The Real Deal New York

Category: Sales

  • 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]

  • Kirk Henckels

    The market was hot for Manhattan co-ops with prices over $5 million last year, according to a new report from Stribling & Associates, with prices and volume of sales increasing.

    “Co-ops fared very well because the sellers reduced their prices,” said Kirk Henckels, executive vice president and director of Stribling Private Brokerage. “They got very real regarding bringing their prices back down from the peak of the market.” [more]

  • Number of contracts for new development units in Manhattan

    Median listing prices for units in new developments in Manhattan and Brooklyn have increased year-over-year, and contract activity in both boroughs has increased by more than 40 percent, according to’s February new development market report covering Manhattan, Brooklyn and Queens.

    The median listing price for Manhattan new development units was up 6.8 percent last month to $1.44 million from February 2011, the report says. In Brooklyn, where supply is more constrained, the median price was also up, 16.8 percent year-over-year to $697,000. [more]

  • Connecticut home prices plummeted in January reaching lows not seen for eight years, according to a state-wide report released today by the Warren Group, a publishing and information services company.

    The median price of single-family homes sold in January fell 12.5 percent from the prior-year month to $210,000. It’s the lowest state-wide median price since March 2003. [more]

  • From the March issue: When Adina Azarian first opened her boutique rental firm, Adina Equities, in 2003, a veteran broker called to wish her luck and offer a key piece of advice.

    “He told me that February is just an awful month for rentals,” recalled Azarian, who still runs her eponymous firm and also works at Keller Williams NYC as its “cultural ambassador.” [more]

  • From the February issue: A Central Park West mansion belonging to retired Coach executive Keith Monda sold last month for $22.4 million, a record price for a single-family townhouse on the Upper West Side. The purchase kicks off the New Year with echoes of 2011: luxury real estate maintaining (or even exceeding) its pre-crash values, and a wealthy foreigner — in this case, international buyer Igor Iankovsky — swooping in to own a piece of New York City.

    But the rest of the residential market last month was inconsistent, brokers said; while there’s strong demand for mid-priced properties, sales of properties under $1 million are sluggish. [more]

  • Condo and co-op sales (source: Prudential Douglas Elliman)

    Through the housing booms and credit busts, the Manhattan residential sales market had a fairly nondescript decade ending in December 2011.

    Prices across all housing stock increased about as much as one would expect they would have since 2002, and sales activity was remarkably similar in 2011 to 2002. [more]

  • Hamptons median sales price drops

    January 26, 2012 12:35AM

    Aerial view of the Hamptons

    Home sales below $1 million boosted the volume while decreasing the median price on the East End of Long Island, according to fourth-quarter 2011 market reports from Prudential Douglas Elliman and Brown Harris Stevens released today.

    Sales in the fourth quarter were higher than expected, holding steady year-over-year, despite the fact that changes in tax rules produced an artificial uptick in the fourth quarter of 2010, Elliman’s Hamptons/North Fork sales report indicates (see chart). [more]

  • A windmill in Sag Harbor

    Buyers returned to the high-end of the Hamptons market in 2011, while activity on the low-end dissipated, according to a year-end market report released today by Town & County Real Estate. The report comes four days after the firm’s fourth quarter report, which showed the exact opposite trend: sales at the lower end of the market increased 21 percent over the fourth quarter.  [more]

  • Long Island City prices (source: Modern Spaces)

    For the first time in several years, Long Island City apartment sales prices rose across the board in 2011 and buyers put a premium on larger units, according to a year-end report released yesterday by Modern Spaces.

    The average price per square-foot of a studio increased 3.6 percent from 2010 to $697.45, and the average price paid per square-foot for a one-bedroom jumped 3.4 percent to $700.94. But the biggest increases occurred in the two- and three-bedroom sectors. [more]

  • Source: Prudential Douglas Elliman

    A sharp drop in national mortgage rates coupled with a barrage of weak economic news in the fall drove down the overall average prices of property sales in both Brooklyn and Queens in the fourth quarter of 2011, according to reports from Prudential Douglas Elliman and Brown Harris Stevens, released today.

    In Brooklyn, home prices overall declined largely due to a jump in the volume of sales of lower-priced co-ops. The average sales price dropped by 7.5 percent to $529,640 in the last quarter of 2011 from $572,892 in 2010, while the number of total sales increased by 6.1 percent to 1,558 from 1,468, according to Eliman’s report. Meanwhile listing inventory decreased 4.8 percent to 5,908 units from 6,203 the year-prior quarter. [more]