News from New York Real Estate

Manhattan Real Estate Market Seems to Stabilize, With Prices Up and Sales Volume Down

After two years of unpredictable sales trends, the Manhattan real estate market seems to have settled into a more typical and seasonal pattern, with prices rising slightly and sales volume dipping in the recent summer months, third-quarter market reports to be released on Friday indicate.

Prices increased for the fifth straight quarter, with the average sales price hovering around $1.43 million and the median price around $910,000, according to data provided by the city’s four largest brokerage firms. But prices are still well below the market’s height a couple of years ago, when the average was higher than $1.7 million and the median was close to $1 million.

“We have hit bottom, and we’re probably improving ahead of schedule,” said Diane M. Ramirez, the president of Halstead Property. “But that just means we’re into a more normal market. We’ve moved out of critical care, and we’re stabilized now.”

After six unusually busy months at the beginning of the year, caused in part by pent-up demand from 2009 and by the federal home-buyer tax credit, the Corcoran Group’s report indicated that sales volume dropped 19 percent from the second quarter to about 3,000 deals. “I think it’s a sign that the wild ride is over and real estate is back to its basics,” said Pamela Liebman, the chief executive of the Corcoran Group.

Sales numbers for Prudential Douglas Elliman showed similar trends, with the average price of its sales up 3.8 percent from the second quarter to $1.48 million and the median price up 1.7 percent to $914,000. But Jonathan J. Miller, the president of the appraisal firm Miller Samuel and the author of Prudential Douglas Elliman’s report, cautioned against reading too much into the increase. “The average is up,” he said, “but prices did not really rise, because it’s all about the mix of apartments that actually sold.”

Mr. Miller’s numbers studios and one-bedroom apartments priced below $1 million dominated the market a year ago, but this year many more people were buying two-bedroom apartments with prices much closer to $1.25 million. “The only reason the average and median prices are up,” he said, “is because the two-bedroom market is returning from being depressed to a more consistent, normal level.”

Dottie Herman, the chief executive of Prudential Douglas Elliman, said that in early 2009, when very little was being sold, nearly 70 percent of her company’s deals were under $1 million. “The market came back from the bottom up,” Ms. Herman said. “Now the bigger units are selling again, and the market is basically flat, but it’s healthy.”

Hall F. Willkie, the president of Brown Harris Stevens, said the high end of the market “was really the hardest hit, and now we’re finally seeing an increase there.”

“With the steady growth we’ve seen,” Mr. Willkie added, “I think we can be optimistic looking ahead.”

The same trend was seen at Corcoran, where brokers have closed more deals over $5 million so far in 2010 than in the first nine months of 2007, at the height of the market, Ms. Liebman said. “After Lehman Brothers collapsed, it wasn’t very chic or acceptable to go out and spend big bucks, but now that seems to be O.K. again,” she said.

But Mr. Miller said that with unemployment still high and with the credit market still tight, “the best-case scenario for the market in general is we continue to move sideways, and we’re more likely going to see a little more erosion in prices before we really rebound.”

Data released by the real estate Web site showed that the level of sales activity had already started to slow. Streeteasy counted 1,832 listings that went into contract in the third quarter, a 37 percent drop from the previous quarter and 30 percent lower than the same time last year.

By Vivian Toy


The best time to buy real estate in NY.

Westchester, NY is a beautiful community, rich in history, excellent schools and 20 – 25 minute train ride into Manhattan. Westchester County unemployment rate remained well below the national average at 7.3% in July, reflecting the health of New York City, where many local residents work. As a vibrant suburb of New York City, Westchester County is a viable place to do business and will be for the foreseeable future .People moving to New York to take high paying jobs and experience the cosmopolitan lifestyle of the few world financial capitals is the key for New York real estate now. The outlook is currently a little shaky. I will through out one new factor, which is that city’s with strong mass transit systems are the most cost effective places to live in a world where energy supply, not money supply will be the gating factor for growth. One this count NYC scores big time and this

Amazing 5 Bedroom homes in Westchester, NY only for 599,000:
Totally renovated turn-of-the-century Victorian, this timeless treasure offers an oversize wrap-around porch, grand entry parlor, living room with fireplace, formal dining room with fireplace, and a gourmet eat-in kitchen and butler’s pantry. Five bedrooms in total, including a master bedroom suite with a sitting room and two fireplaces, and a unique turreted bedroom/artist’s studio. New electrical, roof, boiler, windows, appliances and beautifully restored hardwood floors … classic elegance!

By Lauren Kennedy



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Pubblicato il 17 ottobre 2010, in Stampa Internazionale - International Press con tag , , , . Aggiungi il permalink ai segnalibri. 4 commenti.

  1. Ремонт и отделка офисов, квартир или дач – это самая распространенная на сегодняшний день проблема большинства людей, решившихся, наконец, привести в порядок свое жилище. Мало того, что ремонт – это занятие трудоемкое и напряженное, еще и найти достойную компанию, занимающуюся отделкой квартир или офисов сегодня практически невозможно. Дело в том, что все меньше и меньше в нашей стране остается фирм, делающих свою работу качественно, эффективно и недорого.Однако наша компания является приятным исключением из этого неприятного правила. Мы вот уже долгое время занимается отделкой и ремонтом квартир и в г. Зеленоград и еще ни разу нам не приходило от наших клиентов ни неприятных отзывов, ни каких-либо жалоб. Богатый опыт наших специалистов, а также высокий профессионализм всех без исключения наших работников, поможет сделать хорошо, качественно и – главное – доступно как косметический, так и капитальный ремонт. Современное оборудование, новые технологии планировки и дизайна, а также индивидуальный подход к каждому клиенту и гибкая система скидок сделали нашу компанию самой успешной на сегодня фирмой, оказывающей услуги по ремонту и отделке квартир и офисов в г. Зеленоград. Список услуг: ремонт квартир ремонт квартир в Москве ремонт квартир в Московской области косметический ремонт квартир капитальный ремонт квартир евроремонт кватрир ремонт магазинов ремонт ресторатов ремонт офисных помещений отделка квартир ремонт ресторанов ремонт квартир под ключ строительство коттеджей VIP ремонт квартир отделка квартир в новых домах

    • Traduzione attraverso Google Translate.
      Riparazione e decorazione di uffici, appartamenti o ville – è il più comune fino ad oggi il problema con la maggior parte delle persone che hanno osato, infine, per fissare la vostra casa. Non solo la riparazione – è tempo di occupazione e di stress, e anche trovare una società decente, è impegnato nella rifinitura di appartamenti o uffici oggi è quasi impossibile. Il fatto che sempre meno nel nostro paese rimane le aziende che fanno il loro lavoro di qualità, efficaci e nedorogo.Odnako la nostra azienda è una piacevole eccezione a questa regola sgradevole. Noi qui sono stati a lungo impegnati nella rifinitura e riparazione di appartamenti e in Zelenograd e non è mai venuto a noi dai nostri clienti di osservazioni spiacevoli, né di eventuali reclami. Esperienza ricca dei nostri esperti, così come l’alta professionalità di tutti, senza eccezione, i nostri dipendenti farà bene, qualitativamente e – soprattutto – è disponibile come un cosmetico, e le riparazioni. Moderne attrezzature, nuove tecnologie e design, così come l’approccio individuale per ogni cliente e flessibile sistema di sconti reso la nostra azienda di maggior successo fino ad oggi da parte della società che fornisce servizi per la riparazione e la decorazione di appartamenti e uffici in Zelenograd. Elenco dei servizi: la ristrutturazione di appartamenti ristrutturati appartamenti in ristrutturazione appartamento di Mosca nella zona di Mosca ristrutturazione di appartamenti ristrutturati appartamento da ristrutturare kvatrir officine di riparazione ufficio restoratov riparazione finitura riparazione ristoranti appartamenti costruzione ristrutturazione chiavi in mano di case VIP appartamento da ristrutturare finitura di appartamenti in edifici di nuova costruzione

  2. Una bella soddisfazione che i post di questo blog siano letti anche negli USA.


  3. New York. La città dei sogni. La grande mela dove chiunque ha diritto ad un piccolo pezzo di felicità. In questi 2 articoli il leit motiv è lo stesso. New York torna a brillare, anche nel real estate. La città dove investire, dove vivere, dove lavorare. Il mercato immobiliare sembra tornare a livelli accettabili anche se i prezzi sono scesi di oltre il 10%. Insomma New York torna ad essere la regina delle mete del real estate internazionale.

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