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Volume 15: Issue 4 | April 2015
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| With the tremendous number of ultra luxury condo developments in mid-town and a further build-up along the Brooklyn and Queens waterfront the discussion of intangibles, namely light and views has been taken to a new level. This month's issue takes a look at the value of both height and light and literally looks into and out at some of the most dramatic views New York City has to offer. Also, a quick overview of both the Manhattan and Brooklyn markets that continue to both perform and impress. Enjoy. Manhattan:
- Price increases market-wide. Every price metric and bedroom category for both condos and co-ops saw annual increases with some significant gains. While condo units saw a slight 2% inventory increase, co-ops have 8% fewer listings than a year prior blending to 2% fewer listings market-wide.
- Contracts signed remained strong. Particularly among co-ops. One bedroom's had an increased share of sales compared to March 2014, making the large price gains even more remarkable. 54% of sales this month sold at or above asking price, a result of the increasingly tight market, particularly for co-ops.
- Inventory remains very limited. Especially among resales, co-ops, and units under $5M. Over 1,800 new development units are anticipated to launch in the next three months with more than 1,100 units at entry and mid-market levels of under $2,300 per square foot, which will bring much needed new supply to the market.
1st Quarter Corcoran Report: Manhattan Manhattan Monthly Market Snapshot for March Brooklyn:
- Continued to set records. All three of the major price metrics increased year-over-year by double digits. Average and median sales prices increased by 55% and 44%, respectively, while average price per square foot increased by 19%. A large increase in the number of townhouse sales versus March 2014 had a direct impact on average price increases.
- Double digit growth. All four bedroom types posted double digit growth in price per square foot. As in previous months, the number of studio sales was limited, affecting its average price per square foot increases year-over-year.
- Dramatic increase in days on market. There was a 61% increase in average days on market, the largest increase in more than 4 years; however, average time to sell a unit is still very low at just two months. Brooklyn had a 25% growth in contracts signed versus March 2014.
1st Quarter Corcoran Report: Brooklyn Brooklyn Monthly Market Snapshot for March |
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A moment for appreciation this Spring
As a New Yorker it is easy to take our beautiful skyline for granted, much as the Swiss must think the Alps are ho hum. But every now and again it is refreshing to enjoy our vistas through the eyes of a visitor. Take a look through this 10 best list for both the typical tourist haunts and decidedly local ways to take it all in. From the old standards like the Empire State Building and Top or the Rock, to the Standard Hotel's rooftop bar. Gaining perspective is always a good idea, which is why locations in both Brooklyn and Queens made the list of must see vantage points.
See the 10 Best List
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Central Park Perks...
How much is a park view really worth?
While there is an obsession with views in the Manhattan market and it is one of the drivers of
the tall tower phenomenon, there are a bunch of moving parts associated with it. Curbed looked at the last two years of closed sales on the four borders of Central Park, comparing the average price per square foot of co-op and condo apartments with direct views of the park-including both those above and below the treeline-and those with city views, and found differences osf as much as 75% for park vistas! Now that's impressive!
Read the Full Article
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A Price for Height & Light
Ultimate intangible in tangible terms
So the saying goes: location, location location, but appraisers and real estate agents have always known that your location within the building affects your bottom line just as much as your building's actual address. New York Magazine had an appraiser take a look at 301 W 57th Street as an example to shed some light on how height can affect pricing. The results: an $800,273 difference in price between floors 7 and 51, for the same exact unit! The most interesting discovery: how the percentages change within the building as you go floor by floor. How would your apartment would stack up?
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432 Park Avenue
Castles in the Clouds...
Introducing 432 Park Avenue, a soaring 1,396 foot high residential tower in the middle of Manhattan. As the tallest residential building in the Western Hemisphere, residents will enjoy 360 degree views from the Hudson to the East River, from the Bronx to Brooklyn, from Central Park to the Atlantic Ocean. These palaces in the sky will feature 12'6" ceilings, 10' x10' windows, and the most high end of finishes. The building will also 30,000 square feet of amenities to delight residents and their guests.As a rare treat click on the link below to see what life would be like living at various heights throughout the building starting at 558 feet all the way up to 1271 feet! See the 360 Degree Views
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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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CURRENT LISTINGS
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| Active 1991 Broadway, 8C 360 Baltic Street, 5A Recent Transactions 276 Hawthorne Street, 1 276 Hawthorne Street, 2 276 Hawthorne Street, 3 305 2nd Avenue, 725 155 E 91st Street, 5D 170 North 11th Street, 4A 280 Hawthorne Street, 1 280 Hawthorne Street, 2
125 N 10th Street, S4D 278 Hawthorne Street, 3 278 Hawthorne Street, 2 300 E 74th Street, 23F 125 N 10th Street, S2G 120 N 7th Street, 3A 9040 Ft Hamilton Parkway, 6E 278 Hawthorne Street (Townhouse) 250 W 94th Street, 13E 50 W 127th Street, 8B 400 E 54th Street, 7D 649 Vanderbilt Avenue, 2A 305 Second Ave, 725 425 E 79th Street, 7A |
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Conforming 30 yr fixed:
3.875%
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Conforming 15 yr fixed:
3.125%
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Jumbo 30 yr fixed:
3.875%
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Jumbo 15 yr fixed:
3.000%
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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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