Manhattan New York Condo Market Overview 2012/2013

By
Real Estate Agent with Douglas Elliman Real Estate

Manhattan New York Condo Market Overview 2012/2013

How’s the condo market doing right now? Are the sales prices going up? Is it seller’s or buyer’s market? These are some of the questions that we are receiving on an increasing basis so far this year.  And the answers to each question are never easy, as it depends on each segment of the market and each individual’s personal situation.

How did the condo market perform in 2012?The most impactful aspect of the condo market in 2012 was the declining amount of inventory on the market.  The decline of inventory has been a multi-year event, peaking in 2009.  Condominium inventory decreased approximately 30% in 2012. The total number of listings both condo and co-op is hovering around 5,000, about half of the peak in 2009 when there were 10,000 condo units for sale.

So had did this impact the market?
With demand outpacing supply, when a well-priced apartment came on the market, multiple offers were becoming quite commonplace, and increasing prices resulted.  Throughout many segments of the condo market including studio, one bed, two bedroom buyers in a variety of neighborhoods open houses were full, best and highest scenarios became more routine for the most prime condo units when it is priced and marketed by experienced agents correctly.

The Condo Market in Manhattan is Hyper-Local and Building Specific.  Comparing the West Village condominium market is going to be very different to the Murray Hill condominium market.  There are different factors that drive pricing for each neighborhood and it’s very important to keep that in mind.  Why does one building have 10 units on the market and a building next door doesn’t have any? Having a specific building knowledge of what differentiates each condominium building is something we have developed.

What to expect in 2013?
If you are a motivated seller, more than likely you will be in more control this year.  If priced and marketed effectively with the right agents like ourselves, you can reasonably expect much more interest in your condo units and a higher realized price than in years past.  Obtaining a mortgage is still an arduous process as lending practices for Manhattan condominiums is still tight.  New development condos coming on the market are mostly focused on the high end buyer and are smaller in size than during the peak new construction boom of 2006 and 2007.  If you are a buyer, you can expect full open houses, prepare your financing now and educate yourself early on in your buying process so when an apartment that meets much of your criteria comes available you are ready to make a decision.

For a fair assessment of your condo unit, and discuss how to take advantage of this market, contact us (917)837-8869 for a no pressure, no obligation conversation.

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Morgan Evans is a Licensed Real Estate salesperson in Manhattan New York specialize in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers,  parents buying for children and investors buyers. Contact him today by calling (917)837-8869.

https://www.eileenandmorgan.com/
Dorchester Towers Condo

 

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Groups:
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Rainmaker
3,273,555
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Morgan -- with your in-depth and building-specific knowledge of the Manhattan New York condo real estate market -- you are the go-to person for buyers/sellers to best understand how to secure a unit they want to purchase or to best market a condo/loft/co-op for sale.   

Mar 17, 2013 05:44 AM #1
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Be wise and rely on Morgan Evans-New York City Real Estate Expert for your Manhattan NY Condo real estate needs.

Mar 17, 2013 05:45 AM #2
Rainmaker
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Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

HI Morgan,,,,thanks for the Condo report and for sharing with us in Active Rain Land.

Mar 17, 2013 06:03 AM #3
Rainmaker
4,041,757
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Morgan, you are the expert, and KNOW your market in Manhattan, and interesting to hear the inventory is decreasing even in the Big Apple.

Mar 17, 2013 07:20 AM #4
Rainmaker
2,050,764
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Hi Morgan, Good blog about the Manhattan condo market. I will suggest as you have given folks excellent advice.

Mar 17, 2013 07:20 AM #5
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living
Morgan, this is a good review of the past year for the NY condo market as well insight into what buyers and sellers have to expect for the months to come. In any case, anyone interested in the Manhattan condo market should contact Morgan Evans and Eileen Hsu.
Mar 17, 2013 12:11 PM #6
Rainmaker
985,913
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Contact Morgan Evans for all your Manhattan NY real estate needs (212) 321-7147 he is a local area expert. Great localism post! Keep up the good work.

Mar 18, 2013 04:34 AM #7
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Morgan - you definitely are the Manhattan NY go to guy!  Ours is hyperlocal like that too but I couldn't imagine NYC with such unique buildings and views :)

Mar 18, 2013 11:04 PM #8
Rainmaker
3,143,058
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Morgan, The Manhattan NY Condo market sounds like it's hopping. Buyers better be ready, willing and able to buy now!

Mar 19, 2013 07:14 PM #9
Rainmaker
4,796,627
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Morgan, thanks for the Manhattan New York condo market overview.

Mar 19, 2013 08:51 PM #10
Rainmaker
4,041,757
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Morgan, buyers and sellers in Manhattan should contact you for expert advise for this fast paced Manhattan market!

Mar 20, 2013 12:04 AM #11
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