Autumn 2018 Newsletter – changing leaves, leopard print, and a soft market
I hope you had a wonderful summer! Vacations are coming to a close, kids have headed back to school, and we have plenty to look forward to. It's going to be a beautiful Autumn in Brooklyn!
Pour yourself a hot cup of coffee—pumpkin spice flavor optional—and settle in for this quarter's local real estate trends, the best things happening in NYC this fall, and some of my favorite fashion tips for the season.
Q2 Real Estate Update
Optimism is low and I think 2019 will be a continuation of 2018 unless sellers recognize the changes happening today.
First, there’s way too much inventory on the market, especially in the high-end segment; homes under $1M are scarce. Consumers are concerned about a slowing economy alongside our turbulent political environment. Overseas buyers are slowing down as well. Plus, landlords must make upgrades before putting properties on the market; buyers and renters alike are slow to move on an apartment that needs a good deal of work.
On top of all that, people are simply not willing to pay a typical 15% broker’s fee. In my two decades in the business, I’ve never gotten the amount of push-back on fees as I saw this summer. Landlords will have to start paying brokers’ fees if they want to fill their spaces in the slower months to come.
At the end of the day, sellers in NYC are unrealistically holding on to high prices that buyers are not willing to pay. This has been the trend for several years, but it's worsening due to rising interest rates and the new tax law capping deductions at $10k.
I predict the market will continue to limp along, if not decline more. As more properties come on the market, many at unrealistic prices, will the disastrous new tax rules burden all NYC property owners? Only time will tell.
The Best Things Happening in Brooklyn This Autumn
October 6, Brooklyn Bazaar
This Saturday afternoon market in Greenpoint's historic Polonaise Terrace Building features art, fashion, accessories, and handmade beauty products from diverse local vendors, plus live music and refreshments.
October 12, Brooklyn Museum
Almost 40 years after publishing her novel The Color Purple, get a glimpse into Walker's inspirational world of activism and hope at the release of her new book of poetry with a reading and an audience Q&A.
October 20 + 21, Gowanus
From photographers and illustrators to textile artists and experimental creators, over 300 local artists open their doors to the public at this annual event, giving a peak into what makes this Brooklyn neighborhood so vibrant and colorful.
Opening October 20, Brooklyn Children's Museum
Artist Eric Lennartson builds interactive, mind-boggling art installations out of everyday materials—like packing tape. This fall, he creates a multi-sensory art experience from tape in Brooklyn.
Fashion Trends to Try This Autumn
Leopard print. This timeless pattern is back in luxurious styles, from lush collared faux fur jackets to tonal sequin handbags that look surprisingly high-end. It's the perfect addition to your favorite black leather boots and the rich colors of the season.
Nightwear as daywear. The most comfortable trend of the season is also the most versatile. Top a long cotton slip dress with a leather jacket for lunch with a friend, or pair a classic silk pajama set with heels for an Old Hollywood vibe when you host your next dinner party.
• Pumpkin orange. Shades of rust and terracotta are everywhere this season for both men and women, but this particularly vibrant hue is especially exciting. If you're not ready for the full day-glo experience, try a matte orange lip with a navy shirt dress, or a pair of orange sockswith your everyday suit.
Novelty knitwear for men. Sweaters are the best part of fall fashion, and this year's eye-catching kitsch aims to be the highlight of your look. Go super bold with an illustrated character motif, or more contemporary with abstract appliques. Neat, slim fits keep these pieces from looking garish.