Archive for Queens

Apr
12

In the News – April 12, 2015

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4/9/15: Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Brooklyn Sales.  The Brooklyn housing market entered 2015 breaking new records. Median sales price for the borough as well as for condos and single family sales were the highest we’ve ever recorded. Marketing times fell and sales slipped as low inventory kept more sales from occurring. We anticipate tight market conditions in the next two quarters. See the full report at Elliman.com

 

4/9/15:  Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Queens Sales.  Since last fall, the Queens housing prices have continued to rise. Attributing factors include low inventory, an improving economy and buyers from other markets like Brooklyn and Manhattan seeking out greater affordability. Sales slipped largely from the lack of inventory. With an improving economy, we expect continued price pressure in the coming quarters.  See the full report at Elliman.com.

 

4/9/15:  Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Westchester and Putnam Sales.  Westchester housing prices remained stable for the past two quarters. Single family home sales were up, while listing inventory declined. Prices within the luxury single family market were higher than last year. Co-op prices slipped as condo prices held steady. With rising sales and low inventory, we look towards a fast paced market this spring.

While housing prices in Putnam fell short of last year, the number of sales jumped as inventory moved lower, much like other markets in the region. The faster market pace is expected to continue into the next quarter. See the full report at Elliman.com.

Recently Douglas Elliman released the March 2015 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The March 2015 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,
reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

“Manhattan rents continued to climb more consistently than Brooklyn and Queens”

 

Manhattan_Rental_03-2015

  • The Manhattan rental market has been rising for more than a year. Inventory fell and fewer landlord concessions were being offered. Rents for smaller apartments increased the most as higher employment brought more demand into the city. Would-be first time buyers continued to be challenged by tight mortgage lending. We anticipate similar conditions throughout the spring.

 

  • For the past two months Brooklyn rents remained stable, after rising for much of the past two years. Rental prices were high while negotiability and landlord concessions remained low. With an improving local economy and tight credit, we don’t anticipate much relief for tenants through the spring market.

 

  • Rental prices in northwest Queens were generally higher although most of the increases occurred in smaller apartments. Marketing time fell and there was less negotiability between landlords and tenants. With rising rents in other boroughs bring more demand into Queens and an improving city economy, we expect the rental market to remain active in the coming months.

 

 

Recently Douglas Elliman released the February 2015 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The February 2015 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,
reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

M-B-Q_Rentals_02-2015

 

 

  • Manhattan rents have been increasing for twelve consecutive months. Smaller apartment rents increased more quickly than larger apartments as tight credit held back many first time buyers. Marketing times were faster and the use of concessions by landlords remained limited. With an improving economy we expect these conditions to continue into the spring market.

 

  • For the first time since last fall, Brooklyn rents slipped from last year, but remain at a high level. Landlords used concessions sparingly, but more than they used them last year. Marketing times remained fast and negotiability was very limited. Rising employment in New York City is expected to keep rents high in the coming months.

 

  • Rental prices in northwest Queens showed overall stability this month. Marketing times fell and negotiability remained was low. The expansion of new development has kept prices in check as one third of activity was within new rental buildings.

 

Jan
18

In the News – January 18, 2015

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01/15/15: Douglas Elliman Releases Elliman Report for 4th Quarter 2014 Brooklyn Sales.  Brooklyn housing prices increased for the ninth consecutive quarter, pushing the annual median sales price to a record high.  Sales slipped from year ago levels but remained consistent with historical trends.  Rising prices have pulled more sellers into the market as inventory comes up from last year’s record lows.  With the improving economy, we anticipate similar conditions over the coming quarters. See the full report at Elliman.com 

01/15/15:  Douglas Elliman Releases Elliman Report for 4th Quarter 2014 Queens Sales.  The Queens housing market finished the year with rising prices in the fourth quarter.  Sales fell short of last year’s levels while inventory edged higher.  Despite the slower pace of the market, marketing times were shorter and negotiability between buyers and sellers was reduced.  See the full report at Elliman.com.

1/15/15:  Douglas Elliman Releases Elliman Report for 4th Quarter 2014 Westchester and Putnam Sales.  Westchester housing prices have increased or moved sideways for the eighth consecutive quarter.  Prices in the luxury market increased faster than the overall market.  Unlike the most of the region, listing inventory declined as sales increased, resulting in a faster market pace than last year.  Low inventory is expected to keep the pressure on housing prices well into the new year.

The combination of sharply rising number of sales and a modest increase of inventory caused the housing prices in Putnam to increase.  Shorter marketing times and less negotiability between buyers and sellers resulted in an accelerated pace of the market.  See the full report at Elliman.com.

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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

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
13

In the News – July 13, 2014

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07/10/14:  Douglas Elliman releases Elliman Report: Manhattan, Brooklyn & Queens Rentals June 2014: Over the past four months Manhattan rental prices have continued to increase, reaching the highest peaks in more than five years. The market has tightened as a result of falling vacancy rates and limited use of concessions by landlords. Tough mortgage lending requirements and an improving local economy are expected to keep upward pressure on rents over the next several months.  See the full report at Elliman.com 

07/10/2014  Douglas Elliman releases Elliman Report: 2Q 2014 Quarterly Survey of Residential Sales for Brooklyn market:  The Brooklyn housing market juggernaut continued through the spring. Housing prices increased for the seventh consecutive quarter and set new records as sales increased and inventory declined. Marketing time was faster and negotiability between buyers and sellers fell. In recent quarters, the rate of price increases had been slowing, which may be welcome news to buyers, although we don’t anticipate much relief over the next several quarters  See the full report at Elliman.com 

 

7/10/2014 Douglas Elliman releases Elliman Report: 2Q 2014 Quarterly Survey of Residential Sales for Queens Market:  After a year and a half of rising sales, the Queens housing market took a breath in the second quarter as sales slipped. For more than three years now, listing inventory has continued to fall.  Although housing prices this year remain slightly below last year, co-ops are showing strength, benefiting from higher cost housing in Brooklyn, which has shown little sign of easing.  See the full report at Elliman.com.

Jan
12

In the News January 12, 2014

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1/9/14:  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Brooklyn Sales:  Brooklyn’s housing market continued to be one of the strongest in New York City with rising prices and sales as well as a large decline of inventory. It is also the only borough to see the median sales price exceed the levels set during the previous boom. The combination of rising sales and falling supply made the market move at the second fastest rate in 5 years. We expect this momentum to carry into 2014 as the economy improves.  See the full report at Elliman.com

1/9/14:  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Queens Sales:  The Queens housing market had a large increase in sales to help the year finish on a high note. Sales price trends remained fairly stable year-to-date, but choices for buyers were limited as inventory fell to the lowest level on record. Like much of the region, the decline in sales and rise in supply made the market pace unusually fast. With the economy expected to improve, we anticipate an active housing market in the first half of 2014.  See the full report at Elliman.com

1/9/14:  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Westchester and Putnam Sales:  The housing market in Westchester had many of the same trends as those we observed in the city: rising sales, falling supply and rising prices. Median sales price and the total number of sales reached an eight-year high. Falling inventory kept pressure on prices throughout 2013 that resulted in modest year-to-date increases in housing prices. With an unusually high number of signed contracts in the fourth quarter, we expect this momentum to continue into the new year. Putnam’s housing market experienced falling inventory but not to the same extent as Westchester did. The number of sales jumped above last year¹s totals, but housing prices were generally stable. The decline in supply and the increase in sales caused the market to move faster than last year, but not at the same rapid pace as Westchester. We anticipate similar conditions over the next several quarters.  See the full report at Elliman.com

Oct
12

In the News – October 12, 2013

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10/10/13  Douglas Elliman Releases Elliman Report for Brooklyn Sales – 3Q 2013:  The Brooklyn housing market has shown the most strength compared to any other borough. Housing prices have set 10-year records and inventory fell to the lowest levels seen in five years. We expect the rising mortgage rates to take some of the edge off of the market frenzy in the coming months. Perhaps the biggest change in the market going forward is the buyers outside of the borough who sought out Brooklyn as a destination rather than as a more affordable alternative to Manhattan.  See the full report at Elliman.com

10/10/13:  Douglas Elliman Releases Elliman Report for Queens Sales – 3Q 2013:  Queens has continued to benefit from the strength of the Brooklyn market and still low mortgage rates. The borough had more sales this quarter than any time in the past three years and inventory fell to an eight-year low. Although buyers have had less inventory to choose from, housing prices have remained steady over the past year and we anticipate this trend to continue over the coming quarters.  See the full report at Elliman.com

10/10/13:  Douglas Elliman Releases Elliman Report for Westchester and Putnam Sales 3Q 2013:  The Westchester housing market continues to improve. Listing inventory continued to fall consistent with the rest of the metro area, but the number of sales reached their highest point in over 30-years. However, the rising mortgage rates will make this new record hard to beat. Housing prices increased somewhat last year and properties sold more quickly. We expect more of the same over the coming quarters but without records. Like its neighbor to the south, the Putnam housing market had a lot more sales this quarter than last year and buyers had fewer properties to choose from. Although properties took a little longer to sell, housing prices remained stable, which is what we anticipate in the coming quarters.  See the full report at Elliman.com 

Jan
21

In the News, Januray 20, 2013

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01/14/13 Manhattan’s storied co-ops take a backseat to new luxury condos – Manhattan’s once-fabled co-op addresses no longer command the biggest sales prices in the city, and have been upended by newer destination condominium addresses, real estate author Michael Gross writes in the Daily Beast  See the full article at The Real Deal   

01/17/13 Douglas Elliman Releases 4th Quarter 2012 Brooklyn Sales Report.  Listing inventory for the Brooklyn housing market continued to fall, reaching four-year lows that kept sales from rising.  Although mortgage lending remained tight, record low mortgage rates combined with limited supply of both re-sale and new development listings placed upward pressure on housing prices. With the expected improvement in our local economy, we are pleased with the direction of the Brooklyn housing market and look forward to an active market in 2013.  See the full report at Elliman.com  

01/17/13 Douglas Elliman Releases 4th Quarter 2012 Queens Sales Report.  In the final quarter of 2012, we continued to see inventory fall, reaching its lowest fourth quarter level in seven years. Record low mortgage rates and lack of inventory caused prices to rise in some markets. While a shortage of inventory kept more sales from occurring, properties sold more quickly as buyers and sellers moved closer together on price. We are encouraged by the constant improvement we are observing and look forward to an even better Queens market for 2013. See the full report at Elliman.com

01/18/13 Douglas Elliman Releases 4th Quarter 2012 Palm Beach Sales report.  There was a significant uptick in Palm Beach sales activity this quarter compared to the results last year. We also observed a significant shift towards high end properties as indicated by the jump in overall market prices and luxury market prices. The longer marketing times largely reflected older inventory being sold off. The market improvement has been an encouraging development that we expect to see through most of 2013.  See the full report at Elliman.com

Jul
22

In the News – July 23, 2012

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07/19/12:  Elliman Releases 2Q 2012 Brooklyn Market Report.    The housing market in Brooklyn continued to show price stability and a slight increase in sales, largely the result of falling inventory. The rise in demand and fall in supply have made the current market move at its fastest pace in two years. Despite record low mortgage rates, strict lending conditions have held back further improvement.  With a slowly improving regional economy, we expect more of the same conditions over the upcoming quarters.The housing market in Brooklyn continued to show price stability and a slight increase in sales, largely the result of falling inventory. The rise in demand and fall in supply have made the current market move at its fastest pace in two years. Despite record low mortgage rates, strict lending conditions have held back further improvement.  With a slowly improving regional economy, we expect more of the same conditions over the upcoming quartersSee the full report at Elliman.com

7/23/23:   Elliman Releases 2Q 2012 Queens Market Report.  The Queens housing market experienced a seasonal increase in prices, with slightly fewer sales than a year ago and a large drop in listing inventory. As a result, properties sold somewhat faster and buyers and sellers moved closer together in negotiating sales prices. Tough mortgage lending still remains one of the market’s greatest challenges. As the regional economy continues to improve, we look for more of the same conditions in the immediate future.   See the full report at Elliman.com

7/23/12 City Takes the Initiative in Revitalizing Industrial: As part of a comprehensive package of initiatives aimed at revitalizing the city’s industrial sector, the 16-member Industrial Business Advisory Council is holding its first meeting on Aug. 1.  See the full article at GlobeSt.com.

 

Apr
23

In the News

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In The News

4/16/12  The world’s most expensive one-bedroom condo?:  And you think New York Apartments are expensive?   A one-bedroom penthouse condo was listed recently in Tokyo for 1.8 Billion yen roughly $22 Million.  The apartment is 4,400 square feet and loaded with amenities.  Read the full article at Yahoo! Real Estate

 4/19/12:  Prudential Douglas Elliman Releases Brooklyn Sales Market Report for 1QTR 2012:  The Brooklyn market continued to enjoy stabilizing prices and a steady level of new development activity. Mortgage rates dropped to record lows, which helped lower priced co-op sales retain greater market share. Listing inventory fell below the five-year average, in turn tightening the listing discount negotiated between buyers and sellers. Despite the economic challenges facing the region, Brooklyn continued to be one of the better performing housing markets in New York City.  Get the report from Prudential Douglas Elliman here.   

4/19/12:  Prudential Douglas Elliman Releases Queens Sales Market Report for 1QTR 2012:  Record low mortgage rates helped create a surge in lower priced co-op sales in the fourth quarter that continued into the new year. This trend combined with the decline in listing inventory has brought some stability to the market. Although prices softened somewhat over the past year due to tight credit and a weak economy, we are encouraged with the progress of the Queens housing market so far this year.  Get the report from Prudential Douglas Elliman here.

4/19/12  Rental website Rentenna.com seeking “hottest doorman” in the city:  Rentenna.com, a website for locating New York City rental apartments, is sponsoring an unconventional beauty contest, the Wall Street Journal reported — for New York City’s doormen. The start-up began accepting nominations for the city’s most attractive doormen last week, the Journal said, and more than three dozen have been put forward by their tenants so far.  Get all the details at The Real Deal

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Mar
05

In the News

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2/24/12  Find Your NYC Teacher’s Rating:  “The Department of Education releasted teacher ratings Friday that – for the first time in city history – allow parents to see, by name, how their children’s teachers performed.”  Read the full article at DNAinfo.com.

2/27/12  Buy this Queens site, get free East Side apartments:  “The odd bonus that comes with purchase of a Flushing, Queens site is not in infomercial-style marketing ploy.  It’s the collateral on a bad loan.”  Read about it at Crain’s NY.

3/1/12 NYC stuck on slow boat:  “The economic news just gets better and better.  In the final quarter of 2011, total output of goods and services expanded at an annual clip of 3%, according to Commerce Department data out Wednesday.  In New York, however, the news is not nearly so rosy, and the reason why can be summed up in two words:  ‘Wall Street’.”   Read the full article at Crain’s NY The RED Wrap.

3/1/12 Celeb chef Emeril slashes price on Townhouse:  “One celebrity chef is betting the onset of the spring season will have prospective luxury property buyers on the hunt for a sizzling-hot bargain. Star chef and television personality Emeril Lagasse is planning to reduce the asking price of his Lenox Hill townhouse by a cool $1.5 million, or 10 percent, to ‘take advantage of the spring market’. ” Read all about it at TheRealDeal.com.

3/2/12  Manhattan population to jump by 2030, putting strain on housing:  “While the demand for New York real estate remains somewhat unquenchable for the meantime, it’s possible the city could grow so crowded in the future that it may beocme a turn-off for prospective city dwellers”.  Read the full article at TheRealDeal.com.

 

Jan
20

In the News

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1/6/12:  From the New York Times:  Living Above the Stove.  “The Five Boroughs of New York have more than 23,000 restaurants.  But what of the tenants who live above them?  Read about it in the New York Times.

1/13/12:  From the New York Times:  Not for Vampires Only.  “Some New Yorkers seek dim, dark spaces that admit little sense of the throbbing city outside their doors.  Read about it in the New York Times.

1/16/12:  From the  New York Post:  Rents Soar as Apartments Dwindle:  “Manhattan rents soared 8.6 percent last year — reaching pre-2007-crash highs — while vacancy rates plummeted and residents grabbed apartments at a near-record pace, new industry reports show.  Read more about it in the New York Post.

 1/19/12: From Prudential Douglas Elliman:  Exclusive 4th Quarter  2011 Queens Sales Market Report.  Get the full report

1/19/12:  From Prudential Douglas Elliman:  Exclusive 4th Quarter 2011 Brooklyn Sales Market Report.  Get the full report

1/20/12:  From New York Times:  Big Ticket:  Sold $9.5 Million:  The biggest sale of the past week according to city records was a TriBeCa penthouse selling for $9.5 Million.  Read about it in the New York Times.

Today we released third quarter sales for the Queens residential market.  The Queens Market Overview Q3 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“The market continued to find its way to stability, as price indicators higher and both listings and sales levels declined”

  • There were 2,743 residential sales in the borough, 11.8% less than 3,110 sales in the same period last year. The decline in sales was attributable to re-sale, as new development sales nearly doubled.
  • For the fourth consecutive quarter, the year-over-year median sales price increased.
  • The median sales price was $385,000, 8.5% above $355,000 in the prior year quarter.
  • Listing inventory fell 15.9% to 10,305 from 12,255 in the prior quarter. Coupled with the decline in sales, the monthly absorption rate–the number of months to sell all listing inventory at the current pace of sales–was at 11.3 months, 4.2% faster from 11.8 months at this time last year.
  • The listing discount–the percent difference between the list price and time of sale and the sales price–was essentially unchanged at 6.6% as compared to the prior year quarter result of 6.7%.
  • It took 8 days longer on average to sell a property as compared to last year, resulting in a total of 108 days in the third quarter.