FROM MONICA
As autumn approaches, the real estate market in New York City is getting ready for an active season. This fall presents unique opportunities for buyers and sellers as the city's market continues to evolve
With summer vacations coming to an end and new school years beginning, many buyers are actively searching, while sellers are enhancing their properties for a competitive edge Now is an ideal moment to explore the market whether you seek a new NYC home or are considering listing your current property.
The fall season in New York City brings a distinct energy, and we are here to guide you through it confidently
Please don't hesitate to contact us for any inquiries or to discuss your real estate needs. Let's make the most of this thrilling period together!
U.S OPEN
What is the US Open schedule for the rest of the tournament?
Wednesday, Sept. 4: Quarterfinals (Women and Men)
Thursday, Sept. 5: Women’s Semifinals
Friday, Sept. 6: Men’s Semifinals
Saturday, Sept 7: Women’s Final
Sunday, Sept. 8: Men’s Final
The US Open offers more than just tennis, featuring top-notch dining options that include the renowned Honey Deuce cocktail and dishes from acclaimed chefs such as Morimoto and Guarnaschelli. Exciting additions like Coqodaq and Better Fried Chicken join popular eateries like Dos Toros Taqueria and Van Leeuwen Ice Cream
The US Open American Express Fan Experience, a 20,000-square-foot interactive area for all guests, will make a comeback For cardholders, the Amex Card Member Lounge and exclusive Centurion Lounge (exclusive to Amex Platinum cardholders) will also return Reservations for the Centurion Lounge will be available on Resy daily at 10:00 a.m. EST.
Chase cardholders can enjoy an indoor lounge (reservations required except for Fan Week), an outdoor Chase Terrace with tennis views, shade, complimentary snacks, and non-alcoholic beverages on a first-come, first-served basis Additionally, complimentary mobile chargers will be available throughout the tournament grounds
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FOOD & DINING FOOD & DINING
NEW DEVELOPMENT NEW DEVELOPMENT
NEWYORKANDINTERNATIONAL
THE SURREY RESIDENCE
NEW YORK, NY
20EAST76THSTREETNEWYORK,NY 10021
PricedFrom:$8,250,000
EstimatedCompletion:Q12025
Condominium
NumberofResidences:14
AMENITIES&SERVICES:
24-hourattendedlobbywithdoormanand concierge
CasaTuaPrivateMembers’clubfeaturing twoprivatediningrooms
State-of-the-artfitnesscenterwithoutdoor terrace
Fullaccesstothehotel
PORCHESTER GARDENS
LONDON W2, ENGLAND, UK
OriginallybuiltaspalatialvillasintheVictorianera,No.18PorchesterGardensisreturningtoit'sformerelegance andsplendouras36luxuriousresidencesintheheartofBayswater,thehomeofcontemporarylivinginLondon
THE FORICE ESTATE LUCCA, TUSCANY, ITALY
Theestateincludeselevenfarmhouses,each one differing in size and characteristics Each property will be sold with several hectares of farmland and comes with an approved renovation project following specificeco-sustainabilityrequirements.
FEATURED PROPERTY
THE DAKOTA
5 B a t h r o o m s
9 B a t h r o o m s
6,000 sq ft
F E
A T U R E S
City, Park, Skyline, Rooftops with sky, City Lights and Panoramic views
East, West, North and South exposure
1 WEST 72ND STREET RESIDENCE 84
Dive into a world of elegance and history at The Dakota, one of New York City’s most iconic and prestigious addresses This extraordinary 6,000+ square foot home with over 160 feet of Central Park frontage, including 19 park-facing windows, and four exposures took nearly two dozen transactions and decades to assemble.
As you enter this magnificent residence, you are embraced by the grandeur and timeless charm that only The Dakota can offer Soaring 11+ foot ceilings and intricate period details set the stage for luxurious living With 5 generously sized bedrooms, nine bathrooms, and two wood-burning fireplaces, this home provides ample space for relaxation and entertainment The living areas are designed to capture the essence of sophisticated city living, capturing breathtaking views of Central Park and the skyline beyond from iconic windows of The Dakota’s pitched-roof dormers
Concierge, Doorman Full-Time
Washer/Dryer
Pet Friendly Health Club/ Fitness
Schedule a private viewing today and experience the exceptional lifestyle that awaits Virtual tour available upon request
Listed
By: Douglas Elliman Real Estate
LUXURY GOODS LUXURY GOODS
S.T. Dupont and Franck Muller have collaborated on an unusual accessory.
The S T Dupont x Franck Muller Master Lighter or the Master Lighter Franck Muller x S T Dupont, as the watch brand calls it is a lighter with a watch embedded in its case
Hermès Sales Despite Global Luxury Slump
The Master Lighter is to be sold on Dupont’s website and Franck Muller’s website, with prices still being determined They also may be ordered through both brands’ boutiques as well as through select retailers
As the lighters are being made-to-order, Dupont said delivery would take about six months.
The design has a distinct front and back, unlike a typical lighter The front features the dial, while the back is skeletonized to show the movement (as well as, unusually, the seconds hand) The watch is powered by an in-house mechanical movement that must be wound manually, using the crown on the right side of the case; it has a three-day power reserve
Hermès defies a luxury market slowdown with a remarkable 13% growth in the second quarter, contrasting with the lackluster performances of other luxury brands
readmorehere
The highest growth in cash transactions from 2021 to 2023 was among apartments priced under $3 million, with many purchases in February 2024 involving homes listed for under $1 million Despite high interest rates and a competitive market, cash buyers are navigating all price segments, creating additional barriers for those relying on mortgages This trend exacerbates challenges for first-time buyers who typically depend on financing to enter the housing market
MARKET UPDATE MARKET UPDATE
NEW YORK- CASH IS KEY NEW YORK- CASH IS KEY
In April, 64% of Manhattan home sales were made in cash, significantly higher than the 39% in major U S metro areas
This trend has intensified since 2022, when rising interest rates made cash purchases more attractive
While cash buyers in Manhattan might be stereotypically seen as wealthy investors or oligarchs, a recent New York Times analysis reveals a broader demographic Cash buyers include Americans from various professions and age groups, often funded by stock sales, previous home sales, or savings They are purchasing properties across all price ranges in Manhattan, from luxury condos to more affordable co-ops
MARKET UPDATE
GLOBAL
The housing market is experiencing slower growth, as shown by a 2.6% increase in Q2 compared to 4 1% in Q1
Affordability issues and high interest rates contribute to this trend Around a quarter of markets saw price declines in Q2, up from 18% in Q4 In Europe, six of the top ten growth markets are located, with Madrid and Dubai experiencing slowdowns while Miami saw an 8% increase
Interest Rates and Economic Outlook
Interest rate cuts expected for future growth
Bank of England, Federal Reserve, and European Central Bank anticipated to cut rates
Improved economic conditions seen with easing inflation and increased home sales
Policy and Rent Controls
UK debates rent controls despite potential drawbacks
Studies suggest rent controls may raise rents elsewhere and lower housing quality
READ FULL REPORT
Knight Frank provides an update on the super-sized super-prime property market amidst changing market dynamics due to the pandemic Assessing post-pandemic data against prepandemic benchmarks reveals shifts and uncertainties in the property market
Global super-prime home sales remained strong post-pandemic, with significant increases in markets like Dubai, Geneva, Palm Beach, and Miami The surge in sales is linked to global wealth growth, with notable rises in ultra-high-net-worth individuals Dubai saw a substantial increase in $10 million+ sales, reflecting a broader trend of wealth creation in the region.
Central banks raised rates in 2022 to fight inflation, yet housing affordability did not improve as expected House prices in wealthy nations either rose or slightly declined Dissatisfaction with housing costs is at a record high globally, especially among under-30s and those aged 30 to 49. The US election and future political cycles will focus on this issue. Construction disruption from the pandemic will continue compounding problems, with banks reducing lending for residential construction.
Housebuilder Barratt Developments' annual results show a decrease in completed homes, impacting supply CEO David Thomas mentions sensitivity to mortgage affordability but expresses readiness to meet demand. The company expects to deliver 13,000 to 13,500 homes in the coming year. Government planning reforms are seen as crucial to address the UK's housing undersupply. Mortgage approvals for house purchases are increasing, indicating improving purchasing activity
London's office landlords face a challenge as by 2030, UK landlords may need EPC A or B to let offices. With most properties rated EPC C or lower, preparation is crucial. Knight Frank's Intelligence Talks podcast discusses building obsolescence and retrofitting to improve EPC ratings The podcast also explores research on regulatory, functional, physical, and financial risks, and practical measures like LED lighting and digital twin modeling for building enhancements
PRICED FROM: $ 5,117,740
The OWO is a historic Grade II*-listed Edwardian building in London, previously housing the Ministry of Defence and notable figures like Winston Churchill. It is being restored to become a new central London destination near iconic landmarks such as Buckingham Palace and Westminster Abbey.
LOCAL HAPPENINGS
THE BRIDGE VIII
Saturday, September 14, 2024
Location / The Hamptons, NY By invitation only
An exclusive classic car exhibition at a private golf club honors the historic racing legacy of the Bridgehampton Race Circuit The event showcases over 200 post-war sports and competition cars eligible for racing at the circuit Attendance is restricted to club members, guests, brand partners, car exhibitors, and invited collectors The event benefits The Bridge Golf Foundation, which supports young men of color with golf and education programs to enhance achievement, college readiness, and workforce entry
Janet Jackson Announces Las Vegas Residency
Janet Jackson's Las Vegas residency by AEG Presents starts with shows on Dec 30 and New Year’s Eve, followed by eight more performances in 2025, including Valentine’s Day weekend at Resorts World Las Vegas
Lincoln Road Antique & Collectable Market Opens Oct 8. Miami
A vintage market on Lincoln Road in South Beach hosts 125 vendors every other Sunday, offering midcentury furniture, Art Deco decor, and collectibles Visitors can also enjoy the Lincoln Road Farmer's market on Sundays for locally grown produce and artisanal goods.
MORTGAGE MORTGAGE RATES RATES
Current Mortgage Rates
The primary mortgage rate experienced its most significant weekly drop of the year, reaching the lowest point in 15 months.
Home loan rates have decreased to their lowest level in over a year, offering relief to potential home buyers and sellers in a challenging real estate market.
Freddie Mac reported that the average rate for 30-year mortgages, the most commonly used home loan in the U S , fell to 6 47 percent this week, marking a consistent decline since April when it surpassed 7 percent This decrease is welcomed by buyers and sellers, providing flexibility for those with existing loans
The recent drop from 6 73 percent the previous week is the largest of the year Mortgage rates were around 3 percent in late 2021 but began rising as the Federal Reserve increased its benchmark rate to address inflation, reaching levels not seen in twenty years Sam Khater, the chief economist at Freddie Mac, mentioned that the decrease in mortgage rates enhances the purchasing power of potential home buyers, sparking interest in property transactions.
The Fed is expected to lower interest rates in September, potentially by half a percentage point. While not directly linked, a rate cut could impact mortgage rates.
Housing market sales declined in June, with homes staying longer on the market. Lower mortgage rates may attract some buyers, but many existing mortgage holders already have rates below current borrowing costs
ENTERTAINMENT & ENTERTAINMENT & GLOBAL EVENTS GLOBAL EVENTS
Global Citizen Festival 2024
Buy Tickets
General Admission: Guaranteed general admisison into the festival
Global VIP: VIP section with special entrance, concessions, and restroom facilities
Ultimate VIP: Backstage tent access with gourmet catering, open bar, private restrooms,
Global Citizen Festival is an annual music festival where fans take actions toward ending extreme poverty in order to earn free tickets. Our festivals bring together Global Citizens, artists, activists, world leaders, philanthropists, corporate leaders, and more, with one collective mission: end extreme poverty now It’s a moment both to celebrate all we have achieved together, and all we continue to achieve together.
Global Citizen Festival is timed to coincide with the UN General Assembly to leverage opportunities to get policy and financial commitments from government, corporate, and philanthropic leaders to defeat poverty, demand equity, and defend the planet Tickets to Global Citizen Festival are awarded through points earned by taking actions to fight extreme poverty, such as signing petitions, calling your political representatives, participating in challenges, and more
FASHION MONTH FASHION MONTH
Key Dates for Spring/Summer 2025 Fashion Week
New York Fashion Week: September 5-11, 2024
London Fashion Week: September 13-17, 2024
Milan Fashion Week: September 18-23, 2024
Paris Fashion Week: September 24 - October 2, 2024
These events will showcase the latest collections from top designers around the world
For more details, you can visit the full article here
