyan Studios

Hudson Square's newest luxury rental 111 Varick features a sprawling, landscaped rooftop terrace where residents will find a jumbo screening area for movies under the stars accompanied by a grilling station and dining table.

Front & York

Credit: Williams New York

Residents can enjoy watching a movie on the theater-quality screen at the development's outdoor screening lounge. Ideal for get-togethers all year long, the plush space is warmed by integrated heat lanterns and a grand fireplace. Residents can bring their own popcorn and candy for a truly unique high-definition experience.

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COVID-era Boutique Astoria condo With Private Balconies

Leading Queens brokerage Modern Spaces is launching sales this week for The ELY, a brand new boutique condominium in Astoria where units range from $576,000 to $744,000.

The development will bring 14 luxury one-bedroom units to the Astoria market, which saw a significant rise in the number of units in contract in Q3 despite the pandemic. In fact, there were more than 30 potential buyers waiting for a peek at the project back in September.

Credit- Thanassi Karageorgiou

Modern Spaces sales agent Gregory Kyroglou predicts that even as winter causes COVID concerns to rise, there will be an increase in demand for one-bedrooms in the outer boroughs like those at The ELY among singles and couples, as they offer:

• Private outdoor space for each unit via personal balconies

• In-unit washer/dryers for added convenience while sheltering-in-place

• Antimicrobial Quartz countertops, which allow for easy disinfecting

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These Homes Have The Most Luxurious Fireplaces You Could Ask This Winter

With snow days and holiday festivities quickly approaching in New York City, buyers are craving the winter season’s hottest amenity: the fireplace. A charming addition to any living space, this desirable feature creates the ideal backdrop for evenings spent bundled up and sipping hot chocolate. We’ve compiled our list of the best luxurious fireplaces you can fin on the market.

301 East 81st Street #PH19

With materials carefully selected for their aesthetic and practical appeal by William Sofield, the AD100 designer known for his glamorous work with Tom Ford and Gucci, Beckford House & Tower were designed for quality and functionality in the heart of New York’s Upper East Side. Priced at $8.5 million, Penthouse 19 at Beckford House, the development’s boutique offering, embodies Sofield’s vision for generous, open living spaces that reinterpret prewar design for modern lifestyles. Stepping into the full-floor, three-bedroom home, there is a gracious entry foyer featuring striking herringbone flooring with an adjoining gallery. The space seamlessly flows into an expansive corner living and dining room with city views to the south and west. This elegant great room is anchored by a spectacular fireplace, where residents can gather during the colder months. Grand ceiling heights and Sofield’s meticulously detailed moldings add drama to the space that’s reminiscent of the Golden Age.

30 Park Place, #PH78B

Located in Tribeca at the corner of Church Street and Park Place, 30 Park Place is the tallest condominium to grace the downtown skyline at 926 feet. Serviced by the Four Seasons Hotel which sits directly below the private residences and designed by celebrated architect, Robert A.M. Stern, the building is home to a sprawling 5,937 square foot duplex penthouse (unit 78B) furnished by Santopietro Interiors. Perched on the 78th floor, the space offers breathtaking views from the 400 square-foot terrace, with sweeping river views, the downtown skyline, New York Harbor and beyond. Complete with double-height loggias and three seating areas, the outdoor terrace is the perfect place for grilling and entertaining company, or watching ships enter and exit the Bay.

A St. Tropez French gas limestone fireplace highlights the sprawling living room with a variety of seating places and is the focal point of the home, while the master bedroom boasts a large entry room and dual marble master bathrooms. Solid oak wood flooring with herringbone pattern line the formal rooms, and there is also an eat-in kitchen nook with a raised ceiling of about 13 feet, Bilotta rift-cut oak kitchen cabinetry, and Gaggenau appliances. Set within the library is a wet bar. The residence also features a private elevator, soaring ceilings, and multiple dramatic exposures that add to the character of the beautifully designed home. The condominium is listed at $25 million.

555 West End Avenue, Unit The Terrace Penthouse

As the crown jewel of 555 West End Avenue, the landmarked Beaux Arts Catholic School that has been transformed into the Upper West Side's most unique condominium, the Terrace Penthouse is the ultimate residential oasis in New York City. Providing the feeling of an expansive private home, this stunning four-bedroom, four-and-a-half-bath duplex penthouse has private elevator entry and offers 2,200 square feet of interior space and 2,800 square feet of private outdoor space, including a sweeping wraparound terrace and a full-floor rooftop terrace. The home's breathtaking interiors are anchored by a gracious great room featuring a striking double-sided, marble-wrapped gas fireplace. The great room is framed by elegant steel-framed French doors that offer a spectacular vista of the building’s signature landmarked turrets, creating the perfect place to cozy up in front of the fire this winter and enjoy the one-of-a-kind view. The Terrace Penthouse is on the market for $22.5 million. Closings are underway and immediate occupancy is available.

730 Fifth Avenue, 18A

The ultra-luxury and celebrity-beloved hospitality company’s second urban hotel (after Aman Tokyo) and first urban hotel with private residences will occupy the iconic Crown Building at 57th Street and Fifth Avenue, originally built in 1921 by Grand Central Terminal architects Warren & Wetmore and the original home of the Museum of Modern Art. It will have 83 guest rooms and just 22 residences on its uppermost floors, fully serviced by Aman. This 3BR/3.5BA, 3,746-square-foot condominium has been designed by Jean-Michel Gathy of Denniston and features an open layout with a sweeping private outdoor terrace with a 42’ heated pool and Jacuzzi, all with Central Park views. When it’s cold, the interior boasts three glass enclosed fireplaces, including one in the expansive master bedroom suite.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

NYC Residential Buildings That Are Actually Benefitting From COVID

According to a recent study, 62% of respondents report that the pandemic has caused a shift in what they value in a home, and most are now looking for larger outdoor areas. While we may be nearing the end of COVID below are just a few examples of buildings benefitting and how trends may stay for the future.

Townhouse on The Park

Just steps from Murray Park in Long Island City, Townhouse on The Park is a brand new, tech forward, luxury rental development offering 75 3-bedroom triplex apartments. “Not only does Townhouse on The Park offer private outdoor space for all units, but it’s also just steps from Murray Park, LIC’s largest green space not situated along the East River. This is a huge draw for residents looking to remain in the city, as the park essentially serves as an extension of the building’s green space and allows residents to feel safe without being cooped up indoors.” – Andres Emilio Soto, agent at Modern Spaces whois exclusively handling marketing and leasing.

The building offers a  private outdoor space for almost every unit via a private garden or rooftop balcony; wellness amenities like in-unit MIRROR home gym systems; “bonus” rooms aka home office, nursery or gym; and ample space, with apartments ranging from 1,583-2,288 square feet (more than twice the size of the average NYC apartment).

567 Ocean

A Sloan Kettering Registered Nurse, who currently lives in Astoria, purchased at 567 Ocean sight unseen due to her hectic schedule. The proximity to the iconic Prospect Park (less than half a mile away) was what heavily influenced her to move forward – she also plans to have a dog once she moves in, who she’ll be able to share the enjoyment of living by the park with. This represents an overall increase in activity in the mid-range condo market (specifically within the $500k to $1M range), as first-time homebuyers take advantage of low interest rates.

“People have been stuck inside their homes for 8 months now and they’re realizing the importance of outdoor space – both as a condo amenity, and as a neighborhood amenity. The proximity to Prospect Park has obviously been a huge driver for buyers, but also with the current interest rates, it’s never been a better time to invest at 567 Ocean.” – Tamar Krasnow, VP of New Development, MNS

Bloom on Forty Fifth

Located in the heart of Hell’s Kitchen on 10th Avenue and 45th Street, luxury condominium, Bloom on Forty Fifth, is situated closely to both Hudson River Park and Central Park. In addition to being in close proximity to both public parks, Bloom also features its own private green space, a 8,000 square-foot landscaped courtyard. The condo building has seen strong interest thus far from buyers being attracted to both the public and private green spaces that Bloom offers.

“We have seen buyers' priorities shift during the pandemic with a greater desire for outdoor space than ever before. Buyers not only want access to private outdoor spaces, but also proximity to parks as an extension of their home.” – David Chang, Sales Director at Bloom on Forty Fifth.

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Amenities for Kids in Lux NYC Residences

Children’s amenities are a priority for young families shopping New York’s luxury residences. I’ve rounded up a few NYC buildings that have special spaces for their smallest residents -- everything from a butterfly garden to a giant chess set, to starchitect Bjarke Ingels’ first kids’ room.

11 Hoyt

11 Hoyt’s youngest residents can let their imaginations—and themselves—run wild in the playroom. Kids can read a book or relax in one of the tent-like hanging pods or frolic on a dynamic multi-level play structure featuring ladders, ropes, elevated walkways and slides. Connected to the playroom is a whimsical colorful outdoor play area where children can climb a giant butterfly—a nod to the migrating monarch butterflies that will flock to the lush ecologically minded native flower gardens of 11 Hoyt’s private park.

Credit: Binyan Studios  

The XI

Designed by famed starchitect Bjarke Ingels, the children’s and teen’s learning space are being offered in response to the fact that programming dedicated to the development of children is often overlooked in the wellness and luxury sectors.  It will offer an array of educational and fun activities while offering a holistic approach to children and teen development. The rooms offer private and semi-private areas for tutoring, private study, music lessons or quiet reading during the school year while providing social hangout areas as well.

The West

The West features more than 25,000 square feet of curated amenities, including an expansive indoor and outdoor children’s playroom called The Romper Room. In addition, The West will collaborate with Apple Seeds, who will operate The Romper Room and offer a  variety of additional services including on-site music classes, full-service party planning, and much more. 

Credit: VUW

One Clinton

Studio DB designed the amenities spaces for the building. As a mother of 5 kids, Britt Zunino understands firsthand what families are looking for in their home, which is why she designed the spaces for families with kids in mind. The Children’s Center will have indoor and outdoor active play areas, perfect for year round fun. There is also a music room for kids to jam out. 

Credit: Noe and Associates/The Boundary

25 Park Row

Designer Andre Mellone of Studio Mellone designed the amenities, known as the Park Row Club. Kids have their own special space that was elegantly designed by Mellone, overlooking the treetops of City Hall Park. It’s not everyone who can say that their kid’s playroom was designed by the same person who has been tapped to design some of fashion’s most important spaces, like the new Carolina Herrera Flagship.

Credit: DBOX

130 William

The children’s center at 130 William consists of unique athletic activity zones for kids to enjoy different sports, such as a trampoline room, mini basketball court, and mini soccer field.  The smallest residents here can also have fun in a playroom fit with a kitchenette.    

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Fashionable Home Trends are Making a Comeback in 2021

By Kiley Morrow

Attention Stuck-At-Home New Yorkers: Are You Bored with Your Space? - Here are Fashionable Home Trends Making a Comeback

Home trends in 2021 are throwing it way back. Back to when flappers reined and glitz and glamour lined the streets of NYC. Fortunately for bored homeowners and retro lovers, vintage inspired decor is making a major comeback. This time around, nobody cares if your decor perfectly matches the decade; instead, the real concern is if you're able to make these looks suit modern furniture and sensibilities.

Here are the top fashionable home trends to bring NYC’s old school character and glamour into your home in 2021.

What Is Retro? What is Vintage?

We're going to be focusing on these two terms, so it's essential to know the difference between them.  Retro is a stylistic choice.  This idea could mean the product was made this year, or it could tell it was made twenty years ago.  Retro things mostly care about appearance, and it didn't matter when they were made, just that they give off the look of a specific older era.

Vintage, on the other hand, focuses on furniture and items that are from bygone eras.  These were constructed when they were still popular and modern styles, and larger or more detailed products rarely last long enough to become vintage.

Both of these are making a massive comeback in 2020, and not in just one way!  The main eras that are in focus right now are the 1920s and 1970s!

Retro vintage decoration.

Retro vintage is a combination of the two and is a popular look to combine for the 1970s aesthetic.  When combined, most looks for this look purposefully faded with time.  Its pale ochres, muted tones in wallpapers, and furniture keep the same styles of the era in fabric.  This effect can be harder for the vivid colors of the 70s, but using the familiar shapes and hues that were popular then can pull it through.

Chic vintage decoration.

This look works better for the 1920s, although it can still work for the 1970s as long as you’re willing to put some work into maintaining it.  Chic is an elegant and stylish fashion term that’s often applied to clothing before anything else.  For the 1920s, that means leaning into the theatrical beautiful sleek lines of the era: tall, slender furniture, slick dark wood or tile flooring, and gold and other metals accents.

Industrial vintage decoration.

This style works for either era- and shows a side of them we aren't often presented in the media.  The great depression was at the tail end of the 20s and forced a lot of design and fashion to move to strict minimalism and industrial styles for many Americans.  In the 70s, there was also an economic crisis that changed style and set up the world for bright colors when money became more comfortable in the 80s.  These decor styles would be essential, minimal, and may encourage less rather than more.

Eclectic vintage decoration.

Eclectic vintage in modern times leans towards the farmhouse look.  In 2020, many people turned to lifestyles like cottagecore that helped them be at peace with the world being out of control.  This style meant baking more bread, enjoying more time outside in their yards, and growing foods from home to avoid going to stores as often.  In 2021 this style is going to evolve some into the interior design of some houses.  Expect a slight farmhouse look to come into play, lots of gingham and cute cluttered rooms of things that make the owners smile.

Shabby vintage decoration.

This style can be fun!  It looks its best when you have retro and vintage pieces mixed, and can allow your home to feel a little bit of the industrial vintage style without having to go so far on the minimalism side.  Shop around for furniture that matches what you like; you can compare Lovesac to different couch brands and find a style that suits your tastes or stop by one of NYC’s many weekly flea markets.  Shabby doesn't mean wrong or ruffed up furniture, just that you have some vintage looks mixed with modern.

Vintage dining room.

A vintage dining room is probably both the easiest and most expensive type of space to achieve.  This style is easy to buy, offering you the chance to layout gorgeous placemats, dishes, silverware, glasses, and furniture to catch the eye.  These vintage pieces are the easiest to find because they never really go out of style, and families took care of them the longest.  Look for details that have design features you enjoy, along with the ability to be used if that's your aim.  You can find gorgeous older tables, but if you want to save money, go for one with a little wear and tear and refinish it.

Vintage decoration.

Vintage decoration isn't for year-round use.  This idea will help highlight the look of your home in 2021.  It would help if you aimed to make the holidays special, using the decor to make your home stand out more and seem festive.  Classic Christmas ornaments, Hanukkah decor, and Halloween fun can be found on sites like Etsy and eBay.  If you aren't sure you want to invest in these or are scared you'll break them, you can buy inexpensive remakes, so if they get shattered, they're only a couple years old instead of fifty or a hundred.

2021 is going to be a year of trying to bounce back and giving ourselves everything we deserve.  It's been a rough year, and the world is hoping that the next one will be easier.  If the retro and vintage looks aren't what you want for your home, don't worry!  It's never a wrong choice to decorate your house in a way that makes you happy.  Find your style, and don't let go!  Just make sure to stick to one theme to avoid clutter, and have fun with it.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Homes with Private Outdoor Space for Under $5M

With the summer weather getting more beautiful each day and social distancing measures still in place, we're seeing lots of buyer interest and high demand for homes with private outdoor space. While many NYC listings with terraces are often out of reach for many buyers, the six homes below are beautiful, spacious and attainable: all listed for under $5 million. They range from the Upper East Side to Hudson Square to Brooklyn Heights and more.

180 East 88th Street

Credit: Robert Granoff, March Made for DDG

Residence 10A is one of the coveted opportunities available at 180 East 88th Street, a striking condominium situated in the Upper East Side's Carnegie Hill neighborhood. This brightly-lit residence, currently on the market for $4.585M, features an elegant private terrace perfect for relaxing in the sun or enjoying a meal al fresco. Residence 10A features North, East and South views and combines pre-war-inspired detailing with contemporary living spaces, including a formal elliptical entry gallery with coved ceilings and custom plaster wainscoting complimented by herringbone flooring, expansive tilt & turn Albertini Italian windows framed by handmade, hand-set, Danish Kolumba brick, and an open-plan living area with a custom-designed kitchen that includes Statuario marble countertops and a full suite of Gaggenau appliances. Residents enjoy an extensive selection of amenities, including a partial indoor basketball court, indoor soccer pitch, fitness center with PELOTON bicycle, yoga studio, wine room and children’s playroom designed with the Children’s Museum of the Arts. Wine storage, residential storage and bike storage are available for purchase. 180 East 88th Street is developed by DDG and Global Holdings.

Listing HERE. 

200 East 59th Street

Like its predecessor 432 Park Avenue, 200 East 59th Street is a high-design residential tower that pushes the boundaries of classic modernism. With only one to three homes per floor, all 67 residences are corner units and take advantage of the building's expansive terraces that wrap around its 35 floors. These stunning outdoor spaces vary from seven to 12 feet deep and range from 22 feet to nearly 150 feet long. They are seamless extensions of the main living room, separated by floor-to-ceiling walls of glass with slender framework and no horizontal interruptions to virtually eliminate the visual distinction between indoor and outdoor space. If you’re not familiar with the building, 200 East 59th Street is one of the most elegant towers in its prime location at the intersection of Midtown East and the Upper East Side. It is designed by CetraRuddy, and features an amenities level with a double-height lounge, marble fireplace, furnished and landscaped terrace, fitness center and a private dining room with a catering kitchen for larger functions. #19E is a 2-bed, 2 1/2-bath half-floor residence, with 571 sq. ft. of private outdoor space, currently on the market for $4.995M.

Listing HERE.

Rose Hill

Courtesy of Rockefeller Group & Recent Spaces

Destined to be the next crown jewel of New York, Rose Hill is the brand new full-service, 45-story luxury condominium tower at 30 East 29th Street in Manhattan’s coveted NoMad neighborhood. Developed by the legendary Rockefeller Group, Rose Hill is the firm's first residential tower in its hometown and pays tribute to their greatest creation through its Art Deco-inspired design by the award-winning New York-based architecture and design firm CetraRuddy CetraRuddy created stunning homes with private outdoor space at Rose Hill to allow residents to connect with nature and have plenty of access to natural light and fresh air. Currently on the market for $3,916,500, residence 5A is a two-bedroom, three-bathroom home boasting 1,778 square feet of space and offers exquisite north and south exposures as well as a beautiful and private 204 square foot terrace -- perfect to watch the sunset, get fresh air or have an afternoon cocktail.

Listing HERE.

111 Montgomery

Credit: Creative Soldier

Situated adjacent to Prospect Park and the Brooklyn Botanic Garden, 111 Montgomery is a rare luxury condominium in Crown Heights with homes and amenities that are very much inspired by the nature that surrounds it. In addition to a landscaped roof garden and community garden that residents will be able to help plant, several homes in the building also come with private outdoor space. The perfect example is residence 1Q, a one-bedroom, one-bathroom located on the first floor with an outsize terrace. This home is pretty attainable too – priced at $696,000. With its park-side location, private terrace and access to exclusive building outdoor spaces, this home at 111 Montgomery offers the kind of indoor/outdoor living experiences that New Yorkers are seeking right now, especially after so many months cooped up at home.

Listing HERE.

Greenwich West

Credit: Binyan Studios

Star Parisian architect and interior designer Sebastien Segers who is known for his work with clients such as Giorgio Armani, Christian Dior and his 20+ year collaboration with legendary designer Marc Newson, has beautifully designed the interiors at Greenwich West, one of the tallest new buildings in Manhattan's Hudson Square neighborhood with 170 loft-style condos. Wide plank European white oak floors run throughout the homes, while custom kitchen islands featuring crafted “marine-edge” Carrara marble countertops and integrated bookshelves become a focal point in the room. Imparting a bespoke quality, deep, curved window-sills topped with Carrara marble echo the exterior architecture and invite residents to get up close to the windows and big views while offering a relaxing space next to natural light. Residence 19B, which is listed for $3.775 million and spans nearly 1350 square feet of space, boasts 2 bedrooms and 2 bathrooms and seamlessly blends the interiors with the outdoors through an open, cozy private outdoor terrace. With 123 square feet of space to roam about, fresh air and scenic city and river views can be enjoyed with family or friends. 

Listing HERE. 

The Symon

Credit: Volley Studio

Neighboring Brooklyn Heights and situated amongst the cherished townhouse blocks and picturesque streets of the neighborhood, The Symon is the 13-story all-new boutique luxury condominium offering contemporary residences with an elevated design sensibility by Studio DB – the New York-based design firm led by husband and wife Damian and Britt Zunino, known for their expansive roster of celebrity clients' custom/private homes as well as high-end interiors work. Penthouse Two, the most expensive unit released to date and currently on the market for $3,350,000, crowns the top of the building and spans over two floors. Oversized divided-light windows allow for an abundance of natural light, graciously proportioned kitchens feature custom raised-panel cabinetry, marble countertops and high-end appliances, while bathrooms offer refined material selections, diamond tile patterns and master bath fixtures in antique brass from Waterworks.  The 4-bed, 2.5-bath home boasts 1,761 square feet of interior space and an expansive terrace nearly half the size of the home. Offering 788 square feet of exterior space along a private terrace, the home comes complete with gas grills and plenty of room for lounging and entertaining, thus making it the perfect place for a summer barbecue while overlooking views of the neighborhood’s mix of treasured brownstone townhouse and grand apartments. The Symon also offers a beautifully-landscaped rooftop terrace that is available to all residents, providing a lofty getaway for relaxation and intimate social gatherings as well as showcases scenic vistas of the adjoining historic district.

Listing HERE.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.