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Volume 15: Issue 5 | May 2015
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Happy Memorial Day! This month's issue focuses on the Up and Coming new developments in NYC; from the most recent projects to be finished to how they are being marketed and who is buying them. In April 2015, the condo and co-op markets showed further separation in supply/demand dynamics. The condo market remained stable while co-ops showed strength for sellers in every metric. As for Brooklyn, they still going strong with nineteen out of the last twenty months experiencing year-over-year growth in average and median sale prices, increasing 4% and 17%, respectively. For more see below and enjoy your weekend.
Manhattan:
- Further separation in supply/demand. The co-op market responded to the still falling supply and continuously strong demand with significant price gains. The condo market did not see the same annual price gains, due to a decrease in three+ bedroom sales, increasing supply, and high current asking prices.
- Days on market decreased for co-ops. While the figure increased for condos. Negotiability remains low in both markets; however, April co-ops saw a very tight market with an average sale price a fraction above the last asking.
- Market wide contracts signed were up 7%. Compared to last year. Despite a 3% increase in total inventory, buyers may be hesitant to list their units because replacement options are limited at affordable price points. While sales under $2 Million represent 72% of the market, listings under $2 Million make up just 57% of inventory.
1st Quarter Corcoran Report: Manhattan Manhattan Monthly Market Snapshot for April Brooklyn:
- Average PPSF decreased by 4%. Due to the year-over-year decrease in three plus bedroom average price per square foot. All other bedroom types posted positive price per square foot change, with studios and two bedrooms posting double digit gains of 17% and 10%, respectively.
- 27% YOY increase in average days on market. No change month-over-month. Brooklyn had a 26% growth in contracts signed versus April 2014. In April, 71% of buyers paid at or above asking price.
- Total available inventory increased. Total available inventory in BKLYN increased 24% to 5,351, year-over-year. The number of listings in April 2015 was 13% higher than the average number of listings over the last 12 months.
1st Quarter Corcoran Report: Brooklyn Brooklyn Monthly Market Snapshot for April |
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Incredible spring of progress in TriBeCa
The building will reach its full height this summer and Corcoran Sunshine is delighted to share this film documenting a year's progress in 60 seconds. 56 Leonard's final two residences, both crowning penthouses, epitomize Herzog & de Meuron's vision. Each is characterized by soaring ceilings, direct elevator access, and a seamless flow between indoor and outdoor spaces with stunning, sky-high views of Midtown, Downtown, and the water... Watch the Video Now
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How Much for Marketing?
Stand out amid a glut of new inventory
Manhattan's condo market is gearing up for a major influx of new product in 2015 - about 6,500 new units across more than 100 buildings will open for sales this year, compared to just 2,500 units across 59 buildings last year, according to Corcoran Sunshine Marketing Group. Developers haven't faced such stiff competition since 2007, and some in the real estate industry expect to see a return to the lavish marketing and one-upmanship of the boom years. Others, however, say... Read Full Article Now
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Chinese-backed NYC real estate spree
Chinese investment in New York City real estate has been the subject of many a trend story over the last few years. It's also been quantified, as per the Journal in December 2014: "In all, Chinese investors have spent more than $5 billion on New York City properties since early 2013, according to data firm Real Capital Analytics, up from less than $300 million in 2012." And these backers aren't just sinking all that money into piddling properties-no, they want big names. The Waldorf Astoria. One Chase Manhattan Plaza (soon to lose that name). The General Motors building...View the Proof
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Featured Property
5 Riverside Drive, Apt 5D
This sprawling one bedroom home is richly supplied with pre-war character and offers Hudson River and Riverside Park views from a full-service art deco elevator building on lower Riverside Drive. The apartment has amazing features including a step-down living room, wood hand-railings capped with brass finials, decorative fireplace, built-in bookshelves, recently installed panorama windows, windowed kitchen and bath, grand entrance foyer and four large closets (one walk-in closet). Original detailing includes oak flooring (herringbone pattern in the living room) and high beamed ceilings. For More Details
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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
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CURRENT LISTINGS
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| Active 5 Riverside Drive, 5D 125 N 10th Street, S3I In Contract 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 120 N 7th Street, 3A 250 W 94th Street, 13E 50 W 127th Street, 8B 400 E 54th Street, 7D |
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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:
3.625%
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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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