Alexis Christophorous Interviews Jonathan Miller on Manhattan’s Luxury Market & Foreign Buyers
Last week major real estate firms in Manhattan issued their Q1 2016 Manhattan Market Reports. According to the reports, the average Manhattan home now costs $2 million. The reports also reveal some interesting insights into foreign buyer trends and the larger real estate market.
When speaking to clients in the last few months, these questions have come up repeatedly Read more…
Rise in local currency cost to a foreign buyer for $2.5M NY property, from 2014 to 2016 based solely on currency value fluctuation
Much has been written about Chinese and Russians dropping $30+ million on Manhattan luxury condominiums since 2012. As a result, even sellers of condos priced between $1-4 million ask: “Where are the foreign buyers for my home? What will you do to attract them?”
While huge amounts of foreign currency is being spent on US real estate, not every property type is benefiting from it or is appealing to an international buyer. Generally, foreign buyers who Read more…
66 Ninth Avenue, The Porterhouse Condo - Photo: Rich Caplan
In the face Manhattan’s rapidly evolving real estate micro markets, deciding on a listing price for your Chelsea or West Village luxury home requires careful consideration.
Deciding on Listing Price: Considerations for Your Listing Broker
When interviewing a listing broker, nearly every conversation boils down to this question: “What price should I list my property at?”
If your potential broker follows up with a record listing suggestion, dig deeper into the reasoning behind this suggested listing price and the broker’s track record. I recommend asking the following five questions: Read more…
West Chelsea's High Line District and Cary Tamarkin's 456 West 19th Street | Photo: Tony Sargent
Has ultra-luxury development gone too far? Cary Tamarkin’s 10 Sullivan development announced that it is splitting its 8,000 Square foot Soho Penthouse, following CIM Group and Macklowe Properties late 2015 decision to do the same to some larger unsold units at the ultra-luxury 432 Park Avenue. Brokers have begun to quietly wonder if we’ve hit the peak of luxury in price point and market saturation.
Starting in 2013, strong demand for downtown luxury new developments combined with extremely low re-sale inventory caused re-sale values to skyrocket. The price-per-square-foot ceiling rose on all sales as local, domestic and international buyers snapped up properties at a frenetic pace.
Lately though, I’ve been noticing Read more…
891 Park Avenue, 3rd Floor sold for a record price in 2015, however, downtown condos sell for more per Square Foot. Photo: Rich Caplan
In 2015, a confluence of micro-market trends led to one of Manhattan’s most successful – and competitive – real estate years on record. My team and I have been digging through the numbers to better understand how 2015’s trends will impact sales in 2016.
Average Sales Prices Up 12% in 2015, Re-Sale Up 15%, Lofts Up 13%
Overall, average sales prices increased by 12 percent. New developments and re-sale prices increased 8 and 15 percent respectively, according to Jonathan Miller’s quarterly report. Average price-per-square-foot skyrocketed 28 percent over 2014. Median prices rose a strong 15 percent, thanks to multiple new luxury development units closing during Q4 2015 that went to contract during 2013 and 2014.
Co-op sales volume Read more…
Our team enjoyed seeing each and every one of our wonderful clients at our 2015 holiday party as we toasted to our best year yet! Thanks to bespoke staging and an in-depth understanding of micro-market dynamics, our team helped sellers land top dollar for their properties. Cheers to the New Year! We look forward to creating even more success for our clients! – Tony Sargent & The Tony Sargent Team (To view our gallery click on Read More)
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The High Line District has transformed in 1 year | Photo from Sept 28, 2014 by Tony Sargent
As all New Yorkers know, if you’re not moving forward, you’re behind, and real estate is no exception. Summer saw some of the island’s most influential denizens make real estate moves and news in keeping with the city’s exhilarating pace.
Some noted developments:
Alert to all aspiring Upper East Side trophy property holders and investors: there was a drop in the asking price for the “Versailles in Manhattan” and the listing moved over to Compass. Kenneth D. Laub’s spectacular East 64th Street townhome, dubbed “Versailles in Manhattan” for its rococo Louis XIV layout and interiors can now be yours for a cool $25 million. Over on Fifth Avenue Read more…
