Real estate crowdfunding has emerged as a popular alternative investment option, offering individuals the opportunity to invest in real estate projects without the traditional barriers to entry. In New York City, where property prices can be prohibitive for individual investors, crowdfunding provides a new avenue for accessing the lucrative NYC real estate market. In this article, we’ll explore the concept of real estate crowdfunding, its benefits and challenges, and how our brokerage, SPiRALNY, can help you succeed in crowdfunding investments in NYC property.
100% Commission Brokerage. With years of experience in the New York City real estate market, SPiRALNY offers a unique opportunity with its 100% Commission Brokerage model, empowering agents to maximize their earnings while providing top-notch service to clients in all their needs.
Choosing the right broker as a new real estate professional can be overwhelming with so many options available. One model that stands out is the 100% commission brokerage, where agents keep their entire commission from a transaction. This model can offer significant financial benefits compared to traditional brokerages.
Why 100% Commission?
Full Earnings: Retain the entire commission from each deal.
Simple Fees: Watch for nominal flat fees or annual costs that might apply.
Traditional vs. 100% Commission
In a traditional brokerage, commissions are split (e.g., 70/30). For a $20,000 commission, you might keep $14,000. With 100% commission, you keep the full $20,000 (minus any small fees).
Is It Right for You?
Explore the benefits and see if a 100% commission brokerage aligns with your career goals. Contact us today to learn more and take the first step toward maximizing your earnings.
New York City is renowned for its iconic skyline, diverse neighborhoods, and rich history. While modern developments often grab headlines, there’s a growing trend among homebuyers and investors to seek out properties in NYC’s historic neighborhoods. These areas offer charm, character, and a sense of community that’s hard to find elsewhere. In this article, we’ll delve into why historic neighborhoods are becoming NYC’s new real estate hotspots, the benefits they offer, and how our brokerage, SPiRALNY, can help you find your dream home in one of these coveted areas.
This analysis of the Manhattan real estate market for September and Q3 2024 focuses on key trends in the co-op, condo, and 1-3 family home segments, along with an in-depth look at the luxury market. Drawing on data from the Elliman Reports, the findings provide insights into contract signings, new listings, and price trends across different price brackets. The market saw varied performance, with some segments experiencing robust growth, particularly in higher-end condo sales, while others, such as co-ops and certain price ranges, faced declines. Additionally, the luxury market’s performance, marked by rising prices but softer median sales, highlights nuanced buyer behavior amid fluctuating inventory and market dynamics.
Co-op Market Overview
In September 2024, Manhattan’s co-op market saw a slight annual decrease in new signed contracts, dropping by 8.1% to 316 contracts, down from 344 in September 2023. Contracts under $500,000 increased by 2.0%, while the $500K-$999K segment experienced a significant rise of 43.0%. However, higher price segments, particularly $1M-$1.99M, saw a sharp decline of 51.6%. Notably, the $4M-$4.99M segment saw the first appearance of signed contracts in September 2024. Meanwhile, new listings grew by 5.1%, driven by increases in listings across most price ranges, particularly in the $10M-$19.99M range, which surged by 77.8%.
Condo Market Overview
The Manhattan condo market demonstrated a significant improvement in September 2024. New signed contracts increased by 74.5%, reaching 274, up from 157 the previous year. The surge was prominent in the $1M-$1.99M category, which saw a 97.6% increase, while the $10M-$19.99M segment rose by 1100.0%. Listings also increased slightly, by 2.4%, with the highest growth in listings occurring in the $2M-$3.99M category, which rose by 6.3%. Although there was a sharp decline in listings above $20M, contracts in this category fell by 33.3%.
1-3 Family Market Overview
The market for 1-3 family homes in Manhattan experienced notable growth in September 2024, with new signed contracts increasing by 83.3%, rising from 6 contracts in 2023 to 11 in 2024. Contracts in the $5M-$9.99M range saw a fivefold increase. In contrast, contracts in the $4M-$4.99M range dropped entirely. On the supply side, new listings grew by 41.2%, with the most significant increases in the $2M-$3.99M category, which rose by 116.7%.
Manhattan Sales Summary
In Q3 2024, Manhattan’s overall sales declined by 2.5% year over year, with 2,784 closed sales. The median sales price dropped for the third consecutive quarter, down by 3.0% to $1,115,000, despite an increase in the average price per square foot (0.3%) and the average sales price (0.9%). Sales below $1M saw a slight increase, while the luxury market (sales over $4M) saw a marginal annual rise of 3.8%. Listing inventory remained relatively stable, with a slight annual decline of 0.6%, though months of supply rose by 2.6% compared to the prior year.
Luxury Market Market Overview
Manhattan’s luxury market (top 10% of sales) saw mixed results in Q3 2024. The average sales price grew by 4.4% to $8.35M, and the average price per square foot rose by 3.8%. However, the median sales price dropped by 4.0%, signaling softer pricing in the top end. The number of closed luxury sales also decreased by 2.8%. Luxury inventory grew by 5.4%, marking the third consecutive annual increase, largely driven by an increase in new development supply.
These insights reveal dynamic shifts in Manhattan’s real estate market, with strong performance in condos and luxury segments, alongside challenges in co-ops and specific price ranges.
Conclusion
The Manhattan real estate market in September and Q3 2024 reveals a mixed landscape, reflecting both challenges and opportunities. While new signed contracts surged in the condo and 1-3 family home markets, the co-op segment experienced contraction, particularly in higher price tiers. Luxury sales showed resilience in terms of average price growth, but the drop in median sales prices and inventory shifts suggest that the market may be adjusting to external economic pressures. As the broader market adapts, Manhattan continues to offer a range of investment opportunities, especially in the higher-end condo and luxury sectors, where buyer demand remains strong.
About SPiRALNY
Focused on providing a full-service real estate experience, SPiRALNY strives to answer the needs of clients with a sense of detail, care, and efficiency. Our agents work tirelessly to make the process of buying, selling, or renting seamless and exciting.
With an encouraging company culture, cutting-edge technology, and extensive training resources, SPiRALNY agents are destined for success.
In the competitive world of urban real estate, developers are constantly seeking innovative ways to attract buyers and renters to their properties. One trend that has gained significant traction in recent years is the incorporation of rooftop amenities into urban developments. From rooftop gardens and pools to lounges and fitness centers with panoramic views, these elevated spaces offer residents a unique and luxurious living experience. In this article, we’ll explore the growing popularity of rooftop amenities in urban developments, their benefits, and how our brokerage, SPiRALNY, can help you find the perfect property with rooftop amenities to suit your lifestyle.