The Daniel Kramp Team Update
Dear Clients and Friends,
As we move into the second quarter of the year, I wanted to share insights on the current market trends and what we anticipate in the coming months. The New York real estate market continues to show resilience, with strong pricing and steady demand. We're also seeing shifts in buyer behavior as they navigate affordability and market dynamics.
Manhattan: Strong Growth, Luxury Leads the Way
- Manhattan's market remains active, with contract activity increasing and prices continuing to rise.
- The luxury segment has outperformed, driven by cash buyers and international investors who remain confident in New York real estate.
- New development, however, has seen some decline in activity, most likely due to a lack of inventory and buyers weighing longer closing timelines and higher pricing.
Brooklyn: Rising Prices and Shifting Buyer Behavior
- In Brooklyn, rising prices appear to be impacting contract volume as some buyers take a more cautious approach.
- We are also seeing a shift where buyers, having been outpaced in prime Brooklyn neighborhoods, are now exploring emerging areas where they can find more value.
- Has new development followed a similar trend? While contracts dipped slightly, pricing remains strong, reflecting continued demand for well-located properties.
Q2 Outlook & Final Thoughts
- Luxury demand remains steady, particularly in Manhattan, with buyers willing to pay a premium for top-tier properties.
- New development incentives could attract more buyers, especially in projects offering compelling value.
- Brooklyn's evolving buyer trends suggest increased interest in up-and-coming neighborhoods. Spring market momentum is likely to drive more activity as buyers and sellers adjust to current pricing.
As you will see in our detailed report, these numbers reflect market-wide averages, but every neighborhood and price point has its nuances. If you have any questions about your real estate goals, please don't hesitate to reach out. I'm happy to discuss how these trends may impact you.
Looking forward to catching up soon!
Daniel and the team
DANIEL KRAMP
LICENSED AS DMITRY KRAMP
LICENSED ASSOCIATE REAL ESTATE BROKER
Current Real Estate Trends: what we're seeing ...
As someone who's deeply immersed in the real estate world, I'm always keeping an eye on market changes to help clients make smarter decisions. Here? We'll look at some key trends shaping the real estate market right now.
BUYERS ARE LEARNING TO LIVE WITH HIGHER INTEREST RATES
For the past couple of years, buyers have been holding out for interest rates to drop. But now, many are coming to terms with the reality that mortgage rates around 6- 6.5% might just be here to stay for a while. Instead of waiting indefinitely, they're choosing to move forward with their home purchases, knowing they'll likely have refinancing opportunities down the road.
MOVE-IN-READY HOMES ARE KING, RENOVATIONS ARE LOSING APPEAL, AND STAGING IS EVOLVING
The love for fixer-uppers is fading fast. Why? Renovation costs are through the roof. Between rising tariffs, ongoing supply chain issues, and
skyrocketing labor costs, remodeling has become both expensive and unpredictable. On top of that, contractors are harder to book, with many
heading to regions where rebuilding is in high demand. It's no wonder buyers are opting for move-in-ready homes to avoid the headache and
uncertainty that come with renovations. On another note, buyers have become much more visual. They are dreaming about homes that look like their favorite Instagram feeds or HGTV shows, and they are willing to pay a premium for spaces that align with those dreams. Staging has shifted to meet these expectations. Bland, neutral setups that just highlight square footage aren't cutting it anymore. Stagers are now creating beautifully styled, aspirational spaces that feel fresh, modern, and lifestyle-driven. Is it working too? Buyers can immediately tell the difference between a home that's thoughtfully styled and one that's just generically staged.
SECOND HOME MARKET: STABLE PRICES, LONGER SALES CYCLES
In second-home markets like Connecticut, rising construction and material costs have kept home prices steady post-pandemic. Building a new home is now significantly more expensive, making existing properties more valuable. However, these homes are taking longer to sell, as buyers have become
more selective, favoring turnkey properties with modern finishes over those requiring updates. These trends are shaping the real estate market, influencing buying and selling strategies.
Welcome Spring
Celebrate the beauty of spring with unforgettable experiences across New York and beyond
From strolling beneath cherry blossoms at Brooklyn Botanic Garden to sipping wine along the Hudson at City Vineyard, here? No shortage of ways to soak up the season. Spend a Sunday watching world-class polo at Greenwich Polo Club, or take in breathtaking views from a hot air balloon over Letchworth State Park or Lake George. However you choose to enjoy it, spring is the perfect time to explore, unwind, and make the most of the warmer days ahead!
LUXE LEISURE IN CT
Greenwich Polo Club 80 Field Point Road #203, Greenwich, CT
Nestled in the beautiful backcountry of Connecticut, Greenwich Polo Club was established in 1981 and is recognized as one of the elite high-goal polo venues in the world. The club is home to the celebrated White Birch polo team, one of the most successful in history, having won the most high-goal polo tournaments of any team over the past 25 years, including the U.S. Open Polo Championship® in 2005. Each Sunday match is attended by more than 3,000 spectators flocking from New York City, Fairfield, and Westchester County to witness the highest caliber of polo while enjoying an afternoon with friends and family.
BROOKLYN IN FULL BLOOM
Visit the Brooklyn Botanic Garden at 990 Washington Avenue in Crown Heights, BK
Step into a fairytale of pink petals at the Brooklyn Botanic Garden this spring! Home to 26 varieties of flowering cherry trees? including the breathtaking Kanzan and delicate Pendula Rosea? The garden offers a magical display of blossoms from late March through mid-May. Thanks to the diverse collection, there's always something in bloom, no matter when you visit. While no single tree stays in flower for more than a week, the blossoms unfold in a mesmerizing succession, giving you plenty of chances to soak in the beauty of the season.
SPRING SIPS IN THE CITY
Visit City Vineyard at Pier 26, 233 West Street, New York, NY
Welcome the warmer days with a glass in hand at City Vineyard at Pier 26! Nestled along the Hudson River, this waterfront gem offers stunning views, refreshing drinks, and the perfect ambiance for a spring outing. Whether you're savoring a crisp glass of wine, enjoying a craft beer, or toasting with a cocktail, you'll be treated to a front-row seat to the city's energy. boats gliding by, people strolling the pier, and golden-hour sunsets. Gather your friends, grab a seat, and soak in the unbeatable vibes of spring in Manhattan!
SOAR ABOVE NY: HOT AIR BALLOON ADVENTURE
Letchworth State Park 1 Letchworth State Park, Castile, NY
Take in New York? See its natural beauty from a whole new perspective with a breathtaking hot air balloon ride over its stunning state parks. At Letchworth State Park? Often called the "Grand Canyon of the East"? The landscape becomes even more magical as colorful
balloons drift above the gorge, starting in May. For an unforgettable experience, book a ride with Balloons Over Letchworth, but be sure
to reserve early as spots fill up quickly from May through October. Prefer mountain views? In the Adirondacks, catch a sunrise or sunset
ride over Lake George with SunKiss Ballooning for an equally awe-inspiring adventure in the sky.
What can $500k get you in the Hamptons this Summer?
Hint: your next summer rental! Located at 61 Harbor Drive in Sag Harbor, this custom-built home features a brand-new deep-water dock that affords water access to the surrounding coves and bays. and waterfront restaurants on nearby Shelter Island and the North Fork.
Available for Rent | Memorial Day through Labor Day,$425,000
Listing Courtesy of Jane Babcook, Christie's International Real Estate Group
The Daniel Kramp Team Promise
Buying and selling a very personal and important processes. You deserve nothing less than exceptional customer service
from someone who is there to guide you every step of the way to achieve your goals. Our goal that person for you.
www.danielkramp.nyc | [email protected] | 646.549.0258 | 156 Fifth Avenue, Suite 904, New York, NY 100
