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Volume 15: Issue 12 | December 2015
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Seeing how it was pleasantly 60 degrees yesterday, it seems more like September rather than 10 days until Christmas Eve. Nonetheless, no one seems to be complaining and the holiday spirit is still in the air. See below for our latest updates in both the Manhattan and Brooklyn markets and a few Holiday Tips. Best Wishes for a Wonderful Holiday and a New Year filled with Peace and Happiness.
Manhattan
:
- Level Contract Activity. Overall Manhattan contract activity was level compared to last year yet lower than October, typical of past November trends. There was an uptick in new development sales, driven by sales at entry level and mid-market new developments. These sales contributed to the decline in overall condo average price.
- Significant Co-op decline. There were fewer total listings on the market than a year ago. However, overall inventory is only skewed lower due to the significant decline in co-op listings as condo inventory increased. Inventory remains very limited, especially among apartments under the $1MM price point.
- Negotiations. Buyers were still able to negotiate the asking price, yet only marginally in both markets. Discounts were most pronounced in sales over $3MM, corresponding to the category that has seen the most inventory growth and thus, more competition. The co-op market remains extremely tight and days on market continued to shrink. The opposite appears to be occurring in the condo market; days on market was higher than the same time last year.
Brooklyn:
- Sales Strong in Brooklyn. November sales were strong in Brooklyn, continuing a seventeen-month streak of year-over-year growth in sales. Buyers signed 18% more contracts this November compared to last and sales activity remained steady relative to October.
- Median Price Gains. Market wide median price showed solid gains with a 10% increase versus last November and 6% more than last month. Buyers paid an average price of $1.137M, nearly unchanged from a year ago. The average sale price was 0.06% above the average asking price, which when paired with the days on market figure of 49, indicates a very tight market in Brooklyn. 1 and 2 bedrooms were the majority of sales and studio's were up 10% year over year.
- Inventory Gains. November 2015 had 4% more listings compared to the same time last year. This is the fifth consecutive month of singledigit annual inventory gains. The last time the year-over-year increase in inventory was this low was in May 2014. Sales continue to be strong, a contributing factor to low inventory figures.
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NYC Holiday Tipping Guide
Bonuses for Building Staff
The New York City tradition of tipping building staff is often a fraught gesture of the holiday season. While residents anxiously stuff envelopes for the doorman, the night porter and nearly everyone else, co-op and condominium boards do the same. Building employees have come to expect (and rely on) this end-of-year windfall. "This is a substantial portion of their yearly income," said Eric D. Sherman, a Manhattan real estate lawyer.
Boards use various...
View the Guide!
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Union Square Market
Last Minute Holiday Shopping
The Union Square Holiday Market is the New York destination for an intimate and enjoyable holiday shopping experience. Allow yourself the time to slow down and wander through the holly-lined aisles, and connect with local artisans who are selling their wares and sharing their stories. It's a delightful place to get swept up in the festive spirit.
The market returns to Union Square Park from Nov. 19th - Dec. 24th, 2015.. See more Here
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What to do on X-Mas Day
2015 December Events Calendar
Soak up the holiday season in the city this December with our pick of New York events. This season's highlights include such trusty favorites as the Radio City Christmas Spectacular and The Nutcracker in NYC. Looking for something less festive? Check out terrific art shows and Christmas concerts in NYC, including Cyndi Lauper and Mariah Carey.. Events Here
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Featured Property
242 South 1st Street, 2F
This stunning and sunlit studio LOFT plus Balcony is in Williamsburg's sought after LOFTS1 Condominium. This four story Williamsburg conversion is complete with fine finishes and modern amenities while preserving much of its authentic pre-war warehouse detail including wide plank maple wood flooring and the exposed...
Read More 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
125 North 10th Street, SGE
280 Hawthorne Street, #3
In Contract
1991 Broadway, 3C
502 West 141st Street, 5A
353 East 72nd Street, 5B
Recent Transactions
5 Riverside Drive, 5D
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: 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:
3.250%
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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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