Hello {{first_name}},

This is the first issue of a short monthly letter I am starting for the people I have worked with over the years, and the people they trust. No listings pitch, no “just checking in”. Just what moved the Manhattan and Brooklyn market this month, what it means, and one thing worth your attention.

Manhattan’s median sale price rose 4.6% from a year earlier to $1.25M, while only 2,251 new listings came to market, the lowest third-quarter total in ten years. Closed sales rose 2.7%. Brooklyn sped up: homes sold in an average of 82 days, down from 98 in the spring.

If you own a well-located home, you are selling into low competition. But Manhattan contracts fell 12.0% from a strong third quarter last year and homes averaged 99 days on market: buyers are active and selective, and homes priced for last year’s market sit. Starting price matters more than ever.

New York’s new pied-à-terre tax took effect on 1 July. If you own a second home in the city, or were planning to buy one, it changes the annual cost. I wrote a short, plain-English explainer.

Read: the pied-à-terre tax, explained →

Bidding wars are back in parts of Brooklyn and Manhattan. The buyers who win are rarely the ones with the highest number. They are the ones the seller trusts to close: a clean, well-documented financial package, flexibility on the closing date, and an agent who has already spoken to the listing agent about what the seller actually needs. Price matters. Certainty usually matters more.

If you are buying this fall, ask me for my one-page checklist before you make your first offer.

Autumn in the East Village is my favourite season in the city. If you have a restaurant, a gallery or a walk you think I should know about, hit reply. I read every answer, and the best ones will make it into the next letter.

Gavin