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Volume 14: Issue 7 | July 2014
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Inventory Slowly Rises, Luxury Market Keep Prices High
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Corcoran just released its second quarter report with some noteworthy trends. While the story is still low inventory across the city (52% below the peak in 2009), properties listed for sale did rise for the second quarter in a row, promising some relief on the horizon for buyers. For sellers this is also a good indication that now may be the best time to sell before increased supply pushes demand and prices slightly back down to earth.
This Spring also saw a marked shift in what was being sold. While one and two bedroom apartments typically drive the market, the second quarter saw decreased activity for these in Manhattan. where buyers are opting for larger abodes. Echoing this trend was an increase in activity at the highest end of the market with properties above $3 Million now accounting for 12% of sales (up 3% from a year ago), and 26% of the inventory (up 4% from last year). This shift in sales to larger, more luxurious properties ultimately resulted in a record setting price per square foot of $1,286.
Brooklynites showed a penchant for luxury as well, with more closings over $2 Million in the Spring of 2014 than in any other quarter. Price per square foot also continued to rise, where the current average price per square foot of $760 is highest since the 2008 downturn. For more details see the full report for both Manhattan and Brooklyn below!
The Corcoran Quarterly Report: Manhattan
The Corcoran Quarterly Report: Brooklyn
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NY Mag's Expose on Foreign Investors
It's no secret all cash deals are at an all time high in NYC, and that many of these deals are fueled by foreign investors. As New Yorkers, the appeal for a pied-a-terre in our fair city seems obvious, but many are buying not only for their own enjoyment, or as a profitable investment opportunity, but as a place to hide, launder, or otherwise store cash. For many Jet Setters New York Real Estate has become the new Swiss Bank: a place where cash is king, and little to no questions are asked. Read Article
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The Underdeveloped Underground
We first brought you news of the proposed LowLine last March in an article that included 17 approved developments poised to change the landscape of New York by 2033. After a successful Kickstarter campaign, the LowLine's creators are working with the MTA and the city to convert an abandoned, underground trolley station into a state-of-the-art, solar-panel-illuminated, $55 million park. We have been following the story and are pleased to include this update and sneak peak video from Financial Times. View Video
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Pads with a History
Unusual Conversions Bring New Life
In a city that constantly reinvents itself, conversions are nothing new in New York. As our world becomes increasingly virtual, office buildings have been easy transformations, as were carriage houses before them...and we all know about the birth of the Loft lifestyle downtown. More recently, churches have popped up as a popular choice for your next apartment, but did you ever think of living in a converted power plant, parking garage, school or cinema? While it may sound crazy, for developers it makes a lot of sense. Numerous historic districts, coupled with a lack of undeveloped land can make new construction very tricky in the city and some old-time structures are far bigger than what zoning would allow on their lots today. These practicalities coupled with a cultural shift towards the repurposed and historic are driving this reimagined form of preservation. View Slide Show | |
Spacious and Prime Location
749 Union Street - 3L, Park Slope
Design your dream home in this spacious two-bedroom, one-bathroom coop in the heart of Park Slope. Nine foot high ceilings are accentuated by a beautiful bay window with original pocket shutters offering open views of rooftops and trees with an abundance of light throughout the apartment. The exposed brick wall adds a rich character, while the wood burning fireplace provides a cozy ambiance. There are beautiful hardwoods throughout as well as original pre-war details. The kitchen and bath are of good size, with numerous possibilities for renovation. A large pantry off the kitchen and linen closet in the bathroom offer plenty of storage. Both bedrooms are of good size and are nestled quietly in the back of the building overlooking neighboring gardens. In unit washer dryer hookups ready for use, ample closet space, and a deeded storage space in the basement complete this lovely picture. 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
In Contract
749 Union Street, 1L
198 11th Street (Townhouse)
1607 Bergen Street, 3
340 E 23rd Street, 11E
265 Riverside Drive, 2G
Recently Sold 11 Fifth Avenue, 8N 233 East 70th Street, 15S 56 Pine Street - 7E 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: 3.875%
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Conforming 15 yr fixed: 3.250%
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Jumbo 30 yr fixed: 4.000%
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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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