Monday, January 26, 2015

New Building Round Up: For Sale in 2015

For many 3 years is imply too long to wait! If you looking for new construction available right now, we have included this round up of new buildings expected to be completed in 2015. While there are plenty of one to three bedrooms, a new proliferation of duplex and townhouse residences built into new development projects offer the space of a traditional single family with the amenities of a full service building - who could ask for anything more! All new developments on this list are already accepting offers, so if you are interested now is the time to move forward. The list covers some of the larger new builds in Manhattan and Brooklyn; for a complete search specific to your needs be sure to give us a call as we have access to all new construction in the city and are excited to get to work on your search! View List

2014... It Was A Very Good Year

Happy New Year! 2014 was indeed a very good year for NYC real estate. Below is a recap of where we stand in Manhattan and Brooklyn and a link to the 4th Quarter Corcoran Reports to offer further insight into these extraordinary markets:

  • Inventory challenges. Inventory has grown by 20% since last year, but almost entirely on the basis of condo availability and the introduction of significant high-end new development product.  The number of co-op listings has remained flat since Q2 2011, and the market is significantly under-supplied below $2M.
  • Contract signings are up. Signed contracts rose 3% versus last year.  A lack of affordable inventory sent buyers to the co-op market.  Co-ops accounted for 58% of signed contracts, their highest share since Q3 2009.
  • High-end sales helped value reach new peak. Thanks to activity at the high-end, the average price per square foot increased to $1303, up 6% versus Q4 2013.
4th Quarter Corcoran Report: Manhattan

  • Strong demand but short supply. Brooklyn is experiencing a classic seller's market in which there are not enough listed properties to feed demand from buyers.  Thanks to the inventory shortage, transactions fell 4% versus Q4 13.  At the same time, prices rose to their highest point in seven years; the price per square foot in Brooklyn is now $789, up 15% from the prior year.
  • Fewer new developments. The number of new developments available in Brooklyn shrank, but their absence did not dampen enthusiasm for the borough nor the upward trend of prices.
  • Dramatic price growth south and east of Prospect Park. Many areas held or modestly gained in value, but neighborhoods like Bedford-Stuyvesant, Bushwick, Crown Heights, Kensington, and Windsor Terrace enjoyed dramatic increases as buyers in search of affordable, quality properties competed for home purchases there. 
4th Quarter Corcoran Report: Brooklyn