House of Red Bricks

By wisdom a house is built, and through understanding it is established

Uptown Open House Viewings 2014-11-22

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

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Queens Agent Bootcamp

building

Difference of doing business:

  1. Number of sales is less in Queens
  2. Queens brokers don’t want to work with other brokers
  3. They use MLS – tend not to be tech savvy
  4. The commission are lower compared to Manhattan – that’s why they don’t co-broker
  5. Encourage agents to try different areas and neighborhoods

New developments – tougher to find in Queens

Average dollar per square foot

  1. Astoria – $1000
  2. Long Island City (LIC) – $1200
  3. Rego Park – (condos, very few) – $450
  4. Flushing – $800-900 (with 78% cash buyers)
  5. Forest Hills (coops) – $375; Forest Hills Garden avg $1.5 – $2mil for single family homes
    1. Pinnacles Condominium – $800
    2. Park Manor Condominiums – $475
  6. 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

Financing:

  • 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

Other information:

  • 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
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November Manhattan Residential RE Market Snapshot

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.

Most popular buildings 最受歡迎的大樓

Most popular buildings
最受歡迎的大樓

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).

Average price for 3-bedroom mapview 平均三臥價位地圖顯示

Average price for 3-bedroom mapview
平均三臥價位地圖顯示

USD-sqft average for 3-bed mapview 平均三臥面積價位地圖顯示

USD-sqft average for 3-bed mapview
平均三臥面積價位地圖顯示

Neighborhood USD-Sqft Average 社區平均面積價位

Neighborhood USD-Sqft Average
社區平均面積價位

Neighborhood Closing Average 社區平均成交價

Neighborhood Closing Average
社區平均成交價

Zip code USD-Sqft Average 郵編平均面積價位

Zip code USD-Sqft Average
郵編平均面積價位

Zip code Closing Average 郵編平均成交價

Zip code Closing Average
郵編平均成交價

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
Closing price distribution for one-bedroom 一臥室成交價機率分佈

Closing price distribution for one-bedroom
一臥室成交價機率分佈

Closing price distribution for two-bedroom 兩臥室成交價機率分佈

Closing price distribution for two-bedroom
兩臥室成交價機率分佈

Closing price distribution for three-bedroom 三臥室成交價機率分佈

Closing price distribution for three-bedroom
三臥室成交價機率分佈

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.

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