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Volume 14: Issue 5 | May 14th, 2014
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Tight Market: Great Time to Sell!
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In April, the market continued to tighten; price negotiability shrank, days on market dropped, fewer units than ever before were signed below their asking price and average price as well as price per square foot rose.
Generally, smaller units saw bigger gains in price per square foot versus April 2013, particularly in the cooperative market where buyers may be looking at smaller units to find more affordable options. Condominium units saw strong year-over-year gains in all three price metrics, while cooperative unit prices held close to steady. This month had the lowest market share under $500K since we began tracking the statistic in November 2007.
Inventory declined year-over-year by 10%, continuing the multi-year decline, however with a less dramatic drop than experienced over the prior 18 months. While cooperative units experienced another month of year-over-year decline, the condominium market saw the first month with a year-over-year gain in total listings in over four years. Likely a result of inventory which is still very low, sales volume declined again this month, down 12% versus April 2013 in the condo market and 8% in the cooperative market. For more detailed information, see below for April's Monthly Market Snapshot:
The Corcoran April Market Snapshot: Manhattan
The Corcoran April Market Snapshot: Brooklyn
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From May 9 - 20 New York City welcomes NYCxDESIGN, the city-backed, 10-day initiative to celebrate the satellite design events happening throughout the five boroughs in conjunction with the International Contemporary Furniture Fair at the Javits May 17 - 20. Now in its second year, the lineup is a little more robust, with a greater number of gallery shows, large-scale exhibitions, and outer-borough happenings. Core77 will cover the highlights in a tabloid-sized newspaper, distributing it to 20 venues via truck and old-fashioned newsies. When you stop and think about it, everything we touch and see on a daily basis from the chair we sit in to the cup we drink out coffee from to the roof over our heads must be designed. So what better thing to celebrate! Read More
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Better to Buy
Buying Beats Renting after Two Years
In half of U.S. metros, buying a home is a better financial decision than renting for home buyers who plan to stay in their home for at least two years, according to the first quarter Zillow� breakeven horizon analysis. Zillow's breakeven horizon incorporates all costs associated with buying and renting, including upfront payments, closing costs, anticipated monthly rent and mortgage payments, insurance, taxes, utilities, maintenance, and renovation costs. We also consider the different asset streams available to buyers and renters. For buyers, the home equity grows. Alternatively, renters can invest some of the money they would spent on a home purchase and earn interest. It then factors in historic and anticipated home value appreciation rates, rental prices and rental appreciation rates. Read More |
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Prospect Park South Flips
Restoring Victorian Beauties for Profits
For two decades, Mr. Azad Ali has bought up more than two dozen faded beauties in Brooklyn, renovating them with an eye toward preservation, and then reselling them, making a nice living for himself and helping revive the fortunes of what was once the "wrong side" of Prospect Park. In a sign of how far the neighborhood has come, Mr. Ali has just completed his most ambitious project yet, a stately place - a hybrid of historic cedar siding and vast, modern interiors. The asking price is $2.975 million, almost $800,000 more than the current record sale in the neighborhood, set in September by an authentic Victorian behemoth at 147 Rugby Road. "The real joy is uncovering the little details that have been lost to time and bringing them back," said Mr. Ali. "Sometimes, you can't even comprehend how they made some of these columns and mantels, they're so intricate." Read More
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Williamsburg Luxury
125 N 10th Street - S2G
This bright, south facing, 1-bedroom, 1-bathroom residence offers 763-square feet in the south building of one of the most coveted condos in Williamsburg. Features include over 10-feet high ceilings, floor-to-ceiling windows, beautiful walnut hardwoods, a Living/Dining room large enough for a full-sized dining table and a state-of-the-art open kitchen with custom cabinetry, recycled glass countertops, Bosch range and dishwater, and Jenn-Air refrigerator. The bathroom features a large deep soaking tub, custom vanity and oversized Italian porcelain tiles. The master bedroom is sizeable with a walk-in closet and large enough for a King-sized bed and much more. There is a private single unit washer/dryer combo, as well as central A/C and excellent storage space. For an additional $25,000, there is also a 50+ square foot storage unit available. 421A Tax abatement is in effect until 2024. Pets are allowed. 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
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Active
233 East 70th Street, 15S
56 Pine Street - 7E
Recently Sold
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: 4.125%
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Conforming 15 yr fixed: 3.375%
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Jumbo 30 yr fixed: 3.875%
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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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