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Volume 14: Issue 12 | December 2014
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During the holiday season more than ever, our thoughts turn gratefully to those who have made our progress possible. It is in this spirit we say, simply but sincerely... Thank you and Best Wishes for the Holiday Season!
Price Gains Continue in both Manhattan and Brooklyn
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November in Manhattan saw strong year-over-year price growth resume in the condo market with median price, average price, and average price per square foot all up by double-digit gains. These gains are in part due to a surplus of high priced inventory and dearth of product under $3MM, in addition to appreciation. The co-op market continued to see steady overall price growth since last November with price per square foot up 4% and average price up 11%. Market-wide inventory has increased since last month as well as last year, although nearly all of this growth is due to condo listings as co-op inventory remains at historic lows.
In November Brooklyn's average sale price increased 20%, the 22nd consecutive month of positive growth! Median sale price increased 8% year-over-year, and year-over-year average price per square foot in all bedroom types increased. Studio, one and three bedrooms increased by double digits, while two bedrooms increased by 6%. Brooklyn saw a notable 35% increase in contracts signed, in contrast to the 19% decrease in Manhattan contract activity during the same time. 64% of buyers paid at or above asking price in November. Days on market from list to sale continued to shrink, decreasing by 5% compared to last November.
See below for more from the November Manhattan and Brooklyn Monthly Snapshots:
Manhattan Monthly Market Snapshot for November
Brooklyn Monthly Market Snapshot for November
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Who to give what this year
Does the service at your building seem a little more top-shelf lately? Most likely, that's because Thanksgiving Weekend marks the kickoff of holiday tipping season in New York City. In the following article, Brick Underground used the results of their 2013 tipping poll completed by more than 700 New Yorkers to get a sense of what others do. They used this information to give a statistical outline of what renters and owners typically tip various staff from the super to the concierge in both doorman and non-doorman buildings. See how you stack up with your neighbors on the Santa to Scrooge scale, and increase your tipping acumen with their tried and true tips for mastering the season of yuletide gratuities, including how much to tip, who to tip, and how. Full Article
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Holiday Market Roundup
Your last minute gift giving solved!
Still looking for that last minute gift for the person that seemingly has everything? One of the city's numerous holiday gift markets might be the perfect place to turn! Vendors are generally comprised of the artists or makers themselves, ensuring unique gifts that are thoughtful and original for that hard to shop for person on your list. Of course everyone knows about the markets in Union Square, Bryant Park and Grand Central, but there are so many smaller neighborhood markets that have popped up across Manhattan, Brooklyn and Queens that really make this list worth a look. Even if you are done with your shopping many feature food, drinks and music creating an outing for all to enjoy, and perhaps a new holiday tradition in the making!
2014 Holiday Market List
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Deals to be found for lower floor units
For years, a ground-floor apartment was �considered just a step above your friend's couch. Buyers and renters readily swapped them for more sun, better views, and privacy. But with a market as starved for listings as it is now, and a city that's safer and cleaner than ever, first-floor apartments are getting swooped up by buyers, particularly if they hold the elusive promise of outdoor space. Given how popular they are now and how strong the demand, the discounts aren't as pronounced as they were years ago, pre-real-estate insanity. Nonetheless, ground-floor apartments are still bargains relative to upper-floor units, says appraiser Jonathan Miller. Assuming a ground-floor space is similar in quality-ceiling height, condition, etc., to the one above it, buyers can pay 10 - 15 percent less. Full Article
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Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club (2011-14)
Top 1% of NRT Sales Associate
Corcoran Group Real Estate
Union Square Office
30 Irving Place, 5th Floor, NY 10003
Cell Phone - 212.260.0562
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In Contract
120 N 7th Street, 3A
300 E 74th Street, 23F
9040 Ft Hamilton Parkway, 6E
278 Hawthorne Street (Townhouse)
250 W 94th Street, 13E
50 W 127th Street, 8B
Recently Sold
400 E 54th Street, 7D
649 Vanderbilt Avenue, 2A
305 Second Ave, 725
425 E 79th Street, 7A
749 Union Street, 3L
970 Park Place (Townhouse)
315 W 70th Street, 15K
265 Riverside Drive, 2G
690 Riverside Drive, 5E
749 Union Street, 1L
198 11th Street (Townhouse)
250 Mercer Street, A202
749 Union Street, 3R
11 Fifth Avenue, 8N
233 East 70th Street, 15S
340 E 23rd Street, 11E
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Comforming 30 yr fixed: 3.875%
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Conforming 15 yr fixed: 3.375%
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Jumbo 30 yr fixed: 3.625%
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Jumbo 15 yr fixed: 3.125%
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Stephan Aroun Hagege
Private Mortgage Banker
Wells Fargo Home Mortgage
150 E 42nd Street, 32nd Floor
New York, NY 10017
Cell Phone - 914.417.9001
Office Line - 917.260.1121
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Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Avenue, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire an architect.
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