bio: peter comitini »

market knowledge
Manhattan market report »
townhouse report »

follow peter comitini

peter's newsletter
sign-up here »

the topics
blogs & sites
design
downtown
economy
for sale or rent
green city
headroom
market reports
professional
property geek
questions & answers
tips for buyers
tips for sellers
videos
newsreal bookmarks
peter's photos


real estate services
home page
selling your property
buying a home
browse listings
recent press
contact peter


recommended
design & ideas
green design
neighborhoods
nyc resources
real estate
real estate: overseas

the archives
April 2014
November 2013
April 2013
February 2013
January 2013
June 2012
April 2012
March 2012
February 2012
January 2012
December 2011
July 2011
February 2011
January 2011
December 2010
October 2010
July 2010
June 2010
May 2010
February 2010
January 2010
December 2009
October 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
all archives

« previous: Get Smarter Agent, or smarter agents?   |  next: The Hungry Cabbie »

Saturday, February 10, 2007

the corcoran report: fourth quarter 2006

Corcoran Report Q4 2006market reportThis is my special edition of the corcoran report. It is a comprehensive view of the Manhattan marketplace in the last quarter of 2006 which is analyzed and compared with data from a year earlier. I'm pleased to present it here for download, along with some commentary about the state of the Manhattan market that's posted after the "jump". It is also the first corcoran report to carry the new title of Vice President near my name, since I was promoted last Thursday.

download the corcoran report (1.1 mb) »


here are my introductory notes:

Highlights: The last quarter of 2006 was overall, a market place which trended upward. Average sale price was up 8% and the median sale price was up 11% over the same period last year. The bubble we were told might be coming never popped. However, gains were modest and we did see some price declines in particular neighborhoods, property types, and sizes. It’s a mixed bag that’s outlined inside in greater detail.

On the supply side:
The continuing stream of new developments that are coming to market have helped to curb the enthusiasm of the runaway boom of a few years ago. With a reported 28,258 units either being built or planned, they will continue to have an effect through 2008. Builders have reacted to this by setting more sober price targets, or deciding to shift gears and build commercial properties instead.

On the demand side: There was a distinct bounce in volume with a 27% increase in the number of deals in the fourth quarter compared to a year earlier. As we begin 2007, the foot traffic at open houses is brisk as reported on my blog. The amount of time homes are on the market before a contract is signed is also showing evidence of shortening. The amount of deals in my office doubled in January. This is widely believed to be in part, the effect of record setting bonuses paid to financial services professionals entering the marketplace. The attraction of NYC homes remains strong with overseas investors as well as the owner-occupants who compromise the vast majority of Manhattan homeowners.

On balance: Far from a bubble, we are experiencing a very healthy marketplace, just off its record pace.It is unlikely that one would be able to buy an apartment and flip it a year later a profit anymore; but buyers have come to realize that the sky is not falling either. They are back out shopping and finding it to be a refreshing change, with a selection of choice resale properties and new developments. Sellers with expectations grounded in solid data and the proper guidance, will do well too.

On your side: Please call me to discuss how your home in particular, might do in today’s real estate market. I’d be pleased to provide a detailed Market Analysis and answer any questions about this report that you may have.



see the corcoran report: third quarter 2006 »
see other reports and guides on corcoran.com »

post a comment:

to help fight spam, your comment may need to be approved by the moderator before it appears





we don't collect or share email addresses


email this to a friend:


recipient's email address:


your email address (required):


we don't collect or share email addresses

your personal message (optional):

a link to this page will be included with your message.