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Real Takk Newsletter: February 2020
Dear <<First Name>>,
 
I hope this update serves you well!  As we quickly approach the end of the first quarter of 2020, I wanted to share some market updates on our end. We've all seen this before.  If you were in the real estate market a decade ago today, the market was lagging and inventory was at an all-time high. Fast forward to 2019, the dollar volume of luxury homes that went into contract in the city was the lowest since 2012. According to data retrieved from our listings systems, about one in four luxury condos in Manhattan is sitting unsold. However, the broader slowdown in the market has been going on for a while. Prices peaked in 2016 and continued to fall through the end of 2019. While there may be some further price correction, appraiser Jonathan Miller told us that he believes the “heavy lifting, by and large, is over." 

As always, the first three individuals to guess my exact location in the above photo win a free Starbucks gift card. Thank you for being a loyal reader! The hints are here & here

Best Regards, 

Takk Yamaguchi

Real Takk Emergency Podcast!
This is an EMERGENCY POD! We delve into this last minute, an unexpected addendum to the rental law regulation issued by the Department of State this week, where they reversed the tenant-pays-broker-fee system that’s been the norm in rental transactions in New York City. The guidance is based on the DOS’ interpretation of the rent law passed last June and notes that agents working for landlords will be penalized if tenants pay their broker fees. My cohost Danielle Stout & I discuss the impacts of this in today's market, and we are also joined by our guest speaker Justin Rubinstein of Compass.
 
Listen to the full Podcast
episode here

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  • Sales inventory decreased 0.1% in the month of February and increased 3.5% year over year. 
  • Apartments in contract increased 6% in the month of February, and increased 13% year over year. 
  • Monthly contracts signed increased 3.5% from December to January, and increased 13% year over year.
90 North 5th Street #PH5C
Condo in Williamsburg
2 Bedrooms, 2.5 Bathrooms
Interior: 1,140 sqft, Exterior: 477 sqft

$1,200,000
Apartment Highlights
Private Roof Deck | Balcony | Laundry in Unit | Fitness Center |
Common Roof Deck | Common Courtyard  
Stunning Penthouse apartment available at 90 North 5th Street! This Southern exposed Duplex features a private 410 sqft roof deck, and 1,140 sqft of interior living space. As you enter the apartment on the 5th floor you are welcomed by the expansive open layout. The island kitchen features premium appliances including a Sub-Zero refrigerator, Wolf oven, and a Thermador dishwasher. The living room has floor to ceiling windows, which span almost 20 feet in the open loft-like area. Step outside the living room for some fresh air on the 67 sqft balcony. There is an expansive dining room area and a washer-dryer in unit on this floor.

The open staircase leads to the 6th floor where the master bedroom with ensuite bathroom, the second bedroom with skylight, and half bathroom can be found. Climb up one more flight of stairs to your private roof deck oasis with views of Williamsburg and beyond.

The building, 9inety North 5ifth, is located in the absolute center of Brooklyn's most exciting neighborhood. It is nearby Bedford Avenue, which bustles with vintage and boutique shops, restaurants ranging from Michelin-starred eateries to hip taquerias, and live music venues. Its also two blocks from the new East River State Park with its sweeping city skyline views. The building is impeccably bold, boasting sophisticated design features such as a fashion-forward lobby with a 45-foot white stone wall. Theres also a modern library and recreation room, common roof deck, a fitness center, and a private garden courtyard reserved for building residents. The building is under a 421-a real estate tax abatement and exemption until 2025.
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Compass · 90 5th Avenue · New York, NY 10003 · USA

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