Luxury Sales Pushing Prices in both Manhattan and Brooklyn

Winter is traditionally the slowest time for Residential Real Estate in Manhattan and this January was no different. Contracts were down 12% compared to last January, mainly die to a lack of affordable inventory, as there are 12% fewer listings under $1MM than last January. On a positive note, more high end inventory means both Co-ops and Condos saw significant price increases year over year, 13% and 23% respectively, although price per square foot was down in Co-ops due to a decline in sales of three+ bedroom units, which are often priced higher per square foot than smaller units.

2015 is off to a strong start in Brooklyn, where contracts were up 32% over last January and 68% of all sales were at or above asking price. In addition, the average sales price was up 21% from January of last year, and price per square foot was up as well. Just like, Manhattan, it is is important to note that numbers were skewed by several high end sales this month, most notably at the new luxury development, The Boreum, on Atlantic Avenue.

Corcoran's Monthly Market Snapshot: Manhattan

Corcoran's Monthly Market Snapshot: Brooklyn

Corcoran's 2014 Year End Review

For the LOVE of Fashion: Real Estate as the Ultimate Accessory

If, as Coco Chanel once said, "Fashion is architecture," then architecture, by way of residential real estate, has become fashion. Apartments make as much of a statement about their owners as a bespoke Savile Row suit about its wearer. A person who buys in 165 Charles is visionary and exacting, uncompromising on details. Fifty Gramercy Park North: refined. The Urban Glass House: bold. Donald Trump's Riverside South: arriviste. We cloak ourselves in these spaces the way we do in designer clothes. If you live for Prada, chances are you'd like the Richard Meier towers in the West Village. (It could become a parlor game: Does Frank Gehry link to Giorgio Armani or Tom Ford?) Real estate has become another luxury good. "In a way, it's the ultimate luxury good," says public-relations guru Harriet Weintraub, whose client roster used to include Christian Dior and Burberry, and who now also reps high-profile buildings. Full Article  

Romance and Real Estate...Is Your Housing Situation Affecting Your Love Life?

Where you live affects who you date-and who will absolutely refuse to date you. In honor of Valentine's Day, the real estate website Trulia commissioned Harris Interactive to conduct a survey looking at the intersection of attitudes about housing and romance. Are homeowners regarded as "marriage material" more so than noncommital renters? Are people more interested in potential mates if they live alone? Just how bad is your love life impacted if you live with your parents? When it comes to dating and housing, what's hot and what's not? How does co-habitation to save on rent stack up for men vs. women, and more, importantly what do each of the sexes fall in love with (in real estate terms) once they DO decide to shack up together? Find the answers in this fun and illuminating article from Time Magazine. Full Article

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:

Manhattan:

• 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

Manhattan Monthly Market Snapshot for December  

Brooklyn: 

• 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

Brooklyn Monthly Market Snapshot for December