Category: Manhattan Real Estate

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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Flying Private for Less: 3 Luxury Services are the Uber of Private Jets & Helicopters

Flying Private for Less: 3 Luxury Services are the Uber of Private Jets & Helicopters Travel private to your next destination | Photo: iStock.com / Mechanik

Whether your travel getaway plans are to jet off to Anguilla or Aspen, the way you travel should be as distinguished as your final destination. Thanks to an array of new services, discerning travelers are making the leap from commercial first class to flying private without investing in their own Gulfstream. We’ve rounded up a few favorites so you travel in style and arrive well-rested wherever you’re headed next.

NetJets: As the original fractional ownership and jet rental company, NetJets’ longevity is well earned. The company offers Read more…

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Monday Market: Co-op Sales Hit New Low Due to Scarce Inventory

Monday Market: Co-op Sales Hit New Low Due to Scarce Inventory 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…

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Early Fall-Out From Treasury Department’s New Real Estate Disclosure Rules?

Early Fall-Out From Treasury Department’s New Real Estate Disclosure Rules? New York Times report on LLC purchases spurs new rules on owner transparency - Photo: Tony Sargent NYC (C) 2016

Thanks to today’s globalized economy, few blink an eye when real estate investors snap up properties around the globe. Most of the time, buying a pied-a-terre here and a villa there is simply a particularly fabulous form of collecting or a portfolio management decision.

In 2014, the New York Times ran an investigative report on some Read more…

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

Posted on April 4, 2016

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