Lessons from a decade of Manhattan real estate sales

New York /
Jan.January 30, 2014 06:18 PM

A ten-year retrospective on Manhattan real estate by leading brokerage Douglas Elliman produced some revealing facts. For instance, it may make sense to go co-op over condo, not to tarry over bedroom count and be decisive — inventory is at historic lows with no signs of the shortage abating.

Co-ops have always been on average less expensive than condominiums, but with 30 percent more bang for the same amount of buck nowadays, co-op purchases go further, according to a survey of Manhattan co-op and condominium sales by appraisal firm Miller Samuel and Elliman. In 2013, the price gap between average co-op price and average condominium price was $299 — up 68 percent from $177 per square foot in 2004.

“It speaks to the changing housing stock in Manhattan,” appraiser and market analyst Jonathan Miller, president of Miller Samuel, told BrickUnderground. “The new product entering the market is luxury.”

In either type of unit, the number of bedrooms may be less meaningful than the actual square footage. Average square footage at three- and four-bedrooms has shrunk over the last 10 years, with the former dwindling by around 750 square feet and the latter by nearly 1,000 square feet. Studios, meanwhile, haven’t changed much, holding at an average of roughly 1,270 square feet in 2013.

But regardless of value and space, it pays to hustle in today’s market. Last year Manhattan apartments zoomed into contract in 121 days on average, down from 172 days the year before. And that’s on top of volume that is down to begin with, with 4,162 available listings in 2013 — the lowest number in 14 years, according to the report. [BrickUnderground]Julie Strickland


Related Articles

arrow_forward_ios
61-01 Springfield Avenue in Bayside with Skyline Properties’ Robert Khodadadian and Daniel Shirazi (Google Maps)
Bayside shopping center goes for $32M to lead mid-market sales
Bayside shopping center goes for $32M to lead mid-market sales
Contracts, Douglas Elliman, Jonathan Miller, Miller Samuel
Contract signings for homes plunge, yet inventory stays low
Contract signings for homes plunge, yet inventory stays low
Brooklyn nursing home tops mid-market investment sales
Brooklyn nursing home tops mid-market investment sales
Brooklyn nursing home tops mid-market investment sales
Miami vs NYC: A developer’s guide
Miami vs NYC: A developer’s guide
Miami vs NYC: A developer’s guide
James L. Nederlander with 145-146 Central Park West
Show goes on: Nederlander buys another San Remo co-op unit
Show goes on: Nederlander buys another San Remo co-op unit
43 East 53rd Street with ZG Capital Partners’ James Tamborlane and Bobby Zar (Google Maps, LinkedIn)
Bobby Zar buys Midtown office building for 15% less than 2015 price
Bobby Zar buys Midtown office building for 15% less than 2015 price
1020-1026 Third Ave, 1031-1049 Westchester Avenue and Vanbarton Group's Gary Tischler (JLL, Google Maps, Vanbarton Group)
Kahen buys trio of Lenox Hill buildings for $34M in another busy week of i-sales
Kahen buys trio of Lenox Hill buildings for $34M in another busy week of i-sales
JDS Development's Michael Stern and Major Food Group partner and co-founder Jeff Zalaznick with renderings of the project at 888 Brickell Avenue (JDS Development, Major Food, Illustration by The Real Deal with Getty)
Major Food Group exits JV in Stern’s Miami condo tower
Major Food Group exits JV in Stern’s Miami condo tower
arrow_forward_ios

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

Loading...