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Volume 14: Issue 10 | October 3, 2014
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| Record Gains Continue on Both Sides of the River |
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For the eleventh consecutive quarter, price per square foot grew in Manhattan, and at $1305 has set yet another record! On the flip side, Manhattan also saw the number of available listings grow for the third quarter in a row. Inventory growth is almost entirely condominiums and there is a concentration on luxury properties. Properties offered above $3M represented 28% of available listings (up 3% from last year) and 11% of sales (up 2%). The third quarter also saw less new development sales, with just 6% of sales closed coming from new development sponsor units. Most new developments today are still under construction and will reach the market in 2015.
In Brooklyn, August marked the nineteenth consecutive month with year over year growth, with average price up 22% over last August. The largest increases came form the 3+ bedroom category, up a whopping 56% year over year, with increases in one and two bedrooms up an impressive 23% and 24% respectively. Most of the 3+ bedroom category were large town-houses, and the length of time on the market also shrunk to a mere 51 days on average, with most deals closing above list. Look for highlights from the Brooklyn Quarterly Report in next month's newsletter.
For more from the Manhattan Quarterly Report, or the Brooklyn Monthly snapshot see below.
Manhattan: Third Quarter Report
Brooklyn: Monthly Market Snapshot for August |
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Globally, NYC a More Affordable Option
Cheer up fellow New Yorker, while it IS expensive to buy a home here, it could be a lot worse. Higher median income combined with more affordable housing stock, produces a ratio of home prices to annual household income that is quite low when compared with other global cities. In NYC the median price of a home was equal to 6.2 years' worth of the median pretax household income in 2011. When compared with Shanghai's 15.9 years' or Beijing's 22.3 years', we should be thanking our lucky stars! The reason for such high prices in China? Lower average wages to be sure, but also a lack or places to stash their funds. As foreign banks are not allowed to operate in China, many look to Real Estate as the safest place to park their savings, chasing prices further and further into the stratosphere. Bet you've never been so thankful for a Chase on every corner! Read More
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Best Bets for NYC Investing
Undervalued neighborhoods by Borough
Ever wonder where you can still find a deal? Check out this interactive map created by PropertyShark in 2013. By comparing the median sales prices for homes in a specific neighborhood to the median sales price for it's borough, the map unveils where price gaps are the widest. So, for example, the median price in dark red Tribeca is $2.7 million, or 179 percent of the median in all of Manhattan, which is $975,000. A few places skew the other direction, however, offering relative bargains and prime investment opportunities. The article highlights several neighborhoods including Battery Park City, The Lower East Side, Kips Bay, Gramercy Park and Harlem in Manhattan and Bushwick, Crown Heights and Sunset Park in Brooklyn. We think Kensington in Brooklyn and Hamilton Heights in Manhattan deserve a second look as well. What will hidden enclaves are waiting for you to uncover? Read More |
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Annie Leibovitz & Corcoran Join Forces
This month the Corcoran group launched the newest evolution of it's Live Who You Are message. It is a reminder to all of us, that amongst the data crunching and dreams of big returns, for most, the purchase of property is the purchase of home, and is a profoundly personal experience. Where we live is an expression of who we are. It is a respite where we are most ourselves and where we experience our most intimate moments. While the campaign was shot by Annie Leibovitz and focuses on celebrities and cultural icons, Corcoran has launched a contest inviting the public to submit their own Leibovitz inspired photos though a custom facebook app. The grand prize: a weekend stay for two at the NoMad Hotel plus a feature in the new Live Who You Are campaign.
See the Campaign, Enter the Contest
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Bespoke Designer's Dream
300 E 74th Street, 23F
Every detail has been considered in this 1400 SF two-bedroom (convertible three), 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 built in murphy bed, second marble bath, closets galore and a ventless Miele Washer/Dryer.
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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
125 N 10th Street, S2G
300 E 74th Street, 23F
In Contract
400 E 54th Street, 7D
305 Second Ave, 725
180 Woodpoint Road
749 Union Street, 3L
425 E 79th Street, 7A
340 E 23rd Street, 11E
315 W 70th Street, 15K
970 Park Place (Townhouse)
Recently Sold
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: 4.25%
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Conforming 15 yr fixed: 3.5%
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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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