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Saturday, May 1, 2010

Manhattan sees dramatically increased home sales

Posted by Peter Comitini

corcoran_report_image.jpgManhattan real estate market report The big news is that so far this year, sales volume could be as much as 70% higher than last year by current estimates. I've been personally involved in a couple of bidding wars in recent weeks. Correctly priced and marketed properties are meeting buyers, who are acting now without hesitation. Renewed confidence in the market, and a rapid absorption of the outstanding inventory of apartments, has leveled the market off, and many neighborhoods have started to recover off their lows. In my office, we had 20% of deals that went to contract last month, at or above asking prices. Incredible! I'll be posting more analysis soon, but for an overview of the first quarter of 2010, please download the latest Corcoran Report. I'd be glad to discuss any findings and how they might affect the value of your home.

download the latest Manhattan market report (1.4 mb) »

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Friday, February 19, 2010

How negotiable is that apartment?

Posted by Peter Comitini
click the chart to enlarge
January 2010 Manhattan Real Estate NegotiabilityManhattan real estate market report»Download the report (.pdf)
Corcoran just released some more data on the market place in January, which gives us some additional color on what I presented in the most recent market snapshot post. A key trend highlighted is average deal negotiability from the last asking price, and it is shrinking in every price category, when compared with a year earlier. In January 2010, our contracts data signed indicated a range of negotiability between 5% to 7%. Sellers have more realistic notions about price, and buyers aren't imagining doomsday scenarios leading them to half-priced properties. Note too that it is negotiability from last asking price, meaning that a property may have already had one, two, or more, price reductions, before hitting a level which starts to invoke offers. Especially in a market that is operating cautiously at best, sellers overpricing a property will deflect buyer traffic and offers, rather than bringing them to the closing table. Manhattan is a dense, "hyper-local" market. Properties in a very tightly defined area, may have significant fluctuations in value, for reasons that are not always so obvious to buyers or sellers. So there are a few moving parts to this.

A caveat is required to prevent misunderstanding. I'm looking at a very broad and general trend, to get a sense here of where the Manhattan real estate market is headed in 2010. It is a bit like looking at the Dow or NASDAQ, each individual stock does not necessarily move in tandem. Every real estate deal is different too. It does not mean that you should look for a 5% to 7% discount off an asking price. It could easily be more or less. The averages have little bearing on what I might recommend to a customer bidding on a particular unit. That requires both research, and good instinct, built on a working knowledge of the market. It tends to be when an agent earns their keep.

» Inventory and negotiability (138 kb .pdf)
» January 2010 snapshot (156 kb .pdf)


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Monday, February 8, 2010

Manhattan Residential Market Snapshot January 2010

Posted by Peter Comitini

Manhattan real estate market report» download the complete report as a pdf (156 kb) Here is a snapshot of the Manhattan real estate marketplace as 2009 begins, based on Corcoran's "in contract" sales data. We report that, "Marketwide sales activity slowed in January compared to December 2009. However, condominium sales are up 110% and co-op sales are up 118% versus January 2009. As is typical at this time of year, listed available inventory increased slightly this month as sellers relist their apartments in hopes of striking a deal after the holiday season. Available inventory is still far below levels seen a year ago. In January, the pricing disparity between buyers and sellers continued to close. The discounts this month were among the mildest in over a year. Buyers are typically able to obtain larger discounts for more expensive properties."

click on section below to enlarge
Marketwide sales activity slowed in January compared to December 2009. However, condominium sales are up 110% versus January 2009.
click on section below to enlarge
co-op sales are up 118% versus January 2009.
click on section below to enlarge
As is typical at this time of year, listed available inventory increased slightly this month as sellers relist their apartments in hopes of striking a deal after the holiday season. Available inventory is still far below levels seen a year ago. In January, the pricing disparity between buyers and sellers continued to close. The discounts this month were among the mildest in over a year. Buyers are typically able to obtain larger discounts for more expensive properties.

» download the complete January snapshot as a pdf (156 kb)
» download the fourth quarter 2009 manhattan market report

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Monday, February 1, 2010

Tribeca and Lower Manhattan public schools zoned

Posted by Peter Comitini

Proposed Tribeca school zoning mapTribecaMonths 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. Downtown Express reported that, "all Tribeca children west of Church St. will be zoned for P.S. 234. Children in east Tribeca and the Seaport will attend the Spruce Street School; the Financial District south of Liberty St. and Battery Park City south of Albany St. will attend P.S./I.S. 276; and north Battery Park City and Gateway Plaza will attend P.S. 89." The Tribeca Trib is running the map shown here as well as great coverage on the issues too. The plan redistributes and creates new school districts for PS 234, PS 89, PS 397 & PS 276. Unzoned PS 150 also serves the general community. Here's what the local media had to say:

The Tribeca Trib: Panel Chooses Zoning 'Option 2' for Downtown Schools

Downtown Express: Cheers & jeers as school Option 2 is picked

Broadsheet Daily: CB1's School Zoning Task Force endorses Option Two


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