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Volume 16: Issue 10 | Oct 2016
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Fall is Here! Despite this seasonal shift leading into the quieter winter months, the fall selling season has arrived and we are out and about with much to do in Brooklyn. A culture in and of itself, it's easy to fall in love with it's rich history, continued development and strong community. Brooklyn continues to attract buyers and investors alike and we've decided in this month's edition of Manhattan Insight to capture its essence; lifestyle, market trends, shifts in downtown development, cultural events and share what it all means for residents and potential buyers. Brooklyn continues to be the place to be!
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Manhattan Market Overview
Prices are High, but Past the Peak
Prices were up versus last year, and still occupy near-record levels. The median price in Manhattan is $1.1 million and the median price per square foot is $1,314.
The pace of Sales Continues to Slow
For a third straight quarter, the number of sales was off from 2015. 17% fewer sales closed and 18% fewer contracts were signed Q3 of 2016 than one year prior.
More Inventory on the Way
For a 4th consecutive quarter, the number of properties available for sale was up. Though only at 5,860 units or ~5 months' supply - still 21% above the prior year.
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Brooklyn Market Overview
Fluctuating Rental Prices
Despite new availability, rental prices have fluctuated little over the past year. Average rental prices for a 1B1B in Downtown BK increased to $3,239 ending Q2 2016.
Downtown Developments
Retail and Tourism are expected to continue expanding with three new hotels opened their doors in 2016: Dazzler, Holiday Inn, and EVEN Hotel Brooklyn.
Rental Market Saturation
19 residential towers under construction or recently completed along a 10-block section of Flatbush
. When finished will overwhelmingly add ~6,500 apts to NYC.
Click Image to View
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Seasonal blends for the heart and soul
Each of
Chef Lior Lev Sercarz's personal spice blends
are a reflection of a place, a moment, or cultural influence.
Using the best spices from around the world he obtains fresh, aromatic, and powerful flavors creating an ambiance of "home". La Boite also offers individual spices, blends, biscuits, gifts and classes.
Find Out More
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Light and Views - NYC
Intangibles
With the evolution of value metrics from price per square foot to price per room, Manhattan's market is unique in setting the tone and value for intangible assets such as light and views. When comparing apartments with or without views and light,
just how
coveted
and valuable are these elements in your home?
Find Out More
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Downtown Brooklyn
64 Myrtle Avenue - 4, Fort Green
With breath taking sunsets and views
overlooking
lower Manhattan's skyline, it's no surprise why recent celebrities like Matt Damon are looking to make Brooklyn Heights their home. Downtown Brooklyn is booming with things to do; festivals, markets, family + community, music, arts, literature, dancing, sightseeing, sporting events, learning+ enrichment, theater and film - it's all here on
DowntownBrooklyn.com
!
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Featured Property
364 Myrtle Avenue - 4, Fort Greene
A breathtaking three (3)
bedroom, two (2) bathroom duplex condominium
with an exquisite and unique architectural design, amazing light, washer/dryer, excellent closet space and a private storage unit within building. This
Penthouse has soaring 17 foot high ceilings inside, plus
three (3) exclusive outdoor terraces with spectacular views of the Manhattan and Brooklyn skyline.
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 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
136 Amity Street (TH)
364 Myrtle Avenue, 4
130 Hicks Street, 4
In Contract
517 73rd Street, 1
237 Eldridge Street, 4
269 West 72nd Street, 4A
351 East 77th Street, 5B
1082 Dean Street, 4
125 N 10th Street, S3I
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Conforming 30 yr fixed: 3.50%
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Conforming 10/1 ARM:
3.00
%
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Conforming 7/1 ARM: 2.75
%
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Non-Conforming 30-yr fixed: 3.62%
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Non-Conforming 10/1 ARM : 3.56%
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Non-Conforming 7/1 ARM: 2.87%
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Please contact us for Private Mortgage Banker recommendations in NYC.
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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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