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Volume 16: Issue 8 | Aug 2016
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Many of us are looking for a little relief from this rather hot August and we just might get that relief this week. With September right around the corner, we are headed into the busy season and the market traditionally heats up, although we continue to see signs of the broader market cooling. Many sellers and their agents have historically waited till after Labor Day to launch new listings, so we will likely get an influx of new inventory come September.
According to the Q2 2016 StreetEasy Market Reports and my
personal
experience, Brooklyn buyers experienced an intensely competitive market in the first half of the summer, facing higher prices and a scarcity of homes selling for under asking price. In comparison, sales inventory in Manhattan increased just slightly over the last year and homes spent eight days longer on the market than those in Brooklyn.
This month's newsletter focuses on the Brooklyn Brownstone. Just what is a row house, townhouse or brownstone? Get in the know? While you are doing that learn about the important components of purchasing a townhouse like girth and details. Its all in the details and size does matter. We have two amazing featured properties - one is a 5-unit 25' Brownstone built in 1851 located in prime Cobble Hill and the other is a phenomenal renovation of a 20" multi-unit brownstone converted to rentals in west Crown Heights just off of Franklin. Both are perfect and unique in there own way - see details below.
Since 1981, Corcoran has tracked sales and market activity in Manhattan. Our reports and statistics are highly regarded sources of real estate intelligence, trusted by reporters and industry insiders alike.
I am delighted to share with you our latest Monthly Snapshots
for both Manhattan and Brooklyn
. Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan and Brooklyn in the month of July.
If you have any questions call me anytime.
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Average Prices Down. Median Prices Up.
Average price was down 18% versus last year while median price was up 2%, skewed by a small number of high sales.
Again. More Days on Market. Fewer Contracts!
Contracts signed down across the board Year-Over-Year for condominiums at 19% and 21% for Cooperatives
Increase in Listed Invetroy Continues.
For the 7th month in a row, Manhattan experienced an annual increase in total listings. Condos up 26% and Coops up 9%.
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Slower Sales in Brooklyn
The overall Brooklyn market was marked by consistent inventory levels, but slower sales in July.
Signed Contract Dropped
The number of signed contracts dropped 10% compared to last July. Decline in sales was due to fewer townhouse sales.
Average Price Per Square Foot Grew.
APPSF grew 17% compared to July 2015, which had an unusually high number of sales in South Brooklyn.
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Its all in the Details...
Federal, Greek Revival or Italianate?
Size does matter. Especially when it comes to your 401K, your sock drawer, AND the width of your brownstone. If the average width of a Manhattan townhouse is say roughly 18 feet (give or take), just imagine how luxurious 25 feet would feel...You could finally S P R E A D out, invest in the leather corner sofa you've been eyeing for months, and maybe even brag (humbly, of course) to all of your friends about the above average girth of your townhouse. Why not? You'd own it.
Joanne Ameen, a client and a longtime resident and townhouse owner in Brooklyn, recently said when deciding to purchase a 25 footer, "You can change just about anything in the house, but you can't make it any wider." So true!
The best part of searching for a new home is that you have the power to pick and choose the details - like the width, for instance - that matter the most to you.
Maybe it's an Italianate archway entry that has stood the test of time...
View Article Here
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Townhouse, Rowhouse or Brownstone?
A rowhouse is basically the same thing as a townhouse. Both are attached. The only distinction - and it's a small one - is that a townhouse is not necessary one of an identical row. In popular usage, a rowhouse is generally less fancy than a townhouse.
A brownstone is a particular style of townhouse or rowhouse that's been faced in brownstone - a reddish-brown sandstone popularly used as a building material in the 19th century. In England, rowhouses and townhouses are called "terraced houses," with a row of wall-sharing homes called a "terrace."
According to the Landmarks Preservation Commission, rowhouses are the dominant building type in NYC's historic districts. Many were built between 1800 and 1925 to house a growing middle class. The Italianate brownstone is Brooklyn's quintessential rowhouse style, but here's a handy guide to all of the borough's rowhouse types.
View Article Here
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Featured Property
1082 Dean Street, Apt 3 - $3,550
Here is a fantastic opportunity to rent a brand new, triple mint 2-bed, 2-bath residence with outdoor space, W/D and private storage in a stunningly renovated townhouse located in exciting ProCro. This large apartment features great closet space with four (4) closets, Brazilian walnut hardwoods, full sized washer/dryer, brand-new Anderson windows, deep seated window sills, solid 2-panel Simpson doors, , 7" baseboards, central air, air purifier/circulatory system and private grated terrace with amazing tree top views. The stylish kitchen is well equipped with white beveled cabinets doors, stainless steel appliances (including Bosch dishwasher), Caesarstone counters and a breakfast bar that comfortably seat three. The large bathroom(s) features aspen white modern lattice marble floors, a large soaking tub and glass enclosed shower, marble vanities and Kohler fixtures. The master bedroom includes two (2) large closets, an office alcove, bathroom en-suite and three (3) deep-silled windows.
View Apartment Here
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Featured Property
136 Amity Street - $7,250,000
A splendid marriage of elegance and comfort, this exceptional, five (5) story, multi-unit home (easily converted to a single family) has ample room for anything your heart desires. 136 Amity Street is one of nine brownstone row houses with high and wide stoops erected in the early 1850s establishing the quality of the south side of the street. This 25' wide townhouse has a round-arched inner doorway of the Italianate style, handsome ironwork and outstanding mansard roof. Step inside to discover that many of the historical elements so sought after in this landmark neighborhood have been retained. From the magnificent staircase and marble floor entry, the beautiful parquet floors with inlaid borders and woodwork in geometric forms in contrasting woods, original woodwork and doors, eight (8) marble mantels; one on every floor. This home delights at every turn with 23 rooms including eight (8) bedrooms and five (5) bathrooms.
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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136 Amity Street (TH)
1601 Third Ave, 28H
1607 Bergen, 3
1082 Dean Street, 2
1082 Dean Street, 3
351 East 77th Street, 5B
1082 Dean Street, 4
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Conforming 30 yr fixed: 3.325%
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Conforming 10/1 ARM:
3.250%
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Conforming 7/1 ARM: 3.000%
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Non-Conforming 30-yr fixed: 3.375%
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Non-Conforming 10/1 ARM : 3.000%
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Non-Conforming 7/1 ARM: 2.625%
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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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