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Return of the Buyer’s Market

New York, NY – By all measures, the market is cooling faster than the season’s temperatures. In fact, New York City is in the midst of a major real estate shift not seen since 2009, with an increasing number of properties staying on the market longer and sellers scrambling to remain competitive. At long last, it’s a buyer’s market.

According to StreetEasy’s Q3 Market Report, the shift is largely due to increased inventory. There are now over 1,000 more homes on the market than there were at this time last year. In fact, the week after Labor Day made history with more sellers cutting asking prices than any other week in StreetEasy history.

This month we’re seeing more seller concessions, price cuts and perks. Offers are coming in at 20 to 25 percent below asking price. Homes listed at $1 million+ are spending over 100 days on the market. Those listed between $8 million and $12 million are spending an average of 175 days on the market.

Lengthier negotiations have been a major driver in these numbers, as buyers can now afford to be picky and wait for the perfect deal.

If you’ve been waiting for peak prices to come down, holding out to see the impact of last year’s new tax legislation, or simply waiting for the right time to buy … now is the time. 

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Spotlight: Brooklyn Barclays Center Entertainment

Brooklyn, NY – Open since September 2012, Barclays Center is now home to the Brooklyn Nets and New York Islanders, as well as a multitude of music and entertainment shows. In fact, in its very first year, Barclays surpassed Madison Square Garden as the highest-grossing entertainment venue in the US. Premier performances have included Jay Z, Beyonce, Barbra Streisand, Paul McCartney, and Madonna, to mention just a few.

Following are a few upcoming events you won’t want to miss:

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Spotlight: Pacific Park Arts

Pacific Park, NY – Ten visionary Brooklyn artists created this series of colorful murals along Pacific Park – all in one day (August 15, 2015). The installation, known as Pacific Park Arts, can be seen along the 820-foot construction wall on Dean Street between Vanderbilt and Carlton Avenues.

Take a look at these beautiful works of art that have enlivened this burgeoning neighborhood: