Excerpts from a recent BrickUnderground.com article entitled: How do high carrying costs lower the sales prices of a co-op or condo? Is there a formula to figure this out?:

“In addition to the sales price of a co-op or condo, an important consideration when you buy in New York City is an apartment’s carrying costs—the monthly payments you’ll make towards building operations. In a co-op, these monthly payments are called maintenance, and in a condo, they are common charges. If you have a mortgage, you will have additional financial commitments. So when you consider apartments in...

The Riverside Drive – West End Avenue neighborhood above 70th Street is a special and quiet residential Upper West Side area, unique in its beauty and desirability within a block of Riverside Park yet close to all conveniences and transportation. The real estate market here is also unique and therefore merits its own analysis which we provide in this newsletter. In this annual overview of the Riverside Drive-West End Avenue real estate market you will find an analysis of the Manhattan market in general, including a review of what has transpired over the last year, a current snapshot and what...

The 2022 Manhattan real estate market was truly a tale of two markets: an unprecedented year of highs and lows, and one of the most eventful years in residential real estate in recent memory. In our annual spring newsletter, Deanna discusses the ups and downs of last year’s market and what it might be able to tell us about the months ahead. The spring season is upon us, commencing just after President’s Day and lasting until June. Historically, the spring market is the most active season of the year. While there are certainly some uncertainties, there are also many opportunities...

Continued Record Sales Volume
The Manhattan residential real estate market has proven its resiliency with record sales in many areas of the market. With over 1,350 contracts signed last month, last October was Manhattan’s strongest on record, beating out the two strongest sales years, 2013 and 2007, by 4% and 19% respectively. Thanks to October’s strong performance, the Manhattan market is on track to achieve its strongest year ever based on the number of contracts signed.

Areas of strength in the market
A few segments of the market are responsible for the huge growth in sales:

• This past October was the best since 2007...

Manhattan residential real estate is usually highly seasonal – the summer is typically the slowest season of the year. As the temperatures cool, the market heats up ushering in an active fall and winter. Last year’s challenges upended any expectation of seasonality, and the Third Quarter numbers reflect that the summer was anything but slow this year. Buyer demand in Manhattan skyrocketed during the Third Quarter, making it the market’s best summer since 2007. Sales volume from July through September totaled over $9.5B, which was Manhattan’s highest quarterly total ever! As sales surged, supply was reduced thus shortening days on...