Home values in formerly redlined areas still lagging behind

A weekly feature bringing you the industry's latest intel

New York /
Apr.April 25, 2018 04:20 PM

Harlem townhomes (Credit: Getty Images)

Residential

Sales | Zillow

The value of homes in formerly redlined neighborhoods still lag behind other areas. In December 2017, the median value of a U.S. home in a redlined district stood at $276,199, 14.9 percent less than the $324,489 in non-redlined areas. The disparity was less pronounced in Manhattan. During the month, the median value of a home in a redlined area stood at $1,778,488, which is 4.4 percent less compared to the $1,860,758 for non-redlined neighborhoods. Read the report here.

Sales | Leslie J. Garfield

Between April 8 and 22, Manhattan posted only two townhouse sales and no signed contracts. The most expensive sale was for 43 West 87th Street, which sold for $6.95 million. A total of 34 townhouses went on the market during the period, generating a total asking price of $318.6 million. The pace of activity was the same in Brooklyn, which saw two sales and one signed contract. Read the report here.

Sales | Olshan

There were 37 contracts signed in Manhattan at $4 million and above during the week of April 16 to 22. The total is tied for the highest for the year, matching the figure from February 12 to 18. The top contract for the period was Unit PHE at 155 West 11th Street in Greenwich Village, which sold with a last asking price of $17.8 million. Read the report here.

Commercial

2018 Effective Rent Index | Savills Studley

Downtown Manhattan ranked first in the country in terms of concessions packages in 2017. During the period, the value of incentives such as free rent and tenant improvement allowances rose by 24 percent year-over-year to $129. The decline dragged down the area’s tenant effective rent, which is defined as total gross rent minus concessions. For the year, that metric stood at $39.47, down 7.8 percent from the previous year.


Related Articles

arrow_forward_ios
Clint Eastwood and The Ranch at Fisher Creek (Getty, Engel & Völkers Vancouver/Sona Visual)
“Unforgiven” ranch listed for $19.2M
“Unforgiven” ranch listed for $19.2M
Denny Hamlin, Dale Earnhardt Jr., and Ricky Stenhouse with 355 Pelham Lane (Getty, Corcoran HM Properties)
The NASCAR effect: How racers turned Lake Norman into trophy home heaven
The NASCAR effect: How racers turned Lake Norman into trophy home heaven
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
From left: Fannie Mae's Hugh Frater and Freddie Mac's Michael DeVito
Government to back home loans over $1M
Government to back home loans over $1M
(Getty/Illustration by The Real Deal)
TRD Pro: 7% mortgage rates are not so bad
TRD Pro: 7% mortgage rates are not so bad
Case-Shiller, Home Prices, Housing Market, Residential Real Estate
US home prices lose more momentum
US home prices lose more momentum
56 Middagh Street and 50 Bridge Park Drive #20B (Streeteasy, Quay Tower BK, Getty)
Brooklyn Heights townhouse, Quay Tower score borough’s biggest contracts
Brooklyn Heights townhouse, Quay Tower score borough’s biggest contracts
arrow_forward_ios

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

Loading...