May 11, 2018

Manhattan Monthly Market Report | April 2018

0 comments
Market Wide Summary 

Contract activity again dropped for both condos and co-ops, with condos experiencing a larger drop. Co-op pricing metrics declined slightly as compared to a year ago, but remained almost flat compared to last month. However, pricing metrics were up considerably for condos, with both average and median sale price up compared to last year, though this isn’t indicative of an overall market trend, as the average was skewed by several high-priced sales.

Listed inventory continued to rise, with co-op inventory growing at nearly three times the pace of condos. With a total of 8,204 listed units, total inventory is at its highest point since April 2012. Days on market fell for condos despite the rise in inventory, while co-op days on market grew by a quarter, in line with inventory gains. Negotiability increased for both product types annually, as growing inventory has driven greater discount prevalence.


Condominium Market Snapshot 

Sales activity for condos declined, down year-over-year for the seventh consecutive month. Pricing metrics were skewed up substantially, with average sale price increasing 48% and median sale price rising 31%. The jump in average and median sale price was attributable to a larger number of high-priced sales, as 43% of sales occured over $2M in April 2018, compared to 32% the year prior. Furthermore, five sales occured over $14M this year, while none occured in that range last year, further accounting for the rise in average sale price. Average price per square foot, in line with average and median price, rose significantly, up 22%, as a 27% jump in three bedroom pricing drove the average higher. Inventory rose 11%, to over 4,000 actively listed units, reaching the highest point since April 2011. Despite the increase in inventory, days on market dropped, down 10%. Negotiability remained very high, at a 3.7% difference from last ask to sale.


Cooperative Market Snapshot

Sales activity amongst co-ops continued to decline annually, though less so than condominiums. Average sale price and median sale price both dropped minimally, down 2% and 3%, respectively. On the contrary, average price per square foot rose 7%, as the sale of smaller units resulted in a higher price per square foot, but lower average sale price. Two and three bedroom units experienced the same 3% rise in price per square foot, while studios and one bedrooms both rose a more substantial 11% and 9% respectively. Days on market rose 25%, as a sharp 31% rise in inventory continued to extend the amount of time units spent on market. Negotiability remained high, as the difference from last ask to sale matched the greatest difference in two years. April 2017 had an unusually low difference from last ask to sale, which exaggerated the difference in negotiability between this year and last year.

MANHATTAN TOTAL LISTINGS

Inventory continued to grow in Manhattan, up 19% compared to last year to its highest point since April 2012. April 2018 had the greatest annual increase in active listings since March 2016, fueled by a large increase in co-op inventory. However, condos and townhouses also saw increases in inventory, with the 4% rise in townhouse inventory marking the largest rise for that product type since March 2017. The continued surge of co-op inventory has continued to shift the makeup of listed inventory overall towards co-ops, as condos have trended down to be 50% of active listings, the lowest proportion condos have made up since October 2015.

ASK VS SALE PRICE COMPARISON 

A large increase in actively listed units, paired with slowing sales has driven greater negotiability, as sellers are increasingly willing to reduce pricing to sell. In April, 71% of units were sold below ask, the second highest figure since December 2012. While units selling below ask reached relative highs in April 2018, the number of units selling above ask as a proportion of total sales reached a low. Only 9% of units sold above ask in April 2018, the lowest that figure has been since September 2012. Units sold at ask has held steady at 20%, which is below the 29% seen in April 2017, but relatively consistent with the 21% seen in April 2016.

Apr 25, 2018

Brooklyn Townhouse Report | 2017

0 comments
The Brooklyn townhouse market is more diverse, more sprawling, and more active than its counterpart in Manhattan. In fact, more than six times as many townhouses sell in Brooklyn annually than are traded in any other borough.

 Brooklyn Townhouse Report

Corcoran’s 2017 Brooklyn Townhouse Report a detailed analysis of single-family and multi-family (two- to four-family) townhouse sales that closed in Brooklyn last year.

Among its findings:

* The Brooklyn townhouse market backed off from the robust activity seen in 2016: Rising prices throughout the borough slowed both townhouse sales and the trend of townhouses undergoing extensive renovations as either a value-add investment, rental income property or even a quick flip. Some neighborhoods, particularly Bedford-Stuyvesant, Crown Heights and Bushwick, experienced fewer quick resells in 2017.

* Overall price figures, as well as average and median price, were higher in 2017: This trend likely contributed to tempered activity. Last year, buyers paid an average price of $1.853M for a townhouse in Brooklyn, 11% more than in 2016. Median townhouse price increased 9% year-over-year, driven by an increase in townhouse sales over $2M in addition to prices continuing to appreciate rapidly in western parts of Brooklyn.

* Single-family townhouses sales increased and expanded into more neighborhoods: Single-family townhouse sales increased 8% compared to 2016 as buyers were enticed by newly renovated townhouses. Those sales also expanded throughout western parts of Brooklyn, particularly in Red Hook, Park Slope and Boerum Hill. Conversely, multi-family sales declined 7% year-over-year which drove the overall townhouse market down in 2017. Although multi-family townhouse sales improved in few neighborhoods such as Park Slope, Greenpoint and Brooklyn Heights, the decline in northern and eastern parts of Brooklyn far outweighed those gains.

Please feel free to reach out to me if you have any questions about the Brooklyn Townhouse Report. I welcome the opportunity to be of assistance to you.


Apr 16, 2018

Brooklyn Monthly Market Report | March 2018

0 comments
Market Wide Summary

The Brooklyn market experienced a year-over-year increase in contracts signed for the third consecutive month. Strong new development sales in South Brooklyn, driven by contract activity at 2128 Ocean Avenue and 26 East 19th Street, sustained from the previous month into March. However, Brooklyn price metrics showed mixed trends compared to March 2017.

Average sale price improved compared to last year and last month skewed by Cobble Hill and Park Slope townhouse sales.When excluding those high priced townhouse sales in Cobble Hill and Park Slope,average sale price was essentially level and the average price per square foot increased 5% versus March 2017.

Average price per square foot, also affected by t he high priced sales Cobble Hill and Park Slope, increased 9% versus March 2017. The difference from last ask price to sale price was 0.9% below the average asking price, slightly deeper when compared to last year. The average days on market figure of 87, while up year -over-year, still indicates a very competitive market in Brooklyn.


BROOKLYN AVERAGE DAYS ON MARKET 

Days on market dipped from last month’s five-year record high of 105 days to 87 days in March, but was up 17% year-over-year. Days on market has been above the Brooklyn five-year average for five consecutive months as higher prices and an annual increase in newly listed apartment inventory slowed buyers decision-making.

BROOKLYN NEWLY LISTED APARTMENT INVENTORY

Newly listed apartment inventory continued its expected seasonal climb after declining during the winter months. In addition, newly listed apartment inventory grew 17% annually as more apartments were introduced in March 2018 compared to last year. The number of apartments introduced this month set a new seven-year record high as sellers anticipated the Spring selling season along with the launch of Brooklyn Point and the relaunch of Austin Nichols House.



Apr 13, 2018

Manhattan Monthly Market Report | March 2018

0 comments
Market Wide Summary

 Contracts signed dropped annually in March for both product types, with condos seeing a larger decline. Condo pricing metrics were up, with both average and median price increasing, while co-op pricing metrics were all down annually. Listed inventory continued to rise, with co-ops seeing almost four times the annual increase of condos. Days on market increased for condos, reaching the second highest point in the last twelve months; meanwhile days on market for co-ops declined. Negotiability increased for both product types annually, as sellers competed with newly listed inventory


Condominium Market Snapshot

 Sales activity for condos declined, down year-over-year for the sixth consecutive month, although due to the market’s typical seasonality, sales were the highest seen since June 2017. Pricing metrics were positive, with average and median sale price up. Average price rose largely due to the sale of a high-priced unit at 432 Park Avenue. Average price per square foot rose annually as well, off a low price per square foot in March 2017. Average price per square foot was lifted by annual rises across studio, two bedroom and three bedroom units, with one bedroom unit price per square foot down slightly annually. Two and three bedroom units experienced the greatest gains, up 9% and 8% respectively. Days on market rose monthly and annually, up 16% year-over-year. Negotiability remained fairly high, deepening to 3.2% off last ask versus 1.9% last year. The increase in negotiability coincided with an increase in discount prevalence, as 79% of units told at a discount last month, compared to 63% last year. Inventory continued to rise, up 5% annually.

Cooperative Market Snapshot

 Sales activity amongst co-ops continued to decline annually, though less so than condominiums. Average sale price and median sale price both dropped, down 19% and 8%, respectively. Similarly, average price per square foot declined, as every unit type saw declines in price per square foot. After an abnormally high figure last year, three bedroom units experienced the largest decline, down 28% due to fewer sales in traditionally expensive neighborhoods. Studios experienced a decline of 11%, while one and two bedroom units had milder annual declines. Days on market fell, reversing a trend of annual rises seen the prior three months, as time spent on market dropped below 100 days for the first time this year. Negotiability remained high, with average difference from last ask to sale at 1.7%. Inventory rose significantly as compared to last year, with more than 3,000 listed units available, the most in five years.


Manhattan Total Lisstings

Inventory continued to grow in Manhattan, up 10% compared to last year. March 2018 saw the most actively listed units for that month since 2012. However, total listings were down from recent highs in the Fall. The only category to not have an annual increase was townhouses, which saw inventory remain level, while both condos and co-ops had annual rises in inventory. The condominium share of overall inventory has been declining and at just over 50% in March 2018 was the lowest seen since November 2015


Contracts Signed By PPSF Category

As sales activity continues to fall below the volume seen a year ago, the price point of units sold continues to shift. Notably, units asking greater amounts per square foot have seen a steady decline in market share. A year ago, units priced over $1,250 per square foot made up 59% of sales, in March 2018 that figure dropped to 47%, the lowest market share for units in that range since July 2015. The price range that experienced the greatest year-over-year gains in market share was amongst units priced from $1,000 to $1,250 per square foot, which rose from 17% of sales a year ago to 24% last month. The price range with the largest decline was amongst units priced from $1,250 to $1,500, which made up 22% of sales in March 2017, and just 15% in March 2018. Interestingly, sales over $2,000 per square foot stayed stable yearover-year at 10%. This shift in pricing is likely attributable to greater sales of co-ops, which traditionally sell at lower price point

Apr 11, 2018

Preparing for Building Workers Strike

0 comments

Buildings throughout NYC are preparing for a doorman building strike. Residents are being issued security passes and strike packages and signing up for volunteer building duties.

Negotiations are currently underway between the Union Local 32B-32J and the Realty Advisory Board. The contract expires April 20, 2018.


Janitors, porters, handymen doormen and concierge attended a rally today to vote to authorize a strike if their bargaining committee doesn't reach an agreement.


Check with your building's property manager and/or resident manager for building proceedures should a strike be called. 



Apr 7, 2018

Living in Murray Hill | Kips Bay

0 comments

Murray Hill | Kips Bay

Historic Murray Hill Landmark

Midtown, on the East Side, from 23rd Street to 42nd Street. The area runs from the East River to Park Avenue South between 23rd Street and 34th Street, and expands from the East River to Fifth Avenue between 34th Street and 42nd Street. Kips Bay runs from 23rd Street to 42nd Street, east of Third Avenue.

Murray Hill is a townhouse paradise — of 100 townhouses listed in the area in the 1892 Social Register, 60 are still standing.

Yet those single-family Murray Hill homes, many of three and four stories and some renovated with elevators and gyms to match their double Dacor ovens, rub elbows with high-rise condo towers.





In Murray Hill, the formerly business corridors of Madison and Fifth avenues are being converted into gorgeous new loft-like apartments.

The area of Murray Hill is itself named after the Quaker merchant who built his farm here in the eighteenth century when the area was green countryside — Robert Murray’s land extended from 33rd Street to nearly 39th Street!

The area of Kips Bay, which has many dining options and a movie theater, is either to the east of or the Easten section of Murray Hill, depending on who you talk to. Kips Bay Towers, two high-rise post-war condos which share a large common garden, is one of the first apartment complexes designed by noted architect I.M. Pei.

Cultural attractions abound in Murray Hill; the recently renovated Morgan Library is a historic treat. The original building, showcase to a famous banker’s collection, is a breathtaking landmark Italian-style mansion — and the Morgan Library’s Murray Hill collection includes Mozart symphonies, Gutenberg bibles, and carved Babylonian seals and amulets.

Murray Hill Townhouse  3BR Duplex For Rent

Whether you are looking for Murray Hill / Kips Bay Apartments or townhouses to buy or or rent, there will be something to suit your particular taste.

Contact me at 917-312-0924 if you're interested in purchasing an apartment or townhouse in Murray Hill or if you are thinking about selling or renting your Murray Hill/Kips Bay home.

Apr 3, 2018

Living on Central Park North (AKA West 110th Street)

0 comments

View from 45 Central Park North

One of the great things about CPN is the
breathtaking panoramic views of Central Park, Harlem Meer and downtown Manhattan. Apartments with park views along Central Park North are selling at significantly lower prices than comparable apartments on Central Park West, Central Park South and Upper Fifth Avenue.


 Circa Central Park | 285 West 110th Street

While some of the new luxury condos on CPN are asking prices equivalent to CPW and CPS there are many pre-war coops, even income restricted affordable HDFC coops for low to moderate income households.

The neighborhood offers all the leisure, cultural, educational and recreational activities of Central Park right at your front door and convenient transportation. The #2 and #3 train at 110th and Lenox Avenue (Central Park North) and the B and C trains at 110th and Central Park West also called Frederick Douglas Boulevard above 110th Street.

West 110th Street from Frederick Douglas Circle to Broadway is known Cathedral Parkway named for The Cathedral of Saint John the Divine at west 110th and Morningside Drive.

Central Park North may be the neighborhood you are looking for.


The New York Times published an article: How the Word ‘North’ Affects Prices: Living Along Central Park North. 

To sell your condo or coop

To sell your HDFC coop


Mar 14, 2018

Manhattan Monthly Market Report | February 2018

0 comments
Market Wide Summary 

February Manhattan contracts signed have trended down year-over-year for the third consecutive month. Pricing metrics for condos were varied, as average price rose compared to last year, while median price fell. Pricing metrics for co-ops alternatively, saw gains, with average and median price both increasing in excess of 25%. Average price per square foot was up for both condos and co-ops. Listed inventory continued to rise, with co-ops seeing more than double the increase of condos. Days on market declined dramatically for condos, but it rose substantially for co-ops. Negotiability increased for both product types annually, but did decline on a monthly basis, down from recent highs.


Condominium Market Snapshot

 Sales activity for condos was 19% lower than last February. Pricing metrics repeated the annual shifts seen last month, with average price rising, and median price falling. Average price per square foot increased compared to last year, lifted by a double digit increase in three bedroom pricing to nearly $3,000 per square foot. This increase was driven by the sale of two units at 432 Park, asking a combined $68M. One and two bedroom units experienced double-digit drops in pricing, with both unit types falling below $1,600 per square foot for the first time since July 2017. Days on market dropped by over a quarter annually and monthly, off unusually high days on market during both prior periods. However, with inventory up 9% and sales down, unsurprisingly the difference from last ask to sale was greater than a year ago.



Cooperative Market Snapshot

 Co-op activity fell slightly more than condo activity in the month of February, with 20% fewer contracts than the year prior. Average price jumped a significant 26% and median sale price rose even more, up 33%. The increase in average and median sale price was largely caused by the sale of two units at 995 Fifth Avenue, asking a combined $29.75M. Additionally, 59% of units transacted above $1M this year, compared to 53% last year, helping further boost pricing metrics. A rise in the sale price per square foot occured across all bedroom types. Two and three bedroom units had the greatest pricing gains, as both registered a 31% increase annually. One bedroom units and studios had smaller gains, with one bedroom units seeing a rise mostly due to low pricing last year. Days on market rose 31% annually, but was relatively stable versus last month. Inventory experienced annual gains, expanding 21%, as over 500 more units were actively listed than the year prior. Difference from last ask to sale price grew annually, but was down from last month, to 1.9%.


Manhattan Total Listings

Inventory in Manhattan grew overall by 13%, the largest annual increase since December 2016. The most notable increase among the three product categories in co-ops which registered a 21% annual increase, the greatest annual increase since 2009. Townhouse inventory resumed the trend of declines seen as of late, posting a 5% drop in inventory, after two months of increases. Condo inventory also saw gains, up 9% annually, in line with recent gains seen in that product type.


Sales Made Above/Below Ask 

Though higher-priced units tend to see more prevalent discounting, the proportion of units sold over $3M with a discount has fallen annually, while units under that price range have seen greater prevalence in discounting. Surprisingly, the segment priced from $3MM to $5MM saw 67% of sales occur below ask, 8% less than a year ago. Similarly, 86% of units priced over $5MM sold below ask, two percent less than a year ago. One reason for this might be the overall drop in the proportion of units listed at higher price points, as 31% of units listed were priced above $3MM, down from 35% a year ago. Conversely, units priced under $1MM saw the largest gains in proportion sold with a discount, as 17% more units were sold below ask than a year ago. Furthermore, there was a 13% drop in units sold above ask, as just 17% units sold above that price, almost half the proportion of last year. Units priced between $1MM and $3MM saw smaller shifts in the same direction. Almost three quarters of units sold in February in that range were sold below ask, compared to 65% a year ago, as units sold above ask dropped from 14% to 9%.


Mar 7, 2018

Living in the Upper East Side | Carnegie Hill

0 comments
Living in the Upper East Side
181 East 93rd Street
Buyers with conservative budgets as well as those with more to spend will find treasure troves of real estate offerings in the Upper East Side. Walk-ups and high-rises mix easily with stately townhomes, while co-ops, exposed-brick studios and modern high-end apartments present abundant housing options. 

Upper East Side real estate encapsulates the hip yet established atmosphere and sophisticated style still in demand today. Georgian, Victorian, Neo-Federal and Art Deco styles abound, and genteel, friendly living reigns.

Carnegie Hill, Upper East Side Manhattan  

Uptown on the East Side, from 86th Street to 98th Street and from Lexington Avenue to Central Park. 




The Carnegie Hill section of Manhattan, full of magnificient  townhouses  that are rarely for sale because their owners tend to hang  on to them,  has wonderful access to Central Park.


Larger buildings house prewar  apartments of six or seven rooms, known as “ Classic Sixes and “Classic  Sevens,

 The resulting old-world  feel, even in modern condos in Carnegie Hill, shows you why  steel tycoon Andrew Carnegie picked this quiet, countrified section of  Manhattan as the place to build his ultimate family home.

Even now, Carnegie Hill feels like a grand village tucked away from  some  of Gotham’s hustle and bustle.

Whether you’re walking on Park  Avenue  with its tulip plantings, past French and Italian renaissance  apartment  buildings with doorman luxury hidden behind their ornate  fa├žades, or  along a side street with its well-preserved brownstones,  you’ll realize  that Carnegie Hill is a truly special section of the  city. 

Shopping is varied, which makes for gracious uptown  living. Madison  Avenue offers all kinds of designer duds, even for  babies and toddlers.  Many of the local shopkeepers have been here for  decades — when you move  into your new Carnegie Hill home they’ll learn  your name.

In keeping  with the suburban feel of the area, entertainment is more  museum mile  than rock’n’roll: Carnegie Hill is home to the Guggenheim  Museum, the  Jewish Museum, and the 92nd Street Y, which offers a  variety of arts and  cultural programming.

The Coper Hewitt, National Design Museum, Smithsonian Institution is  the only museum in the  nation devoted exlusively to historic and  contemporary design. Cooper Hewitt is located in the landmark Andrew  Carnegie Mansion on Fifth Avenue.

One Bedroon Value in Carnegie Hill


Feb 22, 2018

Manhattan Residential RE Year End Review | 2017

0 comments
Overview

Manhattan sales cooled versus 2016 as buyers and sellers adjusted to high prices and non-market factors like the Presidential administration and tax reform. Price trends were mixed in 2017. Average price remained level while average price per square foot declined 3% as a result of fewer new development deliveries and sales over $5M. Meanwhile, competition for apartments under $3M caused a 5% increase in median price. Listed inventory rose 9% annually to over 6,000 active listings.

Inventory 

Each residence type saw increases in inventory at the end of 2017, largely due to fewer sales in the fourth quarter. As such, Fourth Quarter 2017 co-op inventory was up 15% from Fourth Quarter 2016, while condo inventory increased a more moderate 4% year-over-year to 3,562 active units. In terms of pipeline, with over 4,100 units in new developments possibly launching in 2018, listed condo inventory is likely to continue to climb for the foreseeable future.


 Statistics by Type 

Resale co-op sales in 2017 fell 1% from 2016, while resale condo and new development closings both declined 5%. Resale co-op average price rose 3% to $1.306M, but average price per square foot fell 7% to $1,165. Resale condo price figures rose year-over-year, as average price increased 4% to $2.118M and average price per square foot rose 2% to $1,773. New development pricing decreased from 2016 due to fewer closings of luxury contracts signed in earlier years. Average price fell 5% to $4.204M and average price per square foot fell 4% to $2,482.


 
HOME

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 © nycBLOGestate.com © BlogEstate.nyc Al l Rights Reserved