Archive for UES

Aug
04

How’s the Market – July 2014

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come. Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

AV&MED_SP_DOM_07-2014

 

DISC_AP_07-2014

 

Sales_Region_07-2014

May
10

How’s the Market – April 2014

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come.  Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

AV_MED_SP_DOM_04-2014

Disc_AP_04-2014

Sales_by_Region_04-2014

Apr
04

How’s the Market – March 2014 & 1 QTR 2014

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come.  Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

AV_MED_SP_DOM_03-2014

Disc_AP_03-2014 

Sales_by_Region_03-2014

 

The following charts show activity over the 1st Quarter 2014 compared to 4th Quarter 2013 and 1st Quarter 2013.

 

AV_MED_SP_DOM_1QTR_2014

Disc_AP_1QTR_2014

Sales_by_Region_1QTR-2014

Douglas Elliman released the First Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 1Q-2014 reported here  and summarized below was prepared by Miller Samuel for Douglas Elliman.

 “Sales momentum from a record setting 2013 carried into the first quarter, as listing inventory stabilized after three years of declines.”

Manhattan_1Q_2014_highlights

The Manhattan housing market had yet another strong quarter despite the challenges of tight credit and low inventory. Momentum from the prior quarter carried into the new year with the most first quarter sales in seven years. New development sales are beginning to enter the market helping set several price records. While listing inventory may be at or near a bottom, we don’t anticipate enough new supply to enter the market to keep up with demand this year. We look forward to an active spring market.

  • The average price per square foot of a Manhattan apartment reached a record $1,363, 23.6% above the prior year level. Price comparisons compared to the prior year quarter may have been skewed higher by the market lull that occurred after the expiration of the “fiscal cliff” at the end of 2012.
  • There were 3,307 sales, 34.6% above the same period last year, the highest first quarter total in 7 years.
  • The amount of listing inventory was essentially unchanged at 4,968 as compared to the prior year quarter total of 4,960.
  • Days on market, the number of days from the last price change to the contract date, fell by 17 days to 115 from the prior year quarter.
  • Listing discount, the percentage difference between the list price at time of sale and the sales price, fell to 2.6% from 4.3% over the same period.

Douglas Elliman released the February 2014 report for Manhattan & Brooklyn Residential Rental Markets. The February 2014 Elliman Report for the Manhattan & Brooklyn Rental Markets reported here  and summarized below was prepared by  Miller Samuel for Douglas Elliman.

M&B_Rental_Rpt_02-2014“Brooklyn rental prices increased as Manhattan rental prices continued to slip.”

The Manhattan rental market still is feeling the heat from the sales market as first time buyers are being pulled from rentals.  Rental prices remain below year ago levels, yet we don’t expect significant relief to tenants anytime soon.  Larger apartments are seeing more rental price increases than smaller apartments.  Although we are seeing a little more availability than a year ago, as well as an increased use of concessions by landlords, conditions still remain tight.   With no anticipated easing of already tight mortgage lending conditions and an improving New York City economy, we look to an active rental market for the foreseeable future.

  • For the sixth consecutive month, the year-over-year median rental price fell below the prior year level.
  • Median rental price declined 2.8% to $3,100 from the same month last year.  As a result, rental prices have generally remained flat on a monthly basis since last summer.
  • The market share of concessions nearly doubled to 9.1% from the same period a year ago, but fell from 13.1% in the prior month.
  • The overall vacancy rate for Manhattan edged higher to 1.87% from 1.69% in the same month last year, consistent with the expanded use of concessions by landlords.

All rental price indicators continued to post year-over-year gains in Brooklyn.

  • Median rental price rose 11.6% to $2,890 from the same period a year ago, making the ninth consecutive monthly gain.
  • These results outpaced the luxury market, whose median rental price increased 4.5% over the same period.

Mar
10

How’s the Market – February 2014

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come.  Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

AV_MSP_DOM_Feb_2014

DISC_AP_Feb_2014

Sales_Region_Feb_2014

Douglas Elliman released the January 2014 report for Manhattan & Brooklyn Residential Rental Markets. The January 2014 Elliman Report for the Manhattan & Brooklyn Rental Markets, reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

“Brooklyn rental prices increased as Manhattan rental prices continued to slip.”Manhattan_Brooklyn_Rentals_01-2014

 Rental prices in the Manhattan market continued to slip for the 5th consecutive month although the declines remained modest. Landlords continued to expand their use of concessions, as vacancy rates remained higher than last year. Larger sized rentals continued to do well in the new development, luxury and 3-bedroom markets, showing more strength than the overall market. The New York City economy continues to improve and we anticipate a strong rental market in the coming months.

  • Median Manhattan rental price slipped 1.1% to $3,114 from the same period last year ago. Beginning last September, median rental price fell for the fifth consecutive month on a year-over-year basis. However, the slide in rental prices remained slight.
  • The use of concessions by landlords continued to expand, rising to a 13.1% market share from 5% in the same period last year.
  • The overall vacancy rate was 1.81%, up from 1.54% in the prior year period, but fell from near record high of 2.79% in the prior month

Rising rents continued to characterize the Brooklyn market in our first month of the new year. After three months of declining price growth, rental prices jumped in January as the key drivers of the market remained in place, including rising employment and tight credit. Entry-level rentals continued to rise at a faster rate than larger rentals. We anticipate that these active market conditions will continue into the spring.

  •  The Brooklyn January median rental price jumped 12% to $2,830 from the same month last year. Rising New York City employment and tight credit have played a primary role in the growth of Brooklyn rents.

The Elliman 2004-2013 Decade Survey for Manhattan Co-op and Condo Sales was released recently at Elliman.com  and summarized below was prepared by Miller Samuel for Douglas Elliman.

 “The number of sales reached second highest level in 25 years as listing inventory fell to a 14-year low.”

Manhattan Decade Report

  •  After 4 remarkably stable years with activity hovering just over the 10,000 sale threshold, the number of sales jumped 21.2% to 12,735 from the prior year level to the second highest total in 25 years. A record of 13,430 sales was set in 2007.
  • Median sales price edged up 2.4% to $855,000 from the prior year.
  • Average sales price increased 1.9% to $1,443,753 and average price per square foot rose 4.6% to $1,136 respectively year-over-year.
  • Listing inventory fell 12.3% to 4,164, from prior year levels to a 14-year low.
  • Days on market, the number of days from the last price change to the contract date, fell 29.7% to 121 from the prior year.
  • Listing discount, the percentage difference between the list price at time of contract and the sales price, fell to 3% from 5.6% in 2012.

Feb
02

In the News – February 2, 2014

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1/30/14  Douglas Elliman Releases Decade Report for Manhattan Townhouse Sales 2004-2013:  Like the apartment market, Manhattan townhouse sales jumped and prices edged higher over the past year. Inventory continued to fall, resulting in the fastest paced market in 17 years. There were noticeable gains in market share of 3-5 unit/family sales, as more consumers looked to convert them to single family homes. We anticipate additional improvements in the townhouse market over the coming year.  See the full report at Elliman.com

 

 

Dec
29

How’s the Market – November 2013

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come.  Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

AV&MED_SP&DOM_11-2013

DISC_AP_11-2013

Sales_Region_Nov-2013

 

Douglas Elliman released the October 2013 report for Manhattan & Brooklyn Residential Rental Markets.  The October 2013 Elliman Report for the Manhattan & Brooklyn Rental Markets reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 “Manhattan rental prices weakened, caused by summer sales surge that poached demand” Mahattan_Brooklyn_Rentals_10-2013

This summer’s record sales activity pulled some of the demand from the Manhattan rental market, causing prices to slip slightly from prior year levels. Vacancy rates rose to more normal levels as marketing times and negotiability remained tight and the use of landlord concessions were limited. We don’t expect much relief in rental prices for tenants anytime soon as the economy continues to improve and mortgage lending conditions remain tight.

  • Median Manhattan rental price for October fell 1.6% below the same month last year to $3,150.
  • This decline was the second consecutive year-over-year drop, following the September drop that broke the 26 consecutive month record without a decline.
  • The use of landlord concessions in Manhattan remained limited, used in only 3.7% of all new rentals with an average rental equivalent of 1.2 months.

As they have for most of 2013, Brooklyn’s rental prices continued to rise. The pace of the market remained fast, with rapid marketing times and less negotiability than we saw last year. New rental activity was brisk, as tenants continued to resist rental price increases at time of lease renewal, seeking out greater affordability but with limited options. We anticipate tight market conditions through the remainder of the year

  • Other than last May, in Brooklyn all monthly year-over-year rental price indicators have not declined in 2013.
  • Brooklyn median rental price rose 6.8% to $2,699 over the prior year quarter.

Oct
27

In the News October 27, 2013

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10/24/13:  Douglas Elliman Releases Elliman Report for Hamptons Sales 3Q 2013:  In the Hamptons, there was an increase in home sales from what we saw last year at this time. The rise in mortgage rates last spring prompted many who were on the fence to make a purchase and more of those buyers than usual were first time buyers. Inventory remains low but has been rising this year, giving buyers more choices in a fast moving market. We look forward to continued improvement in the market over the coming quarters.  See the full report at Elliman.com

10/24/13:  Douglas Elliman Releases Elliman Report for North Fork Sales 3Q 2013:  The North Fork housing market, like the Hamptons, had more lower priced sales in the mix which was prompted by the rise in mortgage rates. Sales fell just short of prior year levels, but inventory fell faster keeping the market tight. Although the rise in lower priced sales caused overall prices to fall short of prior year levels, housing prices remained stable. We expect to see these conditions continue into next year.  See the full report at Elliman.com 

10/24/13:  Douglas Elliman Releases Elliman Report for Long Island Sales 3Q 2013:  The Long Island housing market was unusually active over the summer and into the fall. The market had more sales in the third quarter than in any quarter of the last seven years. Listing inventory fell to the third lowest level we’ve seen in a more than a decade. The increase in sales and lack of inventory pushed prices to their highest level in five years. Rising mortgage rates are expected to help sustain the rebound by keeping price gains in check going into next year.  See the full report at Elliman.com 

 

 

In 1971, the city launched the 421a program as an incentive for developers to build projects on underused or unused land.  Today, a record number of condos have a 421a status.  Ranging from 10 years duration below 96th Street to 15-25 years in Upper Manhattan, the exemptions do have an expiration date.  The exemptions start to decrease annually after the first two years, which usually means rising common charges.

Historically, condos will sell for a higher price if the common charges are low.  While in development, the developer will set the rate for the monthly charges until a board is in place.  Luxury buildings with high-end amenities like rooftop decks, concierges, etc. may have lower common charges while the 421a Tax Abatement is in force.

Once the tax abatement expires, condo boards are generally scrambling to find ways to reduce costs.  Some condo bards have taken the drastic action of terminating their contracts with property management and hiring an on-site manager.  This extreme step takes a dedicated hands-on board to oversee the manager, decrease costs and look for ways to raise revenue.  Board members are generally volunteers, so finding people willing to give their time for the community is sometimes difficult

Some condo boards find other ways to chip away at the expenses; cutting staff, renegotiating mortgage rates, installing high-efficiency lighting in the common areas, and other similar strategies. Some cost-cutting measures come with risk of reduced services, but the upside remains – lower common charges generally create higher selling prices.

 

Inspired by The Real Deal Article by Hayley Kaplan

Douglas Elliman released the August 2013 report for Manhattan & Brooklyn Residential Rental Markets.  The August 2013 Elliman Report for the Manhattan & Brooklyn Rental Markets reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

“The Manhattan rental market has not seen a decline in rents for 26 consecutive months.”Aug_2013_M&B_Rental

  • The Manhattan median rental price increased by 1.8%, to $3,150 from the same month last year. The last time this metric posted a decline was in June 2011, an unprecedented 26-month run. Concessions from landlords continue to be rare with only 2.5% of all new rentals offering some sort of special rewards, averaging the equivalent of 1 month of free rent.
  • Over the past several months, rents in Manhattan continued to rise, but at a much slower rate than we experienced earlier in the year. The number of rentals jumped this month as tenants sought greater affordability at the time of lease renewal. Negotiability and marketing times were low as the use of concessions by landlords remained rare. The tight mortgage lending and improving economic conditions are both helping to keep rents near record levels.
  • Median rental price in Brooklyn increased 4.6% to $2,850 from the same month last year, reaching a 5-year high. Average rental price and average rental price per square foot increased by 3.6% and 6.9% respectively from the same period last year
  • The number of new rentals in Brooklyn surged from this time last year as tenants sought relief from the rising rental prices. More potential tenants did this by seeking new places to rent in lieu of renewing existing leases. The price of a rental reached the highest level seen in over five years. Properties have been renting at a faster pace as negotiability continued to decline, consistent with the tight market.

Aug
20

In the News August 18, 2013

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8/7/13 TV Star Ortiz lands at Elliman after KWNYC firing:  Luis D. Ortiz, the newest star of “Million Dollar Listing New York,” has officially signed on to work at Douglas Elliman, he told The Real Deal exclusively today.  See the full article at The Real Deal 

8/15/13  Bloomberg’s “affordable” micro-apartments don’t come with micro prices:  New York City’s micro-apartments aren’t really all that affordable, and in reality are geared toward the upper-middle class, the New York Observer reported  See the full article at The Real Deal