Archive for Townhouse/Brownstone
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Posted by: | Comments4/25/12 ‘Sex and the City’ Townhouse sold for $9.85 million: The home at 64 Perry Street, listed for $9.65 million in early March with sold for $9.85 million, according to city records. Read the full article at The New York Observer
4/26/12 Useful Vocabulary for Building Watchers: Here are a few architectural definitions that anyone who wants fluency in New York architecture will find useful. Read the full story in the New York Times
4/26/12 Prudential Douglas Elliman releases “The Elliman Report: Long Island Sales 1Q 2012”: Mild winter weather brought consumers into the market earlier than usual, causing the number of signed contracts in the Long Island housing market to jump from year ago levels. Housing prices were mixed, as buyers of lower priced properties took advantage of record low mortgage rates. Although properties took slightly longer to sell, listing inventory fell to its lowest first quarter total in six years. Despite the slow improvement in the national economy, we are encouraged by the state of the market in 2012. See the full report
4/26/12: Prudential Douglas Elliman releases “The Elliman Report: Hamptons & North Fork Sales 1Q 2012”: The Hamptons and North Fork housing markets showed stability in both price and sales activity. Just as we have seen in prior quarters, the high end of the market continued to show strength. While it took somewhat longer to sell a typical property this quarter, listing inventory continued to decline. Considering the slow pace of our national economic recovery and tight credit, the East End housing market has continued to hold its own. See the full report
4/27/12: Space Shuttle Enterprise’s Historic Flyover Wow’s New Yorkers: Did you see it? Hundreds of space shuttle shuttle fans braved the chilly temperatures and biting wind Friday Morning along the Hudson River here to catch a glimpse of NASA’s prototype orbiter as it flew past the Intrepid Sea, Air and Space Museum it will soon call home. See the full article on Yahoo! News
4/27/12: Threats, stormy Exits and…: The setting for the closing on an apartment in the East 50s was a lawyer’s office. Things seemed to be going well between the sellers until the wife found out the price her husband had received for the apartment. This is New York City, where real estate transactions can literally take on the trappings of a blood sport. Unlike most other parts of the country, it is a place where lawyers are invariably involved in the transaction; at the very least, this increases the number of people around the table. Read the full article in the New York Times
4/27/12 Brokers See Bright Future for 2012’s Residential Real Estate Market: The Real Estate Board of New York (REBNY) has released the results of its Residential Brokers Survey for the first quarter of 2012. With the unseasonably warm weather and favorable market conditions, brokers saw an uptick in activity this quarter and are optimistic about next quarter. Of the brokers surveyed, 69 percent reported that they thought the first quarter of 2012 was better than the previous quarter. Additionally, 76 percent of brokers reported that they expect the second quarter of 2012 to be better than the first, a 16 percent increase from last quarter.
Their optimism was based on the improving activity in the market. The survey found that 70 percent of brokers reported completing executed contracts of sale this quarter, a nine percent increase from last quarter. Another highlight from the first quarter of 2012 was that 74 percent of brokers reported closing rental transactions at or above asking prices, which is a 13 percent increase from this time last year. In addition, 26 percent of the brokers reported closing sales at or above asking price, a nine percent increase from the fourth quarter of 2011 and a 4 percent increase from the first quarter 2011.
“Brokers feel changes in the market first and we count on them to help us gauge where the market is headed,” said REBNY President Steven Spinola. “Based on the survey results, it’s clear that broker’s optimism is coming from an improving market and that their view that 2012 will be a strong year for New York City real estate is justified.”
The survey also found a near perfect record of 99 percent of brokers reporting that they received a coop board approval in less than 90 days from the time a completed coop board application was submitted.
Similar to last quarter’s findings the top features/amenities this quarter were: 1) doorman building, 2) laundry in unit, 3) private storage space, and 4) on-site fitness center.
The survey was sent to REBNY’s Residential Broker Members. 404 brokers took the survey this quarter. See the REBNY Q1 2012 Residential Broker’s Survey Results
Manhattan Residential Co-op & Condo Sales Market Report First Quarter 2012
Posted by: | CommentsToday, we released our First Quarter report for the Manhattan Residenital Co-op & Condo Sales Market. Manhattan Residential Co-op & Condo Sales Market Overview Q1 2012 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
“Employment conditions have continued to slowly improve, inventory levels have remained modest, and new development stabilized, but tight mortgage underwriting conditions remain a challenge to the market.”
- Median sales price was $775,000, 0.9% below $782,071 in the prior year quarter. Price per square foot increased 6%, and average sales price increased 0.8% over the same period.
- The S&P’s downgrade of US debt, paired with the European debt crisis, Wall Street bonus concerns, and large swings in the stock market indices all contributed to the market’s slowed pace leading into the first quarter. As a result, the number of sales slipped 3.5% to 2,311 from 2,394 in the prior year quarter.
- Active listing inventory slipped 0.6% to 7,560 in the first quarter from 7,605 in the prior year quarter, but remained consistent with the 7,478 quarterly average over the past ten years.
- Days on market—the number of days between the last price change, if any, and the contract date—saw a 25-day increase to 152 days from 127 days as older inventory was sold off.
- Listing discount—the percent difference between the list price at time of sale to the sales price—increased to 6.3% from 4.5% in the same period last year.
Manhattan 10-Year Townhouse Sales Trend Analyis 2000-2009
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Recently we reported the Manhattan 10-Year Townhouse Market Report for 2000-2009. The 10-year sales trend analysis summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
- There were 402 Manhattan townhouses listed for sale at the end of 2009, 24.2% below the 530 listings available in 2008. Listing inventory was similar to the levels seen ten years ago reflecting the fixed nature of turn-of-the-century housing stock.
- The 2009 median sales price of a Manhattan townhouse—defined as a 1-5 family residence that can be delivered vacant—fell 31.9% from the record set in 2008 to $3,400,000 from $4,995,000.
- There were 149 townhouse sales in 2009, down 1.3% from 151 sales in the prior year. The average annual number of sales over the past decade was 249 sales, indicating that the number of sales over the past two years have been below trend levels.
- The listing discount, the amount buyers and sellers have to move to agree on price, expanded to 15.3% in 2009 from 6.9% in the prior year.
- The days on market for townhouse properties was 142 days in 2009, faster than the 155 days in 2008.
- The decline in market conditions left more sellers “chasing the market” when setting list prices
Harry Potter Buys Townhouse In West Village
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Daniel Radcliffe buys Manhattan townhouse in West Village
Daniel Radcliffe, the 20-year-old Wizard in Broadway’s Harry Potter production, has purchased his third New York City property, a five-bedroom, 3,000-square-foot West Village townhouse. The price: $6.4 million.
Celebrity publications report Radcliffe now owns more than $16 million in Manhattan area condos and apartments, plus a luxury condo in his home United Kingdom neighborhood of Fulham in London.
As reported by Real Estate Channel
