Happy 4th of July Weekend!

Welcome to the July edition of my monthly newsletter where I focus on all things real estate, along with some lifestyle and event updates and the latest happenings in Brooklyn and NYC.

I continued to see strong activity in Brooklyn during the month of June with an uptick in listings and strong demand for certain properties that had broad market appeal and were fairly priced. A number of those properties saw bidding wars with winning bids at more than 10% over ask.

It also seems like there have been more situations this year where deals have fallen through on certain properties causing marketing to be relaunched. This has made it more precarious for sellers in certain situations, as buyers have been less sticky than they have in the past. That being said, it still appears to be a seller’s market for many properties in Brooklyn (see Market Pulse chart below).

Given the greater amount of inventory and more balanced market in Manhattan, I’ve seen less competition on certain properties targeted by my clients. That being said, it’s hard to generalize as supply / demand is often property specific.

Things have slowed down this week as everyone is focused on the holiday. While I expect the market to pick up again after 4th, I also expect that things will wind down gradually as we head deeper into the summer.

That’s all for now. Please enjoy some of the events and articles below and have a great holiday!

All the Best,
Steve Segretta