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Volume 16: Issue 2 | February 2016
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We are seemingly in a transition phase in many areas of the NYC real estate market. Starting with rentals...Median rental prices in Manhattan increased by 1.5% last month from January 2015 to $3,350, continuing a near two-year trend of YOY increases. Unfortunately, the outlook isn't very rosy: Vacancy rates are high, new leases are down and landlords are making a lot of concessions.
Many in the industry are seeing a slowdown because rents simply can't rise forever. Vacancy rates hit the second highest rate in nine years at 2.82%. January had a whopping 19.8% drop in leases signed YOY and this is mostly attributed to a high level of renewals and tenants considering the outer boroughs.
More below on both the Manhattan and Brooklyn markets as well as a VIDEO on wealthy hidden buyers, sweltering apartments, a View from the Bridge and our Featured Listing. If you have any questions about the market call anytime.
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Slow Month for Manhattan Real Estate
YOY declines in contracts signed in both condo and co-op markets. Condo signings declined 17% compared to this time last year, while co-op signings declined 19%.
Price Per Square Foot Gains (Again)
Average price rose YOY in the condo market, while median price increased in both the condo and co-op markets. Both markets experienced gains in price per square foot, with co-op price per square foot increasing 18%.
Condo Inventory Up, Co-Op inventory Down
Condo inventory continues to increase, with listed inventory up MOM and YOY, while co-op listings declined year-over-year for their fourteenth consecutive month.
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More and More Sales in Brooklyn!
Brooklyn sales were 3% higher than January in 2015. Inventory was level with last January and was up slightly from December in preparation for the Spring selling season.
Median and Average Price Decline
Market wide median price and average price declined relative to last month and last year. This was mainly due to an increased proportion of studio and one bedroom sales in January, as well as a larger share of co-ops being sold.
Sellers Finding their Buyers Quickly
Sellers found buyers in under 2 months across the market, 12% faster than a year ago. On average, 1.36% is being negotiated off the asking price. 42% paid below ask.
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A View from the Bridge
Miller Never Looked Like This Before
Almost sold out. Originally a family drama set on the stoop of a Brownstone in 1950 Red Hook. Eddie Carbone is a Brooklyn longshoreman obsessed with his 17 yr old niece. When she falls in love with a newly arrived immigrant, Eddie's jealousy erupts in a rage that consumes him, his family, and his world. In this version, there are no pantomimed scenes of washing dishes, no brownstone stoops for contemplative conversations. Instead, Miller's tale of obsessive love and betrayal and the American Dream is full speed, no intermission or distraction from the brutality of its language.
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See Tickets Here
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Foreign Wealth Flows to New York City
On the 74th floor of the Time Warner Center, Condominium 74B was purchased in 2010 for $15.65 million by a secretive entity called 25CC ST74B L.L.C. It traces to the family of
Vitaly Malkin
, a former Russian senator and banker who was barred from entering Canada because of suspected connections to organized crime.
Last fall, another shell company bought a condo down the hall for $21.4 million from a Greek businessman named Dimitrios Contominas, who was arrested a year ago as part of a corruption sweep in Greece. A few floors down are three condos owned by another...
Click Here to Read the Article
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Too Hot or Too Cold - Coop Blues
We own a first-floor co-op apartment that is unbearably hot when the boiler is on. Apartments on higher floors, however, are often cold. In our home, temperatures typically hover around 80 degrees with all radiator valves shut. Opening the windows makes it easier to breathe, but does not significantly reduce the temperature. For that, we turn on the air-conditioner. The building's hot-water pipes run directly beneath our floors; we know this is a contributing factor. At our request, the board wrapped the pipes, but left joints exposed. Room temperatures are... Article Here
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Featured Property
Back on the Market: 125 N 10, S3I
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, central air, two walk-in closets, 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 is... View Property Here
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Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club Since 2011
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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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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