manhattan real estate market: Q2 2016 Manhattan Residential Market Report - 07/01/16 03:40 AM
Luxury new development closings kept the average Manhattan apartment price over $2 million for the second straight quarter. At $2,077,680, the average price was 16% higher than a year ago and just below the record set in the first quarter of 2016. The median price of $1,110,000 was down slightly from the first quarter, but still a 13% improvement from a year ago. The stock market turmoil at the start of the year played a major role in the 22% decline in resales from 2015’s second quarter.
The average resale price fell 4% from a year ago to $1,527,641, and has barely … (0 comments)

manhattan real estate market: 4th Quarter 2010 Manhattan Sales Market Report - 01/16/11 10:05 AM
The last quarter of 2010 in Manhattan real estate market will be known for the year of luxury as homes of $3 million and up and were popular sales in last quarter of 2010.Prices for Manhattan apartments continued to edge upward, as their average sale price of $1,432,787 was 8% higher than a year ago. This marked the sixth straight quarter that the average price has risen.While the number of recorded transactions fell 25% from a year ago, the fourth quarter of 2009 was uncharacteristically busy due to pent-up demand after the collapse of Lehman Brothers had frozen the market earlier … (0 comments)

manhattan real estate market: Fannie Cuts Battery Park City A Break - 05/16/10 07:10 AM
Thanks to Fannie Mae, Battery Park City residents hoping to sell their apartments can breathe a little easier. Fannie Mae is going to back loans in this waterfront neighborhood now that it has completed its review of the neighborhood's ground leases.Battery Park residents live on land leases which means they have to pay rent for the land their buildings stand on. Each of the dozen or so buildings in the area has its own ground lease. Those ground lease fees are factored into the residents' monthly payments and could more than double as the leases expire in 2011. That potentially steep … (1 comments)

manhattan real estate market: Manhattan Real Estate Market May 2009 - 05/25/09 11:46 AM
Although quieter than last year, this spring the Manhattan residential real estate market is busy with the exception of Memorial Day weekend, when the Manhattan real estate market is on hold for the entire weekend.And this year the difference is price. Sellers for the most part understand that there is a 20 - 40% decline, while buyers look for great discounts.But caution to buyers, there are no fire sales. And sellers who wait for a better deal - may or may not see it. Yes, there are great discounts but buyers and sellers must be realistic.I know of one buyer who … (0 comments)

manhattan real estate market: 1st Quarter Market Report 2009 - Manhattan - 05/25/09 11:43 AM
1st Quarter Market Report 2009
An 87% decline in closings over $10M from the 1st quarter of 2008 helped bring the average Manhattan apartment price down
11% to $1,0502, 399. The data for the first quarter of 2008 were significantly inflated due to the many closings at 15 Central Park West and The Plaza.
The median price actually rose 6% over the past year to $907,500 as new developments accounted for a larger percentage of closings. Overall, 58% fewer transactions were recorded compared to the same period in 2008.
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manhattan real estate market: Manhattan Real Estate Gets Busy - 02/15/09 08:31 AM
Over the past few weeks, apartment buyers have hit the Manhattan pavements searching for their dream homes. I know this because I am working with four buyers, am in contract on a property and speak with other agents who see the same traffic.
Despite media reports of banks not giving mortgages, many buyers are getting mortgages.While there are no fire sales, some buyers are making unrealistic offers... a few which have been considered.
For the most part, sellers understand that they have to be realistic in their asking price and price properly from the onset, or negotiate with buyers for the value … (0 comments)

manhattan real estate market: 2nd Quarter Market Report - 07/31/08 03:04 AM
2nd Quarter 2008 Halstead Property Market Report
While the luxury market played a large role in increasing the value of the real estate market.  The sales from those apartments have continued to aide the market, even as the national business media focuses on the ailing national economy. 
Manhattan condo sales have slowed and inventory has grown, leaving developers to negotiate but not slash prices. The Upper East Side has seen fewer increases compared to more popular and trendy neighborhoods.
Those who want to live on the Upper West Side are being priced out and looking farther north.The greatest price cuts were … (0 comments)

manhattan real estate market: Is The Manhattan Real Estate Market Holding Steady? - 06/15/08 04:27 AM
As a real estate agent in Manhattan, people often tell me they are sorry that things are so bad in real estate.
While I agree with that sentiment for many of my fellow brokers in hard hit areas across the country, the first quarter of 2008 in Manhattan did not show an ailing market at all. To the contrary, Manhattan real estate actually dramatically increased in value during that time.
The luxury market played a large role in increasing the value of the real estate market.  The sales from those apartments have continued to aide the market, even as the national … (0 comments)

 
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Ross Ellis

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