Manhattan Condos - New Developments - Conversions - Resales: Manhattan Market Report Fourth Quarter 2011

Manhattan Market Report Fourth Quarter 2011

Manhattan Market Reports

Although sales experienced a seasonal slowing in the Fourth Quarter, the value of Manhattan real estate continues to be stable.  Overall, the average price per square foot in Manhattan was off only 1% from last quarter and the year before, at $1,044. 

In the case of condominiums, limited inventory resulted in the highest pricing levels since late 2008.  Cooperatives held steady, with mild decreases or unchanged metrics. 

Thankfully, as I have been blogging about for years, the Manhattan sales market is stronger than most of the rest of the country with foreign buyers, a diversified employment base and the stabilizing influence of equity-requiring co-op boards.

The high end of the Manhattan Market ($5 million and above) may be stronger than ever. Luxury condos are selling for more than their sales price in ’08 and ’09 (Sandy Weill’s recent sale of his penthouse at 15 CPW for $88 million more than doubled his purchase price paid at the peak of the market in early 2007).

The ultra wealthy around the world continue to prosper and more and more of them want to have a home in Manhattan. The middle of the range condo market ($2mil to $5mil) has enjoyed similar high demand, with prices toping the peaks of ’07 driven predominantly by the foreign condo buyers whose country of origin shifts each year based on local currency strength and wealth creation.  

The remainder of the market which includes most smaller co-ops and condos also enjoyed a steady improvement over the past 12 months but in a much more modified manner due to financing and confidence hurdles.

The combination of shrinking inventory and stabile prices are hopeful signs for the value of real property as we enter the New Year.  I will be tracking them all closely as 2012 unfolds, and would welcome the opportunity to answer any questions you may have about the report or the market generally.

 Download Complete Manhattan Fourth Quarter Market Report


 
   

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Blogging about Manhattan Real Estate since 2006

Mitchell Hall (Licensed as Mitchell J Hall)

Licensed Associate Real Estate Broker
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Comment balloon 14 commentsMitchell J Hall • January 06 2012 05:01PM

Comments

Mitch, we ran up and back a few days ago.  I so love Manhattan and would love to be able to move back one of these days. 

Posted by Patricia Kennedy, For Your Home in the Capital (Evers & Company Real Estate, Inc.) almost 6 years ago

 

Thanks for sharing your Manhattan market report- Wishing you much success for the New Year. 

Posted by Michele Cadogan, 917-861-9166 - Brooklyn Real Estate Home Sales (Fillmore Real Estate Brooklyn New York) almost 6 years ago

Mitchell,

This is very interesting. The New York market will always be a unique one, but it is very positive, so that's generally a good indicator.

Brian

Posted by Brian Madigan, LL.B., Broker (RE/MAX West Realty Inc., Brokerage (Toronto)) almost 6 years ago

Hi Pat, Happy New Year. I know you love Manhattan, I do too. I love Washington DC too.

Michele, Happy New year and much success selling in Brooklyn this year.

Hi Brian, Thank you. NY is unique but it may be a good indicator. Happy New Year.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) almost 6 years ago

Mitchell, New Your deserves its unique standards, it it one of a kind, and will always preform that way.

Posted by Ellen Caruso (Daniel Gale Sotheby's International Realty) almost 6 years ago

Hey Mitchell -- great market report. I am working up my end of year 2011 market reports right now. 

Posted by Erica Ramus, MRE, Schuylkill County PA Real Estate (Erica Ramus - Ramus Realty Group - Pottsville, PA ) almost 6 years ago

Hello Mitchell, looks like a great market report. It is always interesting to see what is going on in other communities. Hoping it brings in lots of business.

Posted by Kymberly Caldwell-Muniz, TCR Group Keller Williams Realty Rancho Cucamonga ((909) 973-0410 ) almost 6 years ago

Mitchell, great report.  I did watch selling NY last night (it was TiVo'd), and nothing sold on the show.  I wonder if that's any indication of the future or past market?

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 6 years ago

Mitchell, nice comprehensive market report for the Manhattan area. Have a great 2012!

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA almost 6 years ago

Great report on your local market. I cannot even begin to imagine working up there in the city!

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) almost 6 years ago

You can NEVER go wrong owning real estate in the capital of the world.

Oh, how I miss Murray Hill.

Posted by Anthony Daniels, SF Bay Area REO Specialist (Coldwell Banker) almost 6 years ago

Hi Ellen, I hope so

Erica, Thanks good luck with your reports. The data always lags the market and its hard to determine what it means for the future.

Kymberly, Thank you. Hope you have a successful year.

Gabe, I wonder what inventory they were trying to sell. I haven't seen the show in a while.

Michael, Thanks. I wish you a great 2012

Hi Barbara Jo, Thanks. Each neighborhood here is like a little small town.

Hi Anthony,  Thanks for stopping by. To quote John Jacob Astor:

"Could I begin life again, knowing what I now know... I would buy every foot of land on the island of Manhattan"

 

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) almost 6 years ago

Great market report and I love the graphs with both side working.  Have to look into that format since for price and price per/sq. ft. it works nicely giving a very visual outline of the trend. Even in the high scale market of Manhattan, the fact that it isn't off by much shows that in some markets the sky isn't falling.  Best of luck and Happy New Year.

Posted by Carla Muss-Jacobs, Principal Broker (503) 810-7192, Buyer Focused ~ Buyer Results (BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time) almost 6 years ago

Mitchell.. We often use price per sq ft to help our sellers understnad one of the pricing ranges that we are examining to help them price their property.  Very nicely done market report.

Posted by Judi K Barrett, BA, Integrity Real Estate Services -IDABEL OK (Judi Barrett~Integrity Real Estate Services~Idabel, Oklahoma) almost 6 years ago

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