November 22, 2014
|Address||Unit||Price||Maint/CC||RE Tax||Ownership||Period||Rms||Bds||Bths||Res SqFt|
|504 West 136th Street||1E||$499,000||$400||$0||CONDO||POST||3||1||1||0|
|1485 5th Avenue||12H||$972,500||$535||$9||CONDO||POST||3.5||1||1||884|
|505 West 173rd Street||GF||$495,000||$700||$40||CONDO||PRE||4||2||1||888|
|18 Sylvan Ter||$1,495,000||$0||$7,620||MULTI||PRE||9||1||1||700|
|304 West 115th Street||7B||$1,299,000||$826||$13||CONDO||POST||5||2||2||1361|
|470 West 143rd Street||$2,000,000||$0||$0||MULTI||10||5||4||3969|
|234 West 148th Street||2F||$850,000||$739||$50||CONDO||PRE||5||2||2||1020|
|234 West 148th Street||4F||$900,000||$739||$50||CONDO||PRE||5||2||2||1020|
|234 West 148th Street||7D||$650,000||$565||$38||CONDO||PRE||3||1||1||658|
|234 West 148th Street||7C||$950,000||$803||$54||CONDO||PRE||6||2||2||1087|
|234 West 148th Street||2C||$950,000||$803||$54||CONDO||PRE||4||2||2||1087|
|234 West 148th Street||2A||$900,000||$735||$49||CONDO||PRE||4||2||6||1001|
|234 West 148th Street||7A||$850,000||$735||$49||CONDO||PRE||4||2||2||1001|
November 20, 2014
Difference of doing business:
- Number of sales is less in Queens
- Queens brokers don’t want to work with other brokers
- They use MLS – tend not to be tech savvy
- The commission are lower compared to Manhattan – that’s why they don’t co-broker
- Encourage agents to try different areas and neighborhoods
New developments – tougher to find in Queens
Average dollar per square foot
- Astoria – $1000
- Long Island City (LIC) – $1200
- Rego Park – (condos, very few) – $450
- Flushing – $800-900 (with 78% cash buyers)
- Forest Hills (coops) – $375; Forest Hills Garden avg $1.5 – $2mil for single family homes
- Pinnacles Condominium – $800
- Park Manor Condominiums – $475
- Jackson Heights Historical District – attractive
Developers are building mostly rentals and not many condos. Sizes are efficient. Newer & larger apartments can go for $1680 – $2100/sqft.
Townhouses are hitting $2mil.
21-19 45th Road in Long Island City is going for less than $1100/sqft.
- The city needs bigger apartments, but the price of land is expensive, about $240/sqft.
- Construction price is about $300/sqft
Astoria two condos next to 14th & Broadway with 67 units
- $1100/sqft for 2 bedroom and $1400/sqft for 3 bedroom
- Construction cost is about $800-900/sqft
- One-bedroom is the largest market for development
- Cash buyers – non-contingent on mortgage; negotiate price if appraisal comes in too low
- But appraisal come in 100% too low especially in LIC. Therefore cash is preferred and investors need assurance.
- Astoria at 100% ask vs. 15% cash discount because of the fear the appraisal will come in lower. 60% are cash buyers, a lot of them are first-time home buyers.
- 40-50% down-payment is common
- Investors are not affecting the market as much they are in Manhattan
Quality of Life:
- Long Island City has one of the best waterfront park – Hunters Point South
- P.S. 1 MoMa
- Flushing Meadow & Fresh Meadow
- Newtown Creek – North Shore in Queens
- Northwestern – Olympic Village – Corona Park
Exciting new projects:
- There are many condominiums on 21st street in Astoria
- Milan Condominium
- Summit Cons – $1000/sqft
- 25-19 43rd Ave with 48 one-bedroom units @ $700/sqft full service
- The Madison: $600k for one-bedroom
- The Rego Modern – 38 unit condo
- Street number: The lower the number, the closer it is to East River
- Ridgewood: A bit more affordable than Bushwick
- Long Island City, Sunnyside, Woodside are great neighborhoods
November 6, 2014
The most active buildings in Manhattan in the past six months seem to be on the west side. In the map view below, the addresses highlighted in green color represents the buildings that closed below 14 in the last snapshot.
Note: The deal count is a cumulative sum that carries the count also recorded in last month’s snapshot.
Midtown East became the neighborhood with the highest dollar/Sqft for its condo properties. A drill down reveals two closed deals in Plaza Residences pushed the neighborhood past its peers. Midtown West is another neighborhood that was pushed higher by the sale of one unit in One57, two in Baccarat, and one of the last ones in The Centurion (designed by I.M. Pei).
The patterns in the price points for one-bedroom, two-bedroom, and three-bedroom units are little changed since October market snapshot.
- For one-bedroom: $700k-$1.0m
- For two-bedroom: $1.4m – $1.8m
- For three-bedroom: $2.9m-$3.0m
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. For more accurate pricing analysis, we need to look at specific comparables in the same building, neighborhood, with similar floorplans.