Category: Seller Tips

Monday Market Video: Average Manhattan Home Now Costs $2M

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…

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Manhattan Market: What Does a $2.5M Condo Really Cost Foreign Buyers Today?

Manhattan Market: What Does a $2.5M Condo Really Cost Foreign Buyers Today? 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…

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5 Questions to Ask Your Listing Broker: Why High Listing Prices Can Be Deceptive

5 Questions to Ask Your Listing Broker: Why High Listing Prices Can Be Deceptive 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…

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Monday Market | For Sellers: Are Prices Dropping Downtown?

Monday Market | For Sellers: Are Prices Dropping Downtown? 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…

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Luxury Real Estate Report: The Sargent Report – Spring 2015

Luxury Real Estate Report: The Sargent Report – Spring 2015

Tony Sargent has released an e-version of his Luxury Real Estate newsletter The Sargent Report – Spring 2015. The current issue features 2015 New York market predictions and other articles: Luxury New Development Update, International Snapshot, Digital 3.0 – Tech & Real Estate, and more.

As the world’s local agent, Tony Sargent provides his unique perspective and insight on Manhattan’s luxury market, as well as globally connected world-cities. A local expert, Tony has developed a private global network of top brokers with whom he shares clients and market knowledge to his clients’ benefit. Tony is tapped to speak at Industry events such as Inman Connect and RE/MAX’s European Annual Convention as well as many others and was recently invited to be a regular author/contributor to the highly acclaimed real estate industry news-site, Inman News recently.

To read the full four-page issue of The Sargent Report as a PDF, click here or on the Report in the right column. For a mobile-friendly Flip-book version, click here.

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Fox Business Asks Jonathan Miller, Are There Too Many Luxury Apartments in Manhattan?

Last month, Fox Business’ Deirdre Bolton interviewed Manhattan’s #1 go to person for clear and unfiltered real estate data, Jonathan Miller, President and CEO of Miller Samuel, Inc. a top appraisal and consulting firm. The questions on everyone’s lips today: Are developers building too many luxury homes and super-luxury condominiums in New York? Is there enough demand to meet the supply, and why have we not seen any significant new construction that serves the $3,000,000 or under market in Manhattan for years?

Jonathan does a fantastic job of answering these questions in this video. For a high net worth client considering a new development I recently completed a study of same unit re-sales in some of Manhattan’s top buildings built since 2006. Which buildings saw huge equity growth and which saw little, surprised me. I will share more on that in a future post.

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6 Reasons Manhattan Real Estate Prices Aren’t Going Down Any Time Soon

6 Reasons Manhattan Real Estate Prices Aren’t Going Down Any Time Soon Sailing in New York Harbor | Photo by Tony Sargent (C) 2013

While 2013 has seen Manhattan luxury real estate flying off the market the larger story is that every great 1 to 3-bedroom apartment has 3+ buyers desiring to buy it. Here are 6 reasons why this trend is sustainable:

  1. Manhattan apartment stock is approximately 70% rental. With only 30% of apartments for sale there is already a built in potential for inventory shortage as society becomes increasingly affluent and established. Also while only 25% of apartments are condominiums/new developments, they accounted for approximately 50+% of all sales in the boom years, foreshadowing today’s re-sale inventory shortage.  Additionally, co-op owners stay in their units longer than condo owners putting enormous pressure on existing re-sale inventory.
  2. New development construction dried up for five years starting in 2008.  Today most new developments are aimed at the high-end market and priced at $2,000+ per square foot leaving overall mid-level re-sale inventory at 12-15 year lows.
  3. As newly minted Social Media and Internet entrepreneurs join the growing ranks of the global “1%” and baby boomers buying in New York, while Wall Street performance continues to be a barometer of the strength of Manhattan’s market, in 2013 the market has become less dependent on Wall Street’s middle level employee bonuses to remain strong.
  4. Lifestyle & Safety = people-friendly, family-friendly and senior-friendly. The safety of Manhattan and New York (look at Brooklyn) has grown exponentially with computer-modeled policing and development of areas once seen as off-limits.  Long-time residents mingle with baby-strollers as families decide to remain in New York. The great cultural lifestyle offered in Manhattan is drawing back wealthy baby-boomers to Manhattan from the suburbs while keeping those who would have left 20 years ago, in the city longer.
  5. High Rents and low mortgage rates continue to drive buyers of all price points back to the sales market.
  6. TV, Innovation & Tech: Entertainment filmed in New York adds to the city’s appeal to people, globally.

A beacon for leading creative or financial professionals, as well as global entrepreneurs desiring to make a splash, all arrows are pointing up again in New York.

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Monday Market Video: Average Manhattan Home Now Costs $2M

Posted on April 4, 2016

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