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Volume 14: Issue 10 | October 27, 2014
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| Inventory Levels Up in Manhattan, Brooklyn Still Tight |
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In Manhattan, year-over-year prices rose in all measures this September, in some cases by very significant percentages. The median condo price this month at $2.125MM was 36% above the median price in September 2013. The increase in prices is largely due to an increase in the number of sales over $3MM, which more than doubled compared to last month and was up 40% versus last year. For the first time since January, September saw year-over-year gains in contracts signed in both the condo and the co-op markets. Average discount from asking price is up slightly for both condos and co-ops, but smaller than the discounts given a year ago. Inventory continues to replenish with the largest number of new listings since May 2012 and the largest annual increase in total listings in over five years.
Meanwhile a look at Brooklyn's quarterly report shows demand for Brooklyn continues to be as strong as ever with transactions up 16% in the third quarter vs. the same period last year. Inventory remains an issue as there are far fewer new developments, which made up only 13% of transactions, compared with 22% in the 3rd quarter last year, as well as fewer resale condos available for sale, particularly in high end markets. This lack of inventory pushed the average price per square foot in Brooklyn to $734 in Q3, 6% higher than the same period last year. This was particularly impressive as it was despite the large percentage of sales in south Brooklyn, which generally drive average prices down. Although many neighborhoods further afield such as Bedford-Stuyvesant, Bushwick, Crown Heights, Kensington, and Windsor Terrace enjoyed dramatic increases in the third quarter as buyers in search of affordable, quality properties competed for purchases there.
For more from the Manhattan Monthly Snapshot, or the Brooklyn Quarterly Report see below.
Manhattan Monthly Market Snapshot for September
Brooklyn: Third Quarter Report
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Affordable Parkside Living
Think you can't afford park views? Think again...there are many ways to find a coveted park location at a reasonable price if you keep a few tricks in mind. One option is to seek out units on the lowest floors, as these still give that leafy green effect at a lower price point. Another strategy: find a building a block away from the park with open sight-lines, as these are often less than those right on the park, despite their commanding views. Lastly, think outside of Prime Central Park. The article highlights Prospect Park, McCarren Park, Morningside Park, Northern Central Park and Madison Square Park as options, but NYC has numerous green spaces to explore. Bloomberg's push for more park spaces, particularly along our waterfronts, has given us miles of green spaces throughout the five boroughs, making view of the tree tops a little more within reach for all of us! Read More
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A Guide to LOFT Living
Ups and Downs of the Loft Lifestyle
Most New Yorkers could only dream of the open space afforded by loft living: there are Yoga studios in this town with less open space! But there can be drawbacks as well. Some find the lack of walls intimidating from a design and d�cor perspective, while others would prefer their kitchen mess hidden while enjoying the family meal. Then there are little ones, a lack of walls and doors can lead to privacy and noise issues for families. Of course, one can ALWAYS put up walls, the bonus being the rare opportunity to configure a space to perfectly suit your personal needs and tastes! Of course, all of this room comes at a price, and some of the most expensive real estate in the city can be found in loft centric neighborhoods like Soho and Tribecca,. For a more affordable options, consider areas where light manufacturing is still taking place, like the west 30s, 40s and 50s, the LES, Harlem, or Gowanus. Read More
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An Amazing Transformation in Brooklyn
Some Brooklyn brownstone dwellers make a fetish of period detail. Not the owners of this Cobble Hill home. The family, with three young children, worked with architect Francis D'Haene, of D'Apostrophe Design, to create spaces suitable for homework sessions while retaining a sense of the building's original grandeur. D'Haene did away with the cramped layout on the third and fourth floors and designated the area for the kids. The plan called for pushing through the top floors and adding a skylight. He designed the glass-enclosed concrete staircase to connect to a mezzanine-like attic studio. As for the main floor, he plunked down the kitchen in the middle of the parlor, beneath the soaring ceilings and plaster moldings. "It becomes a balancing act, how many interventions you do," D'Haene says. "To make it contemporary, beautiful and modern while respecting architecture." See Slideshow
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Bespoke Designer's Dream
300 E 74th Street, 23F
PRICE IMPROVED TO $1,649,000! Every detail has been considered in this 1400 SF two-bedroom, two-bath home. Custom built-ins in every room, beautiful hardwoods and an indirect lighting design inspired by Frank Lloyd Wright sets the tone. Stunning city views to the North and West bathe the home in light and immediately draw one into the spacious, open concept living and dining room with wrap around balcony. The fully renovated kitchen features a wall of windows, custom cabinets, granite counter-tops, sub-zero refrigerator, and GE Profile appliances. The master bedroom is accented by a 12 foot wide bay window, custom walk-in closet and luxurious marble en suite bath. Completing the picture is a second bedroom with a built in Murphy bed, second marble bath, beautiful hardwood floors of red solid core oak, a vent-less Miele W/D, a wall full of custom closets lining the entry foyer. View Listing
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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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Active
300 E 74th Street, 23F
In Contract
125 N 10th Street, S2G
649 Vanderbilt Avenue, 2A
50 W 127th Street, 8B
400 E 54th Street, 7D
180 Woodpoint Road, 1R
749 Union Street, 3L
425 E 79th Street, 7A
340 E 23rd Street, 11E
970 Park Place (Townhouse)
Recently Sold
305 Second Ave, 725
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
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Comforming 30 yr fixed: 4.00%
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Conforming 15 yr fixed: 3.25%
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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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