Archive for Properties

Dec
12

How’s the Market – November 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_Nov_2014

 

DISC_AP_NOV_2014

Sales_Region_Nov_2014

 

 

 

 

 

 

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

 

“Manhattan, Brooklyn and Queens rental prices increased, driven by tight credit and an improving economy.”Manhattan_Rentals_11-2014

The Manhattan rental market continued to be characterized by rising prices and low vacancy rates. Median rent increased for the ninth consecutive month with the biggest gains seen in the studio and 1-bedroom markets.  The use of concessions by landlords and declining marketing times were influenced by rising employment and tight mortgage lending conditions. We don’t anticipate significant relief to tenants next year.

  • All price indicators for the Manhattan rental market increased as the New York City economy continued to improve and mortgage lending conditions remained tight.
  • Median rental prices increased from the prior year level for the ninth consecutive month.

Recently Douglas Elliman released the September 2014 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The September 2014 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets, reported  here, and summarized below was prepared by Miller Samuel for Douglas Elliman.2014-10_Manhattan_Rentals

“Manhattan, Brooklyn and Queens rental prices pushed higher, driven by tight credit and an improving economy.”

Manhattan rental prices pushed higher for the eighth consecutive month as the market remained tight. Landlord concessions remained rare, negotiability declined and the vacancy rate fell to a five-year October low. Rents for smaller apartments rose faster than the remainder of the market. Tight mortgage lending conditions and rising employment are expected to keep the pressure on the rental market in the coming months.

Oct
12

In the News – October 12, 2014

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10/9/14 Douglas Elliman Releases 3 Quarter 2014 Elliman Report for Westchester & Putnam Sales:  Westchester housing prices have been rising for nearly two years. The single-family luxury market has remained active and prices have been rising at the same pace as the overall market. Despite the increase in listing inventory as a result of rising prices, the market is expected to remain tight, making it challenging to navigate over the next several quarters.

There were more sales in the Putnam housing market although prices fell short of the levels reached last year. While there was more inventory available as compared to last year, properties sold more quickly and with less negotiability.  See the full report at Elliman.com

10/09/14  Douglas Elliman Releases 3QTR 2014 Elliman Report for Brooklyn Sales:  Brooklyn sales sold at or above market levels. We anticipate these tight conditions to continue into the new year.  See the full report at Elliman.com

10/09/14  Douglas Elliman Releases 3QTR 2014 Elliman Report for Queens Sales: Housing prices in Queens exceeded last year’s levels for the seventh time in eight consecutive quarters. While overall sales fell short of last year’s total, so did supply, as available inventory remained scarce. Marketing times were low and the ability to negotiate was limited. Luxury market prices increased faster than the overall market. We don’t expect to see a significant change from current conditions in the coming months.  See the full report at Elliman.com

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

“Manhattan rents pressed higher as Brooklyn and Queens took a breath.”

 09-2014_Manhattan_Rentals

  • The Manhattan rental market remained tight through September.
  • For the seventh consecutive month, rental prices increased and landlords rarely needed to use concessions to keep vacancy rates from rising.
  • Marketing times and negotiability remained low.
  • Rising employment and tight credit conditions are expected to keep upward pressure on prices over the coming months.

Oct
08

How’s the Market – September 2014 – 3QTR 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_09_2014

 

DISC_AP_09-2014

 

Sales_Region_09-2014

 

The following charts show activity over the 3rd Quarter 2014 compared to 2nd Quarter 2014 and 3rd Quarter 2013

 

AV_MED_SP_DOM_3Q_2014

 

DISC_AP_3Q-2014

 

Sales_Region_3Q-2014

 

 

 

 

 

Douglas Elliman released the Third Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 3Q-2014 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 “Manhattan housing prices continued to rise in the third quarter.  Rising inventory remained inadequate to meet the high level of demand”

3QTR Manhattan Sales

  •  The supply and demand imbalance has begun to push housing prices higher. Median sales price rose 4.2% to $908,242 from the same period last year. As a result of the shift towards more 3-bedroom and 4-bedroom sales, the overall average sales price jumped 17.4% to $1,684,729 from the prior year quarter.
  • The monthly absorption rate, the number of months to sell all inventory at the current rate of sales, increased to 5.3 months from the prior year record low of 3.6 months. As a result of limited supply and fast market pace, 49.2% of all transactions were sold at or above list price at time of sale.
  • Despite the third consecutive quarter with a year-over-year rise in listing inventory, supply remains 16.1% below the 14-year third quarter average of 6,957. Listing inventory jumped 27.6% to 5,828 from the prior year quarter, with a much larger increase seen with condos than co-ops.
  • Days on market, the average number of days to sell all apartments that closed during the quarter, expanded by 4 days to 92 days, marking the second fastest marketing time in 15 years.
  • Listing discount, the average percentage difference between the listing price at the time of sale and the sales price fell to 1.1% from 2% in the year ago quarter.

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

“Tight mortgage lending conditions and rising employment have kept the pressure on rental market prices.”Manhattan_Rental_Aug_2014

 

The Manhattan rental market remained tight with declining vacancy, shorter marketing times and limited use of landlord concessions. Rental prices edged higher for the sixth consecutive month but results were mixed across all apartment sizes. Luxury and upper tier apartment prices rose faster than the remainder of the market. An improving economy, tight credit and limited sales inventory continued to keep the pressure on the rental market. We expect similar conditions over the fall rental season.

Sep
10

Staged with Young Kids: Mission Impossible?

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We’re often asked how much needs to be done or how little can the owners get away with when staging an apartment for sale when they have young kids.  The answer is it depends.  You want your apartment to show at its best, yet you still have to live there.

Here are a few recommendations:

  • Declutter – Take a hard look at the kids’ toys and determine what their absolute favorite toys are, then cut that number in half, and store the rest in a storage room or rented storage.  That way you can tidy up quickly, and give the appearance of having more space.  When the kids get bored with those toys, let them choose something to come out of storage, but something has to go in storage.
  • Re-paint the apartment – The walls take a beating with toys and little hand-prints.  Painting is the least expensive thing you can do before putting the apartment on the market.
  • Before showings begin – Take a good look at your entrance hall.  Large strollers and sports equipment should be stowed elsewhere – perhaps a neighbor or the super will allow you to store those bulky items for an hour or so at a time.  A buyer’s first impression is right inside your door.  Put your best foot forward.
  • Storage – Multi-purpose storage such as benches or ottomans with storage can help hide the toys out of sight but still accessible to the kids.  Pretty baskets and bins also work on bookshelves, and allow for the quick pick-up before a showing.
  • Keeping the floors clear is essential – enlist the kids’ help in picking up before showing.  If you make it fun, they might actually want to help with the clean-up.
  • Make sure the linens are crisp and clean before showing.

You don’t have to live like you’re in a museum while you’re trying to sell, but you do need to keep everything as tidy as possible.  Your home needs to be as ready as possible for a showing so you don’t need to rush around like crazy to get ready at the last moment.

 

Inspired by New York Times article by Tim McKeough

Categories : Properties, Selling, Staging
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Sep
04

How’s the Market – August 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_08-2014 - Copy

DISC_AP_08-2014 - Copy

Sales_Region_08-2014 - Copy

 

Aug
17

In the News – August 17, 2014

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8/14/14:  Elliman Releases Elliman Report for Manhattan, Brooklyn & Queens Rentals July 2014:  Manhattan rental prices increased for the fifth consecutive month and reached their highest level for the month of July in six years. The use of concessions by landlords remained scarce and the vacancy rate fell to a six year low. Smaller apartments had larger price increases than larger apartments. Tight mortgage lending and rising New York City employment continued to put additional pressure on the rental market.  See the full report at Elliman.com

Jul
20

In the News – July 20, 2014

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7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Miami Beach/Barrier Island Sales:  The Miami Beach/Barrier Islands markets saw housing prices continue to rise, bringing more inventory into the market after last year’s record lows. The prices of luxury condos increased faster than the overall market. The time to sell property fell as negotiability between buyers and sellers remained stable. See the full report at Elliman.com   In Spanish In Portuguese 

7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Miami Coastal Mainland Sales: Housing prices along Miami Coastal Mainland also experienced both rising prices and an increase in inventory, as more sellers ventured into the market. The market continued to move at a fast pace, while marketing times continued to fall. Cash buyers still made up the majority of sales, especially in the condo market. See the full report at Elliman.com.  In Spanish. In Portuguese

7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Boca Raton Sales:  Sales activity was strong in Boca Raton, rising well above the levels experienced last year. Housing prices were generally higher across all markets.  More inventory entered the housing market, with the exception of luxury condos, which experienced a large decline from last year, placing upward pressure on prices.  See the full report at Elliman.com.

7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Fort Lauderdale Sales:  The luxury and overall Fort Lauderdale housing markets experienced both rising prices and inventory. Housing prices reached their highest level in 6 years, while overall sales volume remained stable. With the addition of more listings the pace has cooled somewhat, but remains fast.  See the full report at Elliman.com.

7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Palm Beach Sales: Palm Beach was one of the few housing markets in the region to see inventory continue to fall, despite more listings seen at the upper end of the market. Declining inventory kept sales from rising. Marketing times were faster and prices for the single family market increased well above levels experienced last year.  See the full report at Elliman.com.

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Douglas Elliman released the Second Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 2Q-2014 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

“Manhattan housing prices continued to press higher, driven by low inventory and seven consecutive quarters of year-over-year sales growth”

 

  • Manhattan median sales price increased 5.2% to $910,000 from the prior year quarter.  Much of the gain came from the co-op market, which comprised 59.5% of sales and a Q2_2014_Manhattan_Sales9% raise in median sales price.
  • The number of sales that closed at or above list price at the time of contract was 45.9%, the highest level reached since 51.6% in the third quarter of 2008.  Although the number of sales increased 6.3% from the prior year quarter for the seventh consecutive quarter, the increase was well below the 27.6^ average growth of the past 4 quarters.
  • The easing rate of sales growth, along with rising prices, has allowed inventory to expand.  Inventory expanded 18% to 5,659 from the prior year quarter with the gain largely attributable to the condo market
  • Listing discount, the percentage difference between the list price at time of sale and the sales price, was essentially unchanged at 2.8% from the prior year quarter.
  • Days on market, the number of days from the last price change to the contract date, fell by roughly half to 96 days from the prior year quarter as languishing listings were sold off.

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

 

“Manhattan rental prices rose for third consecutive month, while Brooklyn rents have been rising for a year.”

  • For the third consecutive month, the Manhattan median rental price increased above the prior year level.
  • Rental_0514_highlightsMedian rental price was$3,300, 3.1% above the same period last year and the highest level reached since early 2009.
  • After weakening in the second half of 2013 from intensive competition from the sales market, median rental prices have generally trended higher since the beginning of the year.
  • Although landlord concessions edged slightly higher to 5.7% of all transactions from 4.4% in the same period last year, their use has fallen sharply since the beginning of the year.
  • After peaking in January at 13.1% their market share has fallen by half to 5.7%.
  • In Brooklyn, median rental price increased 8.6% to $2,800 from the same month last year, yet remained essentially unchanged from the prior month.
  • Since the beginning of the year, median rental price has showed some stability on a month-over-month basis.

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.