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Volume 14: Issue 6 | June 2014
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Still a Seller's Market, but Some Relief for Buyers Too!
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In May, the condo and co-op markets continued to see year-over-year growth in average price, median price, and price per square foot, although the increases were not quite as high as those seen in April. In fact, average price and price per square foot have remained relatively steady over the last six months, reflecting a stabilization following record-breaking price growth in 2013. With prices at record highs, it's still a great time to be a seller, but for buyers this stabilization also brings a welcome respite from ever climbing sales tags. Larger condo units once again experienced bigger price per square foot gains, with 2 and 3 bedroom units growing significantly year-over-year.
Perhaps most importantly, inventory has finally started to replenish in the condo market, up 13% from May 2013! For buyers this is the best news all year. If you have been looking for a while and are discouraged with your search, now may be your moment to get back in the game! For more detailed information, see below for May's Monthly Market Snapshot for the Manhattan and Brooklyn residential real estate markets:
The Corcoran May Market Snapshot: Manhattan
The Corcoran May Market Snapshot: Brooklyn
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Summer Performance Series in NYC
Across the nation, summer is the season of BBQs, but in NYC it is also the season of free culture! First Up: River to River Festival returns June 19-29 to various outdoor venues across Lower Manhattan as well as Governor's Island and includes music, dance, theater, visual art, film and "unique participatory experiences." Meanwhile, Celebrate Brooklyn has been rocking the Prospect Park Bandshell since June 4 and will continue with musical and dance performances of all styles and origins through August 9. Lastly, Summer Stage returns to Central Pk and 13 neighborhood parks across the 5 boroughs from June 3 through August 24, presenting over 105 programs, so take advantage!
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Quirky Lots in the Village
New Condos Rise in Odd Shapes & Sizes
In the 1920s, when NYC extended Sixth Avenue south to lower Manhattan, it obliterated entire streets and the homes of thousands of people, leaving a patchwork of demolition scars. But adversity sometimes begets opportunity. Developers, filling in some of last remaining scars, have turned some of the Greenwich Village and SoHo lots into buildings with prominent designs and necessarily unusual shapes. The latest entrant is a 203-foot-high condo built on a triangular site on Sullivan Street. It will be SoHo's tallest residential structure and have a facade that points south that will rise above the neighborhood like the bow of a ship. It is loosely modeled after the Flatiron Building on Fifth Avenue. Read More
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Pushing Limits of Condo Must-Haves
Years ago, when you bought a co-op or condo apartment, you looked for a unit that had the right number of bedrooms and bathrooms, a perfectly-sized kitchen, and some great living space. For the longest time, that ideal combination was all an apartment needed to attract a buyer to a particular building or association. As property values increased, and as developers built more and more new multifamily developments however, they needed a way to draw homebuyers away from one building and over to theirs. And so began a battle of the multifamily Joneses. Building A had the state-of-the-art gym, so Building B added a gym and a movie screening room. Building C added all of that and then some, including a private personal trainer on-call at nearly any hour of the day. In this article Lisa Iannucci takes a look at some of the trending amenities in NYC's luxury building landscape, from specialty food stores to ice skating rinks! Read More
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Private Garden and WBF
749 Union Street - 1L, Park Slope
Enjoy the warmth of a wood burning fire in winter and the joys of outdoor living the remainder of the year in your private back garden! This gracious, two bedroom, one bath coop has been fully renovated, while keeping many original details. Ten foot high ceilings are accentuated by an exposed brick wall and a striking half bay window with original woodwork and pocket shutters. The fully renovated kitchen features white Carrara marble countertops, stainless steel appliances and handcrafted ceramic subway tile backsplash. The bathroom is also newly renovated with Restoration Hardware finishes, white Carrara marble mosaic tile and linen closet. Both bedrooms are sizable and nestled quietly in the back of the building. The Master boasts a walk in closet and currently houses a California King Bed. Completing the package are handsomely refinished dark hardwoods throughout, an in-unit washer/dryer, ample closet space and a deeded storage space. Read More |
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Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club (2011-13)
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
Office Line - 212.500.7022
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Active
In Contract
11 Fifth Avenue - 8N
198 11th Street (Townhouse)
265 Riverside Drive, 2G
233 East 70th Street, 15S
Recently Sold
56 Pine Street - 7E
155 W 66th Street (The Phillips Club)
300 East 74th Street, 19EF
233 West 26th Street, 8E
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Conforming 30 yr fixed: 3.875%
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Conforming 15 yr fixed: 3.250%
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Jumbo 30 yr fixed: 4.000%
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Jumbo 15 yr fixed: 3.375%
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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
stephan-hagege/index_pmb.page
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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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