New York Real Estate Market Updates

Check the full version of these reports and individual reports at:

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This episode is brought to you by:

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Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers and sellers alike. In our residential report, we’ll give you averages first, but keep listening for this quarter’s record high sales.

With an average selling price of $1,933,198, Residential Manhattan’s prices continuing to drop over last year’s 1st quarter. Average price-per-square-foot, fell, this time by an astonishing 18.5% percent down to $1,697 dollars, from $2,083 a foot in Q1 2017. Residential sales may be steadfast as ever, but purchasers are getting more and more floor space for their buck.

Total transactions tallied in at 2,180 this quarter, down -24.6% percent from a total of 2,892 sales in Q1 2017. Sales may be dropping, so are the prices, and we expect Manhattan to maintain this trend downtrend for at least till the end of the year. This downtrend is happening due to a combination of an oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers along with consumer uncertainty to where the market is heading…

The average sale pricing of new development condos dipped 14.1% percent in this final quarter to $4,038,067 – last year, that number was much closer to $5 million. Prices in this market are declining but the time it takes to sell is decreasing, albeit slightly: the average time a development spends on the market is up around 213 days, compared to last year’s data of 225 days.

The verdict for Manhattan’s existing condominium sales is only marginally more cheerful than new developments, with a 10.9% percent decrease from 2017. Average sale price for these properties ran around $2,676,281 in Q1 2018, compared to $3,004,098 dollars in 2017. However, the market time for existing condos has decreased by a few days, averaging 131 days.

Co-op sales jumped just 9.6% percent this quarter, reporting an average sales price of $1,361,409 dollars in 2018. Market time increased fractionally as well, coming in at 86 days from 85 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

Of course, even with a 15.1% percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,944,440, a rather steep dive from last year’s average of $9,360,794. This market is proving to reward those who may lack patience, however, as selling time is dropping: luxury properties were on the market for only 220 days this quarter, compared to nearly 290 days in Q1 2017.

Across the board, the average recorded price discount was 1.3% percent.

 

Now for the top sales numbers for May 2018:

 

The well-known neighborhood of Carnegie Hill topped May’s single-family residential sales. The amazing Upper West Side single-family townhouse at 113 East 79th Street sold for $30,000,000 – about $7,054 dollars per square.

In Central Midtown, the record condo sale for this May goes to 157 West 57th Street #85 that finalized for an almost incredible $53,967,250.

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is b...

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

http://www.theratnerteam.com (http://www.theratnerteam.com)

 

Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on a rise compared with same quarter last year. Brooklyn’s Multifamily market rose 18 percent from 2017’s first quarter reports, with sales volume this quarter coming out at $1.3B. Square-footage pricing also increased, up 18% percent from last year to $397 dollars on average. Average selling price went up, to $366,000 – a difference of 18% percent from this time last year. Total transactions were a bit less, down 7% percent to 436 in 2018’s first quarter.

The Multifamily market is trending progressively higher in the past years first quarter. Brooklyn’s top sales are still numbers to marvel at. The top sale of 2018 can be found in Prospect Heights: 461 Dean Street sold for a cool $156,000,000 in March. At a $468 a foot

Even that enormous price, however, doesn’t garner many square feet in the most opulent neighborhood of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:

Carroll Gardens, with townhouses, brownstones & beautiful parks, tops off the list at an average of $910 per square foot. Cobble Hill comes in second at $856, with Boerum Hill coming in third at $758. Park Slope listed at $696 per square foot, Williamsburg at $626, Brooklyn Heights at $570, Prospect Heights at $558, Clinton Hill at $483, Greenpoint at $479 and, tenth but certainly not least, the Fort Greene area averaged in at $450 per square foot.

Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 61 total sales, with East New York close behind at 40. Bargain hunters, check out Bensonhurst attractive average price per square foot, just $180.

 

You can visit our website, www.NewYorkMarketReports.com (http://www.newyorkmarketreports.com/), to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

 

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Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:...

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

http://www.theratnerteam.com (http://www.theratnerteam.com)

 

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, the data shows the Brooklyn rental market has mostly maintained recent gains and should continue to gain steam through the rest of the summer break.

Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.

Overall, Brooklyn rental prices nudged up by an average of 1.2% in June 2018. Overall, almost all of Brooklyn saw a positive month for rentals. 

Among the most notable stats over the last month was the 6.3% rise in 3 bedroom rents and 27.4% drop in inventory over the same period last year.

Month over month, Price per square foot rose by 1.1%. Listing inventory fell 3.5%, and days on the market slide again, to just 27 days on average.

Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are down an average 0.1% over the same period in 2017. The number of leases being signed fell by 17.7%. More landlords have been offering more appealing deals to lure tenants this year, but the amount of free rent they are offering has been narrowing over the past 3 months.

Now let’s take a look at rentals by unit type:

For studios

The average price per foot is up slightly to $58

average unit size is down slightly to 539 square feet

1 studios were No Fee, and 31 were Fee apartments

Month over month changes saw rents up 4.1%, and price per square foot jumped 7.4%.

Year over year rents are up 4%

Units with elevators rented for almost $500 per month more than walk-up units last month.

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by...

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

http://www.theratnerteam.com (http://www.theratnerteam.com)

 

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, the data shows the Brooklyn rental market has maintained recent gains as we move through the peak spring and summer real estate season.

Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.

Overall, Brooklyn rental prices nudged up by an average of 0.18% in April 2018. Overall, almost all of Brooklyn saw a positive month for rentals. The few exceptions where some minor softness was seen include Williamsburg, Cobble Hill, DUMBO, Brooklyn Heights and Bushwick.

DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable rental apartments are being seen in Bay Ridge.

Among the most notable stats over the last month was the almost 7.2% rise in rents in Prospect Lefferts Gardens. Followed by a 6.52% rise in Crown Heights, a 6.19% increase for 2 bedroom apartments in Downtown Brooklyn and a 6.1% bump up for Clinton Hill studio prices.

Month over month, Price per square foot fell by 1.1%. Listing inventory rose 7.1%, and days on market slide further, to 29 days on average.

Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 1.5% over the same period in 2017. The number of leases being signed also rose by a modest 1.6%. That’s despite an almost 40% rise in OP and concessions. On average landlords are now giving up almost 2 months of free rent to new tenants.

Now let’s take a look at rentals by unit type:

For studios

The average price per foot is up slightly to $55

average unit size is up slightly to 650 square feet

23 studios are No Fee, and 124 are Fee apartments

Month over month changes saw rents up 5.4%, though the price per square foot dropped 2.2%.

Year over year rents are down 0.7%

Units with elevators rented for almost $400 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month.

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

http://www.theratnerteam.com (http://www.theratnerteam.com)

 

Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the fourth quarter of 2017. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on a steep decline year-over year. Brooklyn’s Multifamily market fell 27 percent from 2016’s reports, with sales volume this quarter coming out at $824.6M. Square-footage pricing also decreased, down 9 percent from 2016’s Q4 to $375 dollars on average. Average selling price held fairly steady, if slightly down, at $331,000 – a difference of 7 percent from this time last year. Total transactions were similarly solid, down only 3 percent to 435 in 2017’s final quarter.

The Multifamily market is trending progressively lower than past years, but Brooklyn’s top sales are still numbers to marvel at. The top sale of 2017 can be found in Park Slope: 409-412 14th Street sold for a cool $20,750,000 in December. The mix of 44 rent-stabilized and free-market apartments are located just a block from Prospect Park, making them prime real estate for potential tenants and justifying the price tag of $752 per square foot.

Even that enormous price, however, doesn’t garner many square feet in the most opulent neighborhood of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:

Brooklyn Heights, with envy-inducing promenade views and landmark brownstones, tops off the list at an average of $1,264 per square foot. Gowanus comes in second at $832, with Park Slope coming in third at $798. Boerum Hill listed at $750 per square foot, Williamsburg at $749, Carroll Gardens at $660, Greenwood Heights at $468, Greenpoint at $467, Borough Park at $466 and, tenth but certainly not least, the Sheepshead Bay area averaged in at $457 per square foot.

Bed-Stuy was the winner for highest volume of Multifamily sales this quarter again at 55 total sales, with Bushwick close behind at 43. Bargain hunters, check out East Canarsie’s attractive average price per square foot, just $191.

 

 

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If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and a new sales report every quarter.

You can also find us on Facebook, Instagram & YouTube. 

Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at [email protected] (mailto:[email protected]).

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

http://www.theratnerteam.com (http://www.theratnerteam.com)

 

Welcome to the Manhattan Residential Sales Real Estate Market Report for the 4th quarter of 2017.

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Manhattan’s grandiose allure of culture, history and business continues to hold an enviable position in the real estate world for buyers and sellers alike. In our residential report, we’ll give you averages first, but keep listening for this quarter’s record high sales.

With an average selling price of $1,897,503, Residential Manhattan’s prices held steady over last year’s ending quarter. Average price-per-square-foot, however, continues to drop, this time by an astonishing 20.6 percent down to $1,609 dollars. Residential sales may be steadfast as ever, but purchasers are getting more and more floor space for their buck. Total transactions tallied in at 5,280 this quarter, down 14.4 percent from a total of 6,027 sales in Q4 2016. Sales may be dropping, but prices are not, and we expect Manhattan to maintain this balance.

The average sale pricing of new development condos dipped 16.8 percent in this final quarter to $4,062,036 – last year, that number was much closer to $5 million. Prices in this market are declining but the time it takes to sell is increasing, albeit slightly: the average time a development spends on the market is up around 190 days, compared to last year’s data of 181 days.

The verdict for Manhattan’s existing condominium sales is only marginally more cheerful than new developments, with a 14.9 percent decrease from 2016. Average sale price for these properties ran around $2,654,848 in December 2017, compared to $3,121,095 dollars in 2016. However, the market time for existing condos has neither increased nor decreased, averaging 116 days.

Co-op sales jumped just 1.6 percent this quarter, reporting an average sales price of $1,235,038 dollars in 2017. Market time increased fractionally as well, coming in at 79 days from 75 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

Of course, even with a 20.7 percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,580,185, a rather steep dive from last year’s average of $9,558,062. This market is proving to reward those who may lack patience, however, as selling time is dropping: luxury properties were on the market for only 252 days this quarter, compared to nearly 300 days in Q4 2016.

Across the board, the average recorded price discount was 0.1 percent.

 

Now for the top sales numbers for December 2017: