The latest Douglas Elliman report compared to second quarter last year showed mixed, but improving results, particularly in the luxury market which saw median sales prices increase 11.2%. Overall sales were up 10.7% compared to the previous quarter, but 3.8% less than the second quarter of 2010, which had sales driven by the federal tax credit for first-time home buyers.
Dottie Herman, President & CEO of Prudential Douglas Elliman reminded that: ’Relative to other housing markets across the country, Manhattan continues to be one of the best performing markets to date. While our regional economy is showing a slow pace of improvement, we anticipate the Manhattan housing market to follow the same trend for the remainder of 2011.’
Jonathan Miller who helped prepare the report was quoted as saying, ‘I would describe it as stable,’ Miller said. ‘It’s not booming, it’s just solid.’
This is the stability and improvement that we mentioned and expected after promising signs from the first quarter report. Barring any new obstacles, we expect to see continued improvement in 2011.
We’ve included the complete report below. Please let us know if you have any questions or need more analysis of the information provided. We can also do a comprehensive, free market analysis of your property. You can reach me at wlandhauser@elliman.com or 212-350-2807.
The news form the first quarter 2011 Manhattan Market Report from Prudential Douglas Elliman can best be described as the market is improving. Overall, there were more sales than any first quarter in the past three years. Sales were up slightly compared with the first quarter of last year at 0.4%. However, sales were up a respectable 4.3% from first quarter 2009.
The median home sales price dropped to $782,071, down 9.9 percent compared to last year and 7.4 percent from fourth-quarter 2010. That decline was led primarily by re-sale units, which saw their median price drop to $725,000, down 12.7 percent year-over-year and 9.4 percent from fourth-quarter 2010. This drop analysts say was skewed a bit by the fact that there were more coop sales than condos (which are priced higher).
Quoted in the Real Deal, Milller explained ‘A lot more co-ops [sold] than condos and condos are more expensive. [It's] a stable but weak market that has rebounded significantly from the low period two years ago but still isn’t out of the woods.’
Recently, we’ve noticed much more activity at open houses and quite a bit more interest in listings than we’ve seen in a long time. While there are challenges such as continued tight credit and some economic strains, we think that 2011 should see much improvement.
Please let us know if you have any questions or need more analysis of the information provided. You can reach me at wlandhauser@elliman.com or 212-350-2807.
There are certain buildings we list and sell in Manhattan that we believe stand out in terms of luxury amenities, neighborhood and overall value. In order to assist buyers interested in a new home or investment property, as well as to provide more information to sellers interested in listing their apartment, we’ve started a collection of pages under the “Featured Buildings” heading. These pages can be accessed in the above tab and/or here.
Featured Buildings:
555 West 23rd Street
325 Fifth Avenue
225 East 34 street: The Charleston
We are very knowledgeable about these buildings and can offer expert advice to buyers and sellers on the buildings, units, amenities, neighborhoods, sales, etc. We’ll be updating these pages with more helpful data regularly. Please feel free to call me at 212-350-2807, if I can provide any more information and if there’s something you’d like us to add, feel free to let us know.
A new report just released by Prudential Douglas Elliman Real Estate and prepared by Miller Samuel shows an improved Manhattan real estate picture. In 2010, median prices for coops and condos were up almost 4%, while the average sale increased almost 5% from 2009.
Sales activity for coops and condos also increased in 2010 compared with the year prior, increasing 35%. Compared to 2001, condo and coop median prices increased nearly 105%, while the average price was up 87% in 2010.
Things are much better than last year
‘Things are much better than last year’, said appraiser Jonathan Miller, president and CEO of Miller Samuel, who prepared the reports for Elliman. ‘We gained some ground over what happened in 2009′, as quoted in The Real Deal. While he went on to caution that we are not necessarily out of the woods, he did say prices are ‘generally stable’ compared to last year.
You can download the full report from Prudential Douglass Elliman by clicking on the cover.
Please send us an email, if you have any questions or need more information.
We currently have a variety of great condo listings for buyers in all budget ranges in excellent, Manhattan locations. As always, check my listings page for the most updated information.
Some photos of my current listings:
Below you can see some more photos and short summaries from my listings page at Prudential Douglas Elliman. Click on any of the links for more information. Please refer to that for the most current information. We’ll update this blog with new listings and you can sign-up for my occasional email updates here.
325 Fifth Avenue, Unit 40A Flatiron District Price: $2,295,0003 Beds | 3 Baths Approximate Sq. Feet: 1,489Condo, Doorman
325 FIFTH AVENUE CONDOMINIUM, APT. #40A – APARTMENT FEATURES – Watch the Sunset from the 40th floor in this Gorgeous, Highly Sought After “A” Line 3BR/3BTH Trophy Apartment. Breathtaking City Views & Great Sunlight w/ Open Southern & Western Exposures. Oversized Glass Balcony, Washer/Dryer and Private Wall Safes in Unit. Floor to Ceiling Glass Windows.10Ft Ceilings, Stainless Steel Appliances & Biella Wood Floors. BUILDING FEATURES – This Luxury Full Service Condominium features a 10,000 Square Foot, State of The Art, ” Fifth Avenue Club ” which includes Pool, Health Club, Coed Sauna, Massage Room, Yoga & Aerobics Facility, Children’s Playroom, Terrace, Lounge w/ Fireplace, Catering Center & Pool Table and Screening Room. Pets Allowed.
Luxury amenities include:
Balcony
Children’s Room
Concierge
Exercise Room
Full Time Doorman
Garage
Health Club
Pool
Private Outdoor Space
Private Storage
Recreation Room
Valet
Washer & Dryer
Water View
This listing courtesy of Douglas Elliman. More information including financials here.
Details are below from The Landhauser Group press release regarding our new initiatives. As always, please let us know what you think and what else might be helpful.
Jonathan Miller, president of Miller Samuel, who prepared Prudential Douglas Elliman’s data, described the data as a realignment of the types of homes that were selling, rather than individual apartments becoming more expensive.
”It’s not about prices rising,” he said. ”It’s about a final shift in the mix of sales.’
Miller said that year-over-year fourth quarter sales of two-bedroom homes had increased by around 12%, while studio and one-bedroom homes had fallen by 11%. The changes represented the return of the middle and high end of the market, with entry-level buyers making up a proportionally smaller share. The distribution was more consistent with historic sales data.
”My takeaway is, we’ve got this normal distribution of sales,” said Miller.
If you have any questions about the data or would like more analysis, please fell free to contact us.
Report Shows Sales and Inventory Remain More Normalized, Number of Sales Continues to Rise
NEW YORK, Oct. 1 /PRNewswire/ — The just-released Third Quarter 2010 Prudential Douglas Elliman Manhattan Market Overview showed a Manhattan housing market that continues to show improvement towards a more stabilized market in terms of sales, inventory levels, and a shift toward a more typical mix of apartment sizes.
“Third quarter 2010 was an extension of the second quarter’s ‘spring market’ with levels sales and inventory remaining at more ‘normal’ levels,” said Jonathan Miller, President/CEO of Miller Samuel, the firm that prepared the report. We are also seeing more normal and consistent seasonality – something that has been missing in the economic turmoil of the past two years.”
Although the market still faces significant economic challenges including high unemployment and tight credit conditions, other factors such as record low mortgage rates, improved affordability, and favorable exchange rate continue to drive the market.
“New York fared very well as compared to the rest of the country,” said Dottie Herman, President and CEO of Prudential Douglas Elliman. “Prices were up and we saw activity in all segments of the market, which caused the average sales price to rise significantly. We are optimistic about the fourth quarter; however some uncertainty remains about economic conditions.”
The full report is below for you convenience, please feel free to contact us if we can be of any help or answer any questions.
BRAND NEW TO MARKET!!! – This X-Large, 2BR/2BTH + Dining Area w/ Balcony Boasts 1533 TOTAL SQFT ( 1431 Interior Sqft + 67 Sqft Balcony + 35 Sqft Storage Unit ). FREE Storage Unit Included with Sale. Great Double Exposure North & East w/ Open City & East River Views. Washer & Dryer in Apartment. 9ft Ceilings. This Generous Layout offers a Custom Gourmet, Windowed Open Kitchen Featuring Macassar Ebony and Etched-Glass Cabinetry, Crystalline Marble countertops and Sleek Hardware which includes Professional-Grade Stainless Steel Cook top, Sub-Zero Refrigerator & Two-Drawer Dishwasher. Large Bathroom w/ Shower & Deep Soaking Tub. PETS OK.
There are certain buildings that The Landhauser Group is very active in. These luxury buildings offer incredible amenities and you may want to put them on the top of your list when searching for a new home. Because we have assisted many sellers and buyers in these buildings, we are particularly knowledgeable about these condos [...]
All data is deemed reliable but is not guaranteed accurate by the RLS or Douglas Elliman. See Terms of Service for additional restrictions.
All information regarding a property for sale, rental or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.
The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.
