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Volume 16: Issue 1 | January 2016
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Happy New Year! New York City's real estate market did not miss a beat in 2015, although its pace showed signs of stabilizing, even as prices reached new heights. It's no surprise that there is more luxury housing coming, as developers race to complete condo towers for the super elite. However, what is in store for 2016 - this is what to look for via Streeteasy.com.
Slower Growth Forecasted in 2016
While the costs of housing will remain high, New York buyers and renters can take small comfort in knowing that price growth is expected to be slower in 2016 than in years past.
Upper Manhattan Prices Will Climb the Fastest
Resale prices in Upper Manhattan will remain low relative to the rest of Manhattan, however, lower prices will give way to even stronger competition and rapid price appreciation.
Slight Cooling of Manhattan's Luxury Market Will Continue
Amid signs of a possible glut of supply and slowing demand for homes at the top end of the market, Manhattan's luxury market is expected to cool in 2016.
Brooklyn Renters Will Be the Most Burdened in 2016
Renters in NYC will be even more rent burdened in 2016 than they were in 2015, largely due to rent growth far outpacing the city's income growth.
For information about the 4th Quarter of 2015 and last year's performance, see below for the Corcoran Reports for both Manhattan and Brooklyn. Upon review, please let us know if you have any questions.
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Downward prices for Co-ops
Average sale price held steady in the condo market but declined by 5% in the coop market versus last year, via an increase in sales of smaller coop.
Price Per Square Foot Growth
With the exception of condo two bedroom units, all bedroom types in Manhattan experienced PPSF growth.
Historically Slow Month
December was a slow for NYC residential real estate, with condo and co-op sales down relative to 2014.
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More Sales this December
There were 5% more sales in Brooklyn this December relative to last year, but in a typical seasonal trend activity was 24% lower than November.
Median Price Gains Continue to Rise
Market wide median price increased 5% compared to both last month and last year.
Inventory Low at Year End
Year-over-year total available inventory in Brooklyn decreased by 4% and new listings decreased by 20%.
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The Emerging Aesthetic
Manhattan's super-tall skyline in 2016
The rise of the super-talls has been several years in the making, and One57, 432 Park Avenue, and One World Trade Center have offered a preview of the increasingly gargantuan changes taking place across New York City. But 2016 will mark the start of a new era for the city's skyline. With six super-talls of 300 meters (984 feet) or greater now rising, the city's total number of such buildings will nearly double, from seven to thirteen. Yesterday, the New York Post featured YIMBY's compilation of...
See Developments Here
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Back on the Market!
125 N 10 St, S3I - Williamsburg
BACK ON THE MARKET! This bright, beautiful, mint condition, 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... See Property Here
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2015 Notable Demolitions
NYC buildings demo'd for development
In 2015, New York's landmarks law turned 50 years old. Events and discussion panels were held across the city throughout the year. The Museum of the City of New York held the commemorative Saving Place exhibit. As YIMBY reported, six individual landmarks and four historic districts were designated during this period. However, last year also saw its fair share of demolitions. Here, we look back at a small selection from the dozens of buildings that met the wrecking ball over the course of 2015. These eight structures range from architectural masterpieces... Read Article Here
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Guess the Building!
Can you guess this TriBeCa building?
Enjoy our new segment, Guess the Building! To explain: This is a contest where we ask our readers to identify the building in the image above. Whoever emails us the correct answer first will receive a complimentary bottle of wine! Thanks for playing. See our hints for this weeks building below: Send answers to [email protected]
Building Cost: A cool $20,000,000
Windowless facade holds it's own building material
It was designed for use during the Winter months
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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, S3I
242 South 1st Street, 2F
125 North 10th Street, SGE (R)
280 Hawthorne Street, #3 (R)
In Contract
1991 Broadway, 3C
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
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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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