Archive for Queens
In the News
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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
Third Quarter 2011 Queens Residential Sales Market Overview
Posted by: | CommentsToday 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.
Second Quarter 2011 Queens Residential Sales Market Overview
Posted by: | CommentsToday we are released second quarter sales for the Queens residential market. The Queens Market Overview Q2 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
“The second quarter Queens market showed price and inventory stability compared to the past year.”
- For the third consecutive quarter, the year-over-year median sales price of a Queens residential property edged higher. Median sales price
increased 2.1% from $335,000 in the same period last year to $342,000. - There were 2,361 sales in the second quarter, 40.6% below the same period last year, largely due to the federal homebuyer tax credit expiration in April 2010 that had stimulated sales activity.
- Although second quarter listing inventory slipped 1% below the same period a year ago, the monthly absorption rate—the number of months to sell all listings at the current pace of sales—jumped to 16.7 months, up from 10 months, as sales activity fell short of last year’s levels.
- Buyers and sellers grew somewhat further apart in their negotiations as measured by the listing discount that expanded to 7.1% from 6.4% in the same period a year ago, above the 6.1% average of the past 5 years.
- With the lower level of sales activity and stable inventory, the time to market a property expanded by 18 days to 115 days in the second quarter.
Queens Market Overview Q4 2009
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Today we are released fourth quarter sales for the Queens residential market. The Queens Market Overview Q4 2009 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
“The fourth quarter 2009 Queens market experienced a surge in sales activity, with 55.6% more sales than during the same period a year ago. Consumers took advantage of the federal tax credit, low mortgage rates and more affordable prices. As a result of the increase in sales, listing inventory has fallen 10.6% and is at its lowest level in three years.”
- There were 4,260 sales in the fourth quarter, 55.6% more than the 2,737 sales of the prior year quarter and 52.7% more than the 2,789 sales in the prior quarter.
- Listing inventory is at its lowest level in three years. There were 8,778 properties listed for sale at the end of the fourth quarter, 10.6% below the 9,822 units listed for sale in the prior year quarter and 10.4% below the 9,797 units listed in the prior quarter.
- Prices continue to slip. Median sale price was $350,000, 7.9% below the $380,000 median sales price of the prior year quarter and 3.3% below the $362,000 median sales price of the prior quarter.
- The average days on market was 104 days, or two weeks longer than the 90 days on market in the prior year quarter.
- Listing discount, the spread between the last list price and contract price, fell to 6.1% in the fourth quarter, down from 8.7% in the prior year quarter and unchanged from the prior quarter.
Manhattan October Unemployment Rate Unchanged From September
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Manhattan’s October 2009 unemployment rate remained at 9.2% from September but has has increased 3.7% from October 2008.
New York City’s October unemployment rate as a whole ticked up .1% from last month’s 10.2% rate but up 4% from 6.3% reported in October of 2008.
Worst hit was the Bronx at 13.4% (+.2%), followed by Brooklyn 11.1% (+.1), Queens 9.2% (+.1%) while Staten Island remained the same at 8.9%.
The New York State Department of Labor reported the state’s rate of unemployment is the highest since April of 1983.
Brooklyn and Queens 3Q 2009 Residential Sales Market Reports
Posted by: | CommentsJust released today are the new 3Q 2009 Residential Sales Market Reports for Brooklyn and Queens prepared by Miller Samual Inc. for Prudential Douglas Elliman.
Queens Residential Sales Market Excerpts/Highlights
After below trend sales activity in the first two quarters of 2009, there was a release of pent-up demand as buyers who had been “sitting on the fence” began to make purchase decisions en masse in the third quarter. This was prompted by a rapidly rising stock market that improved consumer confidence, low mortgage rates and newly found affordability as a result of falling housing prices.
There were 2,789 sales in the current quarter, down 13.9% from 3,240 units in the prior year quarter, but jumped 31% from 2,129 units in the prior quarter.
The surge in the number of sales resulted in a decline in listing inventory.
A portion of the decline from the prior year quarter was attributable to sellers pulling their listings from the market with the strategy of re-listing when market conditions improve.
Brooklyn Residential Sales Market Excerpts/Highlights
The number of sales for the quarter surged for the second consecutive quarter, rising 29.3% to 1,847 units from 1,428 units in the second quarter.
Despite the increase in activity, the number of sales were 19.6% below the 2,298 number of sales in the prior year quarter.
The jump in the number of sales from the prior quarter reflects a release of pent-up demand from an unusually low level of sales activity seen in the early part of the year.
Listing inventory has fallen sharply but remains above typical levels.
This inventory decline was caused by individual sellers removing their listings from the market in hopes of re-listing when conditions improve.
NYC Economic Development Corp Releases July Economic Snapshot
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1-Manhattan 2-Brooklyn 3-Queens 4-Bronx 5-Staten Island
Today, the New York City Economic Development Corporation (NYCEDC) released its July newsletter. The Economic Snapshot highlights the most recent information about New York City employment, consumer spending and real estate.
A continued decline in New York City employment rates will continue to put downward pressure on apartment prices in the near future. It also has a negative effect on consumer confidence, a leading indicator of housing prices in NYC.
On the other side of the equation, the large decrease in construction and building starts will help keep inventory moderated in the near to midterm. This may help increase the absorption rate and decrease the days on market for existing apartment sales.
Highlights of the full report include:
• Private Employment fell by 4,500 in June, after a decrease of 3,700 jobs in May.
• The unemployment rate rose to 9.5 percent in June from 8.9 percent in May.
• The Manhattan hotel occupancy rate in June 2009 was 86.9 percent, down from 89.5 percent in June 2008.
• Building projects (including new, additions and alterations) that started construction in NYC declined by 20.4 percent and infrastructure (non-building) project starts increased by 22.3 percent from the four months ending June 2008.
• Planned space for building project starts decreased 73.6 percent from the same period in 2008
• 729 residential buildings with 1,949 units of housing started construction, decreases of 37.7 and 82.5 percent respectively from the previous year
• Passengers in NYC area airports totaled 8.7 million in May 2009, down 8.3 percent from May 2008.
• Hotel occupancy was 86.9 percent in June 2009,down from 89.5 percent in June 2008
• The average daily hotel room rate declined the most in lower-priced hotels (charging between $125 and $175 per night).
• There were approximately 882,000 tickets sold during the four weeks ending July 26, 2009, a 10.7 percent decrease from the same period last year
• Broadway revenue during this period was roughly $78.7 million, a 4.4 percent increase from last year
Queens Residential Sales Report For Q2 2009
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Miller Samuel, an independent appraisal firm, and Prudential Douglas Elliman real estate today released the Queens Market Overview.
This report of Queens residential sales analyzes the 2129 sales of condos, coops and 1-3 family properties that closed in the second quarter of 2009 and compares the data to first quarter sales of this year as well as the same quarter sales of 2008 thus adjusting for seasonality.
The luxury market subcategory was also included in the analysis and represents the top 10 percent of all coop, condo and 1-3 family sales.
