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…
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.
Snow over Downtown Manhattan | Photo by Tony Sargent (C) 2013
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.
Downtown Manhattan at dusk with World Trade Center - Photo by Rich Caplan (C) 2012
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…
In this video clip, Diana Olick of CNBC and Jonathan Miller discuss the rise in the Manhattan Luxury Real Estate Market, as defined by the top 10% of sales (above $4M most recently). Median prices were up 15% year over year.
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Some of the commentary, however was not completely on the mark: Read more…
William and Arthur Zeckendorf stand over Central Park West model Photo: Haute Living
As previously posted, William Zeckendorf signed a contract to sell his luxury New York apartment at 15 Central Park West in the late Fall. 15 CPW is the super-luxury building that he and his brother developed and has become “THE” building by which others are measured appealing to both celebrities and business leaders. November’s broker buzz was that Zeckendorf may have broken the elusive $10,000 per square foot mark for a Manhattan Apartment. He did manage to get the cake but not the icing. Read more…
Manhattan Market Overview Graph for 2nd Quarter 2010 from Miller Samuel
The 2nd Quarter of 2010 proved to be a solid one for Manhattan Real Estate. During the Q2 2010 the average price of property increased in the overall market with a huge 80% jump in sales volume over the same period in 2009. As a result, inventory numbers declined. While financing was still challenging to obtain, more options exist today than in 2009, providing impetus to sales above the $2 Million threshhold. Read more…
