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NYC Apartments - Milkowski Group NYC - Douglas Elliman - Blog
2008 1st Quarter Manhattan Market Overview
It is my pleasure to provide you with Manhattan's first quarter housing results prepared for us by the leading real estate appraisal and consulting company in the area by using only closed sales data derived from a variety of sources.
Manhattan's residential real estate market continues to show increased prices stemming from a strong luxury segment especially influenced by the closings at two key buildings, 15 Central Park West and The Plaza. The key indicator of market activity this quarter is the reduction in the number of sales overall, a drop of 34.3% from the same time last year.
Some highlights of the first quarter include the following: The median sales price, average sales price and average price per square foot all set records at $945,276, $1,722,991 and $1,289 respectively. That the median sales price percentage change is consistent demonstrates the significant number of high priced sales in the quarter.
The number of sales has slipped to 2,282 during the fourth quarter. This is a 34.3% decrease from last year at this time and a 9.4% decrease from last quarter. This combined with increased listing inventory up 4.6% and 20.7% respectively should lead to longer selling times and increased discounts from listing prices. "That sales prices continue to rise and reach record highs is not the whole story. To understand today's market the savvy consumer will look at
Manhattan's residential real estate market continues to show increased prices stemming from a strong luxury segment especially influenced by the closings at two key buildings, 15 Central Park West and The Plaza. The key indicator of market activity this quarter is the reduction in the number of sales overall, a drop of 34.3% from the same time last year.
Some highlights of the first quarter include the following: The median sales price, average sales price and average price per square foot all set records at $945,276, $1,722,991 and $1,289 respectively. That the median sales price percentage change is consistent demonstrates the significant number of high priced sales in the quarter.
The number of sales has slipped to 2,282 during the fourth quarter. This is a 34.3% decrease from last year at this time and a 9.4% decrease from last quarter. This combined with increased listing inventory up 4.6% and 20.7% respectively should lead to longer selling times and increased discounts from listing prices. "That sales prices continue to rise and reach record highs is not the whole story. To understand today's market the savvy consumer will look at
the lower number of sales and higher number of units for sale now. Buyers in the marketplace today are in no hurry hoping that the prices will come down, "said Dottie Herman, President & CEO of Prudential Douglas Elliman. "The market will stabilize when the prices do drop and buyers take action again."
This is but a summary of this quarter's results. All the information you need on the state of the market is in our Manhattan Market Overview which I've attached for your convenience.
As you read the report feel free to give me a call to discuss any questions you may have on the current market and its impact on you and your property specifically. I would welcome an opportunity to help you conduct your real estate transactions with confidence.
Articles relating to the release of our 1st Quarter 2008 Market Report
New York Times - "Manhattan Apartment Prices Hit Record High "
Reuters - "Manhattan apartment prices rise but sales fall"
Associated Press - "Manhattan Home Sales Slow, Prices Rise"
Bloomberg - "Manhattan Condo, Co-op Sales Decline Most in 18 Years"
Daily News - "New York City housing market dims"
This is but a summary of this quarter's results. All the information you need on the state of the market is in our Manhattan Market Overview which I've attached for your convenience.
As you read the report feel free to give me a call to discuss any questions you may have on the current market and its impact on you and your property specifically. I would welcome an opportunity to help you conduct your real estate transactions with confidence.
Articles relating to the release of our 1st Quarter 2008 Market Report
New York Times - "Manhattan Apartment Prices Hit Record High "
Reuters - "Manhattan apartment prices rise but sales fall"
Associated Press - "Manhattan Home Sales Slow, Prices Rise"
Bloomberg - "Manhattan Condo, Co-op Sales Decline Most in 18 Years"
Daily News - "New York City housing market dims"
Highlights: Overall Manhattan Market (includes entire island)
The elevated pace of sales from the past 5 quarters cooled as the volatility in the financial markets began to touch Manhattan.
Prices continued to set records this quarter but were influenced by gains in the luxury market segment.
Additional Manhattan statistics:
The elevated pace of sales from the past 5 quarters cooled as the volatility in the financial markets began to touch Manhattan.
Prices continued to set records this quarter but were influenced by gains in the luxury market segment.
- The median sales price increased 13.2% to a record $945,276 over the prior year quarter result of $835,000.
- The average price per square foot increased 20.5% to a record $1,289 over the prior year quarter result of $1,070.
- The average sales price increased 33.5% to a record $1,722,991 over the prior year quarter result of $1,290,391.
Additional Manhattan statistics:
- The number of sales dropped 34.3% this quarter to 2,282 units.
- Listing inventory increased 4.6% to 6,194 units from the prior year quarter total of 5,923 units.
- Days on market was 146 days, approximately two weeks longer than the 131 days seen in the same period last year.
- Listing discount was 3.2%, essentially unchanged from 2.6% in the same period last year.
- The median sales price of a co-op this quarter was a record $750,000, up 11.1% from last year at this time.
- Average price per square foot increased 15.7% to a record $1,128 and the average sales price increased 23.1% to a record $1,393,548 from the same period last year reflecting higher price gains at the upper end of the market.
- Inventory levels for co-ops fell 2% to 2,869 units as compared to the prior year quarter total of 2,929 units. Co-op listings are comprised of nearly all re-sales.
Condo Market
Read Full 2008 1st Quarter Manhattan Market Overview (pdf file)...
- The median sales price of a condo this quarter was a record $1,160,000, up 17.1% from last year at this time.
- Average price per square foot increased 21.1% to a record $1,416 and the average sales price increased 36.2% to a record $1,981,802 from the same period last year reflecting higher price gains at the upper end of the market.
- Inventory levels for condos totaled 3,325 units, up 11.1% from the prior year quarter total of 2,994 units.
- New development comprised 47.5% market share of condo listings, up from 29.9% in the same period last year.
- The median sales price of a luxury apartment this quarter was a record $4,989,425, up 45.7% from last year at this time.
- Average price per square foot increased 46.6% to a record $2,556 and the average sales price increased 65.2% to a record $7,667,413 from the same period last year.
- The median sales price of a loft apartment was $1,600,000 this quarter, down 1.8% from last year at this time.
- Average price per square foot increased 2.6% to $1,246 and the average sales price increased 7.8% to a record $2,228,135 from the same period last year.
Read Full 2008 1st Quarter Manhattan Market Overview (pdf file)...
2007 4th Quarter Manhattan Market Overview
In the final quarter of 2007, the Manhattan real estate market continued to see gains in most market indicators, consistent with the prior three quarters including increased price levels, increased number of sales and a decline in inventory as compared to the same period in 2006.Price levels were generally up this quarter, with the greatest price gains seen in larger apartments, specifically 2-bedroom and 3-bedroom units with 22.1% and 39.8% gains respectively over the same period last year, with a portion of the increase in price attributable to an increase in the size of the units actually sold.
- The median sales price increased 6.4% to $850,000 over the prior year quarter result of $799,000 (1.7% below prior quarter result of $864,397).
- The average price per square foot increased 18.2% to a record $1,180 over the prior year quarter result of $998 (3.1% above the prior quarter result of $1,144).
- The average sales price increased 17.6% to a record $1,439,909 over the prior year quarter result of $1,224,840 (5.1% above the prior quarter result of $1,369,486).
- The number of sales increased 3.2% this quarter to 2,518 units as compared to the 2,441 units sold in the prior year quarter.
- Listing inventory fell 13.5% to 5,133 units from the prior year quarter total of 5,934 units.
- Days on market was 131 days this quarter, faster than the 149 days seen in the same period last year but 8 days slower than the 123 days last quarter.
- Listing discount was 2.7%, essentially unchanged from 2.8% in the same period last year, but higher than the 2% last quarter.
- The median sales price of a co-op this quarter was $675,000, up 3.8% from last year at this time. Average price per square foot increased 21% and average sales price increased 9.1% from the same period last year reflecting higher price gains at the upper end of the market.
- Inventory levels for co-ops fell 26.2% to 2,254 units as compared to the prior year quarter total of 3,054 units. Co-op listings are comprised of nearly all re-sales.
Condo Market
Read Condensed 2007 4th Quarter Manhattan Market Overview...
New York Times Article - "Apartment Prices in Manhattan Defy National Real Estate Slide - As the housing market across the country continued to stagnate in the fourth quarter of last year, the market in Manhattan set a record..."
- The median sales price of a condo this quarter was $1,100,000 this quarter, up 6.8% from last year at this time. Average price per square foot and median sales price showed 10.6% and 17.8% gains respectively from the prior year quarter reflecting higher price gains at the upper end of the market.
- Inventory levels for condos totaled 2,879 units, unchanged from the prior year quarter total of 2,880 units. New development added to the market offset the decline in re-sale listings.
- The median sales price of a luxury apartment this quarter was a record at $4,300,000 this quarter, up 28.4% from last year at this time and up 8.9% from the prior quarter. Average price per square foot and average sales price showed similar 29.8% and 32.8% gains respectively from the prior year quarter.
- The median sales price of a loft apartment this quarter was $1,445,000 this quarter, up 3.6% from last year at this time. Average price per square foot and average sales price showed 18.3% and 11.3% gains respectively from the prior year quarter reflecting higher price gains at the upper end of the market.
Read Condensed 2007 4th Quarter Manhattan Market Overview...
New York Times Article - "Apartment Prices in Manhattan Defy National Real Estate Slide - As the housing market across the country continued to stagnate in the fourth quarter of last year, the market in Manhattan set a record..."
New Exclusive Listing - 350 W 50th St - 4B, New York, NY 10019
Residence 4B is a very spacious corner one bedroom. This apartment has Southern Exposure and it's flooded with sun throughout the day. There is a pass through kitchen. Marble bath, and ample closet space.
The Residences at Worldwide Plaza is a full service condominium located within walking distance of Central Park, Hudson River Park, Rockefeller Center, St. Patricks Cathedral, numerous restaurants, museums
The Residences at Worldwide Plaza is a full service condominium located within walking distance of Central Park, Hudson River Park, Rockefeller Center, St. Patricks Cathedral, numerous restaurants, museums
and points of interest. Steps from the C, E, 1, N, R, and W subway lines and cross-town buses.
Building Features: Courtyard, Roof deck, Pool, Health club.
THIS PROPERTY IS CURRENTLY UNDER CONTRACT.
Read More on This Property...
Building Features: Courtyard, Roof deck, Pool, Health club.
THIS PROPERTY IS CURRENTLY UNDER CONTRACT.
Read More on This Property...
New! View this Property in 3D with Virtual Tour!WORLD WIDE PLAZA 350 WEST 50th STREET
The residential portion, containing 455 condominium apartments, of this major development is one of the most distinguished in midtown.
A 35-story tower in midblock at 393 East 49th Street faces on a very attractive plaza that separates it from the 50-story office building, designed by Skidore, Owings & Merrill, that has an illuminated crown and is modeled closely after the great New York Life Insurance Company Building on Madison Park at 26th Street.
To the east of the residential tower are a group of six-story residential buildings located at 350 West 50th Street that are also part of this important complex that also has a large cineplex in its basement. The low-rise buildings surround their own large central courtyard.
Both the low-rise and high-rise portions of the project have pale orange brick facades with white trim and many corner windows. Although there are no balconies, there are quite a few terraces.
The project was completed in 1989 by William Zeckendorf Jr., and the residential portion was designed by Frank Williams. The entire complex is on the former, second site (from 1925-1966) of Madison Square Garden, which moved to new quarters 17 blocks south on Eighth Avenue.World Wide Plaza was the key to the redevelopment of Eighth Avenue.The pioneering project was successful in garnering many major prestigious office tenants because of the high quality of its design, its closeness to Rockefeller Center and its relatively low rents at the time of the development.
So important was this project to the future of West Midtown that it was the subject of a book and television special when it was completed.
Eighth Avenue traditionally separated the Clinton residential community from the Theater District and midtown. Plans to locate a new convention center in the city on the Hudson River at 47th Street were defeated by civic groups who feared that such a major project would lead to the quick redevelopment of the low-rise Clinton neighborhood and the displacement of its many residents. The convention center eventually was located several blocks to the south with its main entrance at 35th Street.
World Wide Plaza's importance cannot be underestimated as it was quite critical in the renaissance of Times Square by demonstrating that major commercial tenants would move to this once dingy area. Its high and significant visibility on the skyline also encouraged the planned westward expansion of Rockefeller Center to Seventh Avenue and several other medium office buildings nearby.
Although the 35-story apartment tower is dwarfed by the much larger office tower, it is substantially separated from it by the plaza and offers incredible views because it is so far west. The tower has some very large terraces and one of the grandest and most elegant, modern lobbies in the city. The low-rise buildings, which were designed to fit into the context of Ninth Avenue and the Clinton District, have highly detailed and modulated facades with curved segments.
The entire mixed-use project is the handsomest of its kind and size in Manhattan after World War II. Although the design of the office tower with its steep pyramidal roof is Post-Modern, it is very imposing and grand. The residential section is distinctly different stylistically but very compatible with the office tower.
This is New York at its best: fabulous views from the tower, great architecture, wonderful, landscaped plaza with a large sculpted globe, major, inexpensive cineplex, a mix of housing types, grand entrance, protected courtyard, a mix of housing types and apartment sizes, deference to the surrounding community, the ethnic flavor of Ninth Avenue, famed for its food festivals, the nearby glamor of the Theater District and Times Square and a short walk to some of the most interesting and good-looking office buildings in midtown, to say nothing of Rockefeller Center, and good transportation.
New Exclusive Listing - 213 West 85th Street Upper West Side Brownstone
Unique opportunity!. Upper West Side Brownstone.
SHOWING NOW BY APPOINTMENT ONLY.
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Read More on This Property...
SHOWING NOW BY APPOINTMENT ONLY.
GET IN EARLY PRE-CONSTRUCTION PRICES!
First Offering. New Condo Conversion. This Unique 3 bedroom / 2 bath floor through home consists of 10 Foot Ceilings, Crown moldings, gas fireplace, large open chef's kitchen with granite counters,and Viking Appliances. Washer/Dryer, Jacuzzi tub ,Steam Shower, exposed brick and a key lock elevator which opens into each unit. The complete offering terms are in an offering plan available from the sponsor -CD 060668
BY APPOINTMENT ONLY
GET IN EARLY PRE-CONSTRUCTION PRICES.
ACCEPTING BUYERS,BROKERS/INVESTORS INQURIES. Call (212) 692-6197
4 Units Just Released. 3 Bedroom 2 Bath Units. Max Financing 90%. All in Mint Condition.
| Unit | Sqft | Price | CC | Tax |
|---|---|---|---|---|
| 2A | 1,358 | $1,695,000 | $1,184 | $1,160 |
| 3A | 1,358 | $1,750,000 | $1,184 | $1,160 |
| 4A | 1,358 | $1,820,000 | $1,184 | $1,160 |
| 5A | 1,358 | $1,925,000 | $1,184 | $1,160 |
Read More on This Property...
About Upper West Side
A jumble of parks, theaters, historic buildings, museums and prestigious universities create what many would consider the quintessential Manhattan neighborhood. Upper West Side is just that to its eclectic mix of families, business executives and artists who call it home. With such a variety of influences and people, it's no wonder that the neighborhood boasts its own unique character and charm.Big corporations also find appeal in this Manhattan hot spot. The famous Trump International Hotel and Towers find their home here along the AOL Time Warner headquarters. Mixed together with the concert halls and community forums, this balanced blend of residential and corporate worlds is a combination that many people find hard to resist.
Upper West Side Apartments
With high-profile tenants regularly taking up residence in the area, Upper West Side real estate values continue to climb. However, many consider the area's great benefits worth the rising costs. Several condos and apartments create a good chunk of the real estate here. Check out the listings on our website to see the most current apartments or condos available. Our site will provide you with pictures, descriptions and prices to help you determine which place is right for you.
A jumble of parks, theaters, historic buildings, museums and prestigious universities create what many would consider the quintessential Manhattan neighborhood. Upper West Side is just that to its eclectic mix of families, business executives and artists who call it home. With such a variety of influences and people, it's no wonder that the neighborhood boasts its own unique character and charm.Big corporations also find appeal in this Manhattan hot spot. The famous Trump International Hotel and Towers find their home here along the AOL Time Warner headquarters. Mixed together with the concert halls and community forums, this balanced blend of residential and corporate worlds is a combination that many people find hard to resist.
Upper West Side Apartments
With high-profile tenants regularly taking up residence in the area, Upper West Side real estate values continue to climb. However, many consider the area's great benefits worth the rising costs. Several condos and apartments create a good chunk of the real estate here. Check out the listings on our website to see the most current apartments or condos available. Our site will provide you with pictures, descriptions and prices to help you determine which place is right for you.
New! View this Property in 3D with Virtual Tour!213 WEST 85th STREET FINANCING EXAMPLES
(Mortgage Rates as of 10/29/2007)
| 5/1 ARM Interest Only 6.125% | 7/1 ARM Interest Only 6.250% | 30 Year Fixed (Jumbo) 6.875% | ||||
|---|---|---|---|---|---|---|
| Down Payment Percentage | 20% | 10% | 20% | 10% | 20% | 10% |
| Down Payment Amount | $339,000 | $169,000 | $339,000 | $169,500 | $339,000 | $169,500 |
| 1st Loan Amount | $1,356,000 | $1,356,000 | $1,356,000 | $1,356,000 | $1,356,000 | $1,356,000 |
| 2nd Loan Amount | $169,500 | $169,500 | $169,500 | |||
| 1st Mortgage Payment | $6,921.25 | $6,921.25 | $7,062.50 | $7,062.50 | $8,907.95 | $8,907.95 |
| 2nd Mortgage Payment | $1,130.00 | $1,130.00 | $1,130.00 | |||
| Monthly Common Charges | $1,184.00 | $1,184.00 | $1,184.00 | $1,184.00 | $1,184.00 | $1,184.00 |
| Monthly RE Taxes | $1,160.00 | $1,160.00 | $1,160.00 | $1,160.00 | $1,160.000 | $1,160.00 |
| Before Tax Deduction Total Monthly Cost | $9,265.25 | $10,395.25 | $9,406.50 | $10,536.50 | $11,251.95 | $12,381.95 |
| Tax Deductions: 1st Loan Mortgage Interest |
($2,161.61) | ($2,161.61) | ($2,205.73) | ($2,205.73) | ($2,426.30) | ($2,426.30) |
| 2nd Loan Mortgage Interest | $0.00 | $0.00 | $0.00 | |||
| RE Taxes | ($446.60) | ($446.60) | ($446.60) | ($446.60) | ($446.60) | ($446.60) |
| After Tax Deduction Total Monthly Payment |
$6,657.04 | $7,787.04 | $6,754.17 | $7,884.17 | $8,379.05 | $9,509.05 |
- Tax Deduction assumes as 38.50% Federal Tax bracket
- Mortgage Interest deductibility up to 1.1 million dollars in combined mortgages
- The Home Equity Line of Credit rate for the 2nd Mortgage is 8.00%
2007 3rd Quarter Manhattan Market Overview
The Manhattan residential real estate market saw more of the same characteristics as the prior 2 quarters of 2007 did. An elevated number of sales, declining inventory, modest price increases overall but sharp increases seen at the upper end of the market. It is likely too soon that the events of the credit crunch that began in mid-July will have an effect on market conditions in the 3rd quarter. Its impact, if any, would more likely be seen in the coming two quarters.- The number of sales increased 65.6% this quarter to 3,499 units as compared to the 2,113 units sold in the prior year quarter.
- Listing inventory fell 31.7% to 5,204 units from the prior year quarter total of 7,623 units.
- Days on market was 123 days this quarter, faster than the 150 days seen in the same period last year.
- Listing discount was 2%, down from 4% during the same period last year.
- The average price per square foot increased 9% to a record $1,144 over the prior year quarter result of $1,050 (0.4% above the prior quarter result of $1,139).
- The median sales price increased 2.3% to $864,397 over the prior year quarter result of $845,147 (3.4% below prior quarter record result of $895,000).
- The average sales price decreased 0.8% to $1,290,391 over the prior year quarter result of $1,300,928 (5.4% above the prior quarter result of $1,224,840).
- The average sales price of a co-op this quarter was $1,118,465, up 2.8% from last year at this time. Average price per square foot increased 9.2% and and median sales price slipped 2.4% from the same period.
- Inventory levels for co-ops fell 32.8% to 2,472 units as compared to the prior year quarter total of 3,680 units. Co-op listings are comprised of nearly all re-sales, with only about 1.6% of new co-op development added to the housing stock.
Condo Market
CNN Article - "Manhattan housing boom continues. Even though the rest of the country may feel the squeeze of the housing slowdown, it hasn't fazed the Big Apple"
- The average sales price of a condo this quarter was a record $1,638,798 this quarter, up 9.2% from last year at this time and up 12.4% from the prior quarter. Average price per square foot and median sales price showed 9.1% and 5.2% gains respectively from the prior year quarter.
- Inventory levels for condos totaled 2,732 units, down 30.7%% from the prior year quarter total of 3,943 units. New development was estimated to account for 36.7% of condo inventory this quarter.
- The average sales price of a luxury apartment this quarter was the second highest on record at $5,085,883 this quarter, up 12.8% from last year at this time and up 10.3% from the prior quarter. Average price per square foot and median sales price showed 16.7% and 16.3%% gains respectively from the prior year quarter.
- The average sales price of a loft apartment this quarter was $2,069,364 this quarter, up 4.9% from last year at this time but down 14.2% from the prior quarter. Average price per square foot and median sales price showed 8.8% and 20.1% gains respectively from the prior year quarter.
CNN Article - "Manhattan housing boom continues. Even though the rest of the country may feel the squeeze of the housing slowdown, it hasn't fazed the Big Apple"
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