The Real Deal New York

Category: Sales

  • From the May issue: The stock market is soaring. Unemployment is falling. And consumers seem newly confident. But at least one major obstacle is preventing a surge in residential sales in New York City: Even if buyers want to purchase homes, there aren’t many to choose from. In fact, the current inventory crunch, the worst in recent memory, has become the defining feature of New York’s residential market.

    At the end of the first quarter, there were just 4,960 co-ops and condos in Manhattan for sale — a stunning 34 percent decrease from 7,560 in the same period of last year, according to data from Douglas Elliman. [more]

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  • Click to enlarge

    In recent years, the Manhattan residential market has careened up and down like a roller coaster. But the number of transactions has largely remained on par from where they were in the early 2000s, even as prices have climbed, a report released today by Douglas Elliman shows. The report tracked the Manhattan condo and co-op market over the past decade beginning in 2003. [more]

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  • The Hamptons

    Activity was up, but average and median prices were down in the Hamptons in the third quarter of 2012, reports from leading brokerages show. A flurry of activity in the lower end — especially the sub -$1 million range — bolstered the market overall, as the area continues its long, slow recovery from the Lehman Brothers collapse, industry analysts told The Real Deal.

    The number of sales in the Hamptons in the third quarter was 443 this year, up 8 percent from 412 year-over-year, numbers from the Corcoran Group show. But the average and median sales prices declined 11 and 12 percent, respectively, the report says, to $1.32 million from $1.43, and to $775,000 from $879,000. [more]

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  • Brooklyn (credit: Prudential Douglas Elliman)

    Brooklyn’s sales market is constrained by plummeting inventory, but retains a relatively healthy luxury market, much like the Manhattan market in the third quarter, Prudential Douglas Elliman’s report for the period shows.

    Inventory was the lowest it has been in four years this past quarter, dropping 16.2 percent, to 5,602 units from 6,688 units year-over-year. Pricing was barely changed, however – down 0.8 percent in the borough from this period last year. The report tracks condominiums, co-ops and single-family homes.  [more]

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  • City-wide home sales inch up

    October 11, 2012 05:30PM

    New York City

    New York City’s home sales market showed positive signs in the third quarter with both home prices and sales volume continuing to increase at steady pace, according to a Real Estate Board of New York report released today. As average home sales prices across the city inched up 1 percent year-over-year to $786,000, sales volume increased 6 percent year-over-year. [more]

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  • From the October issue: If a year ago the watchword for buyers was cautious, this October a better term might be competitive.

    In the third quarter of this year, sales of Manhattan condominiums and co-ops rose 11.5 percent, to 2,952 transactions from 2,647, compared to the previous quarter, according to a market report prepared by appraisal firm Miller Samuel for Prudential Douglas Elliman.

    The median sale price increased 7.4 percent, to $890,000 from $829,000, in the same span — thanks largely to a whopping 45.4 percent increase in the median price of new development units, to $1.49 million, the data show. [more]

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  • Manhattan

    Manhattan residential sales have held flat in the face of a precipitous fall in inventory in the third quarter of 2012, reports from leading brokerages show.

    Inventory in Manhattan is down 24.3 percent year-over-year — its lowest level since 2005 — third quarter numbers from Prudential Douglas Elliman show. And while those numbers may not bode well for the market in the immediate-term, they leave open the possibility of a brighter 2013, Jonathan Miller, president of the real estate analytics firm Miller Samuel and author of Elliman’s market report, told The Real Deal. [more]

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  • No more fear of fall

    September 05, 2012 10:30AM

    From the September issue: What a difference a year makes — at least when it comes to Manhattan’s residential real estate market. As the fall of 2011 began, the country was reeling. Following the near-stalemate in Congress over raising the debt ceiling, Standard & Poor’s had downgraded U.S. debt.

    Occupy Wall Street protesters began camping out in Zuccotti Park — a glaring reminder of an arrested economic recovery. And European leaders were struggling to resolve Greece’s debt woes, which threatened to topple neighboring economies and even spread across the pond. [more]

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  • Average price per square foot of sold condos in Long Island City (source: Modern Spaces)

    Condominium prices in Long Island City have responded to a dwindling inventory, especially of smaller units, and are rising for studios and one-bedrooms while falling for larger homes, a market report released today by the brokerage Modern Spaces showed.

    Just 6 percent of the existing condominium inventory is currently available for purchase. Modern Spaces, which has spoken with developers such as TF Cornerstone and Rockrose Development about their forthcoming projects, expects just 250 more condo units to be delivered in the next 24 months, which would further depress supply. [more]

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  • The property at 232 Parsonage Lane is the most expensive closed sale in Sagaponack in 2012

    The number of Hamptons home sales rose 9 percent in the second quarter of 2012 to 414 transactions, from 379, as the luxury market remained largely flat and median prices fell across the area, according to a report released today by East End brokerage Town & Country Real Estate.

    While Judi Desiderio, founder of Town & Country, said she anticipated an increase in transactions, she was expecting a greater year-over-year jump. [more]

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  • Paula Del Nunzio of Brown Harris Stevens

    From the July issue: Between the lion’s head doorknocker, ornate stone fireplaces and pastel-colored parlor, the mansion at 973 Fifth Avenue looks like something out of an Edith Wharton novel. But its $42 million contract price, reported late last month after the home spent a year on the market with Brown Harris Stevens’s Paula Del Nunzio, is decidedly contemporary.

    The deal is the latest in a string of eye-popping sales in the last quarter that, some brokers say, has prompted sellers at the high end to test their luck with listings priced above $20 million — whether the properties are worth it or not. [more]

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  • Upper West Side new developments, from left: the Laureate, the Rushmore, the Aldyn and 846 West End Avenue

    The median listing price for new development apartments in Manhattan is up 10 percent year-over-year to $1.486 million in May, according to Streeteasy.com’s new development May market report. Contract activity and median sales prices for new homes in Manhattan and Brooklyn have increased significantly year-over-year. Meanwhile inventory has declined, most significantly in Brooklyn, where it was 33 percent lower than it was a year ago, and 19 percent lower than six months ago. [more]

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  • (credit: MNS)

    According to a market report released today by Citi Habitats, the Manhattan residential rental vacancy rate slipped below 1 percent last month, reinforcing brokers’ claims that the rental market is now hotter than it’s been since the mid-2000s.

    The vacancy rate in May hit 0.89 percent, its lowest level since July 2011, the Citi Habitats data shows. Citi Habitats President Gary Malin attributed that in part to declining inventory, due to a lack of new-construction residential buildings. [more]

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  • Source: Streeteasy.com (chart refers to new developments only)

    Inventory is declining and asking prices are rising for new development sales throughout Manhattan, Brooklyn and Queens, according to a new development market report released today by Streeteasy.com. Nowhere is this more apparent than in Williamsburg, the only neighborhood outside Manhattan with median asking prices surpassing $1 million in April. That milestone was achieved on the back of a 53.2 percent year-over-year increase that pushed median asking prices to $1.07 million for the 76 remaining sponsor units in the neighborhood, a 51.6 percent reduction. [more]

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  • Needle in a haystack?

    May 02, 2012 10:30AM

    From the May issue: If you’re in the market for a 30-room spread at the rarefied 740 Park Avenue, you may be out of luck. Last month, Courtney Sale Ross, the widow of Time Warner chairman Steven Ross, found a buyer for her pair of linked co-ops at the exclusive building. The duplex property boasts eight bedrooms, 10 bathrooms, six terraces and two libraries, and the reported $52 million price tag would be the highest ever for a New York City co-op if the deal closes for that amount. But even buyers looking for something less exceptional may be reminded of the proverbial needle-in-a-haystack search when they start hitting open houses this season. [more]

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  • Source: the Corcoran Group

    The Hamptons residential sales market may be mirroring Manhattan’s, with lower-priced properties making up a greater number of transactions than in the previous year, according to first-quarter market reports released today by three of the city’s biggest New York City brokerages. [more]

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  • From left: Michael Guerra, Elliman’s Brooklyn managing director, and Frank Percesepe, Corcoran’s Brooklyn senior regional vice president

    Home prices and transaction volume in Brooklyn and Queens were down in the first quarter of 2012 compared to the same period last year, according to market reports released today by residential brokerages Prudential Douglas Elliman and the Corcoran Group, although the overall picture shows stability.

    In Brooklyn, the median sales price dropped 5.3 percent to $450,000 from $475,000 in the same period last year, while the number of sales tumbled 23.9 percent to 1,807 from 2,373 sales, the Elliman report says. Corcoran pegged the median sales price at $428,000, a 2 percent decline over the same period last year. [more]

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  • Hamptons residential sales up in 1Q

    April 16, 2012 03:30PM

    Closing out an active winter season, Hamptons sales prices and volume were up in the first quarter of 2012 compared with sales at this time last year, according to a report from East End brokerage Town & Country. Across all Hamptons markets, sales volume increased by 30 percent, to more than $394 million from $303.7 million in the first quarter of 2011, the report shows. The number of sales was up 18 percent, to 257 from 217 in the same period a year earlier, and the median sale price was up to $817,500, from $775,000. [more]

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  • Christopher Meyers of Houlihan Lawrence and appraiser Jonathan Miller

    Sales volume edged higher in Westchester County in the first quarter of 2012, according to reports by Prudential Douglas Elliman and Houlihan Lawrence released today. But, that was countered by growth in inventory, the Elliman report indicates, and a decline in the average sales price.

    The number of sales in Westchester increased 1.8 percent to 1,277 from 1,254 sales in the prior-year quarter, the Elliman report shows, but listing inventory increased 1.5 percent to 6,769 units from 6,667 units at this time last year. Meanwhile, average sales prices declined 3.4 percent to $534,977 from $553,846 in the prior year quarter. [more]

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  • Home sales are down

    The fourth quarter of 2011 was a dismal one for the New York City residential real estate sector, per a study released today by New York University’s Furman Center for Real Estate and Urban Policy.

    The volume of home sales — single-family, co-op and condominium — in the five boroughs was down 15 percent quarter-over-quarter and 11 percent year-over-year, the report says. The sales volume is the lowest recorded since the second quarter of 2009. And there is little hope of sales increasing soon, as the number of new residential building permits citywide was down 60 percent quarter-over-quarter, according to the report. [more]

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