Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts

Jul 1, 2015

Manhattan Market Report | Second Quarter 2015

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I am delighted to share with you our Q2 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q2 2015 (April 1st through June 30th).

Key Findings of the Second Quarter Report:

·         Record high prices.  Thanks in large part to sales of new development properties, the average price increased 8% to $1.81 million, the highest we have ever recorded.  The average price per square foot is now $1,637.
·         More sales. The pace of closed sales was up 2% over the same quarter one year prior, and there were 7% more signed contracts.
·         Rising inventory. Although the market is still experiencing relatively limited supply, the number of homes listed for sale in Manhattan was up 12% over the same quarter in 2014, as freshly released new development properties reached the market, and homeowners took advantage of the spring selling season.























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 14, 2015

Brooklyn Monthly Market Report | May 2015

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Brooklyn Market Monthly Report | May 2015

Market Wide Summary

Brooklyn average sale price increased 3% compared to last year, while median sale price increased 9% year-over-year, the 28th and 9th consecutive months of growth, respectively.

The average price per square foot for three of the four bedroom types increased year-over-year, causing an overall increase of 2%. Brooklyn had a 9% increase in contracts signed versus May 2014.

There was a 11% year-over-year decrease in average days on market and a 16% decrease month-over-month.


Brooklyn New and Total Listings 

Total available inventory in Brooklyn increased 28%, year-over-year, to 5,476. The number of listings in May 2015 was 14% higher than the average number of listings over the last 12 months.



Jun 10, 2015

Manhattan Market Monthly Report | May 2015

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May 2015 continued this year’s strong and steady market performance. Contracts signed and inventory were up by single digits compared to last year. Negotiability and days on market continued to shrink. This month co-ops saw a positive change from last asking price to sale price, indicating on average buyers are paying above ask.

Overall average price crossed $2M marketwide in May 2015, a new record high. New developments began to launch in large numbers in the last few months and condo price increases reflect the larger number of new development sales in addition to price appreciation.

 Deals at high-end new developments such as One57 and 50 United Nations Plaza pulled up averages while median was less skewed. Condo median price grew by 3% annually, however co-op median price was 19% higher than a year ago, a significant increase.

With co-ops representing a relative bargain to condos, demand is high, driving pricing upward and inventory down. Market share for condo listings continues to increase, resulting from both new development launches and under-supply in the co-op market.


Apr 24, 2015

The Luxury Collection

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Browse some of the most luxurious homes in Manhattan and Brooklyn. 

The Luxury Collection



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

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.


Apr 14, 2014

East Harlem | Manhattan Neighborhood

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Metro North Railroad Station at 125th Street & Park Avenue

 
'There is a rose in Spanish Harlem
A red rose up in Spanish Harlem
It is a special one, it's never seen the sun
It only comes out when the moon is on the run
And all the stars are gleaming
It's growing in the street right up through the concrete
But soft and sweet and dreamin'

Ben E King 
"Spanish Harlem" 





Manhattan Neighborhood | East Harlem

El Barrio (Spanish Harlem) SpaHa (East/Spanish Harlem) community stretches from First Avenue to Fifth Avenue and from East 96th Street to East 125th Street.

Rich in history and residential charm, the diverse East Harlem neighborhood offers those in search of a new apartment or townhouse plenty to peruse. Housing stock runs the gamut from row houses to studios, from one-and two-bedroom co-ops to renovated tenements.

A big draw in East Harlem is space — apartments often come with a dining room, an outdoor garden, or even parking. Large rental complexes like Hampton Court (complete with gyms, garden decks and retail shopping) are now being joined in East Harlem by luxury condos offering views of the East River, the George Washington and RFK (Triborough) Bridges.

Lexington Hill Condominium (103/104th Streets)
East Harlem’s cornucopia of food, culture and lively street life reflects its history. From the exclusive Rao’s Restaurant, founded in 1896, and Patsy’s Pizzeria, established in 1933 in part of Old Little Italy, to modern-day bodegas and botanicas, shopping and dining in this neighborhood continue to evolve even as the Uptown apartments do.

On the artsy side of East Harlem, provocative murals by celebrated artist James De La Vega — some commissioned, some not — dot the neighborhood and the living legacy of Salsa greats continues at venues such as Creole, a jazz/supper club, and Orbit, a bar/restaurant that hosts open mic nights in its jazz and cabaret schedule.


East Harlem residents enjoy the East River Plaza on 116th Street off the FDR Drive that opened in ’09. If you want to stock your home with everything, big companies that will be offering their wares for sale in East Harlem include Target, Marshall’s, Best Buy and Manhattan’s first Costco. Other neighborhood attractions include the Museum of the City of New York, El Barrio Museum, Central Park East and North Meadows.

Easy access to get out-of-town. There's a Metro-North Railroad Station at 125th Street with a 4-5-6 Lexington Avenue subway stop and easy access to the FDR Drive and the west side via cross town bus on 125th Street. Easy access to La Guardia airport from 125th Street airport bus.

There currently are approximately 40 active apartments for sale in East Harlem. Ranging from $139,000 for a 2 bedroom, 1 bath, 5th floor walk-up to $2,980,000 for a 3 bedroom. 3.5 bath, 2849 square foot penthouse at the Crown Condominium.

Currently there are approximately 10 residential buildings (single family, multi family, mixed use and income properties) for sale in East Harlem ranging from $1,150,000 for a two family house to an 8-story income property delivered vacant under construction condo for $15,550,000.


                                                                                             There is a rose in Spanish Harlem...




Dec 31, 2013

Banner Year for NYC RE Ends | Happy New Year 2014

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2013 was a banner year in NYC real estate. It's been a great year for seller's. Lowest inventory in NYC history. While all indications point to a continuation in 2014, the end of 2013 marks the end of an era. The Bloomberg real estate era.

Mayor Michael R. Bloomberg became mayor 3 months after 9/11/2001. Lower Manhattan came roaring back. Since September 11, 2001, the number of people living in Lower Manhattan has nearly doubled. In fact, Lower Manhattan has added more people over the past 12 years than Atlanta, Dallas and Philadelphia combined.

Our city’s rapid economic recovery was the result of strong leadership at all levels of government (local, state and federal) and the resilience of all New Yorkers who were determined to come back from this unthinkable event stronger than ever.

Today Lower Manhattan is full of new housing, restaurants, hotels, bars, parks, schools, open spaces and new businesses big and small. Upper Manhattan including Harlem is thriving too. Neighborhoods throughout Manhattan and Brooklyn are thriving.

West Chelsea from 10th Avenue to 11th Avenue, from 16th Street north to 30th Street, is booming with new condo developments that have transformed the neighborhood into a fashionable destination. Most of the new developments are around the High Line. New condos with park views.

MTA Railyards in the Hudson Yards district was the single largest piece of undeveloped property in Manhattan and will be the biggest development that has been realized since Rockefeller Center. Manhattan's newest neighborhood, Hudson Yards will accommodate over 13 million square feet of commercial and residential space, development at the Railyards will transform the landscape of Manhattan and dramatically alter the City’s skyline.

I bid farewell to Mike Bloomberg and I welcome the new mayor Bill de Blasio. I hope he is as successful a mayor as Bloomberg was including his vision for affordable housing.  Lets hope he delivers on his promises and will build or preserve affordable units for the middle class and will continue in the right direction.

No matter who is mayor or what year it is currently well priced properties will continue to fly off the shelf in bidding wars. Buyers are enthusiastic yet cautious. Even in a low inventory environment, over priced properties will be over looked.
Good bye 2013. Happy New Year 2014 to all.









Dec 8, 2013

NYC Employment By Industry

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REBNY research reports the employment recovery in NYC and the country since the financial 
crisis in 2008 has been sluggish. Although jobs have increased overall in the city, some industries 
are faring better than others.

The largest gainer in employment over the period from the October bottom of the recession to now was Educational Services with an increase of 22.5%  Important for the office market, Professional and Business Services increased 13.6% from the October low of the recession.  

Also important for the office market, Financial Activities, is only up 3.5% from October 2009. 
Construction employment is still down .8% from October 2009 despite signs of new residential 
and office development around the city.


                        NYC Employment Oct. 2009               NYC Employment Oct. 2013


All Industries 3,688.70 3,999.90
Professional and Business Services 563.3 640
Health Care and Social Services 575.4 627.7
Financial Activities 427.1 442.1
Leisure and Hospitality 314.9 379.4
Retail Trade 296.3 339.1
Education Services 171.6 210.2
Construction 120.1 119.1
Real Estate 108.3 110.3

Change in Employment % Change in Employment
All Industries 311.20 8.4%
Professional and Business Services 76.7 13.6%
Health Care and Social Services 52.3 9.1%
Financial Activities 15 3.5%
Leisure and Hospitality 64.5 20.5%
Retail Trade 42.8 14.4%
Education Services 38.6 22.5%
Construction -1 -0.8%
Real Estate                                           2 1.8%
Source: NYS Department of Labor
Numbers in thousands


REBNY Research Department




Sep 8, 2013

Back to Fall Real Estate Market

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Fall Season

Summer is over.The Fall real estate market is underway. There is uncertainty in the middle east, a possible war in Syria an important election will take place for a new NYC mayor that may affect the real estate market and it's fashion Week. 

Real estate inventory is still very low. Interest rates while rising are still very low.  In July Average price per square foot for condos and coops increased significantly over last July. The strength of the market is evident in the rising prices and the increase of contract activity.  Average sale prices rose 55% year-over-year for condominiums and 69% for coops. This can be attributed to a decline in sales under $1M and a tremendous 400% growth in Corcoran sales over $5M this July compared to last July. 

Strong local, national and international demand is currently directed toward a far depleted supply. Prices responded to the strong demand, limited supply, low interest rates (now rising but still low) and continued confidence in New York as a safe and thriving market. The August monthly market snapshot should be out some time this week.

Happy buying and selling.


Aug 10, 2012

Manhattan Monthly Market Snapshot | July 2012

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Dec 7, 2011

Manhattan Luxury Market Report

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Manhattan Luxury Market Report

Manhattan’s luxury market is defined as the highest priced 10% of all co-op and condo sales. Pricing in the luxury market increased over both Second Quarter 2011 and Third Quarter 2010.

At $4.25 million, luxury median price increased 9% from last quarter and 4% from a year ago. At $1,947, average price per square foot increased 6% from last quarter and 8% from a year ago.

This positive growth was bolstered most notably by a pair of sales at or just over $30 million on Columbus Circle and Central Park South


Market-share by price category has remained relatively unchanged over the past year. Sales under $1 million accounted for 59% market-share in Third Quarter 2011. Sales in the $1 million to $2 million range saw a slight contraction and there was a slight expansion of sales over $5 million compared to a year ago.

As always, I will continue to follow closely sales activity and trends in Manhattan Lofts, and would welcome the oportunity to answer any questions about this report, the market in general or any questions about buying or selling real estate in Manhattan.


Data from Corcoran Report Third Quarter 2011

As always, I will continue to follow closely sales activity and trends in Manhattan, and would welcome the opportunity to answer any questions about this report, the market in general or any questions about buying or selling real estate in Manhattan.

Sep 9, 2011

9/11 - New York's Real Estate Market A Decade Later

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9/11 - New York's Real Estate Market A Decade Later

I will always remember that sunny September day 10 years ago, all the innocent lives lost and all the heroes who sacrificed their lives to save others. 

This blog is a market report about the Rebirth of Lower Manhattan and New York's Comeback.
Since September 11, 2001, the number of people living in Lower Manhattan has nearly doubled. In fact, Lower Manhattan has added more people over the past ten years than Atlanta, Dallas and Philadelphia combined.

Our city’s rapid economic recovery was the result of strong leadership at all levels of government (local, state and federal) and the resilience of all New Yorkers who were determined to come back from this unthinkable event stronger than ever.

Today Lower Manhattan is full of new housing, restaurants, hotels, bars, parks, schools, open spaces and new businesses big and small. Despite wide spread fear after 9/11 that New York's economy would never recover, The Real Estate Board of New York's (REBNY) examination of the city's real estate market shows that the city has demonstrated strength and resilience in the ten years following the attacks.

REBNY Study NY Real Estate A Decade after 9/11

Ten years later, New York City’s economy is strong and its real estate market is robust. REBNY has compiled data that chronicles the strides of NYC's real estate market in the last decade. Stimulated by government incentive programs, including grants for businesses and rent stipends for residents near ground zero, New York City has recovered and continues to thrive.

Today, New York City is thriving. Our population is growing and the city is adding new jobs. In re- sponse to the attacks, New York City has been a national leader in implementing more stringent building safety requirements. These include wider emergency exit stairs to make evacuations quicker, the installation of photoluminescent strips to make building evacuations safer and the full sprinklerization of office buildings to better safeguard property and protect lives.


In the spirit of the fellowship and unity that brought New York together in the wake of the September 11 attacks, Community Board 1 invites you to join us for Hand in Hand -- Remembering 9/11 as we stand together to show our resilience, unity and remembrance.

On Saturday, September 10th, 2011 at 8:46am, we will commemorate the 10 year anniversary of the September 11th attacks, when thousands of people will grasp hands to form a human chain along the waterfront from the tip of Lower Manhattan heading north.
> Register now.


courtesy of:
Mitchell Hall, Associate Broker, The Corcoran Group
REBNY member


      
 
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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.

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.

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