The Market Report: February 2024

We saw a busy first month of 2024, with an upswing in property showing requests, open house attendance and offers on listings. Inventory did not adjust up much across Manhattan and Brooklyn, but we remain interested to see what the next few weeks deliver for properties to go into contract, given buyer motivation. With interest rates sliding downward, buyer sentiment and appetite is improving. We expect to see that trend through Q1.

 

As many coop and condo boards head into their spring planning season for maintenance projects and building improvements, we thought we would highlight some opportunities that we see across the city and recognize as overall improvements for quality of life and enjoyment of homeowners in the city. Many of these are reflective of opportunities for multi-unit buildings, but several translate to townhouse living as well. These are some of our top picks.

 

Eye on details

Often, we become increasingly immune to the warts and all of our building common areas. But a set schedule of painting the dinks and scratches, carpet spot cleaning, changing out elevator rugs and improving lighting options can go a long way for quality of life. It is not surprising to see the unattended simple maintenance issues in common areas of even some of the most white glove buildings.

 

Package receiving

Doorman, lobby attendant or not, there are attractive and unattractive package receiving options. Many buildings have none at all, with delivery boxes piling up in lobbies and attendant desks. Security of the packages is also a concern for many buildings without attendants. There are several options that exist to get rid of the visual clutter.

 

Fitness room

Even if your building isn’t new-ish, many prewar buildings have built out attractive fitness rooms out of older storage rooms. Many residents – and buyers – want the option to slip downstairs and get a quick workout in when time is too tight to make it to the gym. A well-thought selection of machines, weights and Peloton can be a healthy addition.

 

A regular arrangement

Fresh flowers in the lobby or plantings at a building entrance can go a long way for creating a more uplifting and welcoming return home. If the budget allows, buildings hire a florist on contract to maintain plantings or supply arrangements on a regular basis.

 

Furniture

Often residents move quickly through their lobby and don’t notice furniture that has become dingy over time. Generally, it’s not an expensive cost to clean or replace some needed pieces in the grand scheme of the building budget. Similarly, quality outdoor furniture for a roof deck or common terrace can be more expensive but long-lasting. That cup of coffee, work from home lunch or evening glass of wine in the summertime will become even more appealing.

 

As we move through the first few months of 2024, we are optimistic for the trajectory of our New York City real estate market. The outlook of the lending environment and continued low inventory may inspire some buyer competition.