The clients suited the property perfectly. They had strong liquid assets, excellent jobs, and lovely reference letters. They seemed like a shoo-in for the board of the pleasant, undistinguished Carnegie Hill co-op in the East 90s.

But the board rejected their package. In absolute bafflement, their agent tried to unearth the reason, since co-ops, as private corporations, do not need to give one for their rejections.

A word or two spoken about the deal suggested the problem to the agent: The price. The board did not want a unit in their building selling for a price they regarded as below…


The arrival of July 1 marks the end of one of the most remarkable quarters in New York real estate history. Every week since February has seen more than 30 contracts signed at $4 million and over, the most extraordinary run since before the 2008 recession. And it’s not just, or even primarily, these larger units which are enjoying such popularity. There are multiple offers made on almost every well-priced home from $500,000 to $5 million in both Manhattan and Brooklyn. Days on market, historically averaging around 90 to 100, now stands closer to 60. Many newly listed properties don’t…


Originally published on Forbes.

Half of all homes sold in the U.S. today trade at over the asking price. There are, on average, a little over five offers for every home sold in 2021. Days on market, historically averaging around 60, now stand at 20. All these statistics, from NAR economist Lawrence Yun, paint the picture of a national market starving for supply and vibrating with demand. …


Originally published on Forbes

Every June, New Yorkers celebrate Pride. From the extraordinary bravery of the young people at Stonewall, through the terrible years of the AIDS crisis when everyone in New York lost friends or neighbors or family, to the creation of GMHC and ACT UP, New York has always been at the forefront of the movement towards the all-too-slow embrace of the LGBTQ+ community. I am proud that members of this community have always been leaders in the real estate world, not only as facilitators but also as pioneers.

Gay men and women, like artists (or the starship…


Memorial Day weekend has ushered the summer in. Has it also ushered the superheated New York real estate market out? Is buyer interest still seasonal? Will June 15 see all our prosperous families decamping to their country or seaside homes, not to be seen again till Labor Day? For a variety of reasons, probably not. Here’s why:

  • 2021 doesn’t resemble any other year. In the wake of the disastrous COVID-driven shutdown which made much of Manhattan a ghost town during the spring and summer of 2020, the city’s re-awakening issues a clarion call to its true adherents, wherever they may…


What do buyers and sellers need when they select a real estate agent? Are they looking for expertise? Reputation? The latest tech tools? Familiarity with the neighborhood? Or do they conclude that their sale or purchase can be entrusted to a friend, regardless of their experience, because, after all, how complicated can it be? Do consumers devote considerable time to determining whom they should work with, and what criteria they use to choose one agent instead of another? They should.

First, what NOT to look for.

Here is a cautionary tale: An agent at my firm recently sold an apartment…


In New York City, the streets have come to life. Every evening, hordes of diners flock to outdoor tables at the city’s restaurants, on Madison and Columbus Avenues uptown, on West Broadway in Tribeca, on Smith Street in North Brooklyn. Walking up any one of these avenues one hears laughter, conversation, music, and the clink of silverware. The city vibrates with a sense of energy and relief.

With more and more New Yorkers vaccinated, seeing people thronging the streets seems both strange and utterly unsurprising. This exuberance manifests not only in dining: real estate, which languished in the doldrums in…


Here is the good news for New York real estate agents: On April 9th, a New York State Supreme Court judge struck down a ruling forbidding most rental agents from collecting commissions from tenants. The judge called the New York Department of State’s decision that such agents, when hired by landlords, could not receive commission payments from tenants an “error of law.” The department’s decision to ban the practice was the result of substantial lobbying from rental groups, including videos of renters bemoaning the fact of having to pay agent fees in order to rent a property. And now that…


It’s alive! That’s what we learned about the New York City real estate market during the first quarter of 2021. Somehow the new year awoke in New Yorkers a realization of their commitment to life in the city. Low prices, at levels not seen since 2011, combined with record low interest rates and the prospect of a new presidential administration galvanized buyers. Inventory, which had climbed as high as 9,600 units in late October, subsided to just over 7,000 by the end of March.

The market heated from the bottom up: the first to go were the studios and 1-bedrooms…


Since January of this year, our local real estate market, always a bellwether of sentiment about the city, has caught fire. In every price category, supply dwindled and sales and rental absorption rates quickened greatly. The market is hot, populated primarily by New Yorkers recommitting to their city as it begins to open once again. But it remains a delicate moment. The equilibrium so dearly won through caution and sacrifice exhibited by so many in our local population can easily fall into imbalance again.

During 2020, as New York City shut down and its many artistic and recreational pleasures were…

Warburg Realty

Representing a higher standard of real estate since 1896. http://www.warburgrealty.com/

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