It’s the first day of October, which means it’s time to parse the Manhattan real estate quarterly reports. True to form, the numbers differ from one firm to the next, but a through line emerges: The market has found its equilibrium. The breakdown: • Prices went up from the previous quarters and last year, according to most experts; per Jonathan Miller’s Prudential Douglas Elliman report, the median price jumped 7.5 percent from $850,000 this time last year to $914,000 this year, and 1.7 percent from $899,000 last quarter. Halstead Property and Brown Harris Stevens both saw average prices spike 12 percent from last year to $1,423,378. • Filtering the numbers by type of apartment, the numbers still look encouraging: Streeteasy’s survey has average prices for resale condos going up 21.7 percent from last year; co-ops, by 23.7 percent. New developments are mixed: The median sales price increased by 6.4 percent from last quarter but actually … [Read more...] about Manhattan Real Estate Finds Equilibrium
Brokerage firms and database firm Streeteasy.com unleashed their first-quarter reports for the Manhattan real-estate market, and yes, Virginia, the average price for an apartment did fall. Streeteasy.com saw both median and average prices (including condos, co-ops, and new developments) declining 7.8 percent and 8.4 percent respectively since last quarter. Miller Samuel’s Prudential Douglas Elliman survey noted the price-per-square-foot measure dipping to $1,025, down 1.3 percent from the same period in 2010, and 3.2 percent from last quarter. And wait, there’s more: Halstead Property found apartments taking 119 days to sell, a little longer compared to the fourth quarter of 2010 (but similar to a year ago). The condo market brought surprisingly upbeat news, however. Miller Samuel saw price per square foot in this segment inch up to $1,216 from $1,154 same time last year. Corcoran’s seeing some volume momentum build, with first-quarter sales up 7 percent over … [Read more...] about Manhattan Residential Market Reports: Condo, Co-op, and New-Construction Prices Dip
Bloomberg can afford it. Photo: Mario Tama After a few years of economic chaos resulted in rent prices falling or holding steady, the average Manhattan rent in 2011 went up to $3,309 — just $1 less than the pre-recession record set in 2007. The $263 jump from 2010 is an 8.6 percent increase, with higher rents practically pointing and laughing at you from neighborhoods like Chelsea, the Upper West Side, and Midtown East, including an even steeper increase for homes with two or three bedrooms. Vacancies, on the other hand, are down to .96 percent from the previous year’s rate of 1.16 percent, so stalking the old man with the rent-controlled place is almost definitely worth the time and effort. Sources NYP … [Read more...] about You Probably Can’t Afford to Live in Manhattan
Photo: Cristian Baitg/Copyright Cristian Baitg City real-estate firms have released their market reports for the first three months of the year, and depending on who’s crunching the numbers, business appears to be steady — and may be even set to take off. Appraiser Jonathan Miller’s report for Prudential Douglas Elliman sees a market that continues to be stable but with some mixed signals. Inventory was consistent at 7,560 listings compared to 7,605 in the first quarter of 2011. The median sales price of a Manhattan apartment slipped slightly from $782,071 last year to $775,000 this year. Apartments are lingering longer on the market, too: In 2011, it took 127 days to sell one; this year, 152 days. More starter apartments (studios and one-bedrooms) sold this time around; they composed 56.2 percent of market share compared to 49.4 percent in 2011. The Corcoran Group’s survey strikes a cheerier tone, declaring in an e-mail that the market … [Read more...] about Is Manhattan Real Estate Poised for a Boom?
A UPS driver employed by the company for more than 30 years was struck by an SUV on his route in lower Manhattan and remains in critical condition at Bellevue Hospital. The driver has been identified as New Jersey resident Mike Rogalle. The accident took place after he made a delivery near 15 Beekman Street around 4:40 p.m., when a person driving an SUV “suddenly jumped the curb and hit him,” police said. Witnesses said that Rogale was hit from behind and pinned against a building. There’s conflicting reports about the identify of the driver; NBC New York writes that witnesses said the driver of a red GMC Envoy was a woman traveling with two small children, while the Daily News reports that witnesses described a man exiting the vehicle, “walking around with the baby, not knowing what to do. He walked in circles, the whole time with the baby in his hands.” Rogalle was reportedly conscious and talking when he was loaded into an ambulance. *An … [Read more...] about UPS Worker Struck by SUV in Lower Manhattan in Critical Condition