Streeteasy Monthly market report

01 Friday Jun 2012

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Summary of Findings

  • StreetEasy Manhattan Condo Market Index shows that the Manhattan condo market in April had a 1.4% increase from a year ago.
  • Overall, contract volume jumped 36.4% this month, compared to one year ago. The Midtown market had the biggest increase in contract activity with 48.1% more contracts than the prior year.
  • Inventory has continued to fall across all major markets – an overall decrease of 8.5% since last year. Upper Manhattan inventory continued to shrink the most with a 13.5% decrease.
  • Listing median price rose 7.0% in Manhattan compared to a year ago. Midtown listing median price had the biggest increase with 6.7% since last year while Upper Manhattan price declined by 2.9%.
  • Compared to the prior May, contract activity increased almost equally for starter apartments (studios and 1BRs) and for family apartments (2BRs and up) – roughly about 37%.
  • With current contract activity, total inventory would be absorbed in 5.8 months, a 20.8% decrease from the 7.4-month absorption rate from a year ago.

Demsker Realty can help with all aspects of your purchase or sale.

ATALANTA, 25 NORTH MOORE NYC

21 Monday May 2012

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Atalanta Building, 25 North Moore: Originally built as the Merchants refrigerating company, the Atalanta was transformed into high end luxury lofts ranging from 1885sf to over 7000sf. Great location, light and views provide the building with a unique blend of living style.

Approx. Pricing

2 Bedrooms from $3,000,000

3 Bedrooms from $4,000,000

4 Bedrooms from $5,000,000

ATALANTA, 25 NORTH MOORE

ATALANTA, 25 NORTH MOORE Tribeca New York City.

101 Warren

03 Tuesday Apr 2012

Posted by in Tribeca buildings

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Luxury condo building in tribeca, new york city, 101 warren.

101 Warren: A recent New Development luxury condominium in southern Tribeca. The building features 227 condominium apartments and 132 rental apartments ranging from 1 bedrooms to 3 bedrooms (800sf to 5796sf). Whole Foods  and a Barnes & Noble bookstore are loacted in the retail space at the base and there are many other amenities very close.  The building houses all the amenities you could want with a great gym, lounge, billiards room, doormen, concierge, outdoor space and parking.

Sales:

1 bedrooms range from 1.325MM

2 bedrooms range from $1.6MM

3 bedrooms range from $3MM

FISCHER MILLS LOFTS, 62 BEACH STREET

19 Monday Mar 2012

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FISCHER MILLS LOFTS, 62-BEACH STREET

FISCHER MILLS LOFTS, 62-BEACH STREET

The Fischer Mills Lofts, 62 Beach Street, under the spotlight today.

A top condo loft building in Tribeca, it hasn’t had a sale closed since 8/2010, which shows that people who purchase in the building stay there.  The building offers full time doorman, classic loft conversion features like exposed timber & bricks, roof deck and live in super.  The lofts offer a great mix of charm and character with approx 6 distinct floor plans.

Interesting look:

Unit 2D closed before the downturn of 2008 at $3,600,000.00

Unit 5D just closed in 8/2010 for $3,375,000.00

Displaying the building’s strong ability to bounce back after the 2008 market downturn.

For 3 bedrooms be prepared to spend $3,400,000 or more while 2 bedrooms should be in the $2,750,000 or more.

New Development Monthly Market Report via StreetEasy

15 Thursday Mar 2012

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Street Easy brings us their monthly New Development Market report for New York City, Brooklyn and Queens.  The highlights below.

Please click on the link below to download our two-page report. http://docs.streeteasy.com/market_reports/2012M2_NewDev_Report.pdf

NOTABLE FINDINGS

Manhattan

  • Median listing price in Manhattan increased by 9.5% since six months ago and by 6.8% since a year ago.
  • Overall inventory has remained very stable with only a 0.3% change since the prior year.
  • With 42% more contracts signed compared to a year ago, the number of months’ supply is now at 6.8, compared to the prior year, with 13.4 months.

Brooklyn & Queens

  • In Brooklyn, inventory has been shrinking but contract activity has increased 40% in the last six months and by 37% since a year ago.
  • In Queens, inventory increased by 14% since August and by 29% since a year ago. Price increases also rose by 30% since a year ago.

Tribeca Condo Lofts sold

21 Tuesday Feb 2012

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Here is the break out of the last 52 days closed sales for Tribeca condo Lofts.  (remember there is a lag time from contract signing to recording of the sale).

The numbers:

Total Tribeca condo lofts sold: 9

Average Price: $2,829,770

Average Size: 1926SF

Sales 1MM – 2MM: 4

Sales 2MM – 3MM: 2

Sales >3MM: 3

The lower end of the sales of Tribeca condo lofts was from basic loft building without amenities or unique 1st floor units.  As you climb the price ladder you see more amenities and interior finishes.

NYC Lofts, Condo Taxes, 101

15 Wednesday Feb 2012

Posted by in NYC condo Loft Taxes

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NYC, New York City, computes condo loft taxes per unit in a unique way.

1) They determine an estimated total for the total rent of all the lofts in the condo building.

2) They then estimate the total expenses for all the residential lofts in the condo building.

3) They subtract the estimated expenses from the estimated total rent of all the lofts in the building

4) Then they divide by the capitalization rate of 14.228%

5) This provides NYC department of finance with the market value for all the lofts in the condo building.

6) Next they determine a market value for your loft by attributing a portion of the residential market value of the condominium to your loft and then multiplying that amount by an allocation factor.

7) The NYC dept. of finance decides on what the percentage they allocate to your building.  With that percentage they multiply that by the estimated market value, item 5, and they come up with your loft’s market value.  They also estimate the rental rate for your loft.

In January owners of condo lofts will get notice of property value, which can be disputed with the NYC dept. of finance.  As you can see the word estimate is used a lot and it creates a variable playing field for different buildings and locations.

apartments and lofts for sale new york city

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