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Volume 16: Issue 4 | April 2016
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Spring is finally here and with record highs as
Manhattan's average home sales price crossed the $2 million mark for the first time, according to real estate market reports released Friday looking at sales data from the first quarter of 2016.
The average sales price hit a record $2.05 million - up more than 18 percent from the same period the year before - driven by an uptick in closings in pricey new developments.
Its the perfect to time to spring clean and to help below are two great segments on closets below from Pinterest on transforming your awkward closets and cheating your way to a killer closet - the key to any successful spring cleaning. Also, the lowdown on a great new and rather romantic restaurant in the Flatiron, just what exactly does crossing over the $2.0M mark mean and of course our latest featured property is included in this month's edition of Manhattan Insight.
Since 1981, Corcoran has tracked sales and market activity in Manhattan in this first-of-its kind report. Our reports and statistics are highly regarded sources of real estate intelligence, trusted by reporters and industry insiders alike.
I am delighted to share with you our
Q1 Reports for both Manhattan and Brooklyn
. Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan and Brooklyn in Q1 2016 (January 1st through March 31st).
If you have any questions about the market call anytime.
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New record prices.
For the first time ever, the average sale price in Manhattan surpassed $2 million thanks to significant high-end sales. The median price reached $1,160,000 (up 22%), and the median price per square foot $1,374 (up 11%)
Fewer closings and fewer contracts.
The pace of sales is slowing appreciably. There were 5% fewer closings this quarter versus the same time last year, and 11% fewer signed contracts.
More choices, but mostly at the high end.
An influx of re-sale condos boosted inventory 8% over the 1Q of 2015. While technically still
under-supplied
particularly for studios and one-bedrooms - the market has been advancing towards greater equilibrium since its 2013 low point.
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Near record prices.
The median sale price in Brooklyn rose 15% versus the same quarter one year prior, breaking through the $600,000 threshold for the first time since 2009. The average and the median price per square foot metrics each exceeded $800 for the third consecutive quarter.
Mixed sales indicators.
The pace of closings matched last year's performance, but was slower versus the prior quarter. Contracts signed, however, were busier by 6%.
New developments boost inventory.
Thanks to an influx of new development property, inventory in Brooklyn rose by 10% market-wide. New developments alone were up 50% over the first quarter of 2015.
The Corcoran Report - Brooklyn (First Quarter)
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Kat & Theo
Looking for a Romantic Spot
I had never heard of this place before taking my wife Lorena there for her recent birthday celebration. The decor is a dream and the food was delicious. My favorite was the octopus (cooked to perfection) and the sea bass didn't disappoint. I tried the Maple dessert, which was interesting and unexpected.
Highly recommend if you're in the area, looking for something casual but sophisticated. Located in the heart of New York's Flatiron District, Kat and Theo specializes in New American Cuisine with a Mediterranean twist
.
Details Here
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Manhattan Continues to Defy Gravity
The demand continues to be strong. Wealthy buyers continue to pour in from Europe, China and Brazil looking for value and a safe place to store their wealth. Even if the Russians pull back amid the Crimean crisis, demand from other buyers will more than make up the difference.
Demand isn't changing. In fact, the more uncertainty in the rest of the world, the greater probability you'd see more interest in New York. The real estate market represents stability and consistent return over the years.
Click Here to Read the Article
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Create the Killer Closet
Answers to Awkward Closet Spaces
If you live in NYC, you probably have an awkward closet. Either it's shallow, two inches away from your bed, or even worse, non-existent. There are many ways to cheat your way to a killer closet. Pinterest has many ideas. Whether your turning the living room into a bedroom, which means plenty of wall space, creating a floor-to-ceiling closet by attaching rods and shelves to a wall, then draping off the area with a set of curtains or just adding shelves in recessed closet corners to salvage soem extra storage, all you need to so is define your storage needs, then choose the best spot and go fro it.
Article Here
or Killer Closets Here
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Featured Property
208 East 70th Street, 1AB (UES)
Here is a fantastic opportunity to own a fully renovated 2 bed, 2 bath co-op in Prime Upper East Side. The apartment offers 6" oak crown molding, 6" oak base, new solid core oak doors and refinished oak plank parquet flooring. It has been skim coated and newly painted throughout. Other upgrades include new light fixtures, great closet space and a double door entry with fluted oak trim leading into the master bedroom. The stylish kitchen is tastefully designed featuring white maple cabinets, granite counter tops and back slash, an extended granite counter for seating and new stainless steel GE Profile appliances.
View Property Here
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Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club Since 2011
Top 1% of 45,000 NRT Sales Associates
Corcoran Group Real Estate
Union Square Office
30 Irving Place, 5th Floor, NY 10003
Cell Phone - 212.260.0562
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CURRENT LISTINGS
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Active
In Contract
Recent Transactions
437 Prospect Place, 1
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Conforming 30 yr fixed: 3.500%
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Conforming 15 yr fixed:
3.125%
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Jumbo 30 yr fixed: 3.375%
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Jumbo 15 yr fixed:
3.000%
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Please contact me for Mortgage Banker recommendations in New York City.
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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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