Sep 15, 2017

Manhattan Monthly Market Report | August 2017

Manhattan Market Report | August 2017

Market Wide Summary 

Contract activity in August dropped year-over-year, as sales of condos and co-ops both fell. Pricing metrics for condos and coops saw mixed results in August, as average sale price increased by double digits for each, while median sale price declined for co-ops, but increased for condos. Similarly, price per square foot amongst condos saw a rise in pricing while co-ops saw a slight drop in pricing.

Amongst condos, an increase in inventory was met by a surprisingly large reduction in days on market. Meanwhile, co-ops saw both days on market and inventory increase. Negotiability remains prevalent in both markets, though condos saw lower discounts than a year ago, and co-ops experienced a slight increase in average discount.

Condominium Market Snapshot 

Condo sales dropped by 14% versus last year, the second largest decline in the condo market since January. Pricing rose versus last year, with average and median sale price both increasing. These price increases, though high, were driven exclusively by a dramatic 39% increase in the average price per square foot of three bedroom units. A sale in the West Village for nearly $12M coupled with two other sales over $5M contributed to this rise, as did a particularly low average sale price last August.

All other unit types, on the other hand, saw year-over-year declines in average price per square foot. Studios and one bedrooms saw the most significant drops, at 15% and 14%, primarily due to a large number of sales in Upper Manhattan. Annual changes in pricing metrics contrasted with monthly changes, as average and median sale prices along with average price per square foot all saw decreases versus last month. Listed inventory rose slightly over last year, with 2% more units on the market. Negotiability was slightly lower this August, as the difference from last ask to sale is the lowest it’s been since April.

Cooperative Market Snapshot

 Co-op sales were down slightly in August, falling 3% as compared to last year. Average sale price saw a 13% rise, largely as a result of last year’s abnormally low average sale price. Median price on the other hand was 6% lower than last year’s price. Average price per square foot declined as well, albeit very modestly.

There was a direct correlation with unit size and price change in August, with studios seeing price gains, one bedrooms seeing no change, and two and three bedroom units seeing declines in pricing. The decline in three bedroom price per square foot came largely as a result of an increase in sales of that unit type in Upper Manhattan, where almost a quarter of sales occurred in August 2017, compared to none in August 2016.

 Days on market rose 16% compared to a year ago, due to there being six sales over $5M as compared to just two last year, and these units spent an average of 223 days listed, compared to 152 days for the two units sold in that range last year. Negotiability was slightly greater than last month and last year, with difference from last ask to sale at -0.8% last month and -1.0% last year.

Manhattan Total Listings 

Total listed inventory rose year-over-year for the 19th consecutive month, as both co-ps and condos saw annual increases this month. For the third consecutive month, the annual increase in co-op inventory as a percentage outpaced the increase in condo inventory, an atypical occurrence relative to the last few years when new development drove condo inventory higher. Condo inventory however, still makes up well over half of available inventory, at 55.3%, the highest proportion since last August.

Sep 13, 2017

NYC Real Estate Broker Confidence in 2Q17

Quarterly survey observes positive shift in broker outlook on financing market conditions
New York City real estate brokers are encouraged by current and expected financing market conditions amidst continued general concerns for overall market activity, according to the Real Estate Board of New York’s (REBNY) Broker Confidence Index. The Real Estate Broker Confidence Index, which measures overall residential and commercial real estate broker outlook in both the present situation and future real estate market, rose 0.02 from the first quarter of 2017, to 5.89 in the second quarter of 2017.
The Real Estate Broker Future Confidence Index, which measures broker confidence in the market six months from now, pivoted downwards to 5.56 in the second quarter of 2017, a decrease of 0.14 from last quarter. Brokers’ outlook on future commercial leasing, future residential rental market activity, and future residential commissions was more reserved this quarter compared to  last quarter.
“Our membership survey continued to reflect caution among our brokers who closely monitor economic indicators that are impacting activity across New York City’s commercial and residential real estate markets,” said John Banks, REBNY President. “While our members report slower decision-making and price sensitivity, they remain positive about the market with optimism for improved financing conditions.”
The Commercial Broker Confidence Index was 5.84 in the second quarter of 2017, an increase of 0.56 from the previous quarter, while the Commercial Broker Future Confidence Index increased 0.35 quarter-over-quarter to 5.28. Commercial brokers responded more positively to survey questions about the overall market, current and future financing, and current leasing conditions, specifically in areas that offer convenient access to transportation. Responses to the question on current commercial financing indexed much higher this quarter at 7.42, an increase of 2.09 from last quarter.
In contrast, some commercial brokers responded more negatively when asked about their outlook on the leasing market six months from now. Respondents’ expectations of the leasing market six months from now were indexed at 3.78, down 1.01 since the first quarter of 2017. Commercial brokers expressed some unease in the leasing market, commenting on the slower pace of leasing contracts.
“Many factors are affecting the leasing of commercial space, especially retail. One factor that is controllable is moderating the real estate tax increases that have occurred in the past decade,” said one commercial broker.
Another stated: “The market is very cautious and there are not as many sales as last year. Buyers feel prices are too high and cap rates are too low.”
The Residential Broker Confidence Index was 5.94, down 0.52 since the first quarter of 2017. Similarly, the Residential Broker Future Confidence Index decreased 0.61 quarter-over-quarter to 5.85. Residential brokers’ confidence in future commissions dropped from an index of 6.90 to 5.92, causing the overall index to fall.
“The New York City residential sales market is strong, but slow. Many of the new developments are experiencing good absorption, with fewer projects in the pipeline. Resale is slow (no rush), but well-priced (correctly priced as opposed to aspirational pricing) units sell quickly,” explained one residential broker.
Another stated: “The market is currently slow and deliberate. Buyers are holding back for exactly what they want, although there is not a great deal of inventory. Sellers are becoming more flexible.”
Residential brokers’ confidence assessment of the current and future rental market was low, but their assessments did not significantly decrease in the second quarter of 2017. Responses to the question about the current rental market were indexed at 3.07, an increase of 0.14 quarter-over-quarter. Responses to the question about the future rental market were indexed at 3.31, a decrease of 0.51.
Although brokers have commented that demand among buyers and renters has softened, their assessment of the current and future financing landscape is very positive; their responses to survey questions about financing were indexed at nearly 8.0 and 8.74 accordingly.
“Financing seems good at this point,” said one residential broker.
Another shared: “All the data coming out is positive (unemployment, low interest rates still, surging stock market, etc.), yet the impact of these is not seen in the Real Estate market.”

Aug 14, 2017

Manhattan Monthly Market Report |July 2017


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

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


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

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


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


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

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

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


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