Posted by:
Is this a fake recovery or a real one? That’s the question.
The second quarter of 2019 was probably an odd one because the new transfer and mansion tax rates kicked in starting July 1st, which means there are now higher closing costs for buyers of luxury properties. It follows that there was a rush to buy this kind of properties before the July 1st deadline.
This first quarter of 2019 was a quarter of contrasts: in January the closing of a massive apartment at 220 Central Park South set a new record for the pricest residential sale in the US…this $238 milion gigantic sale skewed the numbers for the average sales price and average price per square foot..so let’s focus instead on the median sales value which is more representative of the market.
In the first quarter of 2019 the median ...
Continue Reading →Posted by:
After a prolonged period of declines, the Manhattan rental market finally started to pick up in January with the median rent price that increased 5.7% to $3,320 year over year (YoY), even though the volume of new leases fell by 4.9% YoY. This normally means that more renewals of existing leases are happening. The vacancy rate also went down to 1.65% from 1.98% a year ago, another good sign for landlords. And the share of apartments offered with ...
Continue Reading →Posted by:
Here are some insights from the latest Knight-Frank – 2019 Wealth Report – and other luxury market indicators.
Yes, the New York real estate market cooled down in 2018, but the city is still a favorite, amongst the uber rich of the world, for prime property investment.
New York is the world’s leading city for both residential and commercial investment, cementing its position as a global wealth hub. The study, which surveys global trends among ...
Continue Reading →Posted by:
In 2015 after a few boom years buyers had been consistently bidding an average of $685 per square foot for Manhattan land.
Then from 2015 to 2016 the total dollar volume for development site trades in Manhattan below 96th Street plummeted 55 percent to $2.6 billion from $5.8 billion. In 2017, the dollar volume dropped by another 34 percent, according to data provided by commercial brokerage Ariel Property Advisors.
Although land sale prices did recover last year and are now roughly back ...
Continue Reading →