Archive for Upper East Side

Mar
19

How’s the Market – February 2015

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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_DOM_SP_02-2015

DISC_AP_02-2015

Sales_Region_02-2015

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Feb
23

How’s the Market – January 2015

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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_DOM_CS_01-2015

Disc_AP_01-2015

Sales_Region_01-2015

 

 

Recently Douglas Elliman released the December 2014 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The December 2014 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,Manhattan_Rentals_Dec_2014 reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

“Market conditions remained challenging for renters, as upward pressure on prices remained.”

Manhattan median rental prices were higher for the tenth consecutive month. Rising rents were more commonly found in smaller apartments such as studios and 1-bedrooms. Falling vacancy rates, the lower use of landlord concessions, an improving economy and tight mortgage conditions may continue to keep the pressure on rental prices into the new year

Jan
13

How’s the Market December 2014 & 4th Quarter 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_DEC_2014

 

DISC_AP_DEC_2014

Sales_Region_Dec_2014

 

 

 

The following charts show activity over the 4th Quarter 2014 compared to 3rd Quarter 2014 and 4th Quarter 2013.

 

AV&MED_SP_DOM_4QTR_2014

 

DISC_AP_4QTR_2014

 

Sales_Region_4QTR_2014

 

 

Douglas Elliman released the Fourth Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 4Q-2014 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

Manhattan_Sales_4QTR_2014

“All Manhattan price indicators showed robust gains from the prior year quarter, largely driven by low inventory and higher than average demand.”

 

Manhattan housing prices continued to rise, but the market remained challenged by the lack of inventory. Sales activity was high, but did not equal the record volume achieved last year. New development market share continued to expand with more new offerings coming online in 2015. The current market pace remains brisk with nearly half of all sales resulting in purchase prices that were at or above the asking price. Based on the strong finish for 2014, we are anticipating an active market going into 2015.

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.

“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.

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
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

Aug
04

How’s the Market? June 2Q 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_June_2014

 

DISC_AP_June_2014

 

Sales_Region_June_2014

 

 

 

The following charts show activity over the 2nd Quarter 2014 compared to 1st Quarter 2014 and 2nd Quarter 2013

 

AV&MED_SP_DOM_2QTR_2014

 

DISC_AP_2QTR_2014

 

Sales_Region_2QTR_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