Weekly Manhattan & Brooklyn Market: 2/14

Photo by Jon Tyson on Unsplash Week of 02/14/22 Manhattan inventory increased for the third week in a row while pending sales decreased, resulting in the Market Pulse declining slightly to 0.8. Compared to last week in Manhattan, fewer new listings came to market and more contracts were signed. In Brooklyn, overall supply decreased compared to last week despite more new listings coming to market since contract activity increased substantially, driving the Market Pulse higher to 1.15. Manhattan Supply increased less than 1% this week, the third week in a row supply has increased. There are now 5,072 homes for sale. This week, 374 new listings came to market, a 4% decrease compared to last week and 17% more than the same week last year. Brooklyn Supply increased nearly 2% to 2,371 units for sale this week. This week 239 new listings came to market, an increase of 22% from last week and 27% more than the same week last year. Manhattan Pending Sales decreased less than 1% to 4,073 this week. Brooklyn Pending Sales decreased nearly 1% to 2,723 this week. Manhattan Pending Sales Brooklyn Pending Sales Manhattan Contracts Signed — 283 contracts were signed this week, a 5% increase from last week and a 5% decrease from the same week last year. For the last 5 weeks, contract activity has mirrored the activity during the same period of 2021. Brooklyn Contracts Signed — 189 contracts were signed this week, a 19% increase from last week and a 6% increase from the same week last year. Contract activity this year continues to lead the same period of 2021. Manhattan Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $1,442, (b) the median price was $1.15M and © the median size was 1,253 square feet. Brooklyn Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $875, (b) the median price was $1.20M and © the median size was 1,324 square feet. New Development Insights This week, 93 new development contracts were reported within 72 buildings, a 9% increase from the 85 new development contracts reported last week. Manhattan’s new development contract activity decreased to 41% this week, while Brooklyn’s increased to 56%, making up more than half of the contract volume within the three boroughs. Queen’s contract volume decreased to 3% compared to last week. The following were the top selling new developments this week: One Manhattan Square in Two Bridges reported 3 new contracts. The Board Exchange Building in the Financial District reported 3 new contracts. Two Waterline Square in Lincoln Square reported 3 new contracts. 186 Huron in Greenpoint reported 3 new contracts. 11 Hoyt Street in Downtown Brooklyn reported 3 new contracts. Olympia Dumbo in Dumbo reported 3 new contracts. Please contact me if you would like to learn more about these, or other new developments. We will continue sharing the Elegran Insights data analysis with you every week.

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8 Creative Ways to Make Your Home Extra Cozy This Winter

Photo by Kira auf der Heide on Unsplash There’s nothing like a warm, toasty home when the weather outside is frightful. To make your spaces extra cozy this winter, try these eight easy-peasy tips that’ll have your home looking and feeling like a winter wonderland. 1) Stock up on candles and scents that make you feel relaxed and cozy Add a few candles, scented oil diffusers, and air fresheners that have a warm, wintery scent. These include vanilla, cinnamon, orange, and evergreen. Not only will these fragrances transport you to a cozy winter cabin or warm holiday party. They’ll instantly make your home feel like it’s covered in a soft blanket and ready to snuggle up. 2) Add soft textiles to your living spaces like shaggy rugs and faux fur throws Make your living spaces feel like the coziest, most comfortable reading nook or movie theater by flooding them with soft textiles that beg to be stroked. There are many affordable alternatives to fur, cashmere, and mohair if you prefer a vegan source. Sherpa, for instance, is a buttery blend of cotton and synthetic fibers that mimics the texture of real sheepskin. Once you “go sherpa,” you’ll wonder how you ever lived without it. 3) Add some oversized throw pillows to your furniture for extra comfort and warmth Soften your living room’s seating area by adding throw pillows that’ll make you want to curl up and watch winter storm videos on Youtube! But don’t stop there. Add oversized pillows to your bedrooms, offices, and dens, too. While decorating, beware of down-filled pillows that can get prickly when the feathers poke through the covers. Instead, go with hypoallergenic memory foam or a down-alternative filling that’ll make you feel like you’re floating on a cloud. 4) Enjoy a range of hot drinks, including mulled apple cider and masala chai Ditch the Swiss Miss this winter and cozy up to the fireplace with exotic warm beverages that span the globe, from India’s prized masala chai tea to homemade hot chocolate. These can be spiked (if you prefer a little kick) or enjoyed without alcohol. Whichever drink you choose, be sure to sip it slowly with your bestie or family members while you revel in the glow of your fireplace. 5) Use a portable fireplace or freestanding hearth with a flame effect Speaking of fireplaces, if you don’t have one at home, go for a portable or freestanding hearth with a flame effect. It looks exactly like the real thing but without the added construction costs or hassle of a wood-burning fireplace. On top of that, some portable hearths come with realistic-looking artificial logs, ashes, and ember materials that’ll keep you and your guests fooled. 6) Channel your inner baker and soup extraordinaire with recipes made for winter Nothing is more comforting during the frosty winter months than a warm bowl of homemade soup or baked goods made with love. To stay cozy, follow these recipes that are perfect for cold weather. In the soup department, we recommend creamy cauliflower, spicy pozole, or your favorite stew. As for baked goods, we recommend cocoa-dusted brownies, gingerbread cookies, and cinnamony pumpkin bread that’ll turn your kitchen into a homey winter bakery. 7) Fill your spaces with wintry indoor plants like peace lilies and poinsettias Fill your spaces with indoor plants that’ll keep your home smelling fresh and looking like a winter dream all season long. Mistletoe, poinsettia, and African violets are just a few of the green plants you can use to spruce up a corner or add a pop of color to your living spaces. No green thumb? No problem! Low-maintenance plants like peace lilies and Christmas cacti require minimal care, so you can focus on cozying up instead. 8) Keep books and board games within easy reach on snow days and chilly nights What’s a winter day without some quality couch and book time? Stock up on the latest bestsellers or classic reads and keep them within arm’s reach on a snow day. Board games, especially those that require multiple players, are great for blustery nights spent huddled around the fireplace, so be sure to include the classics like Monopoly, Life, and Scrabble, as well as new favorites like Codenames and Cards Against Humanity. That’s it! If you have any suggestions, or if you’d like to share your favorite tips for a cozy home this winter, leave us a comment below, and have a great winter vacation from Elegran!

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Weekly Manhattan & Brooklyn Market: 2/7

Photo by Fabio Fistarol on Unsplash Week of 02/07/22 Manhattan inventory increased for the second week in a row after bottoming in mid-January and contract activity increased compared to the prior week. In Brooklyn, supply also increased while contract activity declined compared to last week. Pending sales have been decreasing in both boroughs as deals are closing faster than new contracts are signed. As a result of the increasing supply and declining number of pending sales, the market pulse has declined in recent weeks. Contract activity and pending sales are expected to begin increasing again in the next 4–6 weeks, which will lead the market pulse higher again. Despite the recent increases in supply, on the aggregate, the market remains supply constrained with decreasing negotiability and rising prices. Manhattan Supply increased 2% this week for the second time in 13 weeks to 5,041 units for sale, as supply rose above 5,000 units for the first time since Christmas. This week, 389 new listings came to market, an 8% decrease compared to last week and 28% more than the same week last year. Brooklyn Supply increased 3% to 2,413 units for sale this week, the fourth week in a row supply has increased after eleven weeks of declining supply. This week, 196 new listings came to market, a decrease of 9% from last week and 5% more than the same week last year. Manhattan Pending Sales decreased 2% to 4,095 this week. Brooklyn Pending Sales decreased 2% to 4,095 this week. Manhattan Contracts Signed — 269 contracts were signed this week, a 5% increase from last week and the same as last year. For the last five weeks, the contract activity pattern in Manhattan is very similar to that of a year ago. Brooklyn Contracts Signed — 159 contracts were signed this week, a 19% decrease from last week and a 11% increase from the same week last year. Manhattan Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $1,491, (b) the median price was $1.15M and © the median size was 1,250 square feet. Brooklyn Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $880, (b) the median price was $1.20M and © the median size was 1,241 square feet. New Development Insights This week, 85 new development contracts were reported within 62 buildings, a 47% increase from the 58 new development contracts reported last week. Manhattan’s and Brooklyn’s new development contract activity both increased to 46% of the contract volume while Queen’s contract volume decreased to 8% compared to last week. The following were the top selling new developments this week: One Manhattan Square in Two Bridges reported 6 new contracts. 81 India Street in Greenpoint reported 3 new contracts. The 101 in East Village reported 2 new contracts. Eastlight in Kips Bay reported 2 new contracts. 200 East 59th Street in Midtown reported 2 new contracts. 25 Park Row in Fulton Seaport reported 2 new contracts. Please contact me if you would like to learn more about these, or other new developments. We will continue sharing the Elegran Insights data analysis with you every week.

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