Dear Friend,
While New Yorkers are surviving the heat, the New York City real estate market is cooling. Due in part to tax reform, financial volatility, and accumulating supply, we continue to see buyer hesitation. With rates still relatively low and prices soft, it is a great time to upgrade.
If you have any inquiries regarding the real estate market or your own property, please do not hesitate to reach out.
Best,
Dan Fishman
Wall Street Journal
Top Broker
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Currently Listed with Dan Fishman
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145 Central Park West Apt. 21C
$16,000,000
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Unparalleled views from the crown jewel of Central Park West. Rarely does an apartment in the San Remo's iconic towers become publicly available--an opportunity not to be missed. This sprawling mint condition full floor apartment with unsurpassed views from every room in every direction has been masterfully restored, reviving the elegance of the San Remo's original details with the comforts of modern living.
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23 West 73rd Street
$899,000
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146 Central Park West
$4,495,000
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100 Riverside Boulevard
$1,675,000
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In-Contract With Dan Fishman
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Although inventory is increasing and prices are declining, the market is not in full retreat--just in the midst of a price correction.
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Prices have been on a general decline this year as more apartments become available, and landlords continue to make concessions.
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For two weeks, Flushing Meadows–Corona Park will be the tennis capital of the world for the U.S. Open tennis tournament.
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Central Park Film Festival
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Each year in August, the Central Park Conservancy hosts a week of evening film screenings. This event is FREE and all films are subject to weather cancellation.
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Dining out is New York City’s most fabulous pastime, and NYC Restaurant Week is the only invitation you need. This summer, you’ll find special prix-fixe menus at hundreds of restaurants across town.
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Key Findings of the Second Quarter Report:
- Second Quarter market activity cooled: Manhattan experienced fewer closed sales and signed contracts, as well as high inventory levels and steadying prices compared to a year ago. The effects of the new tax law, high real estate taxes and volatility in the financial markets all contributed to a dampening of buyers’ purchase intent in Q2.
- Market-wide closed sales decreased 14% and contracts signed decreased 9% compared to last year: Though closings in Q2 responded to diminished buyer urgency, there were still nearly 3,200 closings, which was a 26% increase over last quarter, reflecting a typical Q2 seasonal uptick in buyer activity.
- Manhattan market-wide prices were unchanged from last year: Average sale price of $2.15 million was essentially level with Q2 2017, supported by select penthouse sales and record-breaking transactions. Median sale price, however, decreased 3% to $1.14 million as market share shifted in favor of lower-priced transactions that accompanied a decline in new development closings.
- Inventory increased 17% market-wide this quarter to 7,491 units: This was the tenth consecutive quarter that inventory increased year-over-year. Supply expanded for all bedroom types and most price ranges. By product type, co-op inventory rose most, up 26% year-over-year, and resale condos increased by 11%. New development inventory increased only by 4%.
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I am delighted to share with you our
Q2 Manhattan Report
where you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q2 2018 (April 1st through June 30th).
For those of you in Brooklyn, you can find our Q2 2018 Brooklyn report
here
.
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Dan Fishman
The Corcoran Group
Platinum Council
dfishman@corcoran.com
917.734.8558
@gothamreport
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In this ever-changing city, consistency is key.
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