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Volume 15: Issue 9 | September 2015
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This month, it's all about your neighborhood! How well do you know yours? NYC is a melting pot steeped in history and culture. It is iconic, unexpected, overwhelming and exciting all at once. Crazy as it seems, with all that is at our doorstep, many New Yorkers are bound to the same daily routine, especially within their own neighborhood. What better way to understand your neighborhood than to draw its boundaries or take a walking tour. If you are unsure of your current neighborhood, we have the quiz for you. With a few simple questions, find out just where you belong. ALL are included in this month's edition of Manhattan Insight, plus the latest in market reports for both Manhattan and Brooklyn.
Manhattan
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- Overall sales dropped 5%. August is typically one of the slowest months of the year in the Manhattan real estate market. While condos had a drop in signed contracts for the month, the number of contracts signed on co-ops increased slightly. Overall sales dropped by 5% year-over-year.
- Prices rose. Prices rose in all measures versus last year, with the average price for a condo up 35%, and co-ops 32%. While prices in August 2014 were atypically low, the significant price increase relative to last year is largely explained by a jump in the proportion of sales over $3 million dollars.
- Overall inventory declined. Discounts from last ask to sale price remained very low, slightly below 1% for condominiums and almost negligible for co-ops. Overall inventory has declined notably since last year, largely owing to the 19% decrease in co-op inventory.
Brooklyn
:
- Median and average prices. Median and average sale price both continued to grow in August, increasing 18% and 3% year-over-year, respectively. The average price per square foot increased year-over-year by 9%. Studios, two and three plus bedrooms posted double digit growth in price per square foot, year-over-year.
- Studios are limited. As in previous months, the number of studio sales was limited, skewing its average price per square foot to increase 72% year-over-year. Brooklyn had a 14% increase in contracts signed versus August 2014 but a 12% decrease versus July 2015 as August is typically a slow month for sales.
- Days on market. August experienced an increase in average days on market of 35% Y-O-Y and a 41% month-over-month. Average days on market was partially skewed by a few sales, but overall days on the market increased.
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Where exactly is your neighborhood?
New York is a city of neighborhoods, and debating where those neighborhoods begin and end is a time-honored tradition. Longtime Lower East Siders reject its subdivision into the East Village. Uptown Manhattan residents feud over whether Thayer St is part of Inwood or Washington Heights. Some Brooklynites insist 4th Ave is in Park Slope, while others insist it's Gowanus.
"You could take two people who live side by side and ask them 'what are the boundaries of the neighborhood in which you live?' and you'll get two answers," Bronx historian Lloyd Ultan said.
It turns out there's good reason these haven't been settled...
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Walking Tour
Have you toured your neighborhood?
A walking tour of your neighborhood is a fabulous way to see all the historical details and appreciate the area. Generally, the tendency of NY'ers is to walk the same path and stick to their day-to-day routine. Fall is the perfect season to observe your neighborhood, others you are curious about, or areas where you are looking to purchase. Click
below for our favorite tours:
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Neighborhood Quiz
Which NYC neighborhood are you?
NYC is a city of neighborhoods, each with their own distinct feel, culture and living experience. You have Manhattan, Bronx, Queens, Staten Island, and Brooklyn as the five boroughs. In just Manhattan, you can experience a wide variety of cultures, apartments, and shopping in neighborhoods like Harlem, Soho, Midtown, UES and more. If you're deciding which neighborhood to live or just want to have some fun and see where you'll end up, take our quiz by clicking the link to the right...
Link
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Featured Property
269 West 72nd Street, Apt. 6CD
Enjoy generous sunlight and peaceful tranquility in your beautifully renovated, Upper West Side oasis on 72nd Street. Apt 6CD offers a very flexible layout and can easily be converted to a three bedroom home. Important details such as: windowed bathrooms and eat-in kitchen, triple exposures, 18 inch parquet with inlay and charming pre-war moldings elevate this unit to a truly stunning level. The home is currently configured as a one bedroom with formal dining. 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
15A Berkeley Place, 2B
In Contract
Recent Transactions
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:
3.250%
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Jumbo 30 yr fixed: 3.500%
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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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