Market Conditions

The Skyline is Changing Again

220_exterior.jpgCurbed.com came out with some great coverage on the ever-changing skyline!

The Extell-Vornado catfight over 220 Central Park South finally ended last year, paving the way for Vornano’s long-talked about plan to tear down the structure and erect condos in its place—and oh, what condos they will be. An angel tipster spotted renderings and a detailed video of the future Robert A.M. Stern More

Outside its Cold (-5°); at least the Market is Hot. Q4 Report came out today

Q4 Report thumbnail.2Today it was -5°, with the wind factor in NYC; but at least the NYC Real Estate Market is Hot. Again, my apologies for such a cheesy headline, but how could I resist?

Regardless, our Q4 New York City Real Estate Market Report just came out, and here are the key takeaways:

  • Low inventory: available residences in Manhattan decreased in number for the twelfth straight quarter (three years).
  • Demand is aggressive and on the rise: more contracts are being executed now than at the same time a year ago, a trend that has been ongoing for eight quarters (two years).
  • Short supply and high demand meant higher prices: the price per square foot in Manhattan reached $1197, a five-year high (just 5% off the all-time high of $1261 in Q2 08)
  • New development sales are pumping up luxury sales and resulting in dramatic price gains at the high end.

Q2 Corcoran Report

Q2 2013 Market Report schreenshot

Q2 Corcoran Market Report just came out and the key findings are:

1. Market activity continues at six-year high.  More closings and signed contracts took place than in any other quarter since 2007.

2.Inventory continues to decline.  There have been nine consecutive quarters of diminishing inventory – a 52% drop since the Q1 09 peak.

3. Prices increased by 5% (ppsf) over a year ago, thanks largely to increasing value in the condominium market.

 

FULL REPORT HERE

 

Corcoran brokers sold most Manhattan homes of any firm in 2012

Although I am only 1 of 1,178 total people, I am pleased to be a member of the MOST SUCCESSFUL office of the MOST SUCCESSFUL company in Manhattan.  Where else would I possibly go from here?! – JD

…While the Corcoran Group — Manhattan’s second-largest residential brokerage — may have seen its listing count drop in the last year, it led the borough in overall residential sales, according to a first-ever ranking of closed transactions by The Real Deal.

Indeed, the firm beat its rivals through its strong grip on the under-$5 million market, according to a TRD analysis of StreetEasy data, which looked at 2012 closed seller-side sales of $1 million or greater.

More

Origin of April Fools Day and the $125k Penthouse

Expensive Homes

There are several theories about the origins of April Fools day.  One of the most notable is in the year 1564.  During that year, Europeans started using the Gregorian Calendar and the New Year moved from April 1st to January 1st.  ‘April fools’ were those who still celebrated the new year’s holiday in the spring!

If you are celebrating the new year today, perhaps this new penthouse listing at the Pierre is right for you!  Only for $125,000… Call me.

{if this is simply just another day for you and you are still reading, please note that this new listing is actually asking $125 Million and just came on the market as the highest price residential listing in Manhattan}