the

STILLWELLR E P O R T

T H E M A N H A T T A N R E A L E S T A T E M A R K E T

It’s been a busy second Half of 2015

The Linda Stillwell Team has enjoyed a very busy second half of 2015.

See this issue for details. Here are some of the highlights.

• We earned Most Reported New Deals for the Month of August 2015 in the east side office.

• Brown Harris Stevens opens new offices in Miami and adds another Palm Beach office. p. 4

• The Linda Stillwell Team begins sales at AKA Sutton Place. p. 2

• Preparing for the new Consumer Financial Protection Bureau (CFPB) initiate to make the loan

application process more transparent. p. 3

• Tate Kelly earns his Real Estate Broker’s License p. 3

• Linda Stillwell wins another golf tournament. p. 3

• Dennis Stillwell heads committee to select and present prestigious Eastman Johnson Award. p. 4

• Tate Kelly continues his travels in search of real estate opportunities abroad. p. 3

The Linda STiLLweLL Teamat Brown harris Stevens Residential Sales, LLCLinda Stillwell, dennis G. Stillwell & Tate Kellylstillwell@bhsusa.com212-452-6233

F A L L 2 0 1 5

150 E 85 ST, 14B$2,250,000

Not only is this our 4th Deal in this

Luxury Condo Building, but it also

marks our 9th Deal in an Upper

East Side Condo since 2014.

123 BAXTER ST, TH LAST ASK $3,250,000

Recent Manhattan SaleS WheRe We RepReSented the BuyeR

aBSoRption Rate in MonthS: all apaRtMentS

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6

4

0

2

4.0

Aug

4.4

Jul

3.9

Dec

3.4

Jan-15

3.9

Feb

4.4

Mar

4.4

Apr

5.1

May

5.0

Jun

3.7

Sep

4.2

Sep-14

4.2

Oct

4.3

Nov

Manhattan inventory continues to remain low as measured by the absorption rate**

The current absorption rate for Manhattan apartments fell to

3.7 months in September,

At 2.6 months, the co-op absorption rate remains well below the 5.0-month rate for condos which is inflated by new development.

Downtown from 34th to 14th Street, and the West Side share Manhattan’s lowest absorption rate, as each has only a 2.8 month supply of apartments for sale.

**Definitions Listings: Number of active listings transmitted through the Real Estate Board of New York’s listing service at the beginning of the month.

Absorption Rate: How many months it would take to sell all active listings in a given market. We calculate it by dividing the number of listings by the average number of closings over the prior 6 months. Historically, an absorption rate between 6-9 months indicates a balanced market.

Source: Brown Harris Stevens September 2015 Absorption Report, Manhattan Apartments.

ABSoRpTion REpoRT

WHAT you SHouLd KnoW ABouT MAnHATTAn REAL ESTATE

Manhattan’s Real Estate market continues to climb as low inventory, low interest rates and high demand contribute to a healthy market.

New record median price for Manhattan apartments

$995,000 in the third quarter

Reported sales up 9%more than a year ago.

At the time of this report, only two resale closings over

$20millionwere reported, compared to eight in both the prior quarter and a year ago. This pushed the Average Price below 2Q15 mark.

21.9% of resaleclosings occurred on the EastSide, the most of any market.

For neighborhood specific information and a full Market Report, please contact Dennis Stillwell at dstillwell@bhsusa.com or call him at 212.452.6234

nEW dEvELopMEnTTHE LindA STiLLWELL TEAM LAunCHES SALES AT AKA SuTTon pLACE

For the first time, AKA intends to introduce a limited release of condominium residences at AKA Sutton Place—a rare opportunity to acquire ownership in the world’s most recognized luxury extended-stay brand. Nestled in one of Manhattan’s most coveted enclaves, this gracious pre-war building and its one- and two-bedroom residences have been superbly designed with an understated elegance that reflects the timeless spirit of the Sutton Place neighborhood and the contemporary flair of the AKA lifestyle. AKA ownership extends far beyond your Sutton Place address, conferring exclusive access to VIP rates and sophisticated amenities at AKA properties worldwide.

There are 76 units. Prices begin at approximately $1.2M and up for 1-bedrooms. Prices begin at approximately $2.3M and up for 2-bedrooms.

FULL TIME OWNERS: Owners can live here year round and enjoy all the great amenities that AKA is famous for. BBC Travel names AKA the most recognized extended stay apartment-hotel, “having the style and hospitality of an intimate hotel with more offerings than a vacation rental. Plus you will be in one of New York City’s most prestigious neighborhoods.

Let us show you all the advantages to owning at AKA Sutton

Place. For more information on AKA Sutton Place or to sched-

ule and appointment, call Linda Stillwell at 212.452.6233 or

email her at LStillwell@bhsusa.com.

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1 lInda stIllwell and team usa wIns solHeIm cup at trump Hudson Valley. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Linda Stillwell and Team USA won the Solheim Cup at Trump Hudson Valley. Linda Stillwell (second from left) and the team USA celebrate winning their Solheim Cup at Trump Hudson Valley. The teams had to play in the wet, cold and windy weather thanks to Hurricane Joaquin.

2 dennIs and Golf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .You all read about Linda Stillwell and her golf championships so we thought you would like to see what Dennis’ golf game is like.

3 tate Kelly contInues HIs traVels. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Tate Kelly continues his travels in search of real estate opportunities. As part of Christie’s International Real Estate, we have access to 32,000 top brokers in 46 countries. Above Tate is in Curacao checking out the views.

 

pREpARing foR ConSuMER finAnCiAL pRoTECTion BuREAu’S nEW RuLESThe CFPB has issued rules for new disclosures to be provided by mortgage lenders to consumers that have gone into effect October 3, 2015. TILA-RSESPA (Truth in Lending Act (Reg. Z) and Real Estate Settlement Procedures Act (Reg. X) spells out the new rules.

The new rules are to better protect the borrower. A Closing Disclosure form replaces the Final Truth-in-Lending Disclosure and HUD-1 forms. There are several new features. Among these new rules, the lending organizations must all use the same form. This gives the borrower the option to shop and compare loan terms from more than one lender. The fees on the forms are alphabetized with no bundled services.

The Loan Estimates must be delivered three (3) business days prior to receiving the customers Intent-to-Proceed. Fees cannot change for 10 days unless borrower changes parameters of the loan. Then the 3 days period restarts. Probably the biggest change is that the Closing Date has to be 3 days after receipt of the Closing Disclosure by the home buyer. It will be important to recognize this fact when scheduling a closing date. There will probably be a few bumps in the process until everyone is comfortable with the new rules. So be patient.

For further information and forms, go to: www.consumerfinance.gov/regulatory-implementation/tila-respa/

For general information go to: www.consumerfinance.gov/know-before-you-owe/

TATE KELLy EARnS HiS REAL ESTATE BRoKER’S LiCEnSE

It is with great pleasure and pride that we announce that Tate Kelly has completed his education requirements; achieved the necessary number of real estate transactions and experience; has passed his New York State Broker Exam and has earned his broker’s license. His title at Brown Harris Stevens is now

“Licensed Associate Real Estate Broker”. Congratulations to Tate. We are sure everyone sends their congratulations and wishes him much success.

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What’s New at

BHS opEnS MiAMi offiCESJUNE 26TH, 2015: BHS announced the asset purchase of Zilbert International Realty, a leading boutique residential brokerage based in Miami, Florida. Founded in 2003 by Mark Zilbert, the firm’s over 30 licensed agents achieve over $450 Million in sales annually, and currently hold several sales records in Miami Beach, including the highest price per square foot paid for a condominium. The newly formed company, Brown Harris Stevens Miami, LLC, will continue to provide the incredible service to clients for which Zilbert is so highly respected, with the added benefit of enhanced marketing and support for clients and brokers alike.

The firm will expand its presence from one office, located at 1129 5th Street, and will open a second location with incredible street-front presence in The Continuum on the corner of Ocean Drive and South Pointe Drive. The firm will operate under the trade name Brown Harris Stevens Zilbert.

BHS AnnounCES THE nEW BRoWn HARRiS STEvEnS AppThe Brown Harris Stevens app for iPhone and Apple Watch is a smart, innovative new way to find the perfect property to buy or rent in and around New York City, the Hamptons, and Palm Beach.

It’s never been easier to share and privately comment on listings with a search partner and receive personalized recommendations from your broker.The Apple Watch app provides instant alerts for new listings and messages, including price changes and other updates - you are always fully informed.

When loading the app don’t forget to add Linda Stillwell as your broker!

 

dEnniS STiLLWELL HEAdS CoMMiTTEE foR THE pRESTigiouS Eastman Johnson AwardDennis has headed up the prestigious Eastman Johnson Award committee at The Union League Club. This year American artist, Jacob Collins, will receive the Award at a dinner in his honor. The Eastman Johnson Award was established in 2001 to be presented to individuals whose unique contributions to art and culture have elevated the ideals of the Club’s collection. In addition, for the month of October, the gallery at The Union League Club is featuring the works of the artist from his Water Street Atelier.

Copyright © Linda and Dennis Stillwell, 2015

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