The Real Deal New York

Scorecard: Sales over $5 million doubled their market share in Q1

A roundup of news and data on the residential and commercial markets

May 06, 2016 03:15PM

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From the May issue: Sales of homes priced over $5 million are gaining ground in Manhattan. In 2016’s first quarter, deals in that category accounted for 9 percent of total transactions — more than twice as much as the 4 percent they comprised in the same quarter in 2015, according to a recent report by Bond New York. “The inflated percentage of that market segment will hold up pretty high for a while,” said Noah Freedman, principal at Bond, whose report did not include the actual number of deals. (An Elliman report found that there were 2,877 closed condo and co-op deals in the first quarter.)
Even if overall prices soften, the top of the market will continue to maintain its current market share because there is more supply coming on in that sector, Freedman said.

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Meanwhile, a one-day snapshot of listings platform On- Line Residential on March 27th revealed the top five most (and least) expensive Manhattan neighborhoods by listing price (see chart). Perhaps the most surprising neighborhood to land on one of those lists was Tudor City, known for compact studio and one-bedroom apartments. It ranked the third most affordable area with a median asking price of just under $500,000. But that could change soon. “I haven’t seen the appetite for Tudor City this high since before the financial crisis,” said Compass agent Takk Yamaguchi, citing sales price increases over the last six months.

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