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Volume 17: Issue 1 | January 2017
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Happy New Year! Times are changing indeed. The 2nd Avenue subway has finally opened after ~100 years of planning, Donald Trump will solemnly $%#$**& swear into office - per The Real Deal, we will face 2017 without George Michael, Prince and Debbie Reynolds, Sears is going out of business and Amazon is opening a Bookstore in Manhattan, What?, another Gondola may soon join the East River skyline next to the Williamsburg Bridge, Hipsters are flocking to ProCro in droves and the Federal Reserve raises rates for the first time in 10 years.
Believe it or not, all is still rather good with NYC residential real estate, although many would say we are clearly in the fourth quarter of this sales cycle. Granted, there are fewer sales transactions and more inventory on the market with a slower sales pace, but prices remain high albeit gaining little to no ground. For more details on the residential real estate market in both Manhattan and Brooklyn, see below for the 4th Quarter Corcoran Reports.
In this edition of Manhattan Insight, we offer the latest market developments, BIG celeb moves, Dakota approvals, Brooklynites commute, the "Q" extension, a blast from the "It's a Wonderful Life" past and a price improvement on our featured property with one of the finest views in Brooklyn.
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Manhattan
Corcoran's 4th Quarter Market Report
Towards the end of 2016, the Manhattan residential market continued to drift away from the peak. We saw an increase in inventory for every segment except studios and new developments, and the median price for an apartment was $1,024M. A Buyers Market shift is underway. Report Here.
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Brooklyn
Corcoran's 4th Quarter Market Report
The total apartment sales closed in Brooklyn was 26% lower than the recorded sale closings in 2015. Inventory is high, and buyers have a large selection to choose from. New Developments had the most sale activity,fueling price records. The average apartment price was $908,000.
Report Here.
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BIG Celeb Moves
Celebrity Real Estate Purchases
Some of our favorite Hollywood socialites call the big apple home. As New Yorkers we're always nosey to learn about which celebrities may be living in your neighborhood, where they moved to in 2016, and what recent renovations they're planning in their NYC homes. Some luxurious taste and unique spaces that will inspire you. Find Our More.
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Board Approved
The Dakota - 1 West 72nd Street
Originally built in 1884 when Central Park West was still a dirt road, the Dakota was quoted as
"making apartment livi
ng not only acceptable, but desirable" The New York Sun
in 1999. This Upper West Side,
late 1800s risque development is a 132-year-old landmark having rejected the likes of Cher, Billy Joel, and Madonna!
Read On Here.
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Williamsburg Gondola?
A New Commute for Brooklynites
With the upcoming L train closure and renovations, some Brooklynites are petitioning for DeBlasio to approve a Williamsburg Gondola. The Brooklyn-Manhattan commute could get way better in 2017 with a new arial form of public transportation alleviating subway closure stress, tardiness, and inconvenience. Find Out More
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Hello "Q" Extension
Second Avenues Subway has Arrived
Originally proposed in 1919 and completed January 2017, the Q subway line extension is here! An estimated cost of $4.4 billion to build, this fantasy is now a metro reality bringing more demand for to Upper East Side properties.
Both properties for sale and for rent are expected to increase in price and demand.
Learn More Here
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Your Purchasing Power in 2017
A look into past and present home loan rates and banking, buyers in 2017 may expect a decrease in their purchasing power but more inventory to choose from. Corcoran offers a plethora of resources to keep you informed on what to expect as you start your search for a new home.Learn More Here.
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Featured Property
Price Improvement - Fort Greene
Now $1,600,000! A breathtaking 3 bed, 2 bath, Penthouse with unique architectural details such as three private terraces each with amazing Manhattan skyline views, great pass through light, and 17 ft. high ceilings. A fantastic opportunity you don't want to miss. View Listing Here.
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Jeff Nolan
Licensed Associate RE Broker
Multi-Million Dollar Club Since 2011
Top 1% of 47,000 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
364 Myrtle Avenue, 4
161 W 61st, 6C
125 N 10th Street, S4D
In Contract
1607 Bergen Street, 3
130 Hicks Street, 4
Recent Transactions
517 73rd Street, 2
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: 4.00%
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Conforming 10/1 ARM:
3.62
%
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Conforming 7/1 ARM: 3.25
%
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Non-Conforming 30-yr fixed: 4.25%
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Non-Conforming 10/1 ARM : 3.37%
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Non-Conforming 7/1 ARM: 3.00%
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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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