Dear Friend,
Manhattan buyers remained cautious during Third Quarter 2018 due to lingering concerns over new tax implications and the continuing belief that prices will reduce further. Many buyers are taking a wait-and-see attitude and as a result sales declined and inventory spiked versus Third Quarter 2017.
With this, it is a terrific opportunity to take advantage of this buyer's market that historically does not last long.
Please be in touch if you have any questions or are thinking about next steps.
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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20 West 90th Street
4 Bedrooms, 3 Bathrooms
2 Outdoor Spaces, 2 Fireplaces!
$2,750,000
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529 West 42nd Street
$2,195,000
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100 Riverside Boulevard
$1,650,000
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In-Contract With Dan Fishman
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Sales prices and volume continued to slide in the third quarter of 2018, but now signs of softness have spread from the high end to the starter market.
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Manhattan Market Clogged with Listings
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A surging stock market typically fuels buyer bullishness on Manhattan real estate -- but not this time.
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New York City’s home sellers, tired of
waiting for buyers
, slashed prices on almost 800 listings in a single week this month, the most in at least 12 years.
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Great Jack-O-Lantern Blaze
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One of the best things to do in the fall in New York, and an easy day trip from NYC. The most spirited Halloween happening, with the most impressive and intricately carved pumpkins.
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Open House New York 2018 is an event during which the best
New York attractions
welcome the public for nosing around. It’s the perfect opportunity to explore normally off-limits places in New York.
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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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- Third Quarter market activity diminished as buyers took a “wait-and-see” attitude: Manhattan market-wide closed sales and signed contracts declined compared to a year ago as buyers remained cautious with lingering concerns over tax implications and the belief that prices would continue to decrease.
- Market-wide closed sales decreased 10% and contracts signed decreased 12% compared to last year: Though there were fewer closings in Q3 year-over-year at 3,327, there was a 5% increase over last quarter’s sales. There were 37% fewer new development sales, which contributed to the decline.
- Market-wide prices increased nominally, but price per square foot figures fell for the third consecutive quarter: Both average and median price per square foot fell by 3% this quarter, but average and median sale prices increased slightly by 2% to $1.93 million and $1.15 million respectively, due to an improved market share in apartment sales with two or more bedrooms. With fewer super high-end luxury property sale closings, especially in new development product, prices avoided being inflated upwards this quarter.
- Inventory increased 23% market-wide this quarter to 7,284 units: This was the eighth consecutive quarter that inventory increased year-over-year. By product type, co-op inventory rose most, up 37% year-over-year, and resale condos increased by 18%. New development inventory remained virtually unchanged, with a 1% decline.
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I am delighted to share with you our
Q3 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).
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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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