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welcome to emmasphere |
emmasphere is a newsletter dedicated to information, ideas and the idiosyncrasies of the new york city real estate market and everything that it encompasses. Emma Hamilton Malina (212) 941 2557 Missed a newsletter?
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Office News - SOHO |
As many of you already know - This summer, after nearly 6 years in Corcoran's Union Square office, I was invited to join Corcoran's SoHo office.
I'm thrilled to be working under veteran manager Gene Martinez and to be surrounded by a whole new collection of characters. The SoHo office occupies the second and third floor of the amazing cast iron building on the corner of Broome and Broadway.
If you're in the neighborhood, please pop in and say hi.
I'm excited about this change and looking forward to thriving in this new, elevated environment.
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Market Update - 3rd Quarter 2011 |
Marketwide Summary -
Pricing market-wide continued to grow at a steady rate. While median price declined 2% from a year ago, average price per square foot grew 3% to $1,061. Compared to Second Quarter 2011, median price, at $854,750, grew 2% while average price per square foot rose slightly by 1%. Both resale and new development market pricing was higher over last quarter and last year. Despite diminishing inventory, the new development sector continues to attract significant demand. New development transactions accounted for 21% market-share this quarter, higher than Third Quarter 2010 when they accounted for 19%.
Downtown Snapshot -
Resale co-op pricing improved markedly over both last year and last quarter. Median price increased 11% from last year to $720,000 while average price per square foot increased 7% to $969 due to higher sales of two- and three-plus bedrooms. In contrast, resale condo pricing was mixed. Median condo price dipped 3% from a year ago but average price per square foot increased 7% to $1,224 as studio and one-bedroom market-share increased significantly.
Brooklyn Snapshot -
The Brooklyn for-sale housing market is extraordinarily diverse. Market-wide median price increased 11% from Third Quarter 2010 and 7% from Second Quarter 2011, to $511,000, its highest level since Second Quarter 2008. Market-wide average price per square foot increased slightly by 1% from a year ago but decreased 4% from last quarter, to $562. Average price per square foot has increased 5% since its low in First Quarter 2010 and since then has generally trended upward between $535 and $585. Single-family townhouses saw large gains in median price from a year ago, up 76% as there were fewer sales but mainly concentrated in prime neighborhoods.
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For Sale: Central Village Investment Studio or Pied-a-Terre |
If you've ever dreamt of owning a little slice of Manhattan real estate, have I got the place for you - located on West 13th Street between 5th & 6th Avenue's - This full time doorman, condo studio with direct views of Jefferson Market Court House is just for you!
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For Sale: Charming One Bedroom Park Slope Coop w/ Wood Burning Fireplace |
Absolutely charming, south facing one bedroom with a wood burning fireplace, washer/dryer hookup and a spacious living room with ample room for a dedicated dining area. Located just off Fifth Avenue in prime Park Slope this lovely, pet friendly, pre-war coop comes with bike storage and a massive private storage locker in the basement. Great price for a total gem.
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For SALE or RENT: Tons of Space on the Lower East Side |
Fabulous two bedroom, two bathroom condo situated perfectly in the super hip Lower East Side. Drenched in sunlight, the spacious corner living room with both Southern and Western exposures leads into an immaculate open chef's kitchen. Part-time Doorman, excercise room and fabulous Roof Deck included.
For More Info, Pictures & Floor Plan - Click Here
Also available for Rent |
For Sale: Spacious Duplex in Prospect Heights |
If space, value and location are at the top of your wish list, have we got the home for you! Located on a lovely, tree lined block of Sterling Place in charming Prospect Heights this duplex benefits from 3 exposures, hardwood floors, high ceilings and tremendous amounts of storage. For Further Info, Pictures & Floor Plan - Click Here |
Fame Slept Here..... And So Did I...... |
Curbed just did a piece entitled Five Rentals with Hollywood History to Boast About and I'm proud to boast that not only have I been in one of them I actually stayed there for a few nights back in 2004 as it was the location of my brothers wedding and they invited us to be the one other occupant of the house - the 2 bedroom, 7 bathroom house.... Our room was the one with the fireplace with sliders out to the garden. A cool house for sure but an even cooler wedding! If you ever want to see pictures of my brother and I jumping off the roof into the pool... just ask!
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I heart NYC |
I often get asked by friends who live outside of the United Cities of New York - How do you live there??
Now that I'm a mum, I have to say, the "why" question has even reared its head in my own thoughts but then something as simple as a great sandwich brings me back to my NYC reality - because this city is freakin' great and you can get anything, anytime of day or night!
Serious eats just unveiled
- Happy Eating!!!!
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Questions Answered |
Dear Emma,
So - we're thinking very seriously about changing our search from a 3 bedroom in a great neighborhood to a townhouse in a perhaps more up and coming neighborhood.... What are your thoughts on this???
Thanks,
Sherman & Isabel
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Dear Sherman & Isabel,
This is actually a question being posed to me more often than many others these days.
My short answer is that it is absolutely worth exploring because for a similar budget you can often find tremendous value and 2 to 3 times the space, or more. Depending upon your needs this can be the only answer you need BUT homeownership is entirely different from apartment ownership and is not for everyone.
If your buying a home in a lesser established neighborhood it's quite likely that your new home will require substantial work - this could be simply cosmetic but could also involve a total gut to upgrade plumbing, electrics, all building mechanicals and the exterior (facade, roof etc.) - which can cost in excess of $300 per square foot.
With an apartment it's very likely that you'll do cosmetic work or even a gut renovation to make it your own but it's more likely that the building will have updated mechanicals and systems in place already - plus any major work that is needed is shared amongst all owners in the building.
A house is all yours - you know who is above and below you at all times, you have room to grow, room to host guests, room to play.... room!
If public schools are important - it is possible too that a more unestablished neighborhood may have less schools to chose from that meet your educational expectations, so figuring private school options into your overall purchase number is probably a wise thing to do.
I guess the most important thing to acknowledge and or discuss amongst yourselves is what is the overall expected longevity of your stay in either scenario? If you buy a 3 bedroom do you think you'll outgrow it in 5 years or less or do you think you could be happy there for the long haul? With a townhouse - people often cross a psychological line where the embrace it as the place they'll live in for the next 20+ years - depending upon your answer to this question - you may actually discover the answer to your original question....
Emma
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Need More Room? |
As Corcoran is owned by NRT (the world's largest residential real estate brokerage firm) I can make any connection in any town for anyone. Is someone you know moving to Chicago? Is your pregnant sister in California in need of a bigger place? Are your friends in Vermont getting married and need to make a move to a larger place? Or perhaps your grandparents in New Jersey are thinking of selling and getting a place in Florida? If you know someone who needs to make a move, let me know. I'll work tirelessly to find the perfect broker for you or them.
Need a great referral in Anytown, USA??
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Car Sharing |
Join Zip Car and get $25 worth of driving credit - beep, beep, zoom, zoom |
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As always, if you're considering buying, selling, or investing in New York City real estate, or just checking in to say hello, please reach out to me anytime.
Feel free to forward this newsletter and my contact information to your family and friends who might be interested as well. I'm always available as your resource. Emma Hamilton Malina - Senior Associate Broker Corcoran Group Real Estate 490 Broadway - 2nd Floor New York, NY 10012 O) 212 941 2557 C) 917 297 4875 F) 212 230 7322
All materials presented herein are intended for information purposes only and have been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice.
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