January 13, 2013
seller's market
2013 opens with a strong market for sellers. The Manhattan market has clearly recovered. Available housing inventory in the Fourth Quarter of 2012 logged its seventh consecutive year-over-year decrease, reaching its lowest point in seven years. With such limited choices available to them, prices have continued to rise: median price is now $827,000 (up 8% versus Q4 2011) and price per square foot is $1076 (up 3% versus Q4 2011). That means that demand is far exceeding available inventory. I have buyers waiting to see the right home in almost every size category.
Apartment and loft sellers that have asked me for a market opinion recently, have been surprised at how robustly the market has turned around. Luxury properties are up 7% year over year. Downtown buyers found coops to be very desirable homes, driving pricing up year over year in one bedroom (+4%), two bedroom (+20%) and three bedroom (+54%) categories. I also market townhouses and live/work, mixed-use buildings, as homes and investments. I have simply never seen demand higher for them in Manhattan and brownstone Brooklyn. I help sellers acheive maximum value for their properties.
The overview is in Corcoran's current Market Report. Download your copy here. How does it apply to your property? Ask me for a free analysis of what your apartment, loft, townhouse, or building is worth. That answer may surprise you.
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I'm pleased to announce my sale of this historic mixed-use loft building at 177 Franklin Street, in the heart of Tribeca. Built around 1920, this masonry building has been reinforced with structural steel, new elevator, and all new mechanical systems. The property is slated for redevelopment into a single family townhouse, or may be converted to a mixed-use condominium project. It is an ideal property for an end user that would like to create a home, operate a business, produce rental income, or any combination of the above; all in Manhattan's best neighborhood. I represented the new owners who are thrilled with their buy. It's been re-listed with Corcoran, and is available now for viewing. I'm familiar inside and out with every detail. Nothing would make me happier than to represent you as the next owner of this fine building, which embodies such enormous potential.
Months of speculation, controversy, and debate ended last Friday as the District 2 Community Education Council voted 6-4 for "Option 2" as the temporary public school zoning for lower Mahhattan including: Tribeca, Battery Park City, The Financial District and Seaport area. 
If you live in Tribeca you may have received one of my tongue-in-cheek postcards depicting this scene of a local hot dog stand on the waterfront, at the corner of North Moore and West Streets in 1936 (photo: 
