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Volume 15: Issue 10 | October 2015
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October is here! The apples are ripe and the real estate market is still as robust as ever. If you love architecture and real estate as much as we do, you will love the upcoming OpenHouseNewYork event. There are so many amazing and unique commercial buildings to see and many rarely open their doors in this way. This is a phenomenal opportunity to explore the city and see all it has to offer. Enjoy! A few other tips on Open House dos and don'ts, an open house disguised as an extravagant dinner party and our very own featured property and upcoming open house in keeping with the theme. Also included is the latest Q3 results for both Manhattan and Brooklyn. As always, let me know if you have any questions we're here if you need us.
Manhattan
:
- Robust Sales Activity. After robust sales activity during the first half of 2015, the third quarter continued the trend and was one of the more active quarters in years. Closed sales and signed contracts were up, inventory was down, and median price hit a ten-year high.
- Tight Inventory. Inventory, which has remained stubbornly low over the last several years but saw a notable increase last quarter, dropped again during Third Quarter 2015. Inventory was down 13% year-over-year to 4,832 units; just the fourth time in the last ten years that inventory was less than 5,000 units.
- Even Higher Prices. Increasing sales combined with decreasing inventory, along with a resurgent new development market, put upward pressure on prices. The overall median price was up 12% year-over-year to nearly $1 million, its highest level in more than ten years, and average price increased 4% year-over-year to $1.714 MM.
Brooklyn
:
- Strong year thus far. 2015 has been a strong year so far in Brooklyn. Q3 2015 proved to be the second strongest Q3 for closings in seven years. While the resale market had an annual decline in sales, new development sales grew.
- More listings. There are more available listings this year versus last and the market is responding to the increase in inventory. There were 9% more contracts signed during Third Quarter relative to a year ago.
- Higher Prices, Higher Demand. Several other factors are evidence of a market in high demand. Months of supply indicate an under-supplied market overall, particularly in the resale market and despite the rise in inventory. In addition, length of time from list date to sale date is very tight, down to just 54 days; the lowest level in seven years.
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OpenHouseNewYork
October 17th-18th, 2015
For two days each October, the Annual Open House New York Weekend unlocks the doors of New York's most important buildings, offering an extraordinary opportunity to experience the city and meet the people who design, build, and preserve New York.
From historical to contemporary, residential to industrial, hundreds of sites across the five boroughs are open to visit, with tours, talks, performances, and other special events taking place over the course of OHNY Weekend... Read More Here.
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Manhattan Dinner Party
Disguised as an Open House...
It might have been any over-the-top
Manhattan
dinner party: a penthouse setting where several dozen carefully chosen, accomplished guests enjoyed artisanal cocktails, a four-course tasting menu prepared by up-and-coming chefs and a live dance performance. But this was no ordinary over-the-top party. It was an open house - albeit a very exclusive one. Organized by Jessica Wolf, a recent Dartmouth graduate who is the membership manager at NeueHouse, the private club... More Party Photos
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Open House Do & Dont's
Top Ten Tips for Home Buyers
For buyers and nosy neighbors alike, open houses can be a welcome opportunity to poke around other people's homes and see how they live (and decorate). But if you're genuinely looking to buy in a city as
rife with bidding wars as NYC, the open house is also a crucial time for you to make a good impression. The seller's broker could be silently vetting you for a massive financial transaction and, if you're looking in a co-op, how you'd fare in a board interview, to boot...
View the Top Ten Here
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Open House, Sun. 10/18
125 N 10th St, Apt SGE, Williamsburg
Come join us from 5-6:00PM on Sunday, October 18th to view this bright, south facing, 1-bedroom, 1-bathroom residence offers 795 of interior square feet and 285 exterior square feet in the south building of one of the most coveted condos in Williamsburg. Features include over 10-feet high ceilings, floor-to-ceiling windows, beautiful walnut hardwoods, a Living/Dining room large enough for a full-sized dining table and a state-of-the-art open kitchen...
See Property Here
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Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club (2011-15)
Top 1% of 45,000 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
In Contract
Recent Transactions
437 Prospect Place, 1
6 West 74th Street, 3/4
1991 Broadway, 8C
225 Lincoln Place, 2D
530 E 84th Street, 2NPRS/1N
437 Prospect Place, 3
125 N 10th Street, S3I
215 E 81st Street, 2A
125 N 10th Street, S3A
25 W 64th Street, 9F
150 E 49th Street, 3D
305 2nd Avenue, 725
155 E 91st Street, 5D
170 North 11th Street, 4A
125 N 10th Street, S4D
300 E 74th Street, 23F
125 N 10th Street, S2G
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Conforming 30 yr fixed: 3.875%
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Conforming 15 yr fixed:
3.125%
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Jumbo 30 yr fixed: 3.375%
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Jumbo 15 yr fixed:
3.000%
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Please contact me for Mortgage Banker recommendations in New York City.
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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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