Matrix Blog

Manhattan

[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
[click to expand chart]


My latest Three Cents Worth column on Curbed: How New York’s Average Sales Price Broke the $1 Million Mark [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: , , , ,


[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…

cpwviews
[click to expand chart]


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


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: Rent Control’s Winners and Losers

October 21, 2014 | 3:31 pm | BloombergViewlogoGray | Columns |

BVlogo

Read my latest Bloomberg View column Rent Control’s Winners and Losers. Please join the conversation over at Bloomberg View. Here’s an excerpt…

Any renter in New York City has probably has felt the pain of coming up with the monthly payment. There are plenty of reasons for the city’s steep rents…

..So what would happen if rent control and its cousin, rent stabilization, disappeared overnight?

[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: ,


[Video] Fox Business Risk & Reward with Deirdre Bolton 10-6-14

October 6, 2014 | 4:24 pm | Videos |

I spoke with Deirdre Bolton on “Risk & Reward” today to speak about last weekend’s excellent New York Times real estate piece by Julie Satow called “Dialing it Down.” Deirdre focused on the metric developed during my preparation of last week’s Elliman Report of Manhattan sales in 3Q2014 showing that luxury inventory has doubled over the past year.

Tags: , ,


[Manhattan Absorption] September 2014 – While All Markets Cool, Sub $3M Remains Brisk

October 4, 2014 | 3:27 pm | Charts |

9-2014Manhattan [click to expand]

Thoughts A noticeable downshift from last year yet the market remains brisk. Nearly all price segments are showing slower absorption rates with more weakness seen above the $3M threshold (roughly where the luxury market begins i.e. top 10%).

Side by side Manhattan regional comparison:

September 2014 v September 2013
9-201409-2013 [click images to expand]

I started this analysis in August 2009 so I am able to show side-by side year-over-year comparisons. (I got tired of the red/gray look in 9-2014 so I changed it) The blue/red line shows the 10-year quarterly average for context. The pink/orange line represents the overall average absorption rate of the most recently completed month for that market area. 

Definition Absorption defined for the purposes of this chart is: Number of months to sell all listing inventory at the current annualized pace of sales activity in our market report series.


Manhattan Market Absorption Charts [Miller Samuel]

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:


3Q14 Manhattan Sales Market: Operating Just Below Record Levels

October 1, 2014 | 6:17 pm | delogo | Reports |

Manhattan_3Q14

Today Douglas Elliman published the Elliman Report on Manhattan Sales that I author. This quarterly report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994 (20 years!).

Key Points
- Sales fell below last year’s third quarter record but still 29% above decade quarterly average.
- Luxury market price gains outpaced the overall market.
- Inventory is up from last year’s low but still 18% below decade quarterly average.
- New development market share of closed sales was up from year ago level, but expected to rise sharply over next year.
- Highest market share of sales at or above list price in 6 years (49.2%).

Here’s an excerpt from the report:

Manhattan housing prices continued to rise as additional supply remained inadequate to meet demand. Bidding wars and a shift toward larger units applied additional upward pressure to rising price trends. Sharp gains in New York City employment, the continued influx of international investors and low mortgage rates have kept the market tight. A product of five years of pent-up demand and the fear of rising mortgage rates, sales volume fell short of prior year records. Marketing times and negotiability eased, as the market downshifted from last year’s frenetic pace. Luxury market price growth exceeded the overall market, while new development product targeted at the luxury segment continued to enter the market…

The Elliman Report: 3Q14 Manhattan Sales [Miller Samuel]
Miller Samuel Aggregate Database [Miller Samuel]
Market Chart Gallery [Miller Samuel]


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: , , , , ,