condos: 1Q17 Manhattan Market Report - 04/04/17 08:48 AM
The Manhattan apartment market rebounded in the first quarter, as both prices and the number of sales rose for resale apartments compared to a year ago. The average resale price rose 5% to $1,561,911—its highest level since the second quarter of 2015. A new record was set for the resale median price, which at $955,000 was 3% higher than 2016’s first quarter. There were 1,795 resale closings reported in the first quarter, which was 5% more than a year ago.
Including new developments, the average price for all apartments reached a new record of $2,174,105. The median price for all apartments of … (1 comments)

condos: Just Published: Halstead Annual Report 2003-2016 - 03/31/17 01:42 PM
Over the past 14 years, Halstead has offered the most comprehensive annual report available on the Manhattan apartment market.
Over 200,000 verified sales are included, a number of which were recorded after our quarterly market reports were released.
Also provided is a summary of relevant economic indicators, including data on employment, Wall Street, building permits and interest rates.
Highlights in the report:
• Manhattan apartment prices averaged a record $2,063,252 in 2016, 14% higher than the prior year.
• New developments were solely responsible for the increase in average price, as resale prices declined slightly last year.
• The average new development price … (1 comments)

condos: Q1 2016 Manhattan Residential Market Report - 04/05/16 05:08 AM
The average and median apartment prices reached record levels in the first quarter, with a large number of luxury new development closings. With the help of 432 Park, a record number of new development closings topped the $10 million mark. New developments were also responsible for the 10% increase in the total number of sales from a year ago, as new development closings jumped 70%.
Looking at just the resale market, the average apartment price fell 1% from 2015’s first quarter to $1,542,348. A decline in luxury resales was primarily responsible, as the median resale price hit a new record of $965,000. … (1 comments)

condos: 4Q 2015 Manhattan Residential Market Report - 01/09/16 01:20 AM

Both the average and median apartment price reached record levels in the fourth quarter. At $1,944,744, the average price for all apartments was 10% higher than a year ago and 5% more than the prior record set in 2015’s first quarter. The median price crossed the $1 million mark for the first time, climbing 18% over the past year to $1,150,000. The total number of closings was 12% higher than the fourth quarter of 2014, fueled by a sharp rise in new development closings.
Two key events led to these record prices. First was a rise in new development closings, which accounted … (1 comments)

condos: Halstead Property 2Q14 Residential Manhattan Market Report - 07/01/14 05:01 AM
Halstead Property has just issued its 2Q14 Residential Manhattan Market Report showing that Manhattan apartment prices averaged $1.7 million in the second quarter, virtually unchanged from the first quarter’s record level, and 19% higher than a year ago.  
Prices were kept elevated by a booming new development market, which posted a record average price of just under $3.5 million, combined with a record co-op sale and low inventory. The number of reported sales was 9% higher than a year ago. 
The median price, which measures the middle of the market, fell 1% from the first quarter of 2014, but was 5% … (0 comments)

condos: 2nd Q 2012 Manhattan Residential Market Report - 07/07/12 01:06 AM
 
Manhattan Apartment Inventory Remains Lower Than 2011 Levels
• For the week ending June 22nd, there were 7,117 apartments available for sale in Manhattan, 13% fewer than at the same time in 2011. At the current pace of sales, that represents a 7.8 month supply of apartments, consistent with a healthy market.
• The steep decline in new construction over the past three years has kept inventory tight. From 2009-2011, building permits averaged just over 1,500 units per year, compared to an average of 6,671 the prior ten years.
• Downtown has 29% of all available apartments, followed by the … (0 comments)

condos: Manhattan 4th Quarter 2011 Market Report - 01/07/12 11:08 AM
Over the past year, a sharp decline in condo sales lowered the overall average and median Manhattan apartment sales prices over the past year. 
Condo closings feel 24% from the 4th Q2010 accounting for only 40% of all apartment sales.
The economic and financial turmoil that began in the late summer led to fewer transactions than a year ago. 
While there was stagnation in hiring recently, New York’s recovery remains well ahead of schedule.  This combined with a relatively low rate of available apartments has led the Manhattan market to continue to outperform the rest of the nation.
Click Here to … (0 comments)

condos: Manhattan Holiday Tipping Guide 2011 - 12/14/11 02:07 AM
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This is a repost from my Annual Manhattan Tipping Guide.
 
 The holiday season is here and it's time to start thinking about tipping for services in our apartment buildings.
For those living in Manhattan, holiday tipping is the norm and can seem endless.
While it's important to be generous, it's also important to be realistic about what you can afford. Especially in our current economic climate.
Some Manhattan apartment buildings pool tips so the workers receive one lump sum. Most leave it up to the individual resident.
I hope you will find the … (0 comments)

condos: Third Quarter 2010 Market Report - 10/10/10 12:15 PM
It is important for first-time home buyers to learn as much as they can and become more educated about the latest market reports where they are considering purchasing a home. 
If you're a first-time home buyer and ready to purchase a home in New York City, the city is fortunate in that our recovery from the recession continues to advance ahead of schedule. The improvement is well reflected in the Manhattan residential market. 
"In 2010, over 55, 000 jobs were added in NYC bringing the city's unemployment rate to 9.4% in August. While still high, it is a full 1% lower … (0 comments)

condos: Even some Presidents were affected by the housing crash … yet more New Yorkers plan to buy homes - 06/12/10 09:18 AM
U.S. presidents live in homes that most people dream about. Yet, according to Forbes Magazine, it seems that a few presidential manses have shed value in the economic downturn.Zillow reported that the value of President Obama's home in Chicago is off by 20%.Even the value of Camelot, the Kennedy compound in Hyannis is reported to be down 25% to 30%," says Amy Massey-Weider, who runs the Century 21 Shoreland real estate brokerage in nearby Hyannis. The news is good for those who dream of buying a little slice of the shores where the Kennedys live and play. Here is Forbes' List … (1 comments)

condos: First quarter 2010 Manhattan real estate sales report - 06/02/10 01:52 AM
The first-quarter market reports arrived last month with fairly good news for the city.The past few quarters showed an overall market dominated by first-time homebuyers and sales under $1 million. According to Halstead Property and Brown Harris Stevens reports (both companies are subsidiaries of Terra Holdings and share the same data) Co-ops sold during the first quarter were an average of 12 percent larger than a year ago. Click here to view Halstead Property's 1Q_2010 Market Report
(2 comments)

condos: NYC Green Markets Open For The Season - 05/16/10 07:20 AM

 
 
 
 
 
 
 
 
 
 
 
 
The season is here along with beautiful weather --- and with that comes the opening of Green Farmer's Markets all over New York City.
Here you can shop for fresh, locally-grown food, in a safe and fun gathering place were neighbors can come together to talk to farmers, share recipes and watch cooking demonstrations.
Open Now in Manhattan:
57th Street Saturday & Wednesday 77th Street Sunday -- inside the schoolyard 4/25 to 5/9! 97th St Friday  --   EBT accepted! Abingdon Square Saturday Bowling Green Tuesday & Thursday Columbia Thursday & Sunday Dag Hammarskjold Pl … (1 comments)

condos: 1st Quarter 2010 Market Report - 04/03/10 05:26 AM
The Manhattan residential real estate market continued its slow improvement in the first quarter of 2010. We're beginning to see a good recovery.
2009 saw strength and value in lower-priced apartments, while 2010 is showing strenth and value in the larger sized apartments.
Click here to read Halstead Property's 2st Quarter 2010 Market Report
For more information feel free to contact Ross Ellis via E-Mail
(0 comments)

condos: New York City doorman and apartment building workers strike alert! - 03/28/10 05:34 AM

To date, talks between 32BJ and leaders of NY's Real Estate Industry made no progress on a new contract for 30,000 doormen and other apartment building workers.
The negotiations for a new multi-year contract covering more the 30,000 apartment building workers began on March 9 between 32BJ and the Realty Advisory Board (RAB), an industry association representing most building owners in New York City. Failure to reach an agreement could lead to a strike directly affecting more than one million New Yorkers living in over 3,200 apartment, condo and co-op buildings in Manhattan, Brooklyn, Queens and Staten Island.
At midnight, … (1 comments)

condos: New York Real Estate Term Glossary - 11/08/09 07:32 AM
New York City is like no other. And when it comes to real estate in this glorious city, it's good to have an experienced broker whether you're buyng or selling ... and it's good to know basic terminology.
Glossary of Terms
Abstract of Title A historical summary of the recorded instruments and proceedings on the title of a property.
Air Rights The right to use or control the space above a property. Air Rights can also be sold, rented or leased to another party.
Amenities The benefits from home ownership, such as a feature that enhances value.
Appraisal An estimate of … (0 comments)

condos: Third Quarter 2009 Manhattan Sales and Rentals - 10/03/09 03:40 AM
Third Quarter 2009 Manhattan Sales Market Report
Third Quarter 2009 Manhattan Rental Market Report
 
(0 comments)

condos: Third Quarter 2009 Manhattan Market Report - 10/03/09 03:34 AM
Third Quarter 2009 Manhattan Market Report is in
While the residential market is not back to where it was before the collapse of Lehman Brothers, things have improved over the past several months. 
With a slow start, the spring buyimg market picked up. National housing indicators are turning around and job losses are slowing. Many feel that the worst is now behind us.
The average price for Manhattan apartments was $1,274,563 during the third quarter of 2009, up slightly from the prior quarter.  While the average price is still 13% lower than a year ago, this is an improvement from the second quarter's … (0 comments)

condos: New York City Restaurant Week Summer 2009 Is Here - 07/04/09 02:32 AM
It's that time again! New York City Restaurant Week Summer 2009 is almost here! New Yorkers and tourists alike will be able to enjoy an extended Restaurant Week and dine at Manhattan's trendiest and best restaurants from July 12-31, 2009. New York's top restaurants will serve three-course lunches for $24.07. FYI -- the discounts are not good on Saturdays, though some restaurants are offering deals on Sundays and three-course dinners for $35.00 (beverage, tax and gratuity not included). Reservations began on June 30, 2009 and participating restaurants include Megu, Spice Market, Dos Caminos, Nobu, Tao, One If By Land, Two If … (0 comments)

condos: 2nd Quarter 2009 Manhattan Sales Market Report - 07/04/09 02:04 AM
Second-quarter sales prices fell nearly 20% in a year, while sales volumes drop like stones. The number of months on the market now doubles the decade's average.
The Manhattan residential real estate market showed little sign of recovery during the second quarter.
Some of the reports attributed the second-quarter price drop-off to sales back in early 2008 of high-priced units at The Plaza and 15 Central Park West. Some apartments at those luxury buildings sold for as much as $4,000 per square foot in the second quarter of last year. Greg Heym, chief economist at Halstead Property, said "adding that this year's … (0 comments)

condos: Buying A Home - 03/07/09 03:03 AM
       
It occurred to me after speaking to someone who recently bought an apartment on their own, that many people do not know what a Buyer's Broker is.Had she had a Buyer's Broker representing her she would have saved approximately $60,000.00 and it would not have cost her a penny. Yet she had no idea that she could have her own broker represent her.Working with a Buyer's Broker offers buyers every advantage. The Buyer's Broker works solely for the buyer, yet they work with ALL of the Seller's Brokers -- especially in Manhattan. This means that buyers can preview apartments from … (0 comments)

 
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Ross Ellis

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