Luxe Trending - Stribling
Luxe Trending
October 2015
116 EAST 66TH STREET, 10F - $1,950,000
Manhattan Report
An extended summer, due to the late Labor Day (Sept. 7th), the Pope’s visit, the Jewish Holidays and the UN General Assembly caused a slow start for the highly anticipated Fall season. The Manhattan Market is neighborhood and size sensitive. Desirability and price reflect that. The under $3M market for 3 bedrooms is very active and demand for mint move–in condition is robust. Within this market coops sold for an average of 37% below resale condos and 55% below new developments. A value buy for a primary residence is in the coop sector with lower average monthlies. They do require more in down payment and tend to have fewer amenities. They as well might need some updating. Despite the rumble in the stock market the absorption rate (months of supply) is 4.9%, making it still a sellers’ market. Compare this to the worst of the financial crisis where absorption was 22%. Current available inventory is 6,366 units split between 50/50 coops to condo. At the height of the global financial crisis inventory availability reached in excess of 14,000 units.
The median price for an apartment in Manhattan has now reached $1.04M just over the million mark. The Upper West Side and Downtown obtained the highest price. The median for the West Side reached $1.2M and $1.4M for Downtown. The supply of luxury product is increasing as there is new development hitting the market, yet sales levels are healthy. Foreign buyers continue to command the market. Chinese are still buying despite the currency devaluation, Canadians, and Latin Americas as well want in. Inventory in this sector are still down. Suburban markets have improved and empty nesters are moving again to the city. For the first time residential real estate is now considered an asset class and interest rates remain low. Many Americans are diversifying their portfolio to include Manhattan real estate. The 1,129 sq. ft. apartment (a one or small 2 bedroom) is now $1,381 per sq. with an average price of $1,510M. It is down from previous report as number of signed contracts are down. Possibly due to the slow start of the fall season. (continued next page)
NEW DEVELOPMENT
221 West 77 is an elegant boutique residence located on a quiet, tree-lined section of West 77th Street. The building has a bit of a downtown feel with a nod to its Upper West Side neighborhood in its exterior and an interior composed of fresh, handcrafted finishes. With twenty-six residences on 18 floors, the layouts were designed with exquisite attention to both classic proportions and modern living. Every detail has been thought of from a private elevator entrance for each residence to multi-zoned heating and air conditioning systems. Floor to ceiling casement-type windows and Juliet balconies are beautiful from the outside and from inside give the residences a bright, airy feeling and lovely framed views. A series of stepped terraces cascade down the top floors of the building, creating wonderful outdoor spaces. With amenities including a basketball court, a fitness center, a paneled library with pool table and an exquisite roof deck with gas fire pit, there are so many places for fun and relaxation.
Luxe Trending
October 2015
10 EAST 70TH STREET, 4B - $2,150,000
Manhattan Report (continued) The $2M to $4M apartment measuring at 1,607 sq. footage is now pricing at $1,796 per sq. ft. is slightly up from the previous quarter.
Apartments of $4M to $5M with an average size of 2,246 sq. ft. are pricing at $2,015 per sq. ft. and are up from previous months. Properties over $5M now are at $2,666 per sq. ft. with an average size of 3,427 sq. ft. They are pricing out at $9,136,382 which is slightly up. The top of the market $15M+ is viewed as becoming top heavy as additional new Super Luxe new developments come available adding to what is being widely viewed as a top-heavy market. Townhouse @ 22’+ are now on average at $2,269 per sq. ft. which is slightly down from previous months. 73 Days is the Median time on the market for properly target priced units that are given maximum exposure. 91 Days in the $10M+ category is the average time on the market for sale.
Serious buyers are still looking every day for new inventory and try to get in quickly to view the property. The Condo inventory accounted for 48% of total inventory. It now outpaced the coop share of inventory.
NEW DEVELOPMENT
Looking ahead I expect prices to continue to increase and inventory to remain in short supply. Marketing will take longer to sell at the high end. Target pricing is optimal basing it on good data as buyers are well informed. Digital presence is extremely important as 90% of searches happen on line. CB Whyte is an expert in the Manhattan marketplace having spent 30 plus years selling and marketing high end properties. She regularly ranks in the 2% in her firm and has received the deal of the year award in 2003 and 2005 from REBNY. She has appeared in the Wall Street Journal, the New York Times, The Mann Report, The Real Deal and Avenue magazine.
The Shephard, located at 275 West 10th Street has been thoughtfully redesigned, reengineered, and totally renovated to become one of the finest and most special residential buildings in Manhattan. Located on a quiet, tree-lined street in the very best part of the West Village, The Shephard floorplans are both generous and graceful. The interior design by Gachot is elegant and rich, using only the finest and most beautiful materials to accentuate the building’s distinguished character. A new lobby and lovely garden have been created by incorporating a neighboring and historic carriage house into the building’s plan. Comprised of 38 apartments including three Penthouses, The Shephard has beautiful views from over-sized windows, many of which are arched. Every detail has been thought through and all systems and mechanicals are new and of the highest caliber. With amenities including a basketball court, a gym, a golf simulator, a paneled library that opens to the building’s landscaped garden, steam rooms and an arcade and ping pong club room.
C.B. Whyte Member, President’s Circle | New York Residential Specialist (NYRS) | Certified Negotiation Expert (CNE) Licensed Associate Real Estate Broker | O 212 452 4446 | M 212 729 0997 | [email protected] ALL INFORMATION IS FROM SOURCES BELIEVED TO BE RELIABLE AND IS SUBJECT TO CHANGE WITHOUT NOTICE. STRIBLING HAS NOT VERIFIED AND MAKES NO REPRESENTATIONS AS TO (I) THE ACCURACY OF ANY DESCRIPTION, (II) THE DIMENSIONS OF AND/OR THE ACTUAL SQUARE FOOTAGE OF THE PREMISES, OR (III) WHETHER THE USE OF ANY ROOM OR AREA FOR THE PURPOSE SHOWN COMPLIES WITH APPLICABLE LAW. ALL RIGHTS TO CONTENT, PHOTOGRAPHS AND GRAPHICS ARE RESERVED. CONSULT WITH COUNSEL REGARDING CLOSING COSTS. NOTHING HEREIN SHALL CONSTITUTE AN OFFER OR SOLICITATION WITH RESPECT TO THE PURCHASE OR SALE OF ANY PROPERTY IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT WOULD BE UNLAWFUL TO MAKE AN OFFER OR SOLICITATION.
October 2015
116 EAST 66TH STREET, 10F - $1,950,000
Manhattan Report
An extended summer, due to the late Labor Day (Sept. 7th), the Pope’s visit, the Jewish Holidays and the UN General Assembly caused a slow start for the highly anticipated Fall season. The Manhattan Market is neighborhood and size sensitive. Desirability and price reflect that. The under $3M market for 3 bedrooms is very active and demand for mint move–in condition is robust. Within this market coops sold for an average of 37% below resale condos and 55% below new developments. A value buy for a primary residence is in the coop sector with lower average monthlies. They do require more in down payment and tend to have fewer amenities. They as well might need some updating. Despite the rumble in the stock market the absorption rate (months of supply) is 4.9%, making it still a sellers’ market. Compare this to the worst of the financial crisis where absorption was 22%. Current available inventory is 6,366 units split between 50/50 coops to condo. At the height of the global financial crisis inventory availability reached in excess of 14,000 units.
The median price for an apartment in Manhattan has now reached $1.04M just over the million mark. The Upper West Side and Downtown obtained the highest price. The median for the West Side reached $1.2M and $1.4M for Downtown. The supply of luxury product is increasing as there is new development hitting the market, yet sales levels are healthy. Foreign buyers continue to command the market. Chinese are still buying despite the currency devaluation, Canadians, and Latin Americas as well want in. Inventory in this sector are still down. Suburban markets have improved and empty nesters are moving again to the city. For the first time residential real estate is now considered an asset class and interest rates remain low. Many Americans are diversifying their portfolio to include Manhattan real estate. The 1,129 sq. ft. apartment (a one or small 2 bedroom) is now $1,381 per sq. with an average price of $1,510M. It is down from previous report as number of signed contracts are down. Possibly due to the slow start of the fall season. (continued next page)
NEW DEVELOPMENT
221 West 77 is an elegant boutique residence located on a quiet, tree-lined section of West 77th Street. The building has a bit of a downtown feel with a nod to its Upper West Side neighborhood in its exterior and an interior composed of fresh, handcrafted finishes. With twenty-six residences on 18 floors, the layouts were designed with exquisite attention to both classic proportions and modern living. Every detail has been thought of from a private elevator entrance for each residence to multi-zoned heating and air conditioning systems. Floor to ceiling casement-type windows and Juliet balconies are beautiful from the outside and from inside give the residences a bright, airy feeling and lovely framed views. A series of stepped terraces cascade down the top floors of the building, creating wonderful outdoor spaces. With amenities including a basketball court, a fitness center, a paneled library with pool table and an exquisite roof deck with gas fire pit, there are so many places for fun and relaxation.
Luxe Trending
October 2015
10 EAST 70TH STREET, 4B - $2,150,000
Manhattan Report (continued) The $2M to $4M apartment measuring at 1,607 sq. footage is now pricing at $1,796 per sq. ft. is slightly up from the previous quarter.
Apartments of $4M to $5M with an average size of 2,246 sq. ft. are pricing at $2,015 per sq. ft. and are up from previous months. Properties over $5M now are at $2,666 per sq. ft. with an average size of 3,427 sq. ft. They are pricing out at $9,136,382 which is slightly up. The top of the market $15M+ is viewed as becoming top heavy as additional new Super Luxe new developments come available adding to what is being widely viewed as a top-heavy market. Townhouse @ 22’+ are now on average at $2,269 per sq. ft. which is slightly down from previous months. 73 Days is the Median time on the market for properly target priced units that are given maximum exposure. 91 Days in the $10M+ category is the average time on the market for sale.
Serious buyers are still looking every day for new inventory and try to get in quickly to view the property. The Condo inventory accounted for 48% of total inventory. It now outpaced the coop share of inventory.
NEW DEVELOPMENT
Looking ahead I expect prices to continue to increase and inventory to remain in short supply. Marketing will take longer to sell at the high end. Target pricing is optimal basing it on good data as buyers are well informed. Digital presence is extremely important as 90% of searches happen on line. CB Whyte is an expert in the Manhattan marketplace having spent 30 plus years selling and marketing high end properties. She regularly ranks in the 2% in her firm and has received the deal of the year award in 2003 and 2005 from REBNY. She has appeared in the Wall Street Journal, the New York Times, The Mann Report, The Real Deal and Avenue magazine.
The Shephard, located at 275 West 10th Street has been thoughtfully redesigned, reengineered, and totally renovated to become one of the finest and most special residential buildings in Manhattan. Located on a quiet, tree-lined street in the very best part of the West Village, The Shephard floorplans are both generous and graceful. The interior design by Gachot is elegant and rich, using only the finest and most beautiful materials to accentuate the building’s distinguished character. A new lobby and lovely garden have been created by incorporating a neighboring and historic carriage house into the building’s plan. Comprised of 38 apartments including three Penthouses, The Shephard has beautiful views from over-sized windows, many of which are arched. Every detail has been thought through and all systems and mechanicals are new and of the highest caliber. With amenities including a basketball court, a gym, a golf simulator, a paneled library that opens to the building’s landscaped garden, steam rooms and an arcade and ping pong club room.
C.B. Whyte Member, President’s Circle | New York Residential Specialist (NYRS) | Certified Negotiation Expert (CNE) Licensed Associate Real Estate Broker | O 212 452 4446 | M 212 729 0997 | [email protected] ALL INFORMATION IS FROM SOURCES BELIEVED TO BE RELIABLE AND IS SUBJECT TO CHANGE WITHOUT NOTICE. STRIBLING HAS NOT VERIFIED AND MAKES NO REPRESENTATIONS AS TO (I) THE ACCURACY OF ANY DESCRIPTION, (II) THE DIMENSIONS OF AND/OR THE ACTUAL SQUARE FOOTAGE OF THE PREMISES, OR (III) WHETHER THE USE OF ANY ROOM OR AREA FOR THE PURPOSE SHOWN COMPLIES WITH APPLICABLE LAW. ALL RIGHTS TO CONTENT, PHOTOGRAPHS AND GRAPHICS ARE RESERVED. CONSULT WITH COUNSEL REGARDING CLOSING COSTS. NOTHING HEREIN SHALL CONSTITUTE AN OFFER OR SOLICITATION WITH RESPECT TO THE PURCHASE OR SALE OF ANY PROPERTY IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT WOULD BE UNLAWFUL TO MAKE AN OFFER OR SOLICITATION.
