Novo Team December Newsletter

NOVO NEWS DECEMBER 2023

2024 INTERIOR DESIGN TRENDS FEATURED LISTINGS ON THE MARKET

LOCAL HAPPENINGS:

NYC HAMPTONS MIAMI LAS VEGAS

KNIGHT FRANK SKI PROPERTY REPORT

NOVO NEWS DECEMBER 2023

Dear Valued Clients,

Despite initial challenges, the NYC real estate market has shown resilience, with rising buyer confidence and increased transaction activity in Q3 2023. Manhattan is stabilizing, with a pause on rate hikes, lower prices, and record-high rents, driving market participation.

As we enter the final quarter, luxury real estate is resurging, and rental rates are stabilizing. The holiday season may slow the market, compounded by 23-year high mortgage rates, expected to persist in Q4. High home prices and rates pose challenges for buyers, likely continuing.

Home prices are projected to grow by 3-4% through the year-end, maintaining a sellers' market due to limited inventory and steady demand. Buyers should seek discounts, and sellers should set realistic prices, considering market conditions.

While momentum is expected, external factors like global economic conditions could impact the market.

Staying informed and adaptable is crucial.

Best, Monica Novo

Best regards,

LOCAL HAPPENINGS NYC Holiday Markets - since 1993 Get into the holiday spirit by visiting some of the best festive markets in your area. Take your time to browse through a variety of vendors and their products while enjoying a warm cup of hot chocolate. Here are some of our top recommended holiday markets to explore: Bank of America Winter Village at Bryant Park Union Square Holiday Market Columbus Circle Holiday Market Grand Central Holiday Fair Brooklyn Flea Holiday Market FAD Market's Holiday Pop-up in Dumbo at Empire Stores Holiday Vendor Market at Empire Outlets

EXPERIENCE THE MAGIC OF THE ROCKETTES The Rockettes show is a spectacular event for the whole family, featuring Santa Claus, reindeer, wooden soldiers, and of course, the dazzling Rockettes. In recent years, the performance has been enhanced with new music, eye-catching costumes, and advanced technology, bringing the audience closer to the magic of the show. This delightful performance will captivate your eyes, ears, and heart.

FOOD & DINING Inside Major Food Group’s New N.Y.C. Members Club Carbone’s first private restaurant has been in the works for more than a year, and it’s finally getting ready to debut in New York City.

Carbone Privato will be part of Major Food Group’s new members-only ZZ’s Club in Manhattan West, scheduled to open next month, Bloomberg reported on Thursday. The restaurant will take up the second floor of the 25,000-square-foot space, with the Japanese ZZ’s located on the ground floor, in addition to a tropical-inspired bar. Designed by Ken Fulk, the club is likely to attract the same high-flying clientele that frequents other MFG outposts in the city, including the original Carbone and the new, noteworthy Torrisi.

Discover a Range of Dining Options for All Seasons and Occasions at Rockefeller Center.

Exploring Rockefeller Center's Culinary Scene: 18 Restaurants You Should Visit It is hard to believe that a few years ago, we would not have imagined having more than a handful of restaurants to choose from in Rockefeller Center, let alone within its winding underground tunnels. But here we are, in late 2022, with a list of 18 amazing places to explore. From affordable to luxurious, and with more on the way, there is something for everyone.

Discover indoor and outdoor dining options for lunch, dinner, or late-night bites in one of New York's most famous and iconic neighborhoods.

SEE FULL LIST HERE

NEW DEVELOPMENT MANHATTAN & BROOKLYN

OLYMPIA DUMBO Brooklyn, NY

MANDARIN ORIENTAL

WALDORF ASTORIA

New York, NY

New York, NY

BROOKLYN TOWER

53 West 53

Brooklyn , NY

New York, NY

ON THE MARKET

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590 West End Avenue, PHB

303 West 66th St, 20DW

1 BED | 1 BATH | 990 SQFT

2 BED | 1 BATH | 1,000 SQFT

This Penthouse with Dual Terraces spans 990 interior square feet and two terraces totaling 306 square feet.

The apartment features upgraded fittings in the bathroom and a sunlit kitchen. A marble-clad woodburning fireplace graces the living room.

This penthouse boasts unparalleled water views, providing a canvas for your dream residence. Untouched for decades and hitting the market for the first time in over 40 years, this residence is a testament to enduring charm.

100 Jay Street, 9H

2 Waterline Square, 1908

1 BED | 1 BATH | 801 SQFT

4 BED | 4.5 BATH | 2,436 SQFT

This home features a custom kitchen with solid oak cabinets, acid-etched backsplash, GE stainless appliances, absolute black granite counter. 9’4 ceilings throughout, hardwood floors, washer dryer, large windows to allow the southwestern light into the home.

This unit offers unobstructed Hudson River views effective immediately until October 10th, 2024. The net effective rate is $25,969 on a 10.5 month lease with a gross rent of $30,297 (9/1 - 10/10 are free). All or some of the brand new furniture can be purchased.

MORE LISTINGS HERE

239 EAST 61ST STREET UPPER EAST SIDE Welcome to 239 East 61st Street, an enchanting, well-preserved townhouse, nestled in the heart of Upper East Side.

An exquisite fusion of traditional architecture and modern elegance, this home is best described as an updated classic that tastefully marries original craftsmanship with the convenience of modern luxuries. Occupying over 5,100 square feet, this magnificent home is 20′ × 63′ on a 100’ lot. The townhouse boasts six bedrooms and six and a half bathrooms, spread across five stories. Plus, an extra bathroom in the cellar. The property includes a 32’ by 20’ verdant rear garden, plus a terrace that is 19′ × 12′. Previously owned by the renowned Allen Dulles and later, the esteemed Seagram Foundation, this magnificent residence was the site of large-scale gatherings and hosted many dignitaries and VIP’s. This home exemplifies the grandeur of a bygone era.

One of the standout features of this grand residence is its commercial-grade elevator, a vestige from its time as a Seagram’s building. A testament to its opulent design, the townhouse is adorned with oversized windows, inviting an abundance of natural light that fills each corner of the home. The house exhibits unique design embellishments, including handcrafted wood doors, and designer tile work throughout, infusing a warm, personal touch. Prestigious interior designer Alex Papachristidis lent his artistic prowess to a comprehensive update of this stately home, further enhancing its inherent charm.

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7. 5

5

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baths

STORIES

VIEW LISTING HERE

1 JOHN STREET, 9D DUMBO Take advantage of this unique opportunity before the year ends! A driven seller is offering a 24-month real estate tax credit at closing.

Introducing the Epitome of Brooklyn Luxury: One John Street in DUMBO! Get ready to be captivated by One John Street, an architectural wonder that takes luxury living to a whole new level. Situated in the heart of DUMBO, Brooklyn, this stunning residence boasts an unparalleled range of features, vast spaces, and top-of-the-line finishes that will leave you spellbound.

Step inside this expansive sanctuary, boasting three bedrooms, three-and-a-half baths, and a generous 2,400 square feet of living space. Furthermore, the layout enables effortless conversion into a remarkable four-bedroom home. Upon entering, you'll be mesmerized by the 11-foot ceilings that expand the room and floor-to-ceiling windows that showcase breathtaking panoramic views of the waterfront and city skyline.

Enjoy exquisite 6-inch white oak flooring that blends seamlessly with the surroundings, providing an incredibly luxurious experience. Revel in the comfort of a three-zone HVAC system, allowing for tailored humidity control that creates a cozy atmosphere just for you.

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3. 5

2, 400

Beds

baths

SQFT

VIEW LISTING HERE

THE HAMPTONS HAMPTONS COMMUNITY OUTREACH During the holiday season, Hamptons Community Outreach aims to improve the lives of families, children, and teens in the area. They offer various ways to get involved, including adopting a Santa letter, donating to their Teens in Need program, or contributing to their Amazon wishlists for gift donations.

SKATE WITH SANTA CLAUS South Hampton Ice Rink is the only covered rink in the Hamptons. To make the holidays even more special, you can enjoy skating with Santa Claus on December 18th and 23rd. After your skating session, you can relax in one of their rentable igloos. These cozy spaces provide ample room to enjoy time with friends and family while sipping hot chocolate and playing board games.

FEATURED LISTINGS

6 WEST POND DRIVE BRDIGEHAMPTON | KHALILY STABLES Khalily Stables, is a large-scale equestrian compound located in the sought after Bridgehampton Farm Corridor., was completed in 2015 and is equipped with state-of-the-art facilities.

VIEW LISTING HERE

MIAMI A CHRISTMAS-THEMED POP-UP BAR IN THE HEART OF DOWNTOWN Featuring over-the-top décor, holiday-inspired cocktails and the nostalgic energy of the best office party you’ve ever been to, Miracle is the place to imbibe this season

November 25 - December 23 No reservations accepted.

GEORGE BALANCHINE’S THE NUTCRACKER Experience the Magic of The Nutcracker Miami City Ballet has been enchanting audiences with their spectacular version of George Balanchine’s The Nutcracker since 2017. Despite the absence of snow, this South Florida dance company has created a winter wonderland that has delighted audiences every season. Over 100 dancers perform Balanchine's choreography to the lively Tchaikovsky music, dressed in dazzling costumes, and accompanied by glimmering sets.

NEW DEVELOPMENT SOUTH FLORIDA

THE RITZ-CARLTON RESIDENCE Palm Beach Gardens, FL

VILLA MIAMI

SHELL BAY

Miami, FL

Hollandale Beach, FL

6

Beds

OLARA RESIDENCE

BENTLEY RESIDENCE

West Palm Beach, FL

Sunny Isles Beach, FL

NEW DEVELOPMENT SOUTH FLORIDA IN THE NEWS : ULTRA-EXCLUSIVE PRIVATE GOLF COURSE OPENS IN SOUTH FLORIDA Discover the Luxurious Shell Bay Club in Hallandale Beach The Shell Bay Club opened its doors in Hallandale Beach, boasting an array of world-class amenities sprawled out along the Intracoastal Waterway. The 150-acre plot features an 18-hole private golf course that covers a significant portion of the property. This stunning course was designed by Greg Norman, a two-time major winner from Australia. Additionally, the club boasts a racquet center, private yacht club, and much more.

Introducing Andare Residences: A Pininfarina-Designed Marvel Fresh to the Market Experience unrivaled luxury at Andare Residences, a marvel crafted by Pininfarina, the iconic brand renowned for designing the original Ferrari. Boasting breathtaking views in every direction, this property is situated at the heart of Las Olas Boulevard, surrounded by the city's bustling downtown energy, art, culture, cuisine, and boutique shopping. Just a few minutes away, you'll find Fort Lauderdale's stunning shoreline, miles of pristine beach, and unparalleled outdoor life.

It's the perfect balance of all worlds.

NEVADA Legendary Peter Luger Steak House Is Now Open in Las Vegas Peter Luger Steak House is largely credited with creating the blueprint for the American steakhouse. With its tight menu of steak and a smattering of sides, notoriously brusque servers clad in bowties, and family owners who still visit New York meat markets and hand-select cuts of beef, the restaurant has achieved legendary status in Brooklyn, New York. The Las Vegas location shares an identical menu with its East Coast counterpart, with the exception of a Las Vegas steakhouse staple — the seafood tower.

THE GOLDEN KNIGHTS AT T-MOBILE ARENA Located just off the Strip, the T-Mobile Arena is a stunning sports venue that is home to the Las Vegas Golden Knights, the city's first professional sports team established in 2017. If you're lucky enough to be in town during the NHL season, be sure to catch a game at this impressive arena.

HOME GAMES: DEC 2ND VS. CAPITALS, DEC 4TH VS. BLUES DEC 10TH VS. SHARKS, DEC 12TH VS. FLAMES, DEC 15TH VS. SABRES & DEC 28TH VS. KINGS

CINEMATIC RELSEASE

MOST ANTICIPATED MOVIES OF DECEMBER 2023

Candy Cane Lane - December 1st

Ferrari - December 25th

Aquaman and the Lost Kingdom - December 22nd

Wonka - December 15th

SKI PROPERTY REPORT

READ HERE

WINE & SPIRITS

OUR FAVORITE: GLENTURRET 12 The true heart and soul of our range of whiskies. Crafted with utmost care and expertise, this remarkable spirit embodies the essence of tradition and refinement. Fewer than sixty carefully selected casks come together to create The Glenturret 12 Years Old crafted by hand and forming the heart of our range. American oak casks drive the salted caramel sweetness whilst European oak layers the dried fruits and spices leading to a full rich single malt at 46.4% ABV. Tasting Notes RICH RAISINS and SULTANAS open, VANILLA and CINNAMON follow. GINGER and hints of NUTMEG are warming. HEDGEROW FRUITS and MATURING OAK closes.

WHERE TO BUY: Collezione New York

OUR FAVORITE: ARGIANO BRUNELLO DI MONTALCINO The Argiano Brunello di Montalcino is a full-bodied and fruity Italian red wine made from 100% Sangiovese grapes. It has aromas of orange peel, dark berry, plum, cherry, and mushroom, providing a unique and complex taste. The firm tannins balance the juicy and fruity flavors, and the fresh finish leaves a pleasant aftertaste. It is an excellent wine for those who enjoy a flavorful and well-crafted red. As an appellated wine from Brunello Di Montalcino DOC, it is made with the highest quality and attention to detail.

NEW DEVELOPMENT LONDON

THE GLEBE London SW3, England, United Kingdom

BATTERSEA POWER STATION

CHELSEA BARRACKS

London SW11

London SW1W

6

Beds

THE OWO RESIDENCE

PARK & SAYER

London SW1A

London SE17

ARTS & ENTERTAINMENT

24 INTERIOR DESIGN TRENDS TO ANTICIPATE IN 2024 From practical to playful, the top interior design trends for 2024 cater to a wide range of tastes. Those who value practicality are opting for L-shaped and chaise sofas to save space, converting awkward alcoves into storage-equipped seating areas, and shopping for vintage pieces to save money and reduce waste. For those who prefer a softer aesthetic, the laid-back designs of the seventies are back in fashion. Retro checks, stripes, and ruffles adorn everything from cushions to headboards, while high-shine chrome and lacquered finishes add a touch of glamour.

In the middle of the design spectrum, cooler greys are giving way to warmer beiges, off-whites, and blush pinks. Boucle fabric is making its way into the bedroom as the ultimate cocooning material, and expensive wood and marble finishes are being replaced by replica ceramic tiles.

Explore the most popular 2024 trends and the best stores and brands to shop from. Discover how to incorporate these on-trend elements into your home with ease.

ART BASEL HONG KONG IS BACK Art Basel Hong Kong is set to return to its pre-pandemic scale in 2024, featuring 242 galleries from 40 countries and territories, a 37% increase in exhibitor numbers compared to 2023. More than half of all exhibitors operate spaces in the region with 25 galleries joining the fair for the first time. Art Basel Hong Kong will present a dynamic city-wide program of events and activations throughout the show week, in collaboration with galleries, artists, institutions, and cultural partners.

The fair will take place at the Hong Kong Convention and Exhibition Centre from March 28 to 30, 2024, with Preview Days on March 26 and 27.

WINTER ESCAPES

Exploring the Most Enchanting Christmas Towns in the U.S. The US boasts several enchanting Christmas towns where holiday decorations are abundant and festive activities are aplenty. These towns are perfect for solo travelers and families, featuring cozy taverns, epic light displays, and a chance to catch Santa Claus.

ASPEN, COLORADO Aspen offers a blend of luxurious living and small-town charm during the holidays. Visitors can enjoy various festive events like cookie exchanges, s'mores roasts, and elf meet-and-greets while staying at treasured hotels such as the Hotel Jerome, Auberge Resorts Collection, Ajax Tavern, and Element 47 at The Little Nell. For a panoramic view of the town's decorations, guests can book the Sky Residences at W Aspen to access a private rooftop lounge offering mountain scenery.

VAIL, COLORADO During the holiday season, Vail, Colorado offers fresh powder, festive events, and great coffee and cocktails. Local favorites include Yeti's Grind and Loaded Joe's for morning drinks, and Root & Flower for evening cocktails. Flame at Four Seasons Resort and The Sebastian - Vail, a Timbers Resort are excellent choices for fine dining and nightcaps. The Lodge at Vail, a RockResort, is a charming accommodation option with an outdoor pool and fire pits.

BRECKENRIDGE, COLORADO Breckenridge is a resort town that offers thrilling skiing and peaceful tranquility during the holiday season. Festivities include tree lighting and the Race of the Santas, while charming après-ski options include house-made beers at Breckenridge Brewery and martinis at Base Nine Bar.

PARK CITY, UTAH Park City is an ideal destination for the holidays, starting with the Electric Light Parade featuring vehicles adorned in lights. The town Christmas tree in Miner's Park and the giant gingerbread display at Stein Eriksen Lodge are must-see decorations.

FULL LIST

WARM ESCAPES

The 15 Best Beach Destinations to Visit in January To cure the winter blues, consider escaping to a sunny beach for a stress-free vacation. Traveling in January is less expensive than during the holiday season, making it an appealing time for a getaway.

TULUM, MEXICO Tulum is known for its boho-chic atmosphere, ancient Mayan ruins, white-sand beaches, and Instagramworthy resorts and boutique hotels. Visitors can enjoy morning yoga, afternoon margaritas and ceviche, and a vibrant nightlife scene with stylish restaurants and bars specializing in mezcal. Popular spots include the much-lauded Hartwood and watering holes like Gitano and Todos Santos, especially bustling in January.

SAN BLAS, PANAMA San Blas is a perfect destination for people who want to disconnect. The archipelago of 365 tiny islands offers a castaway experience with no roads, chain hotels, restaurants, or bars. Most of the 49 inhabited islands house only a handful of small huts for intrepid travelers, with limited electricity. Visitors can enjoy snorkeling in the bright azure water, laying under new palm trees, swimming along sandbars with starfish, and stargazing while enjoying a beer at night.

GUANACASTE, COASTA RICA Costa Rica in January for sunny days, surfing, and exploring. With direct flights to Liberia International Airport, it's easily accessible. While Tamarindo is popular, heading further north offers prettier beaches with thinner crowds. Playa Conchal, a quiet beach made of tiny crushed shells and turquoise waters for snorkeling, requires a short walk along the coast to reach.

EAGLE BEACH, ARUBA Aruba has the most sunny days in the Caribbean and great beach weather in January. Eagle Beach, one of the best beaches worldwide, offers sunbathing loungers and watersports equipment for rent. The northern coast offers adventure activities like hiking, ATV excursions, and horseback riding tours, while Arikok National Park has an arid, desert-like landscape to explore.

FULL LIST

MORTGAGE RATES Declining Mortgage Rates Leads to Increased Demand for Home Loans Mortgage Rates Fall as Economic Data Improves Despite remaining high compared to previous years, mortgage rates have dropped in the last three weeks due to recent economic data and cooling inflation. According to the Mortgage Bankers Association, home loan applications have increased since the average 30-year fixed mortgage rate fell below 8% this month. Mortgage applications have reached their highest level in the past six weeks. However, experts predict that mortgage rates won’t decrease again until mid2024.

Factors that Influence Mortgage Rates Mortgage rates decreased to historic lows during the pandemic, but when inflation reached record highs early last year, the Fed hiked interest rates to slow down the economy. Generally, when inflation is high, mortgage rates also tend to be high. After nearly a dozen rate hikes since March 2022, mortgage rates have more than doubled.

Although the central bank doesn’t directly set mortgage rates, its policy actions and statements have an impact on the direction of longer-term rates. The average rate for a 30-year fixed mortgage typically tracks with the yield on 10-year Treasury bonds. When yields rise, mortgage rates generally increase (and vice versa).

The main driver of mortgage rate movement is inflation, according to Matt Graham of Mortgage News Daily. After October’s inflation report came in lower than expected, even by 0.1%, mortgage rates fell. However, the road to lower rates isn’t likely to be smooth. Experts believe that a balance of economic data and the Fed’s response to that data will dictate the broader trends.

Historical Mortgage Rates Today’s current rates aren’t surprising in a historical context, as average rates were above 8% back in the year 2000.

However, compared to the ultralow rates just a few years ago, higher rates and higher home prices have driven up the monthly costs of financing the typical listed home by over 12.4% from a year ago, according to Realtor.com’s September 2023 estimates. This number surpassed both inflation and wage growth for the same period.

Different housing authorities predict that average mortgage rates will decrease from current highs by the end of 2023, but the extent and timing vary. Projections by Fannie Mae, Mortgage Bankers Association, National Association of Realtors, Wells Fargo, and National Association of Home Builders estimate rates to range from 6.88% to 7.45%.

Read more about this topic, please click HERE.

ANNUAL TIPPING GUIDE Coping with the Holiday Season Stress: Annual Tipping Guide While many consider the holiday season to be the most wonderful time of the year, others find it to be a more taxing period.

Tipping is an excellent way to thank your staff for their hard work throughout the year. Early tips are greatly appreciated so that they can use the money for holiday shopping. The amount to tip depends on various factors, including the size of your building, quality of service, length of time you've lived there, whether you own or rent, your personal relationships, and, of course, your financial situation. As requested by popular demand, here's our general tipping framework to help you out.

A Guide to Tipping in Residential Buildings If you're wondering who, when, and how much to tip in a residential building, here's a helpful list: Super, Resident Manager: $100-$200 average, with a broad range of $75-$500 Doorman: $50-$100 average, with a broad range of $20-$150 Porter, Handyman, Maintenance Staff: $30-$40 average, with a broad range of $20-$100 Garage Attendant: $30-$45 average, with a broad range of $25-$100 Cleaning Person/Full-time Nanny: 2-weeks' pay Weekend Babysitter: $60-$100 depending on frequency of use Regular Dog Walker: 1-week pay UPS Carrier: $30-60 cash USPS (Mail) Carrier: By law, mail carriers can't accept cash over $20, but people tip them anyway. $30-$40 cash or gift card.

THE NOVO TEAM M. Monica Novo Licensed Associate R.E. Broker 917-699-9227 MN@Elliman.com

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