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Volume 15: Issue 6 | June 2015
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This months edition is about renovating your dream home. If at first you don't succeed...at finding your Dream Home...buy an estate sale and with a little elbow grease, patience, a good contractor, etc...you will have it. More below on those that have conquered and endured during this rather onerous process. Hope you are enjoying your summer. More on the market below...
May continued this year's strong and steady market performance. Contracts signed and inventories were up by single digits compared to last year. Negotiability and days on market continued to shrink. This month co-ops saw a positive change from last asking price to sale price, indicating on average buyers are paying above ask. Overall average price crossed $2M market wide in May 2015, a new record high. With co-ops representing a relative bargain to condos, demand is high, driving pricing upward and inventory down. Market share for condo listings continues to increase, resulting from both new development launches and under-supply in the co-op market.
Manhattan:
- Prices continue to grow. In the condo market, high priced deals are drawing the average price up, but leaving the median relatively stable. Co-ops had seen double digit increases in all price metrics, with both average and median sale prices up 19% compared to May 2014.
- Sales remain steady. Condo sales are up 1% from last year but down 3% from April, which is typically the busiest month of the year. Inventory increased 8% annually and 1% versus last month. For co-ops, sales were steady and contracts signed were 2% higher than last year. Inventory decreased year-over-year for the 41st consecutive month, down 5% compared to last year.
- The bottom line. Rising prices encourage more buyers to look at co-ops, which typically sell at a discount to condos. Additionally, recent new development product introduction has bolstered condo supply and is expected to continue to do so for the next several years.
1st Quarter Corcoran Report: Manhattan Manhattan Monthly Market Snapshot for May Brooklyn:
- Sale prices are rising. Brooklyn's average sale price increased 3% compared to last year, while median sale price increased 9% year-over-year, the 28th and 9th consecutive months of growth, respectively. The average price per square foot for three of the four bedroom types increased year-over-year, causing an overall increase of 2%.
- Signed contracts increase & D.O.M. falls. Brooklyn had a 9% increase in contracts signed versus May 2014. There was an 11% year-over-year decrease in average days on market and a 16% decrease month-over-month.
- Inventory is booming. Total available inventory in Brooklyn increased 28%, year-over-year, to 5,476. The number of listings in May 2015 was 14% higher than the average number of listings over the last 12 months.
1st Quarter Corcoran Report: Brooklyn Brooklyn Monthly Market Snapshot for May |
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Dream Home Renovation
When Elspeth Benoit and David Bevan were renting an apartment in Brooklyn Heights a few years ago, they would walk their bulldogs by Warren Place in Cobble Hill and dream of what it would be like to live there. The block long 1870s development for workers features narrow brick townhouses on both sides of a garden-like courtyard that is closed to cars by iron gates. "We thought it was this very charming oasis in the city,"...
Read the Article Here
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Tips for Renovating
Follow our Helpful Guide for Success
If you play your cards right, buying a charming fixer upper to renovate can be a very profitable venture, if you BUY for the right price! An ideal purchase is a truly dated property. The one most people would enter and say, "Oh my God! this is going to take a lot of work..." or the one that has just been so distastefully decorated that the average buyer cannot look past the atrocities. These properties are typically priced well below market... Blog Post Here
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Renovation Extraordinaire
"Understated grandeur" comes to mind when touring this fully renovated townhouse in NYC's West Village neighborhood. After selling off a company for over $600M, British tech entrepreneur, Jos White, and his wife, Annabel, traded their Manhattan loft for this six-story townhouse, which, over three years, was stripped back and reassembled by local architect Basil Walter. Among the changes were a sculptural oval staircase that replaced the original zig-zag one, a 125-square-foot rooftop home office (a first on the block), and two new terraces... See Here
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Featured Property
125 North 10th Street, S3I
This beautiful, southern facing 1-bedroom, 1-bathroom residence offers 823 interior square feet and 82 exterior square feet. Features include ceilings over 10-feet high, beautiful walnut floors, a Living/Dining room large enough for a full-sized dining table and a state-of-the-art kitchen with custom cabinetry, recycled glass counter-tops and stainless appliances. The bathroom features a large soaking tub, custom vanity and over-sized Italian porcelain tiles. The master bathroom...
More Info Here
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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 125 N 10th Street, S3A 215 E 81th Street, 2A 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 |
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Conforming 30 yr fixed: 4.000%
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Conforming 15 yr fixed:
3.375%
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Jumbo 30 yr fixed: 3.625%
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Jumbo 15 yr fixed:
3.125%
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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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