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Volume 15: Issue 1 | January 2015
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2014: It Was A Very Good Year...
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Happy New Year! 2014 was indeed a very good year for NYC real estate. Below is a recap of where we stand in Manhattan and Brooklyn and a link to the 4th Quarter Corcoran Reports to offer further insight into these extraordinary markets:
Manhattan:
- Inventory challenges. Inventory has grown by 20% since last year, but almost entirely on the basis of condo availability and the introduction of significant high-end new development product. The number of co-op listings has remained flat since Q2 2011, and the market is significantly under-supplied below $2M.
- Contract signings are up. Signed contracts rose 3% versus last year. A lack of affordable inventory sent buyers to the co-op market. Co-ops accounted for 58% of signed contracts, their highest share since Q3 2009.
- High-end sales helped value reach new peak. Thanks to activity at the high-end, the average price per square foot increased to $1303, up 6% versus Q4 2013.
Brooklyn:
- Strong demand but short supply. Brooklyn is experiencing a classic seller's market in which there are not enough listed properties to feed demand from buyers. Thanks to the inventory shortage, transactions fell 4% versus Q4 13. At the same time, prices rose to their highest point in seven years; the price per square foot in Brooklyn is now $789, up 15% from the prior year.
- Fewer new developments. The number of new developments available in Brooklyn shrank, but their absence did not dampen enthusiasm for the borough nor the upward trend of prices.
- Dramatic price growth south and east of Prospect Park. Many areas held or modestly gained in value, but neighborhoods like Bedford-Stuyvesant, Bushwick, Crown Heights, Kensington, and Windsor Terrace enjoyed dramatic increases as buyers in search of affordable, quality properties competed for home purchases there.
4th Quarter Corcoran Report: Brooklyn
Brooklyn Monthly Market Snapshot for December
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Real Estate Guide for Real New Yorkers
Been sitting on the sidelines, waiting for your year? 2015 could be it! Whether buying, selling renting or investing this is a wonderfully comprehensive guide to what the New York Real Estate Market has in store for us all in 2015. Some trends to stay on top of: skyhigh prices are staying around, but may have plateaued for the time being, mortgage rates will continued to stay low, it will remain a seller's market, but with a more reasonable 4% year over year growth expected, while rents will remain as high as ever, rental buildings will continue to be bought and converted to even more lucrative condos, a widening price gap between co-ops and condos may persuade *some* co-ops to loosen restrictive purchasing rules, and landlords and management companies are expected to tighten up on airbnb, even in Condos. Full Article
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Falling Oil=Falling Rates
How Oil Prices Affect Your Mortgage
We all know falling oil means more discretionary spending, with obvious repercussions, but did you ever think that falling oil would mean falling mortgage rates? Most real estate economists have been forecasting mortgage rates will rise in 2015, but the recent steep drop in oil prices could change all that. According to analysts at Bank of America Merrill Lynch, an examination of break-even inflation rates suggests sharply lower oil prices are a key driver of the 90 basis points rally in 10-year Treasurys and the 60 basis points drop in mortgage rates in 2014. "The possibility of further declines in oil prices increases the chances that mortgage rates drop to the 3.25%-3.5% range that we believe is necessary to get housing back to affordable levels for many," says Chris Flannigan, ABS and MBS strategist at Bank of America Merrill Lynch. Full Article
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Super-tall Skyscrapers to change NYC
City Realty made the rendering above, providing us an idea of what the city will look like in 2018 based on projections for buildings currently being planned or already in construction. The photo illustrates a NYC skyline 2,500 feet above Central Park. This image focuses on Billionaire's Row, the set of seven sky-high luxury apartment buildings such as One Vanderbilt, 53 W 53rd, 432 Park Avenue, 225 W 57th, and 111 W 57th Street. You click through to the full article to see a few more renderings offering some different perspectives of the area, but the story is the same; Manhattan skyline is changing more dramatically than in decades. Major residential buildings are headed ever more skyward, meaning eventually we'll all be all living in the clouds. Full Article
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New Building Round Up
New Construction For Sale in 2015
For many 3 years is imply too long to wait! If you looking for new construction available right now, we have included this round up of new buildings expected to be completed in 2015. While there are plenty of one to three bedrooms, a new proliferation of duplex and townhouse residences built into new development projects offer the space of a traditional single family with the amenities of a full service building - who could ask for anything more! All new developments on this list are already accepting offers, so if you are interested now is the time to move forward. The list covers some of the larger new builds in Manhattan and Brooklyn; for a complete search specific to your needs be sure to give us a call as we have access to all new construction in the city and are excited to get to work on your search! View List
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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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In Contract
125 N 10th Street, S2G
300 E 74th Street, 23F
Recently Sold
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
749 Union Street, 3L
970 Park Place (Townhouse)
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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Conforming 30 yr fixed: 3.625%
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Conforming 15 yr fixed: 3%
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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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