Category: Market Update

In the last weeks both Jonathan Miller (on Curbed) and Urban Digs reported and provided data to support what buyers and sellers alike are finding in the Manhattan luxury condo and luxury loft market; inventory is at seven-year lows and competition among buyers for new apartments that hit the market is super high. Multiple bids are back, especially in the $2-5 Million price point, and buyers in areas like Tribeca, Greenwich Village, the West Village and on the Upper West Side are feeling the heat. While the entry level market is very competitive downtown, pricing still needs to be on-target otherwise buyers are moving onto the next best property.

Check out these graphs created by Jonathan of Miller Samuel and Noah of Urban Digs. They say a picture is worth a thousand words. These graphs take things from ‘broker-speak’ to reality.

Leave a Comment »

In this recently posted photo gallery by Forbes (click link) ranked the top 11 cities that the super rich (HNWI) are choosing to buy in. London ranked #1 with New York luxury real estate coming in at #2.

With a growing personal network of global brokers that I have met and know, it’s becoming evident to me how Read more…

Leave a Comment »

New York Luxury real estate sales have been extremely strong in 2012. With apartments at 15 Central Park West, One57 and the Ritz selling or going to contract for over 70 million dollars, some owners in Manhattan are starting to contemplate whether now is the time to sell their luxury coop or condo. Many of people I know who are not buying trophy properties in New York ask me, where is all this money coming from? Is it temporary? From research I’ve done, with the expansion of global economies and the increase the number of super-wealthy individuals in places like Read more…

Leave a Comment »

As I traveled to the West Coast in August and October to speak on several real estate and mortgage broker panels, the energy in the rooms was decidedly up-beat compared to only two years ago. Like in Manhattan, real estate brokers nationwide were speaking about the shortage of housing inventory and the reduction in their Short Sale and Foreclosure business. With both investors and first time home buyers taking advantage of low mortgage rates, little new construction in the last five years has lead to there not being enough desirable properties in prime markets. This video from CNBC shares more on this subject.

Leave a Comment »

We are excited to announce the publication and release of the premier issue of The Sargent Report: Tribeca. It has been designed to provide Tribeca loft owners and you with a time-efficient but in-depth review of the Tribeca luxury real estate market. Including a summary of sales and market activity, details of future new developments and the most recent top condo sales, we hope you will find it informational and of value. Manhattan luxury real estate is moving at a very different pace than the entry-level, and it is our vision to provide residents and buyers of Tribeca high-end condominiums with the best possible advice, analysis, predictions and insight to make confident real estate decisions.

Leave a Comment »

1. 

   Click on the image for enlarged view

   New Developments: Not enough.  Since 2008 there has been very little new development of new buildings. The conversions happening right now are not enough to sustain the increased demand

2. Rents: More people want them so rents are up. Mortgage rates are now down to all time lows so buying even at the entry-level is once again attractive.
3. Banks: While still tougher than 2007, banks have been lending again to qualified buyers even in the mid to high end, so the buyer pool has grown again.
4. Investment Strategy: Due to political and currency risk in a multitude of countries, the world’s elite see Manhattan real estate as relatively safe financially and free from sudden political shifts at home which could dramatically impact personal wealth.
5. Livability: Despite all the TV shows that show the streets of New York as unsafe, living in Manhattan is relatively safe, culturally rich and dynamic.  For many already here, the prospect of a suburban move is not attractive, causing them to buy out neighbors and putting pressure on 3-4 bedroom units, of which inventory is especially limited.  Come to think of it, perhaps all those TV shows shot in New York are attracting more people here, whether they are right out of school, or older.  Manhattan real estate is in high demand.

Leave a Comment »

Tony Sargent recently released the summer edition of the acclaimed Manhattan Luxury Real Estate newsletter “The Sargent Report“.

The current issue features the quarterly snapshot “How’s the Market“. Other articles include: “Manhattan Luxury Market Update“, “Focus on Tribeca“, “Tips to Win Multiple Bids”, and more.

Started in 2006, to create the summer report he compiled and analyzed reports and data from multiple sources including London-based Knight Frank’s Wealth Report, StreetEasy, The Real Deal, Jonathan Miller’s Matrix blog as well and other reliable sources.

Providing his unique perspective, Tony’s intent continues to be to provide real estate clients and professionals both domestically and globally with insight into the Manhattan real estate market and beyond.

Originally shared with globally-minded domestic and international Read more…

Leave a Comment »