Matrix Blog

Development, Construction, Architecture

Bloomberg View Column: Buying Condos Based on a Drawing

October 30, 2014 | 4:22 pm | BloombergViewlogoGray | Columns |

BVlogo

Read my latest Bloomberg View column Buying Condos Based on a Drawing. Please join the conversation over at Bloomberg View. Here’s an excerpt…

Almost half of all contracts for Manhattan properties costing $4 million or more are being signed based on floor plans — an architectural drawing of an apartment that hasn’t been built yet…

[read more]


My Bloomberg View Column Directory

My Bloomberg View RSS feed.

Tags: , ,


Bloomberg View Column: Only Brooklyn Is Over the City’s Housing Bust

October 13, 2014 | 2:32 pm | BloombergViewlogoGray | Columns |

BVlogo

Read my latest Bloomberg View column Only Brooklyn Is Over the City’s Housing Bust. Please join the conversation over at Bloomberg View. Here’s an excerpt…

Housing prices in four of New York’s five boroughs still haven’t reached their pre-crash highs. The outlier? Brooklyn.

Housing prices in Brooklyn now are more than 8 percent above the peak reached in 2007. The other four boroughs, meanwhile, are all more than 10 percent below their highs, with the Bronx still down by almost a quarter….

[read more]


My Bloomberg View Column Directory

My Bloomberg View RSS feed.

Tags: ,


Bloomberg View Column: When $7 Million Is Average for Manhattan

October 3, 2014 | 12:05 pm | BloombergViewlogoGray | Columns |

BVlogo

Read my latest Bloomberg View column When $7 Million Is Average for Manhattan. Please join the conversation over at Bloomberg View. Here’s an excerpt…

It’s pretty much universal knowledge that Manhattan real estate is expensive. What isn’t so well known is what’s happening at the top of the market: Price increases have been crazy.

Ever since the financial crisis, housing prices for the most-expensive 10 percent of the Manhattan market have increased more than 15 percent. Compare that with the modest 2.5 percent gain for the remaining 90 percent of the market….

[read more]


My Bloomberg View Column Directory

My Bloomberg View RSS feed.

Tags:


Bloomberg View Column: Giant Condo Tower Needs More Billionaires

September 29, 2014 | 2:26 pm | BloombergViewlogoGray | Columns |

BVlogo

Read my latest Bloomberg View column Giant Condo Tower Needs More Billionaires. Please join the conversation over at Bloomberg View. Here’s an excerpt…

In post-crash Manhattan’s high-end real estate, few projects loom larger or more visibly than the 1,004-foot-high One57, the tallest residential-hotel building in New York. This is a rarefied market, with two penthouse units selling for more than $90 million each, including one to hedge-fund baron Bill Ackman.

Amid all the hyperventilating about the tower, including complaints that it’s out of scale with the neighborhood, it’s poorly reviewed design and that it casts an afternoon shadow on Central Park in the winter, the little known fact is that the 92-unit building seems to be less of a hit with buyers than one might glean from the PR machine….

[read more]


My Bloomberg View Column Directory

My Bloomberg View RSS feed.

Tags: , , , , ,


Bloomberg View Column: Housing’s New Wealth Effect

September 27, 2014 | 1:00 pm | BloombergViewlogoGray |

BVlogo

Read my latest Bloomberg View column Housing’s New Wealth Effect. Please join the conversation over at Bloomberg View. Here’s an excerpt…

It was a busy week for housing market reports. The U.S. Census published its new home-sales results for August, showing an 18 percent gain from the prior month and a 33 percent increase from August 2013. News headlines relied on words such as “surged” and “soared” to describe the results.

Only a few days earlier, the National Association of Realtors released its existing home-sales report for August, which showed month-over-month sales falling for the first time in four months. The inventory of unsold properties was 4.5 percent higher than a year earlier. I recently addressed the market slowdown in “Understanding Housing’s Dog Days.”

[read more]


My Bloomberg View Column Directory

My Bloomberg View RSS feed.

Tags: , , , , , , ,


Bloomberg Surveillance TV – Guest Host 9-25-14 : Housing and bendable iPhones

September 25, 2014 | 1:40 pm | bloomberg_news_logo | Videos |

Was asked to guest host this morning for the 7-8am hour on Bloomberg TV’s Surveillance. Tom Keene, Scarlet Fu and Adam Johnson team up for a must-watch show every morning.

In the first clip we talk Manhattan Luxury market problems and records. In the second clip we banter about the bendable iPhone Plus and housing as an investment. These two articles likely prompted my invite:

NYC Luxury-Condo Buyers Await New Towers as Sales Slow [Bloomberg News]
NYC’s Most Expensive Condo to Be Listed at $130 Million [Bloomberg News]

Tags: , , , , , , ,


Bloomberg View Column: What Does It Mean When a House Sells for $50 Million?

September 17, 2014 | 2:58 pm | BloombergViewlogoGray | Articles |

BVlogo

Read my latest Bloomberg View column What Does It Mean When a House Sells for $50 Million?. Please join the conversation over at Bloomberg View. Here’s an excerpt…

One of the byproducts of the global financial crisis has been the creation of a new class of housing and buyers. Some of the strongest evidence is the rise in the number of residences sold for more than $50 million. A buyer recently paid a record $71.3 million for a Manhattan co-op, breaking the $70 million record set only a few months earlier. These sales seem modest compared with a $147 million sale in East Hampton, New York, and a $120 million sale in Greenwich, Connecticut, the two highest U.S. residential transactions in 2014. There have been six sales of more than $100 million in the past four years, with more likely to come…

[read more]

BV9-17-14$50Mtable
[click to expand]


My Bloomberg View Column Directory

My Bloomberg View RSS feed.


[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
[click to expand charts]


My latest Three Cents Worth column on Curbed: Units In New Developments Grow Larger [Curbed]

Three Cents Worth Archive Curbed NY
Three Cents Worth Archive Curbed DC
Three Cents Worth Archive Curbed Miami
Three Cents Worth Archive Curbed Hamptons

Tags: , ,


Rocket Ship: Manhattan New versus Existing Average Sales Price

July 1, 2014 | 8:49 am | Charts |

2q14Manhattan-newexisting
[click to expand]

I’ll let this soak in.

New development sales are significantly detached from the balance of the market. I selected average sales price to exaggerate the trend to make my point.

Tags: ,


Manhattan New Development: Small Share, But Rising Sharply

June 20, 2014 | 11:58 am | delogo | Charts |

matrixnewdevresalelist-6-20-14

[Click to expand]

I took a look at the change in new development inventory versus re-sale inventory both by year-over-year change (quite dramatic) and number of units.  Both categories bottomed out at the end of 2013.

These trends are based on Manhattan co-ops and condos which represent more than 98% of the “non-rental” market.  Much of the new inventory coming online is located within the “luxury” market which is the top 10% based on price.

Tags: