New Year Opportunity
Despite the challenges in our real estate market and industry in 2024, we enter 2025 with many new consumer options and advantages on the horizon. New construction filings in Q2 and Q3 were strong, with 19,000 proposed residential and hotel units filed for the city in Q3 alone. Q4 numbers will come out later this month, with likely continued momentum, and the prospects of easing tight inventory over the next few years.
Another inventory changer for Compass clients has been Compass’s roll out of the Private Exclusive option for our sellers this past year, offering several benefits to both sellers and buyers when the option is appropriate for the listing and the seller’s circumstances.
The new private exclusive option allows a seller to opt out of full exposure on third party websites, with exposure exclusively in Compass’s database, for consumers to register for and see privately. The option provides several benefits – for buyers with a Compass agent it offers access to listings only available for them and Compass agents on that platform, currently close to 600 private Compass listings on the market and in contract in Manhattan and Brooklyn.
For sellers, coming to market as a private exclusive offers control and another step in a broader marketing strategy, to test the market in imaging, pricing and positioning. It also allows market exposure without the conventional tracking of days on market and price adjustments if needed. The property can remain a private exclusive until determined if and when listing the property actively across all conventional sites is desired. We have seen many properties go to contract with buyers without having to expose the property to wider marketing.
For some sellers, they appreciate the discretion and privacy, limiting exposure to serious buyers and serious Compass agents nationally. The option gives sellers one more option for control of how their home is marketed and to whom it is exposed.
If 2025 is the year for your sale, the Compass private exclusive option is a new potential component for discussion around a comprehensive sales strategy. We are happy to discuss more in depth when the time is right. We wish you a very happy to start to your New Year!
----------------------------
The Numbers
Manhattan Market Activity
Highlighting our market's past 30 days.
Brooklyn Market Activity
Highlighting our market's past 30 days.
----------------------------
The Properties
Our month's featured listings on the market.
Prospect Heights / Brooklyn
Co-op
2 Beds / 1 Bath
$985,000
Park Slope / Brooklyn
Townhouse
5 Beds / 5 Baths
$3,875,000
Central Harlem / Manhattan
Condo
1 Bed/ 1 Bath
$320,000
Chelsea / Manhattan
Condo
2 Beds / 2 Baths
$3,445,000
----------------------------
The Pick
From the cool and eccentric to reserved and irreverent - Our month’s pick of what's happening in New York City.
If you haven't already, you should:
Winter Jazzfest
Experience the sounds and sights of this growing cultural institution since 2005.
January 9-15, 2025
Various venues throughout Manhattan and Brooklyn.
----------------------------
