From the 2012 Data Book: The East Village and Lower East Side market and Battery Park City experienced the largest annual increase in residential sales in Manhattan in 2011, according to The Real Deal‘s 2012 Data Book. The former saw a 47.8 percent annual sales gain last year to reach 269 sales, while Battery Park City recorded a 44.3 percent yearly rise to bring its total to 202 (see chart above and the complete chart after the jump). [more]
Posts Tagged ‘residential sales’
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From the March issue: Recession notwithstanding, the median sales price of a Manhattan townhouse jumped 13.2 percent between 2009 and 2010, according to appraisal firm Miller Samuel. One reason for the jump is that, unlike condos, very few newly built townhouses have been added to the housing stock, according to Jonathan Miller, the president and CEO of Miller Samuel. That begs the question of why so many New Yorkers spend millions to painstakingly renovate historic brownstones, rather than just building new houses. After all, many Manhattanites love newly built condos, and modern McMansions have spread like wildfire across the country in recent years. [more]
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The Manhattan residential market still hasn’t rebounded to pre-recession sales prices and activity, but data released in The Real Deal’s 2011 Data Book shows it’s moving toward stability (click here to see the full data page).The number of apartments sold in 2010 reached 10,060, a steep climb from 2009, which saw just 7,430 residential sales. The median sales price, meanwhile, climbed to $845,000 last year, up from $810,000 in 2009. These numbers, however, are still off from peak-level activity: 13,434 residential sales closed in 2007, while the median price hit a high point of $900,000 in 2008. To purchase the 2011 Data Book, click here or see the link at the top of the website. TRD [more]
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Both the single-family and multi-family Manhattan townhouse markets showed signs of improvement last year, according to the Corcoran Group, which released its first annual Townhouse Report today. In the single-family market, the number of sales climbed 68 percent year-over-year to 96, while the median sales price inched up 6 percent during the same time period, reaching $5.83 million. Multi-family townhouses, which Corcoran defines as housing two to four families, saw a more tepid level of activity. TRD [more]
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Most industry insiders recognize that residential market reports can be deceptive — but few would assume that city records could be to blame for skewed sales data. According to Noah Rosenblatt, head of real estate tracking site UrbanDigs.com, the lag time between when a residential sale is filed with the city and when it’s recorded on public record is great enough to distort monthly and quarterly reports. “We all know that when a transaction closes the deal is done and should be available for use as a comparable sale,” Rosenblatt said. “But when it gets recorded as public record is another story.” [more]
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There were 6,586 closed residential transactions in Westchester County and 646 in Putnam County during 2010, according to the Westchester Putnam Association of Realtors’ fourth-quarter report, released today. The total dollar volume of sales in both counties was $4.3 billion in 2010, compared to $3.5 billion in 2009. That activity resulted in a 13 percent increase in sales since 2009 in Westchester County, and just a .5 percent increase in sales in Putnam County, compared to 2009. The single-family housing sector in both counties did the best, with Westchester’s 4,014 house sales seeing a nearly 20 percent increase over 2009’s sales, and Putnam County’s 576 house sales increasing by close to 6 percent over 2009. TRD [more]
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North Fork
Home sales declined 3.95 percent in the third quarter on the North Fork of Long Island to 73, compared to the same time period a year earlier, according to Town & Country Real Estate’s quarterly market report for the region, which analyzes all sales in the area. The total sales volume also declined year-over-year, dropping to $44.8 million, marking a 7.31 percent fall. The biggest drop in sales were seen in the higher ends of the market. No sales over $3.5 million were recorded during the quarter, compared to one logged during third-quarter 2009, while the $1 million to $1.99 million range saw four sales, a 50 percent drop. The data reflects a “bobbing along the bottom,” according to Town & Country CEO Judi Desiderio, who said that the market saw its lowest point in the second quarter of 2009. TRD
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Mortgage giant Fannie Mae has announced that it will back loans on homes in Battery Park City, according to Crain’s, after an in-depth review of the neighborhood’s ground leases. The move has caused many home sellers there to breathe a sigh of relief, after a potential ground lease fee hike cast on doubt whether Fannie Mae would underwrite the loans there. [more]
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March saw the largest monthly increase in new home sales recorded in nearly half a century, according to data released today by the Commerce Department. New home sales nationwide were up 27 percent over February, with a seasonally-adjusted sales rate of 411,000, greatly surpassing many economists’ prediction of a 330,000 monthly rate. The median sales price was relatively stable at $214,000, up 4 percent from the same month a year earlier, but down 3 percent from the previous month.
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Fannie Mae has backed out big time at Battery Park City, ceasing its purchase of individual mortgages on apartments, according to Crain’s, making it increasingly difficult to sell condos and co-ops in the neighborhood. While Fannie Mae has taken a stricter stance across the country, residents and brokers at Battery Park City say the federal agency has shown an especially drastic pullback there, due in part to the rapidly-changing ground lease fees. Unlike other neighborhoods in the borough, residents at Battery Park City pay to rent the land where their buildings stand — and that rate could, potentially, double when the current lease expires in 2011. Richard Martin, a senior vice president with DE Capital Mortgage, said that the neighborhood is suffering as a result. “Battery Park City is getting hit hard,” Martin said. “Underwriters consider the area a declining market.” And sales figures in Battery Park City are reflecting that pain: residential sales in the neighborhood dropped 59 percent in February 2010 compared to the same month a year earlier, according to StreetEasy.
