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Volume 17: Issue 5 | May 2017
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In anticipation of the long Memorial Day weekend, we take this opportunity to welcome spring and the historically "busy" season in NYC residential real estate.
Last month's Manhattan Report indicated a significant increase in days on the market compared with last month (+15%) and year-over-year (+38%). Buyers are now consistently purchasing below the asking price by ~ 2% while overall inventory increases and the number of contracts signed declines. When a shift such as this occurs, it is important to understand the market!
This month, Manhattan Insight offers a variety of updates in the market including monthly snapshots for Brooklyn and Manhattan, price improvements, our newest whisper listing, 421A tax abatement insights, spring cleaning tips, MTA chronicles and must see summer Festivals.
Happy Memorial Day! Wishing you a safe and pleasant weekend with your families and loved ones.
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Manhattan Report
April 2017 - A Month in Review
Listings spent more time on the market across both categories, continuing a trend that has persisted throughout the last year. Nevertheless, negotiability decreased market wide as fewer sales were made below ask. Inventory grew in the condo market, but fell for co-ops.
View Report
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Brooklyn Report
Monthly Market Wide Summary
Brooklyn market experienced a 15% increase in overall contract activity versus last year. Median and average sale price both experienced a drop year-over-year, by 6% and 1%, respectively, due to fewer sales above $1.000M. The average price per square foot fell 3% year-over year to $871 per square foot.
View Report
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Lincoln Center ToDo
Summer Festivals and Programs
Lincoln Center has announced the lineup for its 2017 summer festival, which will run July 10-30. The 22nd annual Lincoln Center Festival will feature 20 international productions and 43 performances across dance, music, theatre, and film from around the U.S. and the world
.
Learn More Here
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Second Ave Subway
The MTA Chronical Continues
The number of people who ride the Second Avenue Subway has exploded to an average 176,000 every weekday, up from just 124,000 during its whole first week running. The MTA is already added trains, starting with an extra Uptown and an extra Downtown train.
Learn More Here
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Spring Cleaning
The Perfect Time to Declutter
Spring is here, the days are longer and warmer, the flowers are in bloom and we are all looking forward to spending more time outside. Before you do that, de
cluttering
and refreshing your home should be on your to-do list. We're connected with organizational Expert, Meryl Starr for quick tips.
Learn More Here
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Affordable New York
More New Development in NYC
The lucrative tax abatement/break's replacement, now christened
"Affordable New York"
- is officially back, but developers will be facing an investment-sales market that hardly resembles the good ol' days of 2015. With a new 35 year abatement threshold, change is underway.
Learn More Here
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Whisper Listing
Duplex @ 1607 Bergen Street
SHHHH! We're getting ready to mae this over-sized, two (2) bedroom, two (2) bath duplex spanning 2,106 square feet a live listing. Featuring an open floor plan, 10 foot ceilings, a huge recreation room on the lower level, and an 20' X 30' garden area, this Crown Heights opportunity is something to take a look at. To learn more or see this space, Contact Us.
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Price Improvement
125N10 | With or Without Cabana?
Situated on one of the best blocks in North Williamsburg, this 1,114 square feet 2 bedroom condo is open, boutique, and full service. Now available for sale with or without the private double rooftop cabana, equip with gas lines to BBQ anytime. A fantastic Brooklyn investment or home in Prime Williamsburg, we invite you to view for yourselves.
View Listing
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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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Active
125 N 10th Street, S4D
1607 Bergen Street, 1
133 Essex Street, 503
109 E 19th Street, 4R
48-15 11th Street, 6E
1607 Bergen Street, 1
In-Contract
364 Myrtle Avenue, 4
161 W 61st, 6C
136 Amity Street, 2
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Contact us for Private Mortgage Banker recommendations in NYC.
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Conforming 30 yr fixed: 3.625%
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Conforming 10/1 ARM: 3.375%
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Conforming 7/1 ARM: 3.000%
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Non-Conforming 30-yr fixed: 3.625%
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Non-Conforming 10/1 ARM: 3.375%
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Non-Conforming 7/1 ARM: 3.000%
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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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