Archives for posts with tag: Luxury Homes

Hi,

Another quarter and another record breaking set of numbers for Manhattan and Brooklyn real estate.

The boom of the luxury and super high end condos have pulled the average price of a Manhattan apartment to an all-time high $1.81M and also helped trigger a rise in inventory with the sales commencements of several high profile New Developments across the borough.

Brooklyn also gets its share of records with the average price per square foot breaking a 7-year high to reach $704/sf. The historically low inventory has risen over the last quarter but in proportion far from the levels that a market requires to reach equilibrium.

In addition to the traditional Corcoran Manhattan and Brooklyn market reports, this newsletter will touch base on the current relationship between Manhattan inventories, price level and the effect of New Developments in the borough. To follow, the impact of Global Wealth and its potential contribution to New York Real Estate along with the consequences of China’s economy will present data that could help developers keeping their cool in regards to the rise in super high end properties hitting the market. Finally, Brooklyn’s alarming lack of inventory may show a swift in current developers’ strategy to anticipate a change of plans and bring more products for sale quicker than expected to feed a demand starved of choices.

I truly hope that this newsletter will be beneficial and informative while shaping your future real estate plans. Please feel free to contact me should you want to consult on your real estate projects.

Cheers,

Q2_2015_Newsletter

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HI,

I hope you are having a great start of 2015 and wish you great health and success for this exciting new year!

2014 has seen several records shattered in many market segments and locations. A recap of the Manhattan Q4 2014 report is bringing new insight about what moved the market over the past 12 months with some perspective on the current level of inventory.

With the upcoming of about 6,500 new units on the market (almost 50% already in contract), I also found it necessary to talk about the concept of New Developments, explain what they are, and which segments of the market they’ll be affecting in the next year.

Finally, Brooklyn’s sellers’ market is becoming more and more challenging to navigate with a highly competitive pool of buyers, increasing prices, low inventories, and only a few New Developments scheduled to hit the market. (Brooklyn Q4 2014 included)

I truly hope that this newsletter will be beneficial and informative while shaping your future real estate plans. Please feel free to contact me should you want to consult on your real estate projects.

Cheers,

Q4_14_Newsletter

The long awaited project of the Second Avenue subway line dubbed “T Line” has recently shaken the real estate activity on the Upper East Side, east of 3rd Avenue. The T Line – which will eventually run 8.5 miles from 125th Street to Hanover Square – has been in the plans for decades and long been awaited by commuters on the overcrowded Lexington 4,5,6 line. Now that the project finally broke ground, and is getting some momentum, with an anticipated opening date of 2016 for the stretch of 86th Street to 63rd Street, we can witness an increasing interest for properties located on the east side of 3rd Avenue among prospective buyers.

According to data provider CityRealty, the average sales price of Upper East Side condo east of Third Avenue was $1.57M compared to $2.34M for the entire Upper East Side. Activity in 2013 suggests that the gap is narrowing. Indeed, average price per square foot (ppsf) for condos on and eastward of Third Avenue increased 11.4%, above the 10.4% for the overall neighborhood. Similarly, co-ops average ppsf increase 7.7% compare to 5.3% for the entire area.

One of the most noticeable developments highlighting this trend is the condominium building at 515 East 72nd Street, where half of the 142 one-bedroom apartments closed between summer 2012 and 2013. Overall 90% of the 329 units have been sold which brought the building to the list of the 10 best-selling New York City building of 2013. This “spa-like” condo offers outstanding services and wellness amenities such as a pool, yoga rooms, rock climbing wall and fitness center which have been a major draw for prospective buyers. Over the past 12 months, sales averaged $1,318/sf and currently available apartments are asking $1,638/sf on average.

Another influential development which also made it to the list of the 10 best-selling New York City building of 2013 is the Manhattan House. A 513 unit luxury condominium conversion located on 66th Street off 3rd Avenue, where sales averaged $1,713/sf in the past 12 months while currently available apartments are asking $2,107/sf. The building offer five star hotel concierge services, full-time residence manager, valet, parking service, rooftop Manhattan Club with 10,000 square feet of interior and exterior entertainment space, Exhale Mind Body Spa & Fitness club, yoga studio, a bike storage, and children’s playroom designed by Roto.

Many of the high rise condominiums on the East side of 3rd Avenue offer sweeping river and city views but without the premium of their Midtown and downtown counterparts. It’s also an area that is not so congested, offers access to major food merchants, big box retailers, restaurants and located a few blocks away from Madison Avenue shopping strip

October 2013 Newsletter

Corcoran Sales Market Report – 3rd Quarter 2013

Corcoran Sales Market Report – August 2013

July 13_Newsletter