Q1 2024 - Daniel Kramp Team

Q12024 REPORT

Insert team photo here

Dear clients and friends,

It is my pleasure to bring you our 17th edition of our quarterly report, which combines the information we learn from the field of real estate aswell as some fun facts and trends about New York City and beyond.

In this issue we will be covering NYC and Brooklyn latest real estate trends, as well as the global outlook for luxury markets Give you a sneak peek into our newest exclusive and new development opportunities, and dive into the facts about the NAR settlement And of course, there is a great cocktail recipe from the event we had last week!

As always, if you have any questions, we are just one phone call away Daniel and the Team

SPRING ACTIVITIES

Resident X - Diningin the Dark

Are you ready to take part in an unforgettable culinary journey? This deluxe Resident x Dining in the Dark experience is coming to Resident!

Michelin-trained Chef David Goldman (formerly of Marea and Aska)has curated a 3-course menu with 4 wine pairings that will surprise your senses as you enjoy one of NYC?smost unique dining experiences! https:/ / secretnyc.co/ dining- in- the- dark/

Wonderland Dreams

This interactive art experience in NYC spans 26,000-square-feet of immersive dreamscape Visitors can roam throughout the 20 rooms, all painted floor-to-ceiling by hand Become the subject of the painting as you step into new worlds at every turn And when you?re finished exploring, be sure to wind down at the wine bar and café, offering story-themed itemsstraight out of a fairytale.

www wonderlanddreams com

Candlelight Concerts

If you?d like to hear beautiful melodies surrounded by the flickering glow of candlelight in a stunning NYC church, this one at The Opera House from Bach to the Beatles or this one at the Williamsburg Hotel that?s The Best of Hans Zimmer will surely impress If you?d rather listen to more modern music, try this Lana del Rey tribute at the Church of the Heavenly Rest www candlelightexperience com

The Rose Room

Enter into the magical blend of old-world supper club meets New York?s underground queer circus scene at The Rose Room This cirque variety show will keep you on your toes all night long with an array of mind-blowing performers from America?s Got Talent, Broadway, Cirque Du Soleil, The Box, House of Yes, Company XIVand beyond Take in the world-classentertainment while enjoying delicious cocktails at this one-stop shop night of adventure in the city! www.theroseroomnyc.com

2024 LUXURY MARKET OUTLOOK

2024 Global Luxury Real Estate Forecast

Despitechallengessuch asinterest ratespikes, inventory shortages, and geopolitical conflicts, luxury housing displayed resiliencein 2023, buoyed by strong equitiesperformance

Our latest report exploresmicro-market dynamicsin key locationsand examinesemerging trendssuch as theconcept of Quiet Luxury and theentry of Gen Z into high-end real estate Additionally, it delvesinto theluxury profileof University Townsand highlightssignificant saleswithin Christie?sInternational Real Estatenetwork in 2023. Amid expansion into new marketsand strengthening connectionswith Christie?s auction house, the brand emphasizesongoing innovationsin technology and marketing to better serve clients

Taking acloser look in New York City through the Regional Market Forecast, Christie?spredictsan influx of international buyers President and CEO of Christie?sInternational Real Estate Group explains ?When thereisgeopolitical instability around the world, money often flowsinto theNew York City market because it isthesafest, most stable investment in global real estate

Chateau de la Roche | Alpine, New Jersey

NYC MARKET DATA - Q1

In Q1 2024, Manhattan's real estate market faced challenges like high mortgage rates and rising costs Closed sales slightly decreased, signed contracts modestly increased in some months, and inventory saw a minor uptick. January and February saw increases in signed contracts due to lower interest rates and rising confidence, but March experienced a pullback due to rising rates Prices fell across the board, driven by buyer hesitancy and sellerswilling to do dealsarelower numbers

In Brooklyn, on the other hand, the real estate scene perked up nicely, which could be attributed to several new buildings closed a bulk of units in the beginning of 2024 Sales and prices were on the up compared to last year. Closings shot up by 13% and overall sales volume jumped by 21% to $1.3 billion. Contract signings also saw a boost, even though inventory kept dropping, especially in the cheaper price ranges Listings between $1-2million went up, mainly thanks to new projects popping up This shift drove priceshigher, with median and averagepricesrising by 8%and 7%respectively

MANHATTAN BROOKLYN

Inventory

6,264

+2%YEAR OVER YEAR +2%QUARTER OVER QUARTER

ContractsSigned

2,737

- 6%YEAR OVER YEAR +18%QUARTER OVER QUARTER

Dayson Market

123

+10%YEAR OVER YEAR +4%QUARTER OVER QUARTER

AveragePPSF

$1,640

- 14%YEAR OVER YEAR - 12%QUARTER OVER QUARTER

Inventory

1,411

- 15%YEAR OVER YEAR +12%QUARTER OVER QUARTER

ContractsSigned

903

+3%YEAR OVER YEAR +5%QUARTER OVER QUARTER

Dayson Market

90

+1%YEAR OVER YEAR +5%QUARTER OVER QUARTER

AveragePPSF

$1,049

+3%YEAR OVER YEAR +5%QUARTER OVER QUARTER

NEW DEVELOPMENT OPPORTUNITY

77Greenich Street, Financial Distr ict

Wearehappy to announcethat our team hasbeen selected to help with the salesof 77Greenwich Street!

77 Greenwich is a luxury-defining LEED certified condominium overlooking New York Harbor and the Hudson River. Every home features a direct view of the NY Harbor and all residences boast floor to ceiling crystalline glass windows allowing for an abundance of natural light, stunning water views and soaring ceilingsof closeto 11?

The building soars 500?above Lower Manhattan and contains 90 elegant 1-to-4-bedroom homes by design visionariesFXCollaborativeand Deborah Berke of TenBerke

The building offers over 10,000 SF of incredible lifestyle amenities including the exclusive Cloud Club located at the top of the tower, which features 360 degree skyline and water views and includes a fireplace lounge, double-height fitness center outfitted by the Wright Fit, private dining room, flex space for yoga or events and a children?s playroom Separately, the 12th floor will offer a zen garden and dog

run Only moments away from South Cove Park, Brookfield Place, One World Trade Center, South Street Seaport, and Battery Park City, and more!

FEATURED EXCLUSIVES

132 East 35th Street, 18K

Murray Hill | 1-Bed 1-Bath | $738,000

251West 91st Street, 17C

Upper West Side| 3-Bed 3.5-Bath | $6,500,000

8 W 13th Street, 6RW

Greenwich Village| 1-Bed 1-Bath | $1,995,000

35Sutton Place, 14D Sutton | 2-Bed 2.5Bath | $1,299,000

Searching for the perfect Summer Escape?

Feel freeto contact mefor help finding theperfect rental in theHamptonsthissummer

Picutred: 110 Two Holes of Water Road in East Hampton, New York

ListingcourtesyBonita DeWolf, Christie'sInternational Real EstateGroup

COCKTAIL RECIPE

Grapefruit Old Fashion (Victoria)

Ingredients

1/2oz honey syrup*

1/2oz St Germain

11/2oz Fresh Grapefruit Juice

3/4oz sweet vermouth

3/4oz blended Scotch (likeFamousGrouse)

Directions

1. Add all ingredientsto mixing glass and fill with ice

2. Shake hard for 30 seconds

3. Strain into glass and fill with ice

4 Garnish with lemon peel

5 Enjoy!

* honey syrup iseasily made with 50/50 hot water & honey Store any leftover in refrigerator.

NAR Settlement - Fact VS Fiction

At this point everyone has seen or heard about the huge NAR (National Association of Realtors) settlement But it is amazing how much misinformation is out there The fact that some folks at the New York Times are suggesting that the difference between a 4%, 5% and a 6% commission rate is somehow going to make buying a house "significantly" more affordable is very interesting to me Did we completely forget about supply and demand? While brokers in NYC are not actually part of NAR and do not have an MLS, I would like to take this opportunity to present you with somekey facts-from the field-and separatethe myths from reality So here it is:

Myth: Huge changesare comingto how real estate isbought and sold.

Reality: Buyershavealwayshad an option to purcahse ahomeon their own and navigatethe intricaciesof the market and co-op boards. The majority of buyerschoose to work with abroker, understanding the value of having atrusted advisor who representstheir interest when making oneof the most significant financial decisionsof their lifetime.

Myth: We can now finally negotiate the 6% commission.

Reality: Aslong asI havebeen in thebusiness, sellersin New York City havealwayshad an option to go with "low cost"or "discount"brokersto represent them in the saleof their home. 1 2

3

NAR Settlement - Fact VS Fiction

Myth: Sellersare now prohibited from offeringbuyer agents commission.

Reality: Offering how much to pay abuyer'sagent hasalwaysbeen up to theseller. Thankfully, most of our clientsareintelligent enough to know that incentivizing buyers' brokersand their clientsissimply smart business, and prefer to focuson results, not ideologies.

4

Myth: Thisisnow a new law.

Reality: While theripple effectsof thesettlement arealready felt in the market by way of buyersasking the right questions, it isfar from being finalized, thereforenothing isapplicable. TheDOJstill needsto approve thesettlement or hoseit. Theearliest this would be effective, would be in thefall

I have to admit, I do believe that these changeswill be good for the consumer - it will weed out the "bad actors" in our profession and the agents who simply think that all it takes is posting a few videos of fancy apartments on TikTok and suddenly you are sipping champagnewhileon your private jet to meet a"buyer' in Miami.

It will leave the agents who truly provide value to their clients and strive for outstanding customer service and will force buyers and sellers to be more selective when choosing the right agent to represent them.

Daniel

DKramp@christiesirenycom

1Rockefeller