New York Real Estate Market Updates David Ratner

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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.
 
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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:
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