Mar 11, 2015

2014 ManhattanTownhouse Market Report

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2014 Manhattan Townhouse Market Report

The Manhattan townhouse market had a phenomenal year as all three price indicators rose by double digits. This was particularly true for price per square foot, in which every neighborhood and property type posted strong increases.

The number of single-family townhouse sales decreased 10% while multi-family townhouse sales increased 6%, leading to a 2% decrease overall. The only region that did not have an increase in sales versus 2013 was Downtown.

Throughout Manhattan, the top end of the market thrived as the number of sales over $10M increased 26% versus 2013 to a new record high.









Mar 4, 2015

UWS New Construction | 15 West 96th Street

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15 West 96th Street, image by SLCE/Sackman Enterprises
YIMBY Revealed: 15 West 96th Street a new 22-story building, developed by Sackman Enterprises and designed by SLCE, will have five floors of community space topped by a residential amenity space and 16 condos
The Upper West Side/Central Park West Historic District stops on the southern side of 96th Street, meaning 15 West 96th Street can proceed as-of-right, another rarity for new projects on the Upper West Side, which has some of the strictest land use rules in Manhattan.

Other than the duplex penthouse, each residence will take up one full floor. Because the development on West 96th Street between Central Park West and Columbus Avenue falls on the north side of the street, just beyond the neighborhood's landmarks district, the project can be built as-of-right.


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Feb 27, 2015

Brooklyn Year End Market Review

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Brooklyn Year End Market Review
  • Intense demand in Brooklyn fueled price improvements in all metrics during 2014.
  • Just over 3,800 apartments (condo and co-op) closed during 2014.
  • An estimated 1,300 units are anticipated to launch this year in Brooklyn.
  • Overall Brooklyn listed inventory is higher than a year ago when inventory was at record low.





Feb 20, 2015

NYC Market Values Comparison

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Real Estate sales prices in the City have recovered from the lows of the recession and have been on a generally upward trajectory since 2009. What have increased much quicker though is the Market Values the City places on real estate in order to calculate taxes.

Below are tables showing the Market Value increases from the previous market peak (fiscal year 2009 taxes which reflect 2007/2008 market conditions) to the current Market Values from the recently released Fiscal Year 2016 Tentative Assessment Roll. 


Data Source: NYC Department of Finance
REBNY.com Research Department

Feb 14, 2015

Brooklyn Monthly Market Report | January 2015

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Brooklyn Monthly Market Report | January 2015

Brooklyn started the year out strong with year-over-year increases in all three price metrics. Average and median sales prices increased by double digits, 21% and 19%, respectively, while the average price per square foot increased 4% year-over-year.

Average price per square foot of all bedroom types increased year-over-year, with two and three plus bedrooms increasing by 19% and 15%, respectively. The increase in two bedroom price per square foot is attributed to several sales at The Boerum, while studio data was skewed again due to limited sales that took place only in new developments.

Brooklyn had a 32% increase in contracts signed versus January 2014. In January, 68% of buyers paid at or above asking price.






Feb 13, 2015

Manhattan Monthly Market Report January 2015

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Manhattan Monthly Market Report January 2015

Average price was up in both the condo and the co-op market compared to last year. Among condos, average price per square foot increased 13%. 

Co-ops saw a large gain in median price, which increased 23% compared to last year. Co-ops also saw a significant decrease in average price per square foot, caused in part by a decline in sales of three+ bedroom units, which are often priced higher per square foot than smaller units. 

Contracts signed were down 12% since last January, but sales in winter months are typically less robust and influenced by weather. The market is also being influenced heavily by a lack of affordable inventory; there are 12% fewer listings under $1M than last January, while overall inventory is up 7%. Listings for condo units continue to increase, and co-op units declined again year-over-year, with inventory remaining at historic lows.




Feb 12, 2015

Broker's Bullish on NYC Real Estate

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Real estate brokers’ confidence in the fourth quarter of 2014 reached the highest level since the inception of the Real Estate Board of New York's (REBNY) Broker Confidence Index in spring 2012.
The Broker Confidence Index rose to 9.22 this past quarter, from 8.80 in the third quarter of 2014 and 9.00 in the fourth quarter of 2013. Both residential and commercial brokers reported increased levels of confidence in the market now and six months from now, due to healthy activity and the steady rise in prices.
The Residential Broker Confidence Index increased to 8.85 in the fourth quarter of 2014, from 8.23 in the third quarter of 2014 and 8.52 in the fourth quarter of 2013. Brokers attributed this increase to the steady rise in pricing for sales and rentals, as well as the robust level of sustainable activity. While residential brokers’ confidence in the rental market tempered more than their confidence in the sales market, lack of inventory has continued to be a major concern for all residential brokers as prices are expected to continue rising with the current inventory shortage.
They also urged the need for more affordable housing as most of the new developments coming to the market now are luxury condos.
The Commercial Broker Confidence Index increased to 9.60 in the fourth quarter of 2014, from 9.38 last quarter and 9.49 last year. Commercial brokers commented on strong financing and market activity, particularly within the TAMI (Technology, Advertising, Media and Information) sector and in Lower Manhattan.
REBNY’s Broker Confidence Index is a collection of responses from an online survey given to REBNY’s residential and commercial brokerage division members.




Feb 5, 2015

Virtual Closet Space in NYC

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Want to store stuff. Visit the MakeSpace website. They offer an on - demand storage solution. They will send a driver to your home, who’ll arrive with sturdy bins (each fits about ten sweaters). The driver will wait outside for a half hour while you pack or they will drop them off  and you can schedule a pickup for a later date. They will then haul everything away free of charge to a climate-regulated facility in Jersey City.

Store four bins for $25 a month and additional boxes and larger items from $6.25 per piece. As long as one person can carry it, MakeSpace says they can store it (so no large furniture like sofas and dining-room tables, but bicycles and skis are fine. When it comes time to pick up your A/C unit or summer clothes, the website allows for on-demand delivery ($29) of your goods anywhere in Brooklyn, Manhatan, Queens, Jersey City, or Hoboken.


Jan 29, 2015

CPN Harlem Rental Building sold for $33M

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A six-story, 58-unit elevator building at 225 Central Park North over looking Central Park in Harlem sold for $33 million reported The Real Deal. The buyer was RCR Management, which manages some 2,200 units, according to the article. No further details were given regarding the building.

Two years ago 235 Central Park North was sold for $27.5 million to an affiliate of L&M Development Partners, the Larchmont, N.Y.-based real estate development company. The 86,124-square-foot property, at Seventh Avenue, has six stories and 91 residential units. It was built in 1915, according to PropertyShark. 

CPN has 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 WestCentral Park South and Upper Fifth Avenue.
Central Park View from 45 CPN  -  West 110th Street
The hyper-local neighborhood  Central Park North in Harlem also known as West 110th Street between Frederick Douglass and 5th Avenue. 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.

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

To sell your Central Park North, coop or condo click here

Jan 21, 2015

New Manhattan 'Affordable' Luxury Apartments

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The meaning of the word ‘affordable’ may have a new meaning in Manhattan. It not only means subsidized housing it can mean affordable entry level luxury.

While prices have been soaring in Manhattan along with rent a new wave of luxury entry-level homes are currently on the market and in the pipeline. It's a perfect time for many first-time home buyers. Mortgage rates are at all time historic lows (a 30 year fixed rate currently approx 3.5%-3.75%) even less for adjustable rate loans.

Affordable luxury. New units with lower asking prices currently on the Manhattan condo market and new ones will be hitting the market this year. Prices for new apartments are hitting records, but some prime units are also in the pipeline for the budget-minded buyer — with $750,000 to $3 million price tags that haven’t been seen since the 2008 financial crisis

Some examples: 

235 West 75th Street


Upper West Side (at Broadway), built in 1901
12 stories, 212 units








305 West 150th Street

Harlem

Condo | Part Time Doorman | Elevator








  • Built 1921
  • Converted to condo in 2014
  • Low-rise
  • 7 Floors
  • 84 Apartments
  • Elevator
  • Part Time Doorman





  • Fifty Third and Eighth
    252-unit condo conversion in Hell’s Kitchen








    175 West 95th Street
    Upper West Side

    Full Service Condo Post-war Built 1971

    Studio apartments starting at $630,000, One bedrooms starting at $680,000   

    Converted to condo in 2014




  • High-rise
  • 27 Floors
  • 226 Apartments
  • Elevator
  • Full Service

  •         


    432 West 52nd Street

    Hell's Kitchen/Clinton






    Full Service Condo 

    Studios starting at $640,000








    Jan 16, 2015

    NYC 2014 Residential Sales and Consideration

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    2014 was a strong year for the New York City residential sales market. The total number of sales in the City 
    was the second highest since the end of the recession. The 44,766 sales recorded in 2014 was only second 
    to 2013's sales total and well above the initial recovery years of 2010-2012 when annual home sales 
    in the City were 41,034 ,37,034, and 39,381 respectively.

    Total consideration for residential sales this year though was the highest since the end of the recession. 
    2014's total of $37,896,000 narrowly eclipsed 2013's total of $37,257,000.

    Figures comparing the sales and consideration performances of 2014 and 2013 are below.


    When looking at sales volume in the boroughs, Manhattan, Brooklyn, and Queens all had sales 
    just below last years levels, but 2014 sales in the Bronx and Staten Island actually surpassed the 
    levels recorded in 2013.

    Total residential sales consideration figures were higher in 2014 than in 2013 in every 
    borough.  Brooklyn had the biggest increase in residential sales consideration of all the 
    boroughs.  2014 consideration was 10% higher in Brooklyn when compared to 2013. 
    Manhattan with 6% had the second highest increase of the boroughs in consideration in 
    2014 when compared to 2013.



    * Bronx Sales 2013-2,682; 2014-2,559     Staten Island Sales 2013-3,824; 2014-3,950

    * Bronx Consideration 2013-$923m; 2014-$953m Staten Island Consideration 2013-$1,622m; 2014 - $1,631m

    source:  REBNY


    Jan 14, 2015

    Manhattan Monthly Market Report | December 2014

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    Market Wide Summary

    Co-ops had remarkable performance this month, with a 31% gain in average price up year-over-year to a record-setting $1.493M. Condos have been in the spotlight since 2013 as flashy new developments and staggering prices catch headlines but the co-op market has remained stable and strong, with healthy fundamentals in every category. Average days on market for co-ops dropped 16% compared to last December and co-op inventory is at the lowest point since we began tracking in November 2007, with just 2,235 units on the market; co-ops have not seen an annual increase in inventory in over three years. Condos also had a strong month with average and median price increases and a decline in days on market. Inventory is up 12% year-over-year from the trough at the end of 2013. Contracts signed were up significantly versus last year providing a strong finish for 2014 sales.

    Condominium Market Snapshot

    All metrics are positive in December for the condominium market compared to last year. Prices are up year-over-year by healthy percentages while days on market decreased, negotiability remained stable, and contracts signed increased. Within bedroom types only two bedrooms saw growth in price per square foot, up 12% versus last year. One bedrooms declined 3% and three+ bedrooms declined 5%. Contracts signed were up 8% over last year and were up 14% compared to last month, breaking the typical seasonal trend. Inventory increased by 12% compared to last December, which represented the inventory trough. As condo listings return to the market buyers will have more choices, however a continued lack of supply in the lower price brackets is preventing many buyers from entering the market.

    Cooperative Market Snapshot

    December 2014 was a notable month for the cooperative market with a number of milestones. The average sale price of $1.493M is 31% above last year’s average and the highest average price for co-ops since we began keeping record in November of 2007. Also reflecting strong demand, days on market dropped 16% compared to last December, to just 90 days to sell a unit on average. Simultaneously, co-op inventory is at the lowest point since we began tracking, with just 2,235 units on the market. The co-op market has not had a single month with a year-over-year gain in inventory in over three years. Contracts signed increased by 33% compared to December 2013 and were even compared to last month.


    Jan 11, 2015

    "That and a MetroCard will get you on the Subway"

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    High Line 23 - Chelsea
    There is an old expression in NYC: 

    "That and a token will get you on the subway.'' 

    In fact, all it took was a token to get on the subway for more than a century. Implication being that whatever "that" referred to was worthless. 

    The MetroCard replaced the token in 2003 but a New Report shows how a MetroCard in NYC may be more valuable than a college degree. Transportation plays a very important role in the earning power of New Yorkers.

    NYU's Rudin Center for Transportation Policy and Management studied 177 different zip codes, and found that neighborhoods with the best access to transit, usually in Manhattan, (Chelsea is number one) also have the highest median household income, and the lowest unemployment
    . In those neighborhoods, 79% commute by walking or public transit, and only 10.9% by car.

    Neighborhoods with the worst access to transit had lower median incomes but more than 50% commuted by car. The neighborhoods with limited access to public transit, were the worst: their unemployment rate is nearly 12%, and their median household income is significantly lower.


    The more jobs you can reasonably commute to within an hour, the more job opportunities you'll have, and the higher your wage will be. 
    In New York, mass transit is the path to economic mobility.

    In a previous post I wrote about Location Affordability, a concept developed by U.S. Department of Housing and Urban development (HUD) which includes the cost of transportation as well as housing usually the two largest items in a household's budget to determine affordability.


    New York City has the sixth highest housing costs of the 21 major cities surveyed by HUD but since NYC has the lowest transportation costs in the nation it was deemed the third most affordable housing location according to HUD. 


    "Everything is relative". Albert Einstein


    Jan 10, 2015

    Interest rates at ALL Time Lows

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    The Bond rallied and rates dropped, it’s a great time to buy or refinance.  Rates are now at historic lows. Start the new year by purchasing a new home in New York City. 

    Interest Rates as low as: 

    •             7 Year Arm is 2.75%
    •             10 year Arm is 3.0%
    •             15 Year Fixed is 3.125%
    •             30 Year Fixed is 3.625%


    Jan 7, 2015

    175 West 95th Street | UWS New Condo Conversion

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    175 West 95th Street
    175 West 95th Street
    New condo conversion development on Upper West Side originally built in 1971 - 27 floors with 226 apartments.
    175 West 95th, a full service building, is located on a beautiful tree lined street just two blocks from Central Park. 
    Creatively redesigned, this property offers studios, one, two and three bedroom residences most with private outdoor space and expansive views of both the city skyline and Hudson River. 
    Current prices range from studio apartments starting at $630,000, One bedrooms starting at around $680,00 to 2 bedroom 2 bath 23rd floor apartment for $1,585,000 with various options in between.
    175 West 95 Street is in the heart of the Upper West Side providing access to desired daily conveniences such as gourmet markets, great dining and many cultural attractions. Just minutes from many subway lines, 175 West 95th Street puts all of New York City within reach.
    A tasteful contemporary sensibility has been applied throughout offering an incredible lifestyle opportunity. Amenities include a stunning new lobby with a full-time concierge, a glass enclosed residence lounge, an outdoor landscaped terrace with seating and a separate children’s play area, fitness center, and indoor playroom. 
    Additional features of this new development include: Central laundry, fitness center , indoor playroom, landscaped terrace , outdoor play area, package room, resident's lounge.
    In the conversion, the building's entrance was moved from Amsterdam Avenue to West 95th Street. 

    175 West 95th is in the heart of the Upper West Side, conveniently near transportation, many new and vibrant restaurants, and gourmet shopping such as Whole Foods and The West Side Market.


    Click here to receive new development listings or call me at 917-312-0924 or email me to schedule showings.

    Jan 6, 2015

    Manhattan Market Report | Third Quarter 2014

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    Manhattan Residential Real Estate Market Report | Third Quarter 2014

    This report uses market-wide data based on transactions that closed in the Fourth Quarter 2014 (October 1 through December 31st) and compares it to closings that took place last quarter and during the same quarter last year. Closings typically occur eight to twelve weeks after a contract is signed in the resale market but can occur several years later for new developments. For that reason, the sales activity discussed trails actual market conditions. 


    Key findings of the current report:

    ·         Inventory challenges.  Inventory has grown by 20% since last year, but almost entirely on the basis of condo availability and the introduction of significant high-end new development product.  The number of co-op listings has remained flat since Q2 2011, and the market is significantly under-supplied below $2M.
    ·         Contract signings are up.  Signed contracts rose 3% versus last year.  A lack of affordable inventory sent buyers to the co-op market.  Co-ops accounted for 58% of signed contracts, their highest share since Q3 2009.
    ·         High-end sales helped value reach new peak.  Thanks to activity at the high-end, the average price per square foot increased to $1303, up 6% versus Q4 2013.
















     
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    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.

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