Showing posts with label residential. Show all posts
Showing posts with label residential. Show all posts

Apr 11, 2018

Preparing for Building Workers Strike


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 2, 2016

Manhattan Market Report | 1Q- 2016


Manhattan Market Report  | 1Q- 2016

The average sale price surpassed $2 million for the first time, reaching $2.089M, up 8% from last quarter and 15% from last year.

Average price per square foot also reached a record high, up 5% from last quarter’s record to $1,832 per square foot. All bedroom sizes had increases in median price, lead by three+ bedroom residences with a jump of 30% from last year.

Mar 14, 2016

Brooklyn Market Monthly Report | February 2016


Brooklyn Market Report | February 2016

Market Wide Summary

This month average price, median price, and average price per square foot were all lower versus last February. The year-overyear comparison was skewed by a downward shift in the market share of sales over $2M. Last year, sales over $2M accounted for 13% of sales, while this year just 4% were above this threshold, a parallel trend to Brooklyn overall.

Two bedrooms had the largest decline in average price per square foot, but this was partially due to an increase in sales activity in BedfordStuyvesant and Prospect-Lefferts Gardens. Studio price per square foot rose, but there were too few studio sales to derive any meaningful conclusions.

Contract activity dipped 18% versus last February; this double-digit decline has not been seen in nearly two years. Inventory was up 8% from last year but even with more choices for buyers, negotiability still remained very tight. 37% of sales sold for below the asking price, up from 32% in February 2015. Days on market has remained below 60 days for the past four months.

Brooklyn Apartment Listings 

Apartment inventory rose 8% from February 2015 to 2,097 listings. This is the twenty-first month of year-over-year inventory growth in Brooklyn. Despite the increase in inventory, the number of listings in February was just 2% more than the 13-month rolling average of 2,065 listings.

Mar 12, 2016

Manhattan Market Monthly Report | February 2016


Manhattan Market Report | February 2016

Market Wide Summary 

The Manhattan residential real estate market has tempered somewhat compared to the fast pace of last February. Contract activity was down year-over-year in both the condominium and co-op markets. The substantial month-over-month uptick in condo and co-op sales is in line with seasonal norms.

A number of price indicators showed positive signs this month, with condominiums and co-ops alike seeing year-over-year gains in average price and average price per square foot. Price per square foot either grew or held steady in all bedroom types except for condo two bedroom units and co-op studio units. The length of time from listing to sale increased moderately in both the condominium and co-op markets compared to last February.

Listed condominium inventory increased 15% over last year. With this increase in buyer choice, condominium buyers were more successful at negotiating the purchase price downwards compared to last year. By contrast, negotiability remained nearly non-existent in the increasingly constricted co-op market.

Condominium Market Snapshot 

Condominium sales declined 21% this month compared to this time last year. Despite the year-over-year decrease, however, this month’s sales figure was 34% higher than January’s. Listed inventory rose by double digits versus both last month and last year.

The average sale price rose 6% over last February but fell compared to last month’s atypical high. Median price was down versus both last month and last year. Average price per square foot rose by 6% compared to February 2015, led by studios and three+ bedroom residences, which both rose by double digits. Only two bedroom units declined on a price per square foot basis.

The length of time it took for condominium units to sell rose 7% year-over-year to 112 days, the highest level since January 2015. Buyers had greater success in negotiating the sale price downwards compared to both last month and last year. Negotiability in the condo market is now at its highest point in over two years.

Cooperative Market Snapshot 

Market signals in the Manhattan co-op market were varied in February, with average sale price up 5% but median price down 5% versus February 2015. This spread between average and median price is partially explained by the high proportion of co-op sales above $3 million this month compared to last February.

Average price per square foot rose year-over-year in all bedroom types other than studio units, which saw a 9% decline in average price per square foot versus February 2015. Co-op listed inventory entered its fifteenth consecutive month of year-over-year decline, dropping 5% versus February of last year.

The shrinking pool of available co-op inventory is partly responsible for the 21% year-over-year drop in co-op sales. Days on market inched upwards to 83 days, a 5% increase over last February. As it was a year ago, buyer negotiability is minimal in the co-op market, with co-op units selling for just 0.3% below the asking price on average.

Manhattan Total Listings 

In spite of the steady contraction of co-op inventory, Manhattan total listings continued their gradual increase in February. Total listed inventory grew by 6% versus last year and 10% versus last month. The growth of available inventory is driven almost exclusively by the condo market, which has been expanding as a proportion of the listed total since May 2013. Condominium residences now represent 53% of total listed units, a market share not seen since January 2009

Negotiability in the Condo and Co-op Markets 

With co-op inventory now in its fifteenth month of year-over-year decline, negotiability in the co-op market is near historic lows. Co-op residences sold for just 0.3% below the asking price in February; negotiability disappeared entirely from April to July 2015, with the average sale price higher than the average asking price. By contrast, negotiability in the condo market has been increasing slightly year over-year for most of the past twelve months.

The average condo sale price is now 2.6% below the asking price, the greatest difference since October 2013. Despite these increases, however, negotiability in the condo market remains very limited compared to historic levels, with the difference between last ask and sale price far smaller than levels seen prior to 2013.

Mar 2, 2016

2015 Manhattan Townhouse Report

Among it's Findings:
  • The number of townhouses sold fell by 12% versus 2014
  • The value in townhouses continued to rise-up 11% over 2014 to $1,730/sf
  • For the first time in 2015, more than half of the townhouses sold traded over $5MM
  • The disparity in value per square foot between townhouse and apartments has led to significant interest in the investment potential of townhouses.
  • Thanks to their relative affordability and renovation potential, more e.
  • This dynamic fueled the 35% annual gain in median price as well as the 27% increase in average price.

Oct 18, 2015

Manhattan Monthly Market Report | September 2015

Manhattan Monthly Market Report | September 2015

Market Wide Summary 

Overall sales were down 17% year-over-year, with declines in both the co-op and condo markets. As is typical at the end of summer, listings jumped by 18% in September relative to August, led by the co-op market which increased 25%.

However, total inventory remains 6% below last year’s level. Co-op sale price was up while condo sale price fell versus September 2014. Studio and one bedroom units represented a greater share of sales this month versus September 2014, partially accounting for the decline in condo sale price year-over-year.

With an increase in co-op inventory month-over-month, buyer negotiability increased in the co-op market. 52% of total sales this month sold below asking price compared to just 40% in June, reflecting the increase in inventory and greater buyer choice. Days on market declined in both the condo and co-op markets versus last month and last year.

Condominium Market Snapshot 

Condo sales were down this month, dropping 21% versus last year and 11% versus August. Condominium average and median price declined relative to last year. Average price per square foot increased a negligible 2% versus last September.

However, these overall figures misrepresent actual price trends, since larger units have declined markedly as a proportion of total units sold, skewing prices down. Two and three bedroom units represented 60% of total units sold this month relative to 72% of units sold in September 2014.

Average price per square foot increased year-over-year in every bedroom category except 3+ bedrooms, which fell by a modest 2%. The gap between last asking price and sale price narrowed versus last month and last year. The length of time it took for listings to reach contract declined to just 78 days, the lowest such figure since August 2014.

Cooperative Market Snapshot 

Co-op sales were down versus last month and last year. Co-op prices rose relative to September 2014, with co-op average sale price up 10% and median price up 9%. Average price per square foot rose 8% versus last year. Two bedroom units experienced the most substantial price per square foot increase, rising 25% versus September 2014, followed by studios, which rose by 22%. While inventory rose versus last month, the co-op market continued its trend of year-over-year declines in inventory, dropping 15% versus last year. Negotiability - the difference between last asking price and sale price - increased from its nearly nonexistent level last month. The length of time from listing to contract signing declined versus last month and last year to 86 days.

Jul 1, 2015

Manhattan Market Report | Second Quarter 2015

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.


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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