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Douglas Elliman

Brooklyn, Queens Set Records, NYC rents jump, Westchester, Putnam and Dutchess Get Busy

October 8, 2015 | 9:05 pm | delogo | Reports |

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We published a slew of research today for Douglas Elliman Real Estate:

Manhattan, Brooklyn & Queens Rentals

Manhattan Rentals - Median rental price increased year-over-year for the 18th consecutive month - Median rental price was third highest on record - Brisk employment growth and strong economic conditions kept upward pressure on rents - Mortgage lending conditions remained tight tipping would-be first-time buyers back into rental market - Strength at lower end of market remained as non-doorman rents rose faster than doorman rents - Luxury median rental price slipped, showing weakest conditions of all price segments - Inventory slipped and marketing time remained low, despite rise in vacancy rate

Brooklyn Rentals - Median rental price set a new record for third consecutive month - Median rental price exceeded the $3,000 threshold for first time - Landlord concessions remained at nominal level as inventory slipped - Rental price indicators moved higher across all size categories - Listing inventory as well as negotiability between landlords/tenants fell - Median Brooklyn rent was $288 less than Manhattan

Queens Rentals - Price indicators showed mixed results, suggesting general stability overall - Studios showed strong price growth as 1-bedrooms and 2-bedrooms were flat - New development market share comprised 30.2% of new rentals - Luxury market median price gain was modest, but exceeded the overall market - Median Queens rent was $362 less than Brooklyn and $650 less than Manhattan

Brooklyn Sales - Brooklyn median and average sales price set a new record - Brooklyn remains the only New York City borough with a median sales price above the pre-financial crisis high - Condo, co-op and 1-3 family properties set new median sales price record - Luxury housing prices followed overall market trend - Sales expanded as listing inventory declined, resulting in brisk market pace - Fastest marketing time in 8 years

Queens Sales - Queens median and average sales price set a new record - Condo median sales price set a record for second consecutive quarter - Co-op price indicators set new record - 1-3 Family price indicators set new record - Luxury price indicators set new record - Inventory declined as sales surged - Marketing time fell as negotiability expanded

Westchester County Sales (expanded) - Record number of sales for the quarter, based in historical back to 1981 - Fastest marketing time and least negotiability in the 5.5 years this metric has been measured - Listing inventory for all property types slipped from year ago levels - Absorption rate was fastest market pace in 15 years - Single family and condo median sales price indicated stability - Single family market share declined even though sales increased - Luxury price indicators slipped, out performed by overall market

Putnam/Dutchess County Sales (new)

Putnam County - Price trend indicators increased on a year over year basis - Listing inventory slipped as the number of sales surged - Based on absorption, the market pace was 17.2% faster than the year ago quarter - Marketing time and listing discount expanded despite faster market pace

Dutchess County - Price indicators suggested general stability - Single family prices edged higher as condo prices declined - The pace of the market slowed as sales declined and inventory expanded

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Manhattan Report 3Q15 Just Published

October 1, 2015 | 8:06 am | delogo | Reports |

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The Elliman Report: Manhattan Sales 3Q-2015 we author on behalf of Douglas Elliman Real Estate was published today. It’s part of our report series that has been expanding since 1994.

Here’s a brief summary but I’ll provide a more thorough explanation of the results in tomorrow’s Housing Notes (don’t just stare blankly at the screen, please sign up for my free weekly newsletter here.)

  • Median sales price was second highest on record, highest since 2008
  • PPSF set 26 year record of $1,497 per sqft
  • Year-over-year sales increased for first time in a year as pent-up demand from financial crisis has been fully absorbed
  • Listing inventory growth stalled in 2015 after bottoming at the end of 2013
  • 51% of all sales were cash purchases, up from 43% a year ago
  • 53.9% of all sales were “at or above” list price at time of contract, a seven year record
  • Luxury housing prices did not see the same growth as overall market
  • Days on market was lowest (fastest) in 15 years at an average of 73 days
  • Larger price gains seen in larger apartments such as 2, 3, 4 bedrooms than studios – 1 bedrooms
  • New development market share of closed sales continued to rise

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Record Queens Condo Prices: Bigger Than Crises in Greece, China

July 9, 2015 | 9:51 pm | delogo |

Rental_0615Douglas Elliman published our research today covering Queens sales, Brooklyn sales Westchester/Putnam sales as well as the rental market for Manhattan Brooklyn & Queens. You can download the reports and more at Douglas Elliman’s market report page.

Like last week’s Manhattan report, there were lots of records set and it wasn’t simply the influence of high end sales – prices were up across the board in most markets.

Incidentally, the Bloomberg News article that covered record Queens condo sales was the second most emailed story world-wide. It stoked more interest than the finance crisis in Greece and the recent Chinese stock market gyrations. Apparently only “investors with satellites” was a more popular read.

Idea (?) for next quarter: Talk about drones and investors in the Queens housing market.

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[Video] Yahoo! Finance w/Lauren Lyster 7-6-2015

July 6, 2015 | 2:11 pm | delogo | TV, Videos |

Lauren Lyster put together an interesting piece called: $100 million listings?! Pros explain why this real estate market is hot, but not a bubble that explores the disconnect between this development boom and the housing bubble last decade.

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[Three Cents Worth #289 NY] Proof: Summer Is the Hardest Time to Rent in New York City

June 25, 2015 | 11:07 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:

This week I thought I’d dig out some of the residual stuff from last week’s rental report to explore the vacancy hyperbole. As far as I know, firms that present the vacancy rate (including mine) use a sampling of buildings from different neighborhoods/regions of Manhattan where building rental status is continually updated. The bottom line—and a reality check—is that the vacancy rate has always been low. It’s remained below 5 percent since at least World War II. (At least that’s what I’ve read; I only started writing for Curbed circa 2004.)…

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My latest Three Cents Worth column: Three Cents Worth: Proof: Summer Is the Hardest Time to Rent in New York City [Curbed]

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[Three Cents Worth #288 Hamptons] Comparing Price Trends in the Hamptons and Manhattan

June 3, 2015 | 6:25 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed Hamptons, at the intersection of sand dunes and real estate in the East End of Long Island, NY.

Check out my 3CW column on @CurbedHamptons:

Now that we’ve crossed over into June, I thought I’d illustrate the price trend relationship between the Hamptons and Manhattan. The former seeing a majority of single family sales and many second home purchases. The latter with a housing market of 98% apartments and single family family sales are a rounding error. Despite the differences in their housing stock, their behavior in terms of price trends has been similar over the past decade…

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My latest Three Cents Worth column: Three Cents Worth: Comparing Price Trends in the Hamptons and Manhattan [Curbed]

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[Three Cents Worth #287 NY] Tracking New York Rents and Asking Prices Over a Century

June 3, 2015 | 6:04 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:

Back in 2011, I embarked on a fun research project for Douglas Elliman’s 100th anniversary, in which I traced how sales prices and rents changed since the 1910s. I explain in detail how I did the research here, but I ended up with a very loose proxy to represent price per square foot for sales and average monthly rents during each decade…

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Here are some other ways to view the 100 year trend based on feedback from readers.

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My latest Three Cents Worth column: Three Cents Worth: Tracking New York Rents and Asking Prices Over a Century [Curbed]

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[Three Cents Worth #286 NY] How Many NYC Apartments Are Bought With Cold Hard Cash?

May 30, 2015 | 5:53 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:

The Washington Post published an article last year titled “8 in 10 Manhattan home sales are all-cash,” a statement that was (and still is) hyperbole; the actual figure was 45 percent. The data is worth revisiting, though, and I thought it might be a good time to look at the makeup of Manhattan apartment purchases in regards to cash versus financing. Obviously, there has been some confusion in the past, so I thought it would be helpful to display a year’s worth of trend data…

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My latest Three Cents Worth column: Three Cents Worth: How Many NYC Apartments Are Bought With Cold Hard Cash? [Curbed]

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[Three Cents Worth #285 Ski] Aspen Real Estate Has Had Many Peaks, But It’s Not Peaking

May 22, 2015 | 8:00 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed Ski, whether I’m on the trail or in the base lodge of a ski mountain near you…or I’m in the lift line taking notes with my gloves off.

Check out my 3CW column on @Curbedski:

For my first Three Cents Worth column on Curbed Ski, I felt compelled to provide a look at one of the priciest ski towns around: Aspen, Colorado. As a real estate analyst and appraiser for nearly 30 years (and a skier, of course!) I have relied on information culled during the research for the quarterly housing market report for Douglas Elliman. In Aspen, the first quarter of 2015 reflected a thorough shift towards larger home sales resulting in large aggregate housing prices gains…

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My latest Three Cents Worth column: Three Cents Worth: Aspen Real Estate Has Had Many Peaks, But It’s Not Peaking [Curbed]

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[Three Cents Worth #284 Miami] Miami Drill Down: Picking Up the Scraps of the Financial Crisis

May 21, 2015 | 8:00 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed Miami, at the intersection of neighborhood and real estate in the Magic City. And I’m taking notes on the beach.

Check out my 3CW column on @CurbedMiami:

As we make our way through the second quarter (more than halfway!), I took a look at some trends extracted from the first quarter reports we prepare for Douglas Elliman. I went all out and created a four charter that addresses a number of issues born out of the financial crisis that still touch the current market..

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My latest Three Cents Worth column: Three Cents Worth: Miami Drill Down: Picking Up the Scraps of the Financial Crisis [Curbed]

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[Three Cents Worth #283 LA] How Much Does It End Up Costing When a House Lingers on the Market in Los Angeles?

May 21, 2015 | 10:00 am | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed LA, texting at the intersection of neighborhood and real estate, just off the freeway.

Check out my 3CW column on @CurbedLA:

Since Los Angeles is all about relationships and you don’t know me (yet), I thought I’d better get started on my first Three Cents Worth Column for Curbed LA. I’ve been compiling and analyzing data for Douglas Elliman’s market report series for more than 20 years and one thing I’ve learned: there is nothing better than a good chart. For this column I thought I’d explore the relationship between days on market and listing discount and how that is changing…

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My latest Three Cents Worth column: Three Cents Worth: How Much Does It End Up Costing When a House Lingers on the Market in Los Angeles? [Curbed]

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Speaking at ULI Miami Condo Market Symposium

December 30, 2014 | 8:24 pm | delogo | Public |

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Since it’s the end of the year, I’ve been thinking about some of my favorite events 2014. This past November, I was invited to keynote and moderate the main panel at the Urban Land Institute’s, Southeast FL/Caribbean District Council’s Miami Condo Market Symposium.

My panel included the heavy hitters of condo development and brokerage in South Florida – who spoke candidly in front of a sold out venue at the Epic Residences & Hotel:

- Ugo Colombo, Founder, CMC Group Inc.
- Eduardo Costantini, Chairman, Consultatio Real Estate Inc.
- Richard LeFrak, Chairman & CEO, LeFrak Organization
- Howard Lorber, CEO, Vector Group Ltd. & Chairman, Douglas Elliman
- Jorge Perez, Chairman, CEO & Founder, The Related Group

A recap of my panel and the other speakers and panels…

Photos…
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