|
Volume 15: Issue 7 | July 2015
|
|
|
|
|
|
There has been so much tawk about Brooklyn lately it seemed appropriate to focus on them this month. Nearly every conversation these days has a mention of the how amazing Brooklyn is and what a tremendous transformation it has made over the past 10 years. Franklin Street in Crown Heights has become a go to spot for the young and both buyers and tenants alike are moving further and further east into areas like Lefferts Garden, Clinton Hill and Crown Heights looking for value and more space. We have included a blast from the past with rents from the 1940s. Remember when your rent was $100 per month. Probably not! Also included is Stoop life in Crown Heights, a recent article on Kool-Aid and a Featured Listing from Prospect Place. Better hurry, this one won't last.
Manhattan:
- Busiest quarter of the year. Closed sales in Manhattan were up 2%, signed contracts were up 7% and median price increased 4% year-over-year. Inventory grew 12% but this was from a near historic low figure.
- Resurgence of new development. The resurgence of the new development market, which had larger year-over-year gains than resale's, propped up sales figures this quarter. Continually low levels of resale inventory seems to be restricting sales in the resale condo (down 9%) and resale co-op markets (up 1%).
- Months of Supply. Months of supply is an estimate of how long it would take to sell all current active listings at the rate of sales recorded during the previous three months, if no new listings entered the market. Six to nine months is considered supply-demand equilibrium. Manhattan is currently under-supplied with 4.1 months of supply.
2nd Quarter Corcoran Report: Manhattan Manhattan Monthly Market Snapshot for June Brooklyn:
- Sales exceeded the historical average. The above average sales during this time are even more noteworthy as inventory declined through 4Q 2013. New development introductions over the past year have contributed to the overall increase in apartment inventory, relieving the recent shortages and providing buyers more options in the borough.
- Brooklyn remains under-supplied. Even with a rise in inventory and steady sales, Brooklyn remains under-supplied. This constraint has continued to put upward pressure on prices. During Second Quarter 2015 average price and price per square foot reached its highest level in seven years.
- Exogenous market shifts. Besides strong demand and low supply, market share shifts are also contributing to price growth. The market over $500K shifted in a significant way this quarter, claiming an additional 10% share of sales compared to Second Quarter 2014. Sales over $1MM exceeded last year's figure by 6%.
2nd Quarter Corcoran Report: Brooklyn Brooklyn Monthly Market Snapshot for June |
|
|
|
|
US Census Mapping
An incredible map from the
Brooklyn Historical Society
offers a unique perspective. Drawn from census data for average monthly rent, most of the borough's housing ranged from $20 to $49 per month (where the blocks are orange, green and light blue). Where was living the most expensive? Look for the darker colors. Around the waterfront between the Navy Yard and Fulton Terminal, and then, surprisingly (!), in Bay Ridge...
Read the Article Here
|
|
Crown Heights, Brooklyn
Where Stoop Life Still Thrives
Crown Heights was one of the wealthiest neighborhoods in Brooklyn at the turn of the last century, and the alluring architecture of that era, along with new residential development, is attracting newcomers and spurring rapid change. Roughly two square miles, with about 130,000 residents, Crown Heights was dogged for years by a reputation for intolerance and violence after the 1991 riots involving...
Read More Here
|
|
|
|
|
|
Drinking the Kool-Aid
Jeff Nolan at the Top of his Game
Jeff founded and runs a chapter of a networking organization that has been a major contributor to his success in residential real estate. It has proven to be a great platform to connect him with clients and colleagues and has assisted him to build a team of professionals from different industries to help his clients through every step of purchasing or selling a home. Based in Corcoran's Union Sq. office, he sells coops, condos and townhouses all over the city, from Harlem to Bushwick in Brooklyn and every where in between... More Here
|
|
Featured Property
437 Prospect Place, #3
FURNISHED OR UNFURNISHED. Located in a beautiful townhouse, this duplex has been thoughtfully renovated offering plenty of living space. The first floor features a well-designed, modern kitchen that opens up into a spacious living/dining room, a bedroom that can be easily converted into a large study/den, a full sized bathroom and plenty of storage space. The second floor features a large skylight at the top of the stairs illuminating the entire floor with two additional full size... See the Listing Here
|
|
|
|
Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club (2011-14)
Top 1% of NRT Sales Associates
Corcoran Group Real Estate
Union Square Office
30 Irving Place, 5th Floor, NY 10003
Cell Phone - 212.260.0562
|
|
|
CURRENT LISTINGS
|
| Active 5 Riverside Drive, 5D 437 Prospect Place, 3 In Contract 125 N 10th Street, S3I 215 E 81st Street, 2A 125 N 10th Street, S3A 1991 Broadway, 8C 25 W 64th Street, 9F 530 E 84th Street, 2NPRS/1N 225 Lincoln Place, 2D Recent Transactions 150 E 49th Street, 3D 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 |
|
|
|
|
Conforming 30 yr fixed: 4.000%
|
|
|
Conforming 15 yr fixed:
3.375%
|
|
|
Jumbo 30 yr fixed: 3.750%
|
|
|
Jumbo 15 yr fixed:
3.125%
|
|
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
|
|
|
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.
|
|
|
|
|
