Manhattan Condos - New Developments - Conversions - Resales: Manhattan New Developments Market Report: First Quarter 2012

Manhattan New Developments Market Report: First Quarter 2012

Manhattan New Developments Market Report: 1Q-2012 (77 Reade)Manhattan New Developments Market Report: 1Q-2012 (350 West Broadway)

Manhattan New Developments


New development supply has diminished substantially, particularly at the high-end of the market, impacting sales and price statistics. While most properties that have been on the market continue to absorb steadily, newly introduced developments in prime locations are absorbed rapidly but since a number of properties haven’t begun closings, these sales are not reflected here.

Compared to a year ago, median price declined 13% to $990,000, due to a 9% decline in three-plus bedroom median price, a 30% decline in Downtown median price and increased share of one-bedroom sales both Uptown and Downtown. Average price per square foot increased 8% from a year ago to $1,231 due to notable increases on the East and West Sides.

 

Manhattan New Developments Market Report: 1Q-2012

 

Currently there are approximately 325 active new construction and new conversion listings for sale throughout Manhattan. They range from $199,000 for a 455 square foot studio at The Capstone in Harlem to a 6,883 square foot 60th floor penthouse at The Setai on Fifth Avenue in midtown Manhattan asking $32 million.

As always, I will continue to follow closely sales activity and trends in Manhattan new developments (new construction and conversions), and would welcome the opportunity to answer any questions about this report, new developments or the market in general.

I’m very happy to discuss new development opportunities in each neighborhood, price point and room count. I'm ready to provide you with expertise and seasoned insight. Looking forward to hearing from you.

Manhattan New Development Listings

 

 
   

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©Mitchell Hall 2006-2013

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Blogging about Manhattan Real Estate since 2006

Mitchell Hall (Licensed as Mitchell J Hall)

Licensed Associate Real Estate Broker
Office (212) 877-6268 | iPhone (917) 312-0924
MHALL@Corcoran.com

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4 commentsMitchell J Hall • April 07 2012 11:23AM

Comments

Thanks for sharing the market report information...Always interested on how things are moving in other communities.

Posted by Adie and Mike Realtors, The TCR Group at Keller William Realty ((909) 476-9600 www.WeLovetheIE.com) over 2 years ago

Hi Mitchell,  thanks for sharing your market report..I always enjoy viewing stats and charts on other locations.

Posted by Ronald DiLalla, No. Orange Cty Real Estate (Century 21 Discovery DRE 01813824) over 2 years ago

This is a really in-depth Manhattan new developments report, Mitchell.  It shows your really know your market.

Posted by Jane Peters, Connecting you to the L.A. real estate scene (Power Brokers Int'l) over 2 years ago

Mitchell very informative report on new construction in Manhattan.   There is really a wide range in active properties, I was surprise to see something price below $200,000.

Have a great week.

 

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 2 years ago

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