Aug 14, 2017

Manhattan Monthly Market Report |July 2017

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Manhattan Monthly Market Report |July 2017

Market Wide Summary 

July marked significant improvements in the co-op market, but the condo market lagged. Co-op signed contracts were up 13% from last year, but condo sales dropped 11% versus July 2016. However, pricing metrics were far more favorable for condos, as average and median sale price saw increases, while co-ops saw average and median sale price both decline versus last year. Inventory was nearly level with last year, as listed condo inventory stayed virtually the same, while co-op inventory saw only a 2% increase. Negotiation continued to remain prevalent, with the discount from last ask hovering around 3% for condos, and 1% for co-ops. There was an increase in days on market for both condos and co-ops.

Condominium Market Snapshot 

Condo sales in July experienced a significant drop over the last year, declining 11% compared to July 2016. On the other hand, both average and median sale prices were up compared to last June, rising 21% and 7%, respectively. The gains in pricing metrics were largely due to the skewing effect of two sales over $15M. These gains in pricing were reflected across all unit types except studios, as one, two and three bedroom units all saw increases in price per square foot. Continuing the trend of greater days on market, that figure increased in July, marking the 19th consecutive month of increases. Discounts continue to be widespread in the market, with the average discount at 3.2%, higher than last year. Inventory was essentially unchanged over the last year, as there were actually twelve fewer units on the market, marking the first decline in listed inventory since January 2016.

Cooperative Market Snapshot

 Co-op sales posted an uptick in July, rising 13% from last year but dropping versus last month. Average price and median sale price both dropped compared to last year and last month. The only decrease in price per square foot this month was seen in the market for one bedrooms, while all other bedroom types experienced slight upticks. An abundance of one bedroom sales relative to other unit types contributed to the 10% decline in overall average price per square foot. As is typical, average days on market for co-ops increased as inventory grew, but both figures were up only by single-digits.

Manhattan Total Listings 

Inventory crept up slightly from last year, as there were 16 more units listed than last July. An increase in co-op inventory was the sole driver of these gains, as both condos and townhouses saw low single-digit declines in inventory over the last year. Condo inventory co

Negotiability Factor for Condos and Co-ops 

Negotiability is highly prevalent in the current market, with condominiums seeing discounts of over 3% off asking price, the second highest discount figure since February 2013. In the past, especially from 2011 to 2015, the discounts off ask for condos and co-ops virtually tracked each other, with co-ops often switching places and asking for deeper discounts than condos. However, the lower price of co-ops, and lack of new inventory, has led to a more stable market relative to condos, resulting in significant differences in discount expectations. Co-ops now average 0.8% discounts off asking price, and as recently as February 2016 were sold nearly at ask, on average.


 Negotiability was similar to last month, but far less than last year as many sellers have become more realistic in their pricing expectations.


Jul 12, 2017

Manhattan Market Report | Summer 2017

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Market Wide Summary

The summer started off with level condo contract activity but a decline in co-op sales. Average sale price experienced a modest decline for condos and co-ops, and average price per square foot dropped around $100 in both the condo and co-op markets. However, median price rose notably compared to last year.

Inventory rose slightly over the last year for both condos and co-ops, as steady contract activity has failed to make any significant impact on inventory. Negotiation continues to remain prevalent, with the discount from last ask continuing to hover around 3% for condos, and 1% for co-ops. There was an increase in days on market for both condos and co-ops.



Condominium Market Snapshot 

May’s record high average and median sale prices were followed in June by double digit declines. However, over the last year average sale price was down only 2%, while median sale price saw an increase of 10%. In June three bedroom residences saw average price per square foot fall 24%, as a high number of inexpensive resales took place last month.

Conversely, one bedroom units saw a 20% rise in pricing, as the sale of a $3.8M penthouse at 45 Christopher Street skewed the average. Days on market rose for the 14th consecutive month, however, 64% of units sold in under 100 days. Listed inventory remained virtually the same as compared to last year, likely attributable to stable sales over the last year, as contract activity saw a decline of two sales over the last year. Discounts remained pervasive, though on par with the last month and year, as the average discount from last ask was 2.8%, an improvement of only 0.1% from last year.


Cooperative Market Snapshot

 Co-ops experienced a slight decline in sales over the last year, with 4% fewer transactions. This decline in activity led to an increase in inventory, as the number of listed units increased 5%. With nearly half of sales occurring over $1M, median price increased 12% over the last year, while average price fell 6%.

A number of low priced sales of large units drive down the 2 and 3+ BR price per square foot. Studio pricing stayed nearly the same and 1BR price per square foot rose 10%. Negotiability remained prevalent amongst co-ops, as average discount rose to 0.8% from 0.6% last year, though still far less than the discounts seen amongst condos.


Average Days on Market 

Comparison Days on market in the past year has risen significantly, especially amongst condos. This trend, however, is limited to certain sectors of the market. Amongst units priced below $1M there is an average of 83 days on market. Similarly, for units priced between $1M and $3M there’s an average of roughly 90 days on market, but this is the only category to see a reduction from last year. Units priced over $3M have had large increases in time on market. Amongst units priced from $3M to $5M there’s been an almost 40% increase in the time spent on market, and over $5M there’s been a 45% increase to 190 days on market.

Jul 6, 2017

Manhattan Market Report | Second Quarter 2017

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Second Quarter 2017 Manhattan Market Report 

Full Report:

 2Q-2017 Manhattan Market Report

Please do not hesitate to reach out if you have any questions about The Market Report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.

Jun 22, 2017

Upper West Side Apartment Buildings with Pools

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updated original post October 2011
Manhattan Condos with Pools

Upper West Side Apartment Buildings with Pools

If a pool is a priority for you, and you want to live on the Upper West Side, whether buying or renting, the following buildings have swimming pools.


Built 2011




The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River including a 75' Swimming Pool and Hot Tub.







Built 2010

the Rushmore Pool


The Rushmore
LaPalestra Well Center

75' swimming pool






The four Trump Place condominium buildings have health clubs with pools.
120, 200, 220, 240 Riverside Boulevard
Built 200 -2004
Trump Place













The Alexandria - 200 West 72nd Street at Broadway -
Full Service Condo - Health Club, Pool, Hot Tub
Built 1991
The Alexandria -201 West 72nd POOL


The Alexandria -201 West 72nd POOL


















The Bromley
225 West 83rd Full service condo built 1988
health club with pool

The Bromley _ Upper West Side
The Bromley Pool




















The Boulevard 2373 Broaway
at 2373 Broadway, - Built 1989
The Boulevard is a full service luxury Condop.


Two level Health club with 75' Boulevard Pool







The New West
250 West 90th Street at Broadway - Built 1986
Full Service condo with rooftop pool
Full service condo, 21 floors, 185 apartments, rooftop pool and health club

The New west 250 W 90th at Broadway

New West


















535 West End Avenue
at 86th Street
Full Service Luxury Condo Built in 2010

535 West End Avenue

535 West End Avenue POOL




















The Columbia
275 West 96th Street at Broadway - Built 1983
Full service condo, 35 floors, 302 apartments, garage, health club pool.

The Columbia - 275 west 96th Street at Broadway POOL
The Columbia - 275 West 96th Street at Broadway






















The Ariel (East and West)
Broadway at West 99th Street - Built 2006

The Ariel East and West, Broadway at 99th St.
Ariel Condos East & West POOL






The Ariel West and the Ariel East. Ariel East - Fitness center, pool











courtesy of:
Mitchell Hall, Associate Broker
The Corcoran Group
(347 921-4255 

Jun 13, 2017

Manhattan Monthly Market Report | May 2017

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Manhattan Monthly Market Snapshot| May 2017

Market Wide Summary 

May was an improved month for condo and co-op sales in Manhattan, as contracts signed of both reached their second highest point in the last year. Inventory remained virtually unchanged versus last year, with just a 1% rise overall.

Inventory grew in the condo market, but fell for co-ops. Every price metric for both condos and co-ops saw annual increases with some significant gains. Listings spent more time on the market for both the condos and co-ops, as days on market rose by 10% and 28%, respectively. Negotiability was still present market wide as the average sale was made slightly below ask.

Condominium Market Snapshot

 After April’s double digit decline in contracts signed, May experienced a slight increase in condo contract activity of 4% year over-year. Average price and median price both reached record highs in May, rising by 30% and 29%, respectively. This rise was largely attributable to a handful of high-priced transactions occurred over $5M, including a penthouse at 56 Leonard.

Marketwide, average price per square foot increased by 14%, with all bedroom types increasing except for studios. The trend of annual increases in days on market continued in May, as the average number of days increased 10% versus last year, the 16th consecutive month of annual increases. Negotiability on the other hand is similar to this time last year, as buyers continue to expect discounts, especially at the high end.

Cooperative Market Snapshot 

Co-op sales saw a slight rise in number of transactions over the last year, with a 2% increase. This rise in sales, and lack of new units coming to market, led to a 1% decline in inventory. For the second consecutive month, all price metrics increased, with average and median sale price increasing 9% and 10%, respectively.

Average days on market grew 28% from last year, largely as a result of sales of more expensive inventory that had lingered on the market. While discounts are common, they remain minimal within the co-op market, with sale price only 1% below asking price, on average.

Manhattan Total Listings

In May inventory was up only 1% annually and month-over-month, but this was enough to reach its highest level since October 2012. This increase has been almost totally caused by a rise in condo inventory, as condos experienced their 21st consecutive month of year-over-year increases. Townhouse inventory on the other hand decreased 3%, despite only fi ve townhouse sales occurring in May.

Ask Versus Sale Price Comparison 

After a significant drop in sales made below ask in April, the share of sales below the asking price jumped back up to 59% in May, roughly in line with the past year. Negotiability remains common, with the majority of sales continuing to be made below ask, thought the trend appears to be a flattening, rather than a rise in the proportion of such deals. Sales made above ask also appear to be flattening, as every month since February has had nearly 20% of deals over the asking price.

Jun 9, 2017

Clinton / Hell's Kitchen Apartments on the Market Now

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Clinton/Hell's Kitchen - Apartments 

On the Market Now
  • 140 apartments on the market now
  • Average price: $2,804,325
  • Median price: $1,596,500
  • Average price per square foot: $2,346
  • Average days on the market: 122
Recently Sold
  • 286 closed within last 12 months
  • Average price: $1,206,185
  • Median price; $947,000
  • Average price per square foot: $1,545
  • Price trend +10.4%
  • Average days on market: 103
Supply versus Demand
  • Total active
  • Average sold per month: 23.8
  • Months of supply 5.9
  • Supply: undersupply


May 17, 2017

Manhattan Monthly Market Report | April 2017

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April 2017 Manhattan Market Report

Market Wide Summary 

Manhattan contracts signed have trended down since the beginning of the year, and April saw that trend continue, as contracts were down 14%. A series of holidays and school breaks on consecutive weeks in April may have caused this decline. Average price and average price per square foot were up in both markets. Listings spent more time on the market across both categories, continuing a trend that has persisted throughout the last year. Nevertheless, negotiability decreased market wide as fewer sales were made below ask. Inventory grew in the condo market, but fell for co-ops.

Condominium Market Snapshot 

While March posted year-over-year growth in sales, April’s contract activity was down compared to both last year and last month. Average price increased slightly by 2%. However, median price dropped 22% due to a large number of lower priced sales in Harlem. Marketwide, average price per square foot increased by 2%, and all bedroom types saw increases except the one bedroom category. There have been annual increases in average days on market every month in 2017; listings spent 137 days on market before selling in April, up from 99 days in April 2016. There was less negotiability this year than last, implying that discounts weren’t as severe as last April. Inventory increased as well, as buyers have more options this year than last.



Cooperative Market Snapshot 

Sales were down versus last year and last month, though not as strongly as in the condo market. Price metrics all increased, including all bedroom types showing year-over-year growth, especially three plus bedrooms. Average days on market grew 28% from last year, while dropping from last month. While half of sales are still discounted off their asking price, the average negotiation dropped to only -0.5%, as inventory decreased slightly for the first time in 13 months.


Manhattan Total Listings 

In April inventory was up 5% both annually and month-over-month. Condo inventory, which comprises over half of available listings, increased 9% year-over-year. Townhouse inventory grew year-over-year by 2%. Co-ops however moved in the opposite direction, falling 1%.


Ask vs. Sale Price Comparison 

After reaching an over four-year high in January, the share of sales below the asking price has dropped sharply from 69% to 50%. This is the lowest level of deals negotiated below ask since last March. In the past year, sales at the asking price have grown from 21% to 29% of the market. This suggests that buyers and sellers are becoming more in sync about where prices should be in today’s market.

Please do not hesitate to reach out if you have any questions about the  April report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.


May 3, 2017

Manhattan Two Bedroom Apartments on the Market

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There are 2,043 Two Bedroom apartments on the market now in Manhattan
  • Average price: $2,571,691
  • Median price: $2,190,000
  • Average price per square foot: $1912
  • Average days on market: 124
3,776  Two Bedroom apartment sold in the last 12 months.
  • Average price:$1,978,722
  • Median price: $1,650,000
  • Average price per square foot $1605
  • Average days on market 93



Apr 30, 2017

Manhattan One Bedroom Apartments on the Market

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There are 1,980 One Bedroom apartments on the market now in Manhattan
  • Average price: $1,232,642
  • Median price: $999,5000
  • Average price per square foot: $1581
  • Average days on market: 113
4,739  One Bedroom apartment sold in the last 12 months.
  • Average price: 945,353
  • Median price: $815,000
  • Average price per square foot $1291
  • Average days on market 82

Apr 17, 2017

Manhattan Monthly Market Report | March 2017

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Market Wide Summary 

With subtle improvements in pricing and sales activity, March marked a solid month for both the condo and co-op markets. While the month-to-month uptick in sales during the start of spring is typical of seasonality, sales were also up year-over-year.

Relative to last year, average price dipped marginally in the condo market while growing by a significant 20% in the coop market.

Median price and average price per square foot also saw year-over-year gains market wide, though listings spent more time on the market compared to March 2016. Co-op inventory held steady versus last year, while condo inventory grew 9%, a trend that has sustained since early 2016.


Condominium Market Snapshot 

March sales activity saw a year-over-year boost of 2%, though average price was down by the same amount. Both median price and average price per square foot remained about level with March 2016’s figures. Changes in average price per square foot by bedroom type were subtle, with three bedrooms being the only category to show a year-over-year decline, by 4%.

Listings spent more time on the market this year relative to last year, jumping to 119 days in March 2017 from 99 days in March 2016. Nearly 40% of listings spent over 100 days on the market this month, whereas the figure fell closer to 30% last March.

Negotiability was almost unchanged from last year, but discounts across the market were considerably smaller than last month. Inventory was up 9% compared to last year and 8% compared to last month.



Cooperative Market Snapshot 

Market dynamics for co-ops were largely positive this month, with sales activity and pricing metrics up across the board. Signed contracts rose by 1% versus last year, as average price grew by 19% over the same period. Median price was also up, by 16% year-over-year and 23% from last month.

Average price per square foot grew 4% market wide, with one bedrooms and three plus bedrooms seeing double-digit annual gains. Discounts were larger this year than last year, but remained level with February’s figure.

The only area where the co-op market lagged relative to last year was time spent on the market -- co-ops were on the market 22% longer than last year, and 18% longer than last month. For the first time in a year, inventory held steady versus last year rather than increasing.



Manhattan Total Listings 

Typical of seasonal norms, inventory grew this month. For the third consecutive month, inventory marketwide has risen versus the prior month. Inventory also saw modest annual growth of 5%. Condos made up over half of market share of total listings at 54%.

Townhouse inventory grew 7% annually, while co-op inventory remained unchanged year-over-year for the first time since early 2016. Condo inventory, on the other hand, increased year-over-year.



Negotiability Factor 

While there have been upward and downward shifts month-to-month, the overall trend since Spring 2016 has been increasing negotiability in favor of the buyer. In the condo market, overall negotiability was level with last year at -1.9%.

Co-ops saw greater discounts this March versus last at -1.3%. This month, 56% of sales marketwide were below ask, and the average discount this month was around 4% on deals negotiated. In the condo market, 64% of transactions were below ask, compared to 51% in the co-op market. Surprisingly, 20% of the deals sold for above ask, at an average of 4% over ask.


 
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