Manhattan Real Estate market had a mixed year 2016 with closings dropping 11% (13,605), inventory reaching 5,865 units (+16%), but still well below pre-2008 levels (8,500 units) and 2009 Peak (11,500). Prices are keeping their upward trend with an average price of $2.045M (+12%), Median of $1.1M (+11%), and average PPSF of $1,841 (+12%). Prices have been skewed by closings of super and ultra luxurious condos of the like of 56 Leonard and 432 Park Avenue, which contributed to the 206 sales over $10M and 35 sales over $25M. With a pipeline of 4,200 new development units hitting the market this year, we may continue to see rising inventory levels in 2017, but a sustained and healthy activity within the mid-market/entry Luxury segments of New Developments.

For more information, please consult the Manhattan New Development Memorandum here!

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Brooklyn Real Estate market had a solid 2016 year despite a slight drop in sales volume (-14%), which can mainly be attributed to an inventory drop of lower price point properties (<$500K) mostly replenished by new products exceeding the $1-$2M range. Prices across the board are up with an average price of $797K (+16%), median of $625K (+12%) and average PPSF of $884 (+10%). This is the first year the median price surpassed its previous high in 2008!
Sales over $2M have surged (+140% y-o-y) with DUMBO and BK Heights claiming 60% of all the sales in that price category. With more New Developments coming into the market (about 2,500 units to be launched in the next 12 months), the price trends should continue to progress as consumers target New Developments over resale condos and co-ops.
For more information, please consult the Brooklyn New Development Memorandum here!
Hi,
Another quarter another laughter! This time the cards are changing hands and buyers have a better margin of manœuvre in a market where sales volume have considerably dropped and inventory gained slightly while recovering from record low levels.
The market has softened but talking bubble at this stage is a bit exaggerated (but it does sell paper). I’ll present some facts and figures associated to New York City Real Estate fundamentals to bring some rationality to all the hype out there.
The complete shutdown of the L train in 2019 for a period of 18 months is starting and will continue to have some repercussion on the Williamsburg market over the next couple of years. However, the Southern and less known side of Williamsburg close to the J,M,Z, which has already taken close to 50% in appreciation in the last 3-5 years may expect a boost in interest for current and future residents wanting the perks of Williamsburg without the hassles.
For this 3rd Quarter, the market focus will be on the two/two under two – short for 2-bed/2-baths under $2M. This is the most sought after property type for the price and its increasing scarcity is making it a hot prey for house hunters.
I hope fall will ease into the holiday season nicely. A good time to check out the new ice skating rink and Danny Meyer’s new seasonal restaurant Public Fare at Bryant Park.
Cheers!
Hi,
Spring is now behind us and left with a confirmation of the 1st Quarter trends showing a cooling Manhattan Market with high level of prices and a growing Brooklyn Market where New Developments are picking up the slack of slower co-op and condo resale.
In this Q2 2016 Newsletter, I’ll introduce the concepts of tax abatement and Mandatory Inclusionary Housing (MIH) to show how vital they are to maintain diversity in Manhattan’s population.
Also, you may have noticed a massive tower on the Far West Side of Manhattan at the end of the High Line Park. That’s the first tower of the Mega Project Hudson Yards on which I’ll give you an update following my recent meeting with The Related CEO.
Finally, if Brooklyn is on your eye sight, this short overview of the New Development market landscape could help manage some of your expectations if you decide to take the leap across the Hudson River…and even if you already did.
I also wanted to thank you for your support and trust in contributing to me making it into the Top 2% of the 47,000 agents of the NRT network nationwide.
A bientôt!

Hi,

2016 started on different paths for Manhattan and Brooklyn. Manhattan became more expensive than ever while experiencing a slowdown in number of sales, while Brooklyn keeps cruising with strong fundamentals to back up some sustainability to this trend.

However, some hope remains for the Manhattan buyer! This Newsletter will show how the pipeline of Q1 2016 approved condominium plans will bring a drop of the average price for future products. While some developments remain very high profile, entry level and mid-luxury developments are demonstrating signs of resistance.

To that extend, I’ll bring some thoughts about where to look for some of these values in Manhattan now and for products being delivered in the next couple months.

Finally, Brooklyn will get a focus on Dumbo, an area which development model is inspiring the rest of the Borough’s up and coming neighborhoods.

I truly hope that this newsletter will be beneficial and informative while shaping your real estate plans. I remain available to consult with you at your convenience.

Cheers!

 

 

Hi,
The 4th Quarter 2015 finished on a high note for New York real estate (and me as I became a Dad) with all time high price levels and a slight rebound of inventory. Manhattan and Brooklyn market snapshots will confirm the different trends both markets are currently undertaking with more opportunities arising for Manhattan buyers.
As we closed on 2015 and debuted 2016 with questions about the Fed recent rates increase and oil prices effects on Real Estate, I have including two notes about the influence of the Fed on mortgage rates, and oil price drops potential effects on strengthening foreign investment into New York commercial real estate this year.
Few people have decided to sit on the side line for the last year or so hoping for prices to drop and inventory to replenish. Since timing the market is everything, 2016 may bring its doses of opportunities, even if prime neighborhoods and well priced properties will keep showing resilience.
Finally, with Brooklyn’s anthology of neighborhoods and lifestyles, I am bringing some focus on Downtown Brooklyn (dubbed DoBro by many professionals) as the area is set to propel the borough into an entire new and exciting dimension.
I truly hope that this newsletter will be beneficial and informative while shaping your real estate plans. I remain available to consult with you at your convenience.
Cheers!
Breaking News! New York City recently fell down the list of nation’s priciest Zip Codes, owning only 2 spots versus 6 a year ago! Something must be happening! This 3rd quarter 2015 newsletter will support some signs of a possible slow down in the Manhattan Market based on the price level/inventory and sales volume data.
On the other hand, Manhattan’s best neighbor, Brooklyn, is pursuing its growth stage supported by an escalating demand for properties ranging from entry level to luxury apartments.
Finally, the New Development pipeline section will focus on the number and quality level of units scheduled for delivery from 2016 to 2018 in Manhattan, which could spark some worries in the Super and Ultra Luxury products offerings.
I truly hope that this newsletter will be beneficial and informative while shaping your real estate plans. I remain available to consult with you at your convenience.
Cheers,