Whats up with the market?

Is it so wrong to be a real estate broker who is tired of looking at Market Reports?  Personally they give me a headache, and no matter how many charts I look at from Jonathan Miller I still need someone to explain them to me repeatedly.

After reading reports Prudential Douglas Elliman, Corcoran, Brown Harris Stevens, and Core Group along with commentary from Crain’s, The New York Times, and The Real Deal; I began to long for simpler times when we sold homes not ‘investment vechicles’.  In the end this is what I took away.

Positive

• Transaction levels back to normal by end of year.
• Condominium sales are starting to out number co-ops again.
• Median price stable at $810,000 over the past five quarters.
• Inventory down 25% since this time last year
• Up to 4000 pending deals set to close first quarter 2010

Negative

• Average price per square foot same as the fourth quarter of 2006.
• Biggest % price decrease, was for larger lofts over 2500sq.ft. dropping 41%  since last year, re-inforcing a trend that room count is more important than size.

Our personal experience of the market at the end of last year was one of many buyers chasing the 30% of apartments that were priced correctly to the market, resulting in multiple bids.  This is continuing in January.

Recent contracts and sales signed include.

• Lower Fifth Ave two bedroom pre-war bid up $100,000 above asking after one week on the market.
• In Soho 76 Crosby 2A in contract within a week on the market.
• Lenny Kravitz’s infamous penthouse at 30 Crosby after years.
• High floor facing Central Park asking 14.575m within a month.
• 7 Hubert street, penthouse closed 1/10 for 11.5million.
• 92 Charles in the Village  closed 1/23 for 13.5mil.

Even if you are not a buyer or seller at the high end of the market, the fact that so much property is selling at these prices brings a level of confidence back to Manhattan Real Estate.  A positive sign for at least the near future. If you want more information you know where to find us.

www.amandasheena.com

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