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

Oct 16, 2017

Manhattan Monthly Market Report | September 2017

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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.


Apr 17, 2017

Manhattan Monthly Market Report | March 2017

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Market Wide Summary 

With subtle improvements in pricing and sales activity, March marked a solid month for both the condo and co-op markets. While the month-to-month uptick in sales during the start of spring is typical of seasonality, sales were also up year-over-year.

Relative to last year, average price dipped marginally in the condo market while growing by a significant 20% in the coop market.

Median price and average price per square foot also saw year-over-year gains market wide, though listings spent more time on the market compared to March 2016. Co-op inventory held steady versus last year, while condo inventory grew 9%, a trend that has sustained since early 2016.


Condominium Market Snapshot 

March sales activity saw a year-over-year boost of 2%, though average price was down by the same amount. Both median price and average price per square foot remained about level with March 2016’s figures. Changes in average price per square foot by bedroom type were subtle, with three bedrooms being the only category to show a year-over-year decline, by 4%.

Listings spent more time on the market this year relative to last year, jumping to 119 days in March 2017 from 99 days in March 2016. Nearly 40% of listings spent over 100 days on the market this month, whereas the figure fell closer to 30% last March.

Negotiability was almost unchanged from last year, but discounts across the market were considerably smaller than last month. Inventory was up 9% compared to last year and 8% compared to last month.



Cooperative Market Snapshot 

Market dynamics for co-ops were largely positive this month, with sales activity and pricing metrics up across the board. Signed contracts rose by 1% versus last year, as average price grew by 19% over the same period. Median price was also up, by 16% year-over-year and 23% from last month.

Average price per square foot grew 4% market wide, with one bedrooms and three plus bedrooms seeing double-digit annual gains. Discounts were larger this year than last year, but remained level with February’s figure.

The only area where the co-op market lagged relative to last year was time spent on the market -- co-ops were on the market 22% longer than last year, and 18% longer than last month. For the first time in a year, inventory held steady versus last year rather than increasing.



Manhattan Total Listings 

Typical of seasonal norms, inventory grew this month. For the third consecutive month, inventory marketwide has risen versus the prior month. Inventory also saw modest annual growth of 5%. Condos made up over half of market share of total listings at 54%.

Townhouse inventory grew 7% annually, while co-op inventory remained unchanged year-over-year for the first time since early 2016. Condo inventory, on the other hand, increased year-over-year.



Negotiability Factor 

While there have been upward and downward shifts month-to-month, the overall trend since Spring 2016 has been increasing negotiability in favor of the buyer. In the condo market, overall negotiability was level with last year at -1.9%.

Co-ops saw greater discounts this March versus last at -1.3%. This month, 56% of sales marketwide were below ask, and the average discount this month was around 4% on deals negotiated. In the condo market, 64% of transactions were below ask, compared to 51% in the co-op market. Surprisingly, 20% of the deals sold for above ask, at an average of 4% over ask.


Mar 22, 2017

Manhattan Monthly Market Report | February 2017

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Market Wide Summary 

Contract activity increased market wide this past February, up by 7% compared to last year. The condo market saw notable year-over-year increases in all pricing metrics as the co-op market saw small decreases across the same metrics. Both markets, however, were marked by increases in the amount of time listings spent on the market, fueled by market wide inventory growth. Negotiability favoring the buyer was more pronounced in both markets, a trend that has persisted since early 2016 due to increasing buyer choice.

Condominium Market Snapshot 

While price metrics were promising this past February, condos spent significantly more time on the market than last year. Contract activity was down slightly compared to last year, though increased 11% from last month. Average price showed a significant increase this month, driven by a crop of sales at the top of market. In line with this rise in average price, the condo market saw annual gains in both median price and average price per square foot, by 15% and 10%, respectively.

One and three plus bedrooms each experienced 17% growth in average price per square foot as the metric for two bedrooms held steady. Average price per square foot for studios dropped 14% year-over-year as there were no sales over $2,000 psf. Continuing last month’s trend, year-over-year average days on market increased significantly - by 54%.

The past year has been marked by year-over-year inventory increases, and February was no different; inventory grew 6% versus last year. Discounts were pervasive, as difference from last ask to sale was -3.5% compared to -2.6% last year.



Cooperative Market Snapshot

 Co-op sales showed an uptick this past month, rising 17% from last February and a significant 35% from last month. Average price held steady, though average price per square foot dropped 5%. The greatest decrease this month was seen in the market for three bedrooms, while the greatest increase was in the studio market. Median price also dipped year-over-year, by 3%.

As in the condo market, average days on market for co-ops increased as inventory grew, both metrics were up by 5%. There was less negotiability this month than in January, but more negotiability versus last year as buyers continue to have more options in the co-op market.


Manhattan Total Listings

Typical of seasonality, February’s listings rose after a dip in inventory in the early months of winter. Total inventory was up 6% year-over-year, and condos continued to make up over half of all listings. There were 399 townhouses on the market this month, an annual increase of 6%. As seen in the condo and co-op markets, increasing inventory can have an impact on negotiability and days on market, as buyer have more options and feel less pressure to move quickly.


Ask vs. Sale Price Comparison 

Compared to last February, almost all price categories saw a decrease in sales above ask and an increase in sales below ask. The one notable exception is the market for listings under $1MM. Due to scarcity, listings in this market were sold above ask more frequently than in any other price category. At the other end of the spectrum, there were no listings sold above ask in the $5MM+ category, and almost 90% of transactions sold below ask. Negotiability in each price category is highly impacted by each price category’s amount of inventory relative to sales.


Mar 18, 2017

Brooklyn Market Report | February 2017

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Brooklyn Market Wide Summary 

February saw a double-digit increase in contract activity versus last year, with 26% more sales. Listed inventory increased mostly, up just 3% versus last February.

Median and average sale price experienced significant annual gains, with double-digit growth of 22% and 29%, respectively, marking the largest increase in pricing since March 2015.

All bedroom types except for studios experienced a 6% rise in pricing over the last year, fueling overall price per square up 10% year-over-year to $880 per square foot.

The trend of price discounts continued into February, with an average discount of 2.4% off asking price, and nearly half of sales below asking price.


Brooklyn Apartment Listings 

Total listed inventory in February rose 3% compared to last year, and was up 2% month-over-month. The annual inventory gain was solely due to condos, as co-op inventory actually declined 6%. Condo inventory was up 11% year-over-year.


Feb 21, 2017

Manhattan 2016 Year End Review

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Manhattan 2016 Year End Review

Overview

Manhattan residential real estate saw a mixed market in 2016. While closings were down 11% year-over-year, average price per square foot, average price, and median price all reached record highs for the second year in a row.

Average price per square foot in 2016 was up 12% year-over-year to $1,841, average price increased 12% to $2.045M, and median price increased 11% to $1.100M. Overall inventory continued to rise versus 2015, up by 16%.

Sales

Sales in 2016 were down 11% from 2015, and at 13,605 closings, fell to their lowest level since 2011. Record high prices, the undersupply of lower-priced inventory and the volatility of an election year contributed to this decline.

Inventory

Each residence type saw increases in inventory during 2016. Fourth Quarter 2016 co-op inventory was up 11% from Fourth Quarter 2015, but the 2015 figure was a record low. Listed condo inventory increased for the third consecutive quarter, up 22% year-over-year, the most of any Fourth Quarter since 2011. With over 4,200 units in new developments projected to launch in 2017, condo inventory is likely to continue to climb in the foreseeable future, but will still be well below the peak in 2009.

Prices

Market Wide median price, shown below, increased by 11% year-over-year. Average price per square foot rose 12% year-over-year to reach $1,841, a record high. Median prices have now increased every year for the past five years.


Statistics by Type

Resale co-op sales in 2016 were down by 15% from 2015, while resale condo sales were down 10%. New development closings were level with last year. The rise in new development pricing was due to closings in buildings at the top of the market, including 432 Park and The Greenwich Lane. Prices for each residence type rose year-over-year. Resale co-ops median price increased by 5%, resale condo median price by 2% and new development median price continued to reach record highs, rising 52% to $2.75M.



Feb 7, 2017

Purchasing a Home in a New Development

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In 2017 there will be many new residential developments including both ground-up construction and the conversion of existing structures such as a commercial building or rental property. 

21st Century Designed. Modern room proportions, high quality materials, and windows that maximize light and air add up to a home that complements your lifestyle. Many new homes are healthy homes with green features.

Green features make your life healthier, and energy efficiency benefits you and the environment. Brand new apartments are outfitted with top of the line materials, the most up to the minute technology, and all the little extras that make life easy. Move in and build a new community with your neighbors.

How to buy in a NYC New Development:

Easy to purchaseBenefit from a hassle-free purchase process with no board packages, interviews, and use your residence however you want—live, rent, or pied-à-terre.

Once an offer is accepted by the Sponsor, The Sponsor's attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser's attorney for review. 

Once both parties have signed the Purchase Agreement and the Sponsor receives a deposit, the residence is considered "in contract."


The Astor 



Hudson Yards












A Sponsor can only send out one contract per unit at a time for a New Development deal. 

This can be to your advantage to get a contract out on a property you may be interested in. If you change your mind you can easily withdraw offer.

If you’re facing a river or a park you are most likely safe of nothing going up around the area you are purchasing. If you are worried about views and are willing to spend a little extra money you can get the proof at least for the near future because a view can not be protected or guaranteed without owning the air rights.

Contracts are not very transparent, buyers need to get the right attorney and mortgage broker involved, it is very important to get a mortgage person that can finance in a new building. Everything has to be quick. 

It is important to have an experienced buyer's broker represent you in New Developments. On-site sales agents represent the seller/sponsor/developer's interests.

New Developments | FAQ

WHAT IS CONSIDERED NEW RESIDENTIAL DEVELOPMENT?

In New York, this is a residential offering that is completely new to the market, and must be approved by state and local governments. It includes both ground-up construction and the conversion of an existing structure, such as an office building or rental property.
 WHAT IS A ‘SPONSOR’?
The legal entity that owns the new development being offered—considered “the seller.”

WHAT IS AN ‘OFFERING PLAN’?
A comprehensive disclosure document provided by the Sponsor and approved by the Office of the Attorney General of the State of New York (“Attorney General”) that describes the property’s offering.

WHAT IS AN ‘OFFERING PLAN AMENDMENT’?
A modification to the Offering Plan that is filed with and accepted by the Attorney General. Amendments are issued over time as material changes are made to the Offering Plan.

WHAT IS A ‘PURCHASE AGREEMENT’?
A legal agreement between a Purchaser and Sponsor detailing the conditions of the sale of property, including price and terms.

HOW IS AN OFFER MADE?
Offers are made in writing and submitted to the development’s onsite salesperson by the buyer or their real estate agent.

HOW DOES AN ACCEPTED OFFER GO INTO CONTRACT?
Once an offer is accepted by the Sponsor, the onsite salesperson requests contact information for the purchaser. The Sponsor’s attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser’s attorney for review. Once both parties have signed the Purchase Agreement and the Sponsor receives a down payment, the residence is considered “in contract.”

HOW IS A DOWN PAYMENT MADE IN NEW DEVELOPMENT?
Typically, this is a percentage of the purchase price. Often, it is paid in the form of a certified check or wired into an escrow account set up by the Sponsor’s attorney.

WHAT IS THE DIFFERENCE BETWEEN COMMON CHARGES AND MAINTENANCE FEES?
Common Charges are monthly dues in condominiums, the most common form of new development. Maintenance Fees pertain to cooperatives.

FOR CONDOMINIUM BUYERS, WHAT ITEMS ARE COVERED BY MONTHLY COMMON CHARGES?
Common Charges are the monthly charges allocated to each residence and paid to the condominium in order to cover the pro-rata share of the condominium operating expenses. This does not include the unit owner’s real estate taxes which are billed separately to each owner. As the cost of operating the building changes over time, Common Charges are also subject to change.


Top 10 Reasons to buy in a new development

Click here to receive new development listings or call me at 347-921- HALL (2455) or email me to schedule showings.

Jan 6, 2017

Manhattan Market Report | Fourth Quarter 2016

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I am delighted to share with you our Q4 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q4 2016 (October 1st through December 31st).

Key Findings of the Fourth Quarter Report:

  • Prices remain high, but gain no ground. Overall, median prices were down versus the prior year and unchanged versus the prior quarter. The median price in Manhattan is $1.024 million (down 8% vs a year ago) and the median price per square foot is $1,324 (down 2% vs the same period). The Fourth Quarter marked the third straight quarter of price stagnation or retreat from the First Quarter 2016 peak.
  • Fewer sales. For a fourth straight quarter, the number of sales was off from the prior year. 15% fewer sales closed and 15% fewer contracts were signed in the Fourth Quarter of 2016 than one year prior.
  • More inventory and a slowing pace. This was the fifth consecutive quarter in which the number of properties available for sale was up. 5,865 units were for sale in the Fourth Quarter, 16% more than in 2015. At the current pace of sales that represents about five-and-a-half months of supply, a 31% increase from the prior year.

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


























Apr 15, 2016

Manhattan Market Report | March 2016

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Manhattan Market Report | March 2016

Market Wide Summary


Overall Manhattan contract activity dipped slightly compared to last year, but rebounded from last month’s atypically low number of sales. Condo sales declined by 5% compared to this time last year, while co-op sales dropped a modest 3%.

Average and median sale price declined year-over-year in the condo market. In the co-op market, average price held approximately level with last year while median sale price fell 8%. Price per square foot trends diverged in the condo and co-op markets, with average price per square foot down 7% year-over-year in the condo market but up 5% in the co-op market.

The length of time from listing to sale changed little in both the condo and co-op markets compared to last year, and was in line with the twelve-month average. Condominium inventory continues to increase, with listed inventory up month-over-month and year-over-year. The co-op market bucked its 16-month trend of annual declines in inventory, with total co-op listings rising year-over-year for the first time since November 2014.


 

Feb 10, 2016

Residential Pools on the Upper West Side

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While there are many apartment buildings on the Upper West Side only a select few condos and condops have swimming pools since most upper west side building are pre-war coops. 

Many modern post-war buildings developed since the 1980's have indoor pools. For many buyers a pool is a priority amenity. Today there are more pools in luxury condos and condops than ever before.

I was recently asked what buildings have indoor swimming pools on the Upper West Side. I'm re-posting this popular blog originally published October 3, 2011.  



Built 2011




The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River including a 75' Swimming Pool and Hot Tub.

Apartment 2102 is currently for sale asking $16.900,000 (updated 12/15/2012)

Features 13 rooms, 7 bedrooms, 9.5 baths and your own private pool, 15 x 37, plus spa tub on the sun-drenched terrace of 3,800 square feet.






Built 2010

the Rushmore Pool


The Rushmore
LaPalestra Well Center

75' swimming pool





The four Trump Place condominium buildings have health clubs with pools.
120, 200, 220, 240 Riverside Boulebard
Built 200 -2004
Trump Place













The Alexandria - 200 West 72nd Street at Broadway -
Full Service Condo - Health Club, Pool, Hot Tub
Built 1991
The Alexandria -201 West 72nd POOL


The Alexandria -201 West 72nd POOL

















The Bromley
225 West 83rd Full service condo built 1988
health club with pool
The Bromley _ Upper West Side
The Bromley Pool
















The Boulevard 2373 Broaway
at 2373 Broadway, - Built 1989
The Boulevard is a full service luxury Condop.

Two level Health club with 75' Boulevard Pool





The New West
250 West 90th Street at Broadway - Built 1986
Full Service condo with rooftop pool
Full service condo, 21 floors, 185 apartments, rooftop pool and health club
The New west 250 W 90th at Broadway

New West















535 West End Avenue
at 86th Street
Full Service Luxury Condo Built in 2010
535 West End Avenue

535 West End Avenue POOL
















The Columbia
275 West 96th Street at Broadway - Built 1983
Full service condo, 35 floors, 302 apartments, garage, health club pool.
The Columbia - 275 west 96th Street at Broadway POOL
The Columbia - 275 West 96th Street at Broadway

















The Ariel (East and West)
Broadway at West 99th Street - Built 2006
The Ariel East and West, Broadway at 99th St.
Ariel Condos East & West POOL






The Ariel West and the Ariel East. Ariel East - Fitness center, pool



courtesy of:
Mitchell Hall, Associate Broker
The Corcoran Group
P (347 921-4255

 
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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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