March 10, 2015
Only three months into 2015, Manhattan is already ringing the cymbals in two polar aspects.
In January and February, the city saw one of the most brutal winters in 20 years. The first major winter storm warning in January turned out to be a dud, but the snow was persistent and just kept coming back.
On a seperate front, in the past six months ending in February, the closings are coming and are expected to continue. For past readers of my blog, you have seen most active buildings concentrate in Harlem and downtown financial district. In this month’s snapshot, we can see that buildings are closing in every single neighborhood like wildfire across a plain.
The top three buildings with most recorded closes are:
- One Morningside, Morningside Height, 321 West 110th St (45)
- Huys, NoMad, 404 Park Avenue South (45)
- 325 Lexington, Midtown East (41)
- 456 West 167th St – Edgecombe Parc in Washington Heights
- 101 Leonard in Tribecca
- Baccarat Hotel & Residences in Midtown East
For more analysis about median prices by zip code, neighborhoods, pricing distributuion data for condominiums. Please let me know and I would be happy to share by phone.
January 9, 2015
- Last year in 2014, many sales indicators exceeded that of the 2008.
- Higher average sales price at about $1.7 million in 2014 vs. $1.5 million in 2008
- Slightly higher average dollar per square foot at about $1,297 in 2014 vs. $1,251 in 2008
- Lower median sales price at about $940,000 in 2014 vs. $955,000 in 2008
- Average days on market is about 46 days vs. 64 days in 2008
- Inventory is expected to increase in 2015 but only for the higher priced units.
- New construction activities tend to generate more buzz in respective neighborhoods and are propping prices for all units for sale.
- Overall price level is expected to stay the same or drop slightly in 2015
January 7, 2015
The most active buildings in Manhattan in the past six months are spread out among upper Manhattan, Midtown West, and a few spots in downtown.
The most actively closed building is One Morningside Park at 321 West 110th Street. The building was just closed in October and some of the amenities are still being constructed, so it’s in mint condition. Its proximity to Columbia University makes it an attractive investor target. There is a 20-year abatement as well! It’s the tallest building in that part of the neighborhood so it enjoys great view of either Morningside Park or Central Park, not to mention bragging rights for the unit owners. It’s not difficult to imagine why this was the most popular building in the past 6-month.
Chelsea Green at 151 West 21st is completely sold out. Those who purchased during construction is expected to flip for 50% profit.
The Leonard at 101 Leonard Street is a condo conversion. Posh interior and convenient location in downtown are the main selling points. There is a soul cycle across the street, close to Whole Foods. There is quite a few new construction projects nearby which upon completion can prop up the value of all surrounding apartments.
Note: The deal count is a cumulative sum that carries over the numbers from last month’s snapshot.
Below are the average closing price levels and average area prices by neighborhood and zip code.
The patterns in the price points for one-bedroom, two-bedroom, and three-bedroom units did not change very much since November market snapshot. The sweet spots are:
- For one-bedroom: $700k-$1.0m (Unchanged)
- For two-bedroom: $1.4m – $2.0m (Range widened upward)
- For three-bedroom: $1.8m-$5.4m (Range flattened across)
Disclaimers: Historical patterns do not imply future performance. Typical assumptions apply when looking at statistical analysis, including but not limited to: The average assumes homogeneity in properties (not true) or that the differences can be diversified away given sufficiently high data points. Some opinions are my personal interpretation of the data and should not be construed as facts. For more accurate pricing analysis, we need to look at specific comparables in the same building, neighborhood, with similar floorplans.