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Year In Review 2015 Spring Market – Part 4: The New Development Market

Year In Review 2015 Spring Market – Part 4: The New Development Market

In anticipation of the Spring 2016 market we analyzed the first half of 2015 across all submarkets. The Spring market is historically the strongest season of the year for residential real estate sales in Manhattan.

New development units led the way in terms of record sales prices. The large number of high end sales in the new development market had a huge impact on the overall perception of the NYC real estate market, yet new development currently makes up only 11% of the total market! It is evident why there was so much press attention on this segment: new development closings...

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Year In Review 2015 Spring Market – Part 3: The Townhouse Market

Year In Review 2015 Spring Market – Part 3: The Townhouse Market

In anticipation of the Spring 2016 market we analyzed the first half of 2015 across all submarkets. The Spring market is historically the strongest season of the year for residential real estate sales in Manhattan.

Typically the townhouse market is analyzed on a yearly basis as the average number of closings in this market are very low; the past 6 year average has been 224 sales. There were 275 closings city-wide in 2014 and only 127 of them were single-family. Below is a snapshot of sales in different neighborhoods in the first two quarters of 2015.

Upper West Side

There were 18 townhouse...

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Year In Review 2015 Spring Market – Part 2: The Condo Market

Year In Review 2015 Spring Market – Part 2: The Condo Market

In anticipation of the Spring 2016 market we analyzed the first half of 2015 across all submarkets. The Spring market is historically the strongest season of the year for residential real estate sales in Manhattan.

Due to a market shift toward new development (a large number of new developments launched for sales in the first half of 2015), the number of resale condo sales declined by 9% from the same time period last year. Inventory did increase in the second quarter, up to 2,222 units – a 14% increase year-over-year. However, inventory levels are still near record lows. With little to...

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Year In Review 2015 Spring Market – Part 1: The Co-Op Market

Year In Review 2015 Spring Market – Part 1: The Co-Op Market

In anticipation of the Spring 2016 market we analyzed the first half of 2015 across all submarkets. The Spring market is historically the strongest season of the year for residential real estate sales in Manhattan.

Since the recession in 2008, the co-op market has struggled in certain price areas, but due to several factors it has picked up a bit over the past two years. With the influx of new development and rising prices in the condo market, co-ops have offered a better value and as a result, prices have slowly increased. Also, co-op inventory fell to a historic low over...

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Park Avenue’s New Development Market: What’s on the Horizon

Park Avenue’s New Development Market: What’s on the Horizon

The new development and conversion market on Park Avenue is primarily centered on just a few buildings. Some of the new development is comprised of older rental buildings which have been converted to condominiums, and the others (now four) are notable new buildings. Park Avenue is seeing reasonably strong buying activity in new development: in the last six months there were 7 closed sales at 737 Park Avenue, 10 sales at 530 Park Avenue and sales are in process at 432 and 1010 Park Avenue. Below is a review of what is currently on the market, as well as what...

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