Contracts down for residential units

New York /
Feb.February 10, 2009 10:59 AM

Fewer contracts were signed for residential units in Manhattan in January compared to the previous three months, according to the Core Group Marketing’s latest Real Time Report. Contracts were still signed for one-bedroom units in every Manhattan neighborhood last month, but most neighborhoods saw no sales of three-, four-, five- or six-bedroom units. Only on the Upper East and West sides were contracts signed for apartments of every size. Larger units with higher price points spent more time on the market in January than smaller units with lower price points. Inventory declined in January as sellers who weren’t in a hurry to sell took their homes off the market. The Core Real Time Report was first issued last month and uses data from the company’s database. “At face value, contracts are a terrific way [to look at the market] because they’re closer to the point where a meeting of the minds occurs,” said Jonathan Miller, president of appraisal firm Miller Samuel. But “it’s not clear to me whether [this data] represents a cross-section of contracts,” he said. TRD


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
BLDG Management founder Lloyd Goldman (iStock)
BLDG plans 800k sq ft tower in Long Island City
BLDG plans 800k sq ft tower in Long Island City
A closer look at Compass’ trail of litigation over its business tactics
A closer look at Compass’ trail of litigation over its business tactics
A closer look at Compass’ trail of litigation over its business tactics
The State Building and Construction Trades Council president Robbie Hunter (CA Building Trades, iStock)
California could require union labor on all affordable housing projects
California could require union labor on all affordable housing projects
Salesforce CEO Marc Benioff and Amazon's Jeff Bezos are backing the startup (Getty, Arrived)
Bezos-backed Arrived Homes is latest startup to expand real estate investment
Bezos-backed Arrived Homes is latest startup to expand real estate investment
Josh Baumgarten (left) and Adam Schwartz, co-CEOs and co-Chief Investment Officers of Angelo Gordon with 2 Huntington Quadrangle, Melville, 6 and 8 Corporate Center Drive in Melville (Angelo Gordon, We're Group)
Angelo Gordon, We’re Group score $350M refi for Long Island offices
Angelo Gordon, We’re Group score $350M refi for Long Island offices
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...