Kaito Newsletter – Spring 2022
We increase operational and financial efficiencies of the properties and projects we manage, while providing exceptional service and peace of mind to owners and residents. We are always on-call and prepared to handle anything, so you don’t have to.
property management,new york city,brooklyn,construction management,development,real estate management,apartement management,condominium management,cooperative management,condo management,coop management,co-op management,investment unit management
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Kaito Newsletter – Spring 2022
02 May Kaito Newsletter – Spring 2022
Posted at 15:01h
in
Newsletter
by admin
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| Hi – I’m so pleased to be included in Kaito’s inaugural newsletter. Below, I have included some important Q1 2022 Manhattan and Brooklyn report highlights for your review. Please reach out if we can help you with your real estate needs – the team’s wide range of services include pre-development planning, New Development sales and marketing, Manhattan and Brooklyn condo, co-op, and townhouse resales and purchases, and rentals in all ranges. We are committed to making the experience a valuable and educational one for you and can offer a Kaito preferred rate for our services. |
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Tinnie Chan Sassano
Compass
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| MANHATTAN MARKET REPORT Q1 2022 HIGHLIGHTS |
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RECORDED SALES
- Sales climbed 35.8% year-over-year, reaching a new Q1 record, but as usual slowed down from Q4 2021
- The median and average price increased 14.6% and 24.6% year-over-year
- Average PPSF climbed 16.1% indicating the price increases were not due to variation in properties sold
- Condo sales were up over 47% compared to 27% for co-op
CONTRACTS SIGNED
- Contract activity was down slightly, declining 3.5% year-over-year from the record-setting Q1 2021
- Average and median prices fell for contracts compared to last quarter, declining 6.3% and 12.8%, respectively, but were both up nearly 10% year-over-year
INVENTORY
- Inventory was down 17.2% year-over-year, but climbed 10.5% from last quarter, signaling slight improvement in availability for buyers
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| BROOKLYN MARKET REPORT Q1 2022 HIGHLIGHTS |
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RECORDED SALES
- Brooklyn saw an 8.8% in the number of sales year-over-year, and 2.2% quarter-over-quarter, reaching its highest since Q1 2018
- Sales volume increased 16.3% year-over-year and 6.8% quarter-over-quarter, the highest of any Q1, and the 3rd highest on record
- The average price climbed 6.9% to $1.18M, the highest for any Q1 and the second highest on record after Q3 2021
CONTRACTS SIGNED
- Change in contract activity this quarter was limited, up just 2.3% year-over-year and down 4.1% from last quarter, suggesting a strong, but steady spring performance
- Condos accounted for the most contracts signed this quarter, with 48.6% of the market
INVENTORY
- Inventory declined 6.0% year-over-year and 3.0% quarter- over-quarter
- New listings were up quarter-over-quarter, and similar to last year
- The average price of condo inventory was 17.0% higher than it was last year, and 5.3% higher than last quarter
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| THINGS TO DO OUTSIDE THE CITY |
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| Looking for a day trip and respite out of the city? Saunderskill Farm in Accord NY, one of the Hudson Valley’s most historically rich places of interest, officially opened its doors in April. Read more about it here. |
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| Looking for a memorable and unique Mother’s Day Brunch idea? Enjoy a delicious brunch at the Long Island Aquarium Sea Star Ballroom, with a complimentary Aquarium admission. Read more about it here. |
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Featured Expert Post
Kaito’s Preferred Building Energy Consultant |
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Local Law 97 And The Upcoming Carbon Use Penalties:
The Climate Mobilization Act (LL 97) requires all buildings in NYC over 25,000 sq feet to hit minimum efficiency standards by 2024, followed by more stringent standards by 2030. The fines for noncompliance are significant, and this affects both the free market and buildings with rent stabilized units.
Knowing where you stand:
In order to know what your potential liabilities are for 2024 it is important that your building is properly benchmarked. The benchmarking data is what the city will be using to determine fines. Landlords and managers should insist that a company with a Certified Energy Manager (CEM) is completing the benchmarking. From the benchmarking metrics, you or your consultants should be able to do an analysis of where you stand. Below is an example of an analysis Carleton Energy Consulting (CEC) provides to its clients:
1. Current carbon emissions from the building
2. What the building’s allocated carbon cap will be
3. Percentage above or below the carbon cap
4. Fines that would be issued if the law were to be enacted today
Once this analysis is completed, ownership/management will have an idea of how much energy-saving work will need to be completed in order to be compliant for 2024. Fortunately, when completed properly, the energy savings measures that will be implemented will also cut down on the building’s energy expenses.
2024 and 2030 may seem like a long time away but it’s important to know your building’s expected energy consumption limit to meet this requirement and identify potential required measures.
Please email us at compliance@carletonec.com to set up a consultation if you have any questions about LL97 or any current Energy Local Laws
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| Thank you to our contributors and we hope you enjoyed.
As always, please let us know if we can help in any way by contacting us through your building portal or email. We are excited to share some great news about upcoming Kaito products & collaborations in our next issue.
Steven Baker
Chief Executive Officer
Office: 718.788.6500
Fax: 718.521.4816
steven@kaito.nyc
kaitoservices.com |
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