Nov 24, 2017

Manhattan Monthly Market Report | October 2017

Market Wide Summary

 In October, condos saw a slight dip in contract activity while co-ops experienced a notable rise as compared to last October. Pricing metrics saw mixed results, with median price experiencing double-digit percentage increases for condos and co-ops, while average price fell for condos, but rose for co-ops. Price per square foot rose for co-ops, but dropped 7% for condos, driven down mainly by a drop in price per square foot of larger two and three bedroom units. Listed inventory rose compared to last year for both condos and co-ops, but dropped over the last month for condos. Days on market fell notably for both product types, falling 15% for condos and 9% for co-ops. Negotiability remained high for condos, which saw average discounts of 2.7%. Meanwhile, co-ops saw negotiability decrease in tandem with an increase in sales.

Condominium Market Snapshot 

Condo sales saw a slight year-over-year decline of 4% in October, though last year’s contract activity was already very low compared to the prior year. Pricing saw mixed results as average price decreased 4%, while median price increased 26%. Median sale price was driven up primarily by a 25% increase in the number of sales made over $1M. Though there was a rise in sales of high-priced units, price per square foot managed to decline, dropping 7% compared to last year. Two bedrooms saw the largest declines in pricing, as price per square foot dropped 18% to $1,649. One bedrooms registered a significant 17% rise in pricing, largely due to an unusually low price per square foot last year. Inventory increased annually, up 7% as compared to last year, while dropping month-over-month. For the first time since December 2015, days on market dropped, dipping below 100 days on market for the first time this year. Average difference from last ask to sale saw a slight change year-over-year, slipping to an average discount of 2.7% off ask.

Cooperative Market Snapshot 

Co-op sales year-over-year saw remarkable gains, up 22% annually. This jump in sales was partially attributable to a slow October last year, which saw the lowest activity for that month since 2011. A boost in sales was met by an increase in pricing, as average and median sale price both saw double-digit gains year-over-year, due to 40% more sales over $1M versus last year. Average price per square foot increased 7% as compared to last year, with every bedroom type experiencing a boost in pricing. Similar to condos, days on market fell for co-ops, falling to 86 days, a decrease of 9%. This decrease in days on market was met by an average discount of only .6%, making October only the third month to see discounts less than 1% in the last two years. Co-op inventory was nearly level with last month, but saw a more insignificant rise of 12% compared to last year, as listed inventory remained over 3,000.

Manhattan Total Listings

 Manhattan total inventory continued to rise in October, marking the 21st consecutive month of annual gains in inventory. However, inventory did fall 1% over the last month, typical of seasonality, but less of a drop than is usual. The growth in co-op inventory outpaced the growth in condo inventory, leading to a drop in condo listings as a percentage of overall inventory to just 52.3%, it’s lowest proportion in over a year. Townhouses saw their sixth consecutive month of annual decreases, at 389 listed townhouses on the market.

Days on Market by Price Point 

October saw just 8% of sales take place below $500K, the lowest figure since May 2016. Furthermore, only 41% of units sold under $1M in October, the lowest that figure has been since January 2016. October marked a very unusual month for sales in this price range, as a large boost in co-op sales, traditionally more affordable than condos, failed to boost the proportion of sales made under $1M. The difference can be attributed partially to a drop in sales in Upper Manhattan, where only 6% of sales occurred this October, compared to 11% a year ago. Meanwhile, sales made in excess of $5M continue to lag behind their highs of over 10% seen in 2015 and early 2016, and so far in 2017 maintained a proportion of sales of around 5 to 8%, reaching 6% in October, level with a year ago.

Nov 7, 2017

New Coop & Condo Conflict Of Interest Disclosure Law


A new law, which imposes an annual conflict of interest reporting obligation on cooperatives and condominiums, signed by Governor Andrew Cuomo goes into effect on January 1, 2018. 

The law requires cooperatives and condominiums to give a copy of the new law to each director and to give to all shareholders an annual conflict of interest report, signed by each director.  The report must list all contracts voted on by the board where one or more of the directors was an “interested” director, and for each contract state:

  1. the name of the contract recipient, the contract amount, and the purpose of entering into the contract
  2. the record of each meeting including director attendance, voting records for all contracts, and how each director voted on the contract; and
  3. the date of each vote on each contract and the effective date of the contract.

Even if the board did not engage in a transaction that requires the above disclosure, it still must prepare and deliver to all shareholders a document, signed by each director, stating “No actions taken by the board were subject to the annual report required pursuant to section 727 of the Business Corporation Law” [or subject to section 519-a of the Not-for-Profit Corporation Law, as applicable].

Board members, shareholders, managing agents and real estate brokers should be aware. The law basically provides that contracts or other transactions between a BCL corporation and a director (or a company in which a director has an interest) are not automatically prohibited just because of that conflict. If all material facts in regard to the director’s interest were disclosed in good faith, and the Board voted to approve such contract or other transaction without counting the vote of the interested director, the contract or other transaction is valid: it is not void or voidable (due to the conflict).

However, the law does not contain any provision for enforcement, nor any penalties for violations of this provision but it is a small step toward coop accountability.

Oct 19, 2017

On the Market Now | Upper West Side Townhouses


Upper West Side Townhouses on the Market Now

45 Active Townhouses on the Market Now on Upper West Side
  • Average Price: $10,768.84
  • Median Price : $9,800,000
  • Average Price per Square Foot: $1650
  • Average Days on Market: 270
39 Recently Sold Townhouses on Upper West Side
  • Average Price: $7,690,863
  • Median Price: $6,575,000
  • Average price Per Square Foot: $1,386
  • Average days on market: 148

Oct 16, 2017

Manhattan Monthly Market Report | September 2017


Manhattan Monthly Market Snapshot

Market Wide Summary

Contract activity in September increased slightly year-over-year for condos, and stayed nearly level for co-ops, with three fewer sales than last year. Pricing metrics for condos and co-ops declined across the board in September, as median sale price for condos saw double-digit declines compared to last year. 

Price per square foot dropped for both condos and co-ops as well, with slightly greater drops amongst co-ops. Inventory also rose, with September seeing the highest inventory levels of any month over the last year for both condos and co-ops. 

Days on market increased over the past year as well, as condos saw units spend on average eight more days on market, whereas co-ops saw a more significant 12 day rise in time on market. Negotiability has become more prevalent over the last year, with both condos and co-ops seeing deeper discounts than a year ago

Condominium Market Snapshot

Condo sales rose for the first time since May, up 2% over last September, which was just eight more sales versus a year ago. Pricing dropped versus last September, however last year’s average and median sale price were both abnormally high. Median sale price dropped to its lowest point in the last twelve months, while average sale price was up over last month, and on par with average price over the last year. 

An unusually high number of one bedroom and studio sales contributed to the drop in pricing, as 49% of sales were either of these unit types, compared to 42% of sales last September and 38% last month. In addition to being the bulk of sales, studios and one bedroom units also saw declines in price per square foot, further contributing to the decline in pricing. Residences with three or more bedrooms also saw decreases in price per square foot, while two bedroom units were the only unit type to see a rise. 

Inventory reached its highest point in the last year, up six percent, as months of year-over-year drops in sales have led to more units on market. This, in turn, has led to an increase in days on market as the number of days before entering into contract was up 6% compared to last year. Discounts were more prevalent than any month in the past year, as average discount reached 4.3% off last ask, versus 2.4% last year.

Cooperative Market Snapshot

Co-op sales year-over-year held steady, declining by just 1%. Both average price and median price declined versus last year, with average price seeing an annual decrease of 18% while median price decreased 4% over the same period. 

Monthly changes in pricing were much different, with average price increasing over the last month, and median sale price falling just 3%. Interestingly, studios, one bedroom, and three bedroom units all saw increases in price per square foot, while two bedroom units saw a decrease of 21%. These shifts in pricing led to a year-over-year decline in price per square foot of 6%, but an increase in price per square foot of 20% compared to August. Days on market rose 14% compared to a year ago, but dropped as compared to August, and was seven days lower than this year’s high of 102 days on market. Similar to condo inventory, co-op inventory grew to its highest point in the past year, up 11% compared to last September. Negotiability saw a significant jump compared to a year ago, with average difference from last ask to sale growing to 2.2%, as an increase in inventory has led to increased negotiability amongst sellers

Manhattan Total Listings 

Inventory increased to 7,369 total listings, its highest level since June 2012, up 8% compared to last September. The growth in co-op inventory has outpaced the growth in condo inventory, leading to condos making up their lowest portion of total inventory since 2016, at 54% of total inventory. Townhouses saw their fifth consecutive month of annual decreases, at 402 listed townhouses on the market.

Days on Market by Price Point 

Market pressures such as high inventory and slowing sales contributed to more frequent negotiating and deeper discounts. By price point, negotiability varies, with units in all price-points except $1MM-$3MM experiencing an increase in the number of units sold below ask. Amongst units priced under $1MM, traditionally a price range that sells without much negotiation, 67% of units sold below ask, compared to less than half last year. 

The same proportion of units priced from $1MM-$3MM sold below ask, an improvement from last year’s 70%, with 22% selling at asking price. Most surprisingly, of units Corcoran sold over $3MM, none sold over ask, and all units priced over $5MM sold below ask. This compares to last year when 15% of units priced over $5MM sold either at ask or above.

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

Oct 3, 2017

Manhattan Market Report - Third Quarter 2017


 Manhattan Market Report Third Quarter 2017

Key Findings of the Manhattan Third Quarter Report

  • Respectable summer activity. Closings rose 3% versus the same quarter a year prior, and were unchanged over Q2 2017. Signed contracts were down year-over-year (by -4%), and experienced a seasonal contraction (-28%) from Q2. The median price in Manhattan rose to $1.15M (up 10%), and the price per square foot reached $1339 (up 2%).
  • Re-sale co-ops remain robust. Re-sale co-ops were up 5% in closings year-over-year, thanks to their comparative affordability. 84% of co-op sales took place below $2 million, and their popularity with buyers led more co-op owners to list their homes (inventory +3%, months of supply +9%).
  • Slower activity in resale condos. The number of sales in re-sale condos fell 9% over last year, but this is partly a function of their inventory being out of touch with demand; apartments under $3 million account for 92% of sales, but only 66% of inventory.
  • New development sales shift from luxury to affordable units. Premium buildings like 432 Park Avenue, 30 Park Place and 56 Leonard Street had fewer closings this quarter, while new developments in Upper Manhattan priced under $500K closed in greater numbers. The result was a shift downwards in price even though the pace of closings was faster.
  • Luxury market retreats. In a sign that overabundance may have caught up with the luxury market, the price threshold for the top 10% of all sales retreated for the first time in more than four years, and the median price and price per square foot of these homes dropped by -14% and -9% respectively. Contraction at the high end caused the market-wide average price and price per square foot to fall for the first time in three years.

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

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.


This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

© Copyright 2006 -2016 © © Al l Rights Reserved