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Curbed: 3 Cents Worth

Tallest Chart in the History of Manhattan Real Estate, Continued

January 22, 2015 | 1:32 pm | curbed | Charts |

With the closing and recording of the record $100.47 million penthouse sale at One57, I thought it was time to dust-off the tall chart I created in 2012 when the prior record price of $88M at 15 Central Park West was set.

This week I ended up writing a piece about tall towers in my Bloomberg View column called Living the High Life, another one on Curbed NY for my Three Cents Worth called Proving New York’s Blockbuster $100M Sale Is An Outlier which provided some needed context for the new record sale in the following scattergraph. Note the $100.47M record sale in the upper right hand corner and then scroll down…a lot.

3cw1-21-15-tall

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[Three Cents Worth #276 NY] Proving New York’s Blockbuster $100M Sale Is An Outlier

January 22, 2015 | 1:08 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Finally, after nearly two years of referring to the $88 million sale at 15 Central Park West as the “highest Manhattan residential sale on record,” we get a change of scenery. A new record was set with the $100.47 million sale of the penthouse at One57 recorded late last week. Timing is everything, although, in this case timing really wasn’t. I believe this sale went to contract in 2012, which would be shortly after the $88 million sale went to contract in December 2011 and closed in early 2012. While these super luxury sales are more of a circus sideshow and have little, if anything, to do with the vast majority of the Manhattan housing market, I find them surreal to consider…



3cw1-21-15-short
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My latest Three Cents Worth column on Curbed: Three Cents Worth: Proving New York’s Blockbuster $100M Sale Is An Outlier [Curbed]

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[Three Cents Worth #275 NY] Why New Developments Are So Darn Pricey

December 26, 2014 | 1:57 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

As 2014 winds down I thought I’d break down the year’s condo market by splitting up resales and new development closings using median sales price. Since early 2012, the new development and resale price trends have parted ways. That’s when the stalled shadow inventory that resulted from the Lehman collapse—a.ka. condos that weren’t formally offered yet and went unsold, because first batches of units didn’t sell in the midst of the financial downturn—was finally bought up or otherwise absorbed…

3cw12-23-14
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My latest Three Cents Worth column on Curbed: Three Cents Worth: Why New Developments Are So Darn Pricey [Curbed]

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[Three Cents Worth #274 NY] Number of Manhattan Homes Selling for $10M+ Is Way Up

December 26, 2014 | 1:53 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

This week I took a look at the volume of super high end sales that closed each quarter to show how out of whack current activity is when compared to longer term norms. From 2006 through 2013, the average was 21 apartments sales for $10M or higher per quarter. That’s seven per month or nearly two per week for eight years. That’s a lot of sales in this price segment…

3cw12-2-14
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My latest Three Cents Worth column on Curbed: Three Cents Worth: Number of Manhattan Homes Selling for $10M+ Is Way Up [Curbed]

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[Three Cents Worth #273 NY] Three Cents Worth: No Relief In Sight For New York Renters

November 29, 2014 | 8:45 pm | curbed |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Before the tryptophan kicks in on Thursday, I thought I’d present the rental market trends for Manhattan, Brooklyn, and Queens coverage in another way. Because of seasonality, I tend to rely on median rental price compared to the same period a year ago. I applied a 90-day moving average as a trend line for each of the markets to help show where these markets seem to be headed…

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My latest Three Cents Worth column on Curbed: Three Cents Worth: No Relief In Sight For New York Renters [Curbed]

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[Three Cents Worth #272 NY] The Cost Of Your Doorman Keeps Rising

November 29, 2014 | 8:30 pm | curbed | Columns |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Having that doorman just got more expensive. The difference between the average rental of a building with and without a doorman was at its widest point since we began to track this metric in 2007. The average rental price in a doorman building was $4,915, up 17.8 percent over the past 7 years and the highest recorded over this period. The average rental price in a non-doorman building was $3,461, up a more modest 5.8 percent over the same period. The difference between the two rental types resulted in an eight-year high of $1,645 per month…

3cw11-18-14
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My latest Three Cents Worth column on Curbed: The Cost Of Your Doorman Keeps Rising [Curbed]

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[Three Cents Worth #271 NY] How New York’s Average Sales Price Broke the $1 Million Mark

November 4, 2014 | 4:00 pm | curbed | Columns |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Although it has been a little more than a month since the third quarter ended, I thought I’d show that the average sales price of the five boroughs in aggregate broke the $1 million threshold for the first time, to a record $1,040,516…

3cw11-4-14
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My latest Three Cents Worth column on Curbed: How New York’s Average Sales Price Broke the $1 Million Mark [Curbed]

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[Three Cents Worth #270 NY] What Is the Value of a Central Park View?

October 30, 2014 | 8:50 pm | curbed | Columns |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

While there is an obsession with views in the Manhattan market and it is one of the drivers of the tall tower phenomenon, there are a bunch of moving parts associated with it. We looked at the last two years of closed sales (to get enough data) on the four borders of Central Park, comparing the average price per square foot of co-op and condo apartments with direct views of the park—including both those above and below the treeline—and those with city views…

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My latest Three Cents Worth column on Curbed: What Is the Value of a Central Park View? [Curbed]

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[Three Cents Worth #269 NY] Charting A Decade of Manhattan Inventory

August 31, 2014 | 4:09 pm | curbed | Columns |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column I posted a few weeks ago on @CurbedNY:

As summer comes to a close and many have checked out until Labor Day, I thought I’d try another GIF animation (after the jump!) to illustrate the long fall of inventory (I’m on the “pronounced like ‘Jif’ peanut butter” team, as is the format’s inventor). August generally represents the annual low for inventory (even though fourth quarter of 2013 was quarterly record bottom, August 2013 was the record monthly bottom). I thought I’d show the last decade worth of inventory and provide some context to how low inventory actually is…



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My latest Three Cents Worth column on Curbed: Charting A Decade of Manhattan Inventory [Curbed]

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[Three Cents Worth #268 NY] Units In New Developments Grow Larger

August 31, 2014 | 3:57 pm | curbed | Columns |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column that I posted a few weeks ago on @CurbedNY:

For this chart, I looked at a little more than a decade of Manhattan closed sales by square footage, breaking out the market by new development sales and re-sales. During this period, the average square footage of a new development sale was 1,382—15.6 percent larger than the 1,195 average square footage of a re-sale. However, new development sales size showed significant volatility as developers adapted to the changing market. The underlying driver of volatility is the quest to achieve the highest price per square foot premium a developer realizes by creating larger contiguous space. As a result, the much chronicled “micro-unit” phenomenon falls short and can’t become mainstream under current market conditions without external incentives (i.e. government). The math doesn’t work…



3cwNY8-12-14
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My latest Three Cents Worth column on Curbed: Units In New Developments Grow Larger [Curbed]

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