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Volume 14: Issue 8 | Aug 2014
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| Condos Hot in Manhattan, BK Strong Across the Board |
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July was a tale of two cities in some regards with trends for Condos and Co-ops diverging in Manhattan. Condo Inventory and sales proved very strong getting snapped up just .5% under ask in an average of 45 days on the market, compared with 2.9% under ask after an average of 118 days on the market last July. This despite a 16% increase in price per square foot from an average of $1,746 last July to $2029 this July and a 21% increase in inventory.
Co-ops, while still strong with most offers being accepted at just .4% under ask compared with .6% under ask last July stayed on the market for longer than their Condo counterparts, 83 days on average, although that number is still lower than the average of 117 days on the market for co-ops last year. Unlike Condos, Co-ops also saw a slight 3% dip in price per square foot from $1152 last July to $1100 this year, despite inventory still down by 3% from last year.
In Brooklyn, the price per square foot was up 12% with an average Price per square foot of $821, up from $735 last July. Sales also moved quickly, with properties lasting a mere 69 days on market compared with 81 last July. and closing at 1.5% above ask on average. Again this was despite a 13% year over year increase in inventory!
The Corcoran July Monthly Snapshot: Manhattan
The Corcoran July Monthly Snapshot: Brooklyn
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Fall in Love with New York
Great Getaways in NY State for Fall
You may be busy perfecting your tan now, but beach outings will turn to leaf peeping sooner than you know it! With Fall just around the corner, we thought we'd share some great get-aways in our fair state of New York to explore. Fairs and festivals, breweries and wineries, and of course the requisite foliage, apple picking and pumpkin patches: Fall is yours to enjoy throughout New York! Explore Adventures
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New Developments are BACK!
Top New Projects for Spring 2015
Many have in part blamed the current lack of inventory on stalled out new developments post recession, but in light of this tight seller's market and the dollars that are sure to follow, projects have been getting the green light left and right with a whopping 44 new developments launching this spring! That's condos and rentals-in neighborhoods from Inwood to Williamsburg, Central Park South to Long Island City. View Projects
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Across 110th Street...
Condos explode in Harlem Revival
As the diners at the famed Harlem's Tavern will tell you, things are changing in Manhattan's northern most neighborhoods, and the Real Estate Market is right in line. While still half-price when compared to property below 110th street, Central Harlem condo values have almost doubled since 2003 and more than tripled over the past 20 years, according to the Furman Center for Real Estate and Urban Policy at New York University. In that time, developments have replaced many of the vacant lots and burned-out buildings that blighted the community during the 1970s and 1980s, while a commercial revival has brought retail and restaurants, museums and concert venues. Along with this turnaround has come a significant drop in crime. Major crimes fell 75 percent from 1990 to 2013 in the 28th precinct, which covers 110th Street to 127th Street from Fifth Avenue to Morningside Avenue. As buyers look to new luxury condos of Harlem for relief from the inventory crunch and sky high prices, it's all about the relative value. Read Article
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Luxury Living in Williamsburg
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 single unit washer/dryer combo in the apartment, as well as central A/C and excellent storage space. For an additional $30,000, there is also a 50+ square foot storage unit available. Pets are allowed. Amenities include a 24-hour concierge, two common roof decks, sculpture garden/courtyard, wellness floor with a gym and body-work studio, play room, multi-media room and billiard lounge. View Listing
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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
345 E 74th Street, 23F
5 Tudor City Place - 831
In Contract
749 Union Street, 3L
690 Riverside Drive, 5E
1607 Bergen Street, 3
340 E 23rd Street, 11E
265 Riverside Drive, 2G
Recently Sold
749 Union Street, 1L
198 11th Street (Townhouse) 11 Fifth Avenue, 8N 233 East 70th Street, 15S |
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Conforming 30 yr fixed: 4.000%
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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: 3.250%
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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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