the corcoran report · 2017. 3. 21. · 1. st. quarter 2011. the . corcoran report. 4 sales...

A comprehensive analysis of the residential real estate market in Manhattan.

the corcoran report1st QUARTER 2011

www.corcoran.com/thecorcoranreport



1st QUARTER 2011

the corcoran reportWelcome to the Corcoran Report, our quarterly examination of Manhattan’s residential real estate market.

This report uses market-wide data based on transactions that closed in the First Quarter 2011 (January 1

through March 31) and compares it to closings that took place last quarter and during the same quarter

one year ago. Closings typically occur eight to twelve weeks after a contract is signed; for that reason, the

sales activity charted here trails actual market conditions.

The Manhattan market had a solid performance during First Quarter 2011. The number of sales was

improved both versus last year (up 6%) and last quarter (up 7%). Prices continued their steady course.

Market-wide for all apartments the average price was up 2%, median price was down 2% and average

price per square foot was down 1% versus First Quarter 2010, all negligible changes. Listed inventory is

virtually unchanged from First Quarter 2010 at approximately 9,000 units available for sale.

However, nuances in supply and demand are having different effects between various neighborhoods,

product types and market segments. For example, resale condominium median price is up 11% versus a

year ago and average price per square foot is up 5%. But new development median price is down 5%

and average price per square foot is down 6%. Why the difference? The supply of new developments is

decreasing, as the lack of construction financing for developers means there are very few new properties

coming online now. This is particularly true at the high-end of the market, where most luxury new

developments are completely or nearly sold out. As a result, the new development sales that do occur are

in lower-priced properties, bringing the average down. Demand for condominiums is therefore shifting to

the resale market, driving prices there higher.

We hope you find the following information helpful. But remember that in today’s transitioning market,

statistics only can tell so much. Dynamics can shift from block to block and from one price to another. Your

Corcoran agent can help you navigate this terrain; be sure to consult with them to get the most informed

view you can.

For the most comprehensive analysis of the Manhattan, Brooklyn, East End and South Florida residential

markets, visit the Reports page of our website at www.corcoran.com/thecorcoranreport.

The following members of the The Corcoran Group made significant contributions to this report:

Bill Begert I William Goldstein I Douglas LaMere I Ryan Schleis I Kirsten Spanjer

The following members of the PropertyShark team made significant contributions to this report:

Ioana Falcusan I Paula Flonta I Tudor Manole I Calin Onet I Mihai Palermo

Sincerely,

Pamela Liebman Chief Executive Officer



1st QUARTER 2011

the corcoran report

DowntownDowntown resale condos increased 10% in median price and 11% in average price per square foot versus First Quarter 2010. Page 13

West SideWest Side new development sales increased 32% in median price and 6% in average price per square foot compared to First Quarter 2010. Page 11

Midtown WestMidtown West resale condos increased 31% in median price from First Quarter 2010 and 24% in median price from Fourth Quarter 2010. Page 12

Market TrendsSales were up 6% from a year ago and 7% from last quarter. Pricing is stable from First Quarter 2010 but is down slightly from Fourth Quarter 2010. Page 4

New DevelopmentsIn featured commentary from Corcoran Sunshine Marketing

Group, we examine the activity in Manhattan’s most talked about

niche market. Page 8

UptownNew development sales in

Upper Manhattan held firm in pricing from both last

quarter and one year ago. Page 14

East SideEast Side new

development median price increased 13%

while average price per square foot rose 2%

versus Fourth Quarter 2010. Page 9

Midtown EastMidtown East resale

co-ops decreased 5% in median price and 1%

in average price per square foot from Fourth

Quarter 2010. Page 10

Interactive map online at

propertyshark.com/maps

PropertyShark.com’s map of Manhattan plots sales in the First Quarter according to their numbers and their prices per square foot.

Number of unit sales per building:

Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units

Average unit sales per square foot (SF):

Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available

View all our current market reports for the most comprehensive analysis of Manhattan,

Brooklyn, Hamptons and South Florida atwww.corcoran.com/thecorcoranreport

The Manhattan Sales Report is based on data collected by The Corcoran Group from internal and external resources including the public records of the City of New York. All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Through information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity. Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.



1st QUARTER 2011

the corcoran report 4

Sales activity continues to exhibit stability and was higher from both a year and a quarter ago. There were approximately 3,250 closed sales during First Quarter 2011, 6% higher than First Quarter 2010 and 7% higher than Fourth Quarter 2010. This number is 6% lower than the trailing five-year average. Since the market stabilized in Third Quarter 2009, each quarter has seen sales volume over the 3,000 mark and has averaged around 3,275.

Manhattan Market Trends - Market-Wide

2,000

2,500

3,000

3,500

0

500

1,000

1,500

4,000

4,500

5,000

5,500

Q1 ‘08 Q3 ‘08 Q4 ‘08 Q1 ‘09 Q2 ‘09 Q3 ‘09 Q4 ‘09 Q1 ‘10 Q2 ‘10 Q3 ‘10 Q4 ‘10 Q1 ‘11Q1 ‘06 Q2 ‘06 Q3 ‘06 Q4 ‘06 Q1 ‘07 Q2 ‘07 Q3 ‘07 Q4 ‘07 Q2 ‘08

237522502125

337532503125

287527502625

387537503625

487547504625

587557505625

437542504125

537552505125

AVERAGE

Five Year Trend of Sales Activity (Number of Sales)

Market-Wide - All Apartments

Market-Wide - Resale

All

Sal

es

AverageSale Price

Median Price

Avg Priceper sf Studio 1 BR 2 BR 3+ BR

Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.393M

-4%

1.449M

800K

-5%

843K

1,028

-3%

1,059

375K

-7%

405K

631K

-1%

636K

1.208M

-3%

1.240M

2.750M

-3%

2.825M

1.393M

+2%

1.365M

800K

-2%

820K

1,028

-1%

1,038

375K

-5%

395K

631K

-1%

640K

1.208M

-1%

1.220M

2.750M

0%

2.758M

All

Res

ales

AverageSale Price

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.320M

-4%

1.375M

750K

-5%

790K

999

-3%

1,028

363K

-7%

390K

610K

-1%

618K

1.150M

-6%

1.225M

2.598M

+2%

2.535M

1.320M

+6%

1.241M

750K

-1%

760K

999

+1%

986

363K

-5%

380K

610K

-2%

620K

1.150M

-2%

1.175M

2.598M

+8%

2.400M

Price metrics were relatively even with a year ago but were slightly lower compared to Fourth Quarter 2010. Versus First Quarter 2010, median price declined 2% while average price per square foot decreased just 1%. Studios declined 5% in median price from a year ago but all other bedroom categories remained relatively even. Compared to Fourth Quarter 2010, median price decreased 5% while average price per square foot decreased 3%. Studios decreased 7% in median price from last quarter while other bedroom categories decreased in median price between 1% and 3%.


1st QUARTER 2011


Market-Wide Resale

Co

-op

s

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

637K

-2%

650K

828

-2%

843

324K

-9%

355K

550K

+1%

544K

995K

-5%

1.051M

2.000M

-11%

2.250M

637K

-4%

667K

828

-3%

851

324K

-9%

355K

550K

-2%

560K

995K

0%

995K

2.000M

-14%

2.315M

Co

nd

os

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.100M

+5%

1.050M

1,214

-1%

1,222

499K

+6%

470K

745K

-4%

775K

1.419M

-8%

1.549M

3.128M

-1%

3.000M

1.100M

+11%

995K

1,214

+5%

1,152

499K

+4%

479K

745K

+1%

738K

1.419M

+6%

1.335M

3.128M

+25%

2.500M

Manhattan Market Trends - Co-ops and CondosCompared to First Quarter 2010, co-op median price decreased 5% while average price per square foot decreased 3%. From peak-to-trough (1Q08 to 3Q09), co-op average price per square foot declined 19%. Since reaching its trough, average price per square foot has trended between $800 and $855. Condo median price, at $1.1 million, was 1% higher than Fourth Quarter 2010 and 2% higher from a year ago. Average condo price per square foot, at $1,189, was 1% lower than last quarter but increased 1% from a year ago. Peak-to-trough (4Q08 to 2Q09), condo average price per square foot decreased 17% and since Third Quarter 2009, condo average price per square foot has traded in a tight band between $1,160 and $1,210.

Market-Wide Condo Historical Sales Prices (Four Years)

$700,000

$900,000

$1,100,000

$1,300,000

$1,500,000

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11$1,000

$1,100

$1,200

$1,300

$1,400Median Sale Price Average PPSF

Market-Wide Co-op Historical Sales Prices (Four Years)

$550,000

$600,000

$650,000

$700,000

$750,000

$800,000

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11$600

$700

$800

$900

$1,000

$1,100

Median Sale Price Average PPSF


1st QUARTER 2011


Manhattan Absorption vs. New & Total ListingsAt the end of First Quarter 2011, there were 8,974 market-wide listed units, an increase of 8% from Fourth Quarter 2010 and 1% lower than First Quarter 2010. From its peak in First Quarter 2009, when there were over 12,330 units listed on the market, inventory has declined 27%. Listed available inventory typically increases at the beginning of every year and almost 5,560 new listings were brought to market during First Quarter 2011, a 21% increase versus Fourth Quarter 2010 but 7% lower than First Quarter 2010. The number of absorbed units increased 2% from last quarter but declined 3% from a year ago.

The Downtown market increased its market share to 36%. The East Side declined from 25% to 21% compared to a year ago while Midtown East increased from 10% to 12%. The West Side, Midtown West, and Uptown markets remained relatively even.

One-bedrooms increased to 39% in market share compared to a year ago while two-bedrooms decreased from 34% to 31%. Studios increased slightly in market share while three-plus bedrooms decreased slightly from First Quarter 2010.

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Num

ber o

f Lis

tings

Total Listings 9,613 9,729 9,990 10,264 8,521 8,212 8,444 8,496 9,572 9,968 10,761 11,231 12,336 11,216 9,718 7,942 9,068 9,406 9,243 8,319 8,974

New Listings 6,666 6,523 5,613 4,948 6,616 6,886 5,224 5,563 6,648 6,135 5,769 5,172 7,229 5,821 4,904 4,369 6,005 6,156 5,501 4,603 5,558

Absorbed Listings 4,545 4,890 3,449 3,449 6,513 6,193 4,023 4,214 4,052 3,820 2,548 1,588 1,929 3,263 3,489 3,450 3,096 3,991 2,724 2,942 2,993

Percent New Listing 26% 21% 22% 11% 25% 24% 24% 65% 69% 62% 54% 46% 59% 52% 50% 55% 66% 65% 60% 55% 62%

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Neighborhood Sales Comparison

Q1 2010 Q1 2011 Q1 2010 Q1 2011

Bedroom Type Sales Comparison



21%

34%

5%5%

10%

25%

19%11%

37%34%


36%

20%

21%

12%

6% 5%

Downtown West Side East Side Midtown East Midtown West Uptown


12%

39%31%

18%

Studio One Bedroom Two Bedroom Three+ Bedroom


36%

20%

21%

12%

6% 5%



12%

39%31%

18%



36%

20%

21%

12%

6% 5%



12%

39%31%

18%




21%

34%

5%5%

10%

25%

19%11%

37%34%


36%

20%

21%

12%

6% 5%



12%

39%31%

18%



1st QUARTER 2011


Luxury MarketManhattan’s luxury market is defined as the highest priced 10% of all co-op and condo sales. Compared to a year ago, luxury median price decreased 2% to $4.2 million while average price per square foot increased 1%, to $1,923. Median price remained unchanged from last quarter but average price per square foot decreased 6%. Luxury co-op prices increased significantly from First Quarter 2010, up 16% in median price and 18% in average price per square foot. This increase is due to the number of sales over $10 million more than doubling. The highest co-op sale this quarter was $36 million while in First Quarter 2010 it was $20.5 million. Luxury condos increased 12% in median price but remained unchanged in average price per square foot versus a year ago.

All

Sal

es

5.588M

-7%

6.002M

4.200M

0%

4.200M

1,923

-6%

2,056

5.588M

+6%

5.288M

4.200M

-2%

4.300M

1,923

+1%

1,898

AverageSale Price

MedianPrice

Avg Priceper sf

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

New

Dev

elop

men

ts

5.590M

-11%

6.310M

5.040M

-4%

5.259M

1,925

-5%

2,028

5.590M

-17%

6.739M

5.040M

-17%

6.048M

1,925

-9%

2,124

AverageSale Price

MedianPrice

Avg Priceper sf

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

Res

ale

Co

-op

s 6.012M

+10%

5.452M

4.075M

+2%

4.000M

1,769

+6%

1,669

6.012M

+38%

4.359M

4.075M

+16%

3.500M

1,769

+18%

1,501

AverageSale Price

MedianPrice

Avg Priceper sf

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

Res

ale

Co

nd

os

4.971M

-18%

6.052M

3.923M

-1%

3.950M

1,967

-11%

2,216

4.971M

-6%

5.264M

3.923M

+12%

3.500M

1,967

0%

1,961

AverageSale Price

MedianPrice

Avg Priceper sf

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

Sales by Price Category

There were very few changes in market share by price category over both last quarter and last year. 37% of market wide sales were between $500,000 and $1 million. Sales under $500,000 comprised 24% of the market, a small increase over both time periods. Sales over $2 million made up 17% of the market, even with a year ago but slightly higher than last quarter.

23%

23%

24%

37%

36%

37%

23%

24%

22%

8%

7%

7%

5%

5%

6%

4%

4%

4%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

1Q10

4Q10

1Q11

Qua

rter

Percent of Sales

$0-$500K $500K-$1MM $1MM-$2MM $2MM-$3MM $3MM-$5MM $5MM+

23%

23%

24%

37%

36%

37%

23%

24%

22%

8%

7%

7%

5%

5%

6%

4%

4%

4%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

1Q10

4Q10

1Q11

Qua

rter

Percent of Sales

$0-$500K $500K-$1MM $1MM-$2MM $2MM-$3MM $3MM-$5MM $5MM+

* Percentages may not total 100 due to rounding.


corcoransunshine.com

1st QUARTER 2011


New development transactions declined 5% in median price and 6% in average price per square foot compared to First Quarter 2010. These declines are mainly due to price decreases of 11% and 10%, respectively, of one- and two-bedroom residences. In addition, roughly 60% of all new development transactions occurred Downtown, where median price decreased 15% and average price per square foot decreased 9% from a year ago due to robust high-end demand at this time last year. Compared to Fourth Quarter 2010, market-wide median price increased 9% but average price per square foot decreased slightly 2%.

N E W DEV E LOP M E N T S

Mar

ket-

wid

e

AverageSale Price

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.775M

0%

1.775M

1.210M

+9%

1.109M

1,143

-2%

1,161

608K

+12%

545K

751K

-8%

818K

1.438M

+14%

1.260M

3.450M

+3%

3.350M

1.775M

-10%

1.981M

1.210M

-5%

1.275M

1,143

-6%

1,220

608K

+8%

565K

751K

-11%

840K

1.438M

-10%

1.595M

3.450M

-1%

3.500M

Townhouses

Lofts

The small number of townhouse sales that occur each quarter means prices can be easily skewed by individual sales. The East Side again experienced large median price gains of 14% from a year ago and 32% from last quarter, partly due to a $31 million sale this quarter. On the West Side, prices were lower over both time periods but most notably from a year ago due to a $19 million sale during First Quarter 2010. Downtown, median price increased 14% from a year ago due to a number of sales in the Village including a $17.6 million transaction.

In the loft market, median price dipped 10% from a year ago while average price per square foot increased 3%. There was a minor shift toward smaller lofts compared to a year ago. In addition, overall median price was brought down by median price decreases in the 1,000 to 1,500 square foot range and in the 2,500-plus square foot range of 5% and 6%, respectively.

All

Sal

es

AverageSale Price

MedianPrice

Avg Priceper sf

1,000–1,500 sf 1,500–2,000 sf 2,000–2,500 sf 2,500+ sfAverage

PriceMedian Price

AveragePrice

Median Price

AveragePrice

Median Price

AveragePrice

Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

2.201M

+5%

2.094M

1.500M

+1%

1.488M

1,143

+2%

1,126

1.303M

+1%

1.289M

1.210M

0%

1.211M

1.915M

-4%

1.985M

1.935M

+4%

1.860M

2.571M

-6%

2.738M

2.425M

+9%

2.220M

5.018M

+26%

3.979M

4.300M

+25%

3.438M

2.201M

-3%

2.272M

1.500M

-10%

1.675M

1,143

+3%

1,105

1.303M

-4%

1.362M

1.210M

-5%

1.275M

1.915M

+8%

1.777M

1.935M

+16%

1.675M

2.571M

+4%

2.468M

2.425M

+1%

2.400M

5.018M

-1%

5.058M

4.300M

-6%

4.577M

All

Sal

es

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

East Side West Side Downtown Uptown Average Price Median Average Price Median Average Price Median Average Price Median

11.318M

+28%

8.810M

8.976M

+32%

6.802M

5.550M

+36%

4.094M

3.303M

-12%

3.753M

6.714M

+14%

5.890M

4.690M

-6%

4.975M

883K

-8%

965K

850K

-10%

941K

11.318M

+44%

7.842M

8.976M

+14%

7.883M

5.550M

-27%

7.597M

3.303M

-38%

5.341M

6.714M

-2%

6.861M

4.690M

+14%

4.125M

883K

-31%

1.274M

850K

-28%

1.188M

www.corcoransunshine.com





1st QUARTER 2011


Resale East Side

N E W DEV E LOP M E N T S E A S T S I D E

Eas

t S

ide

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

2.376M

+13%

2.100M

1,432

+2%

1,403

N/A

N/A

527K

685K

+3%

663K

1.850M

+11%

1.665M

4.015M

-5%

4.208M

2.376M

+17%

2.025M

1,432

-1%

1,451

N/A

N/A

N/A

685K

-43%

1.200M

1.850M

+10%

1.688M

4.015M

+20%

3.350M

EAST 96TH STREET

5T

H A

VE

NU

E

FD

R D

RIV

E

Ro

ose

velt

Isl

and

East River

CentralPark

EAST 57TH STREETInteractive map online at

PropertyShark.com/maps



Average unit sales per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available

Co

-op

s

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

785K

-2%

800K

837

-4%

870

315K

-14%

366K

525K

-4%

545K

1.062M

-8%

1.150M

2.699M

-15%

3.181M

785K

-8%

855K

837

-6%

894

315K

-2%

323K

525K

+1%

521K

1.062M

-10%

1.175M

2.699M

-14%

3.125M

Co

nd

os

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.316K

+29%

1.023M

1,320

+6%

1,249

435K

+5%

415K

673K

+4%

645K

1.390M

-12%

1.588M

3.660M

+25%

2.938M

1.316K

+19%

1.102M

1,320

+5%

1,253

435K

-3%

450K

673K

-2%

688K

1.390M

+11%

1.250M

3.660M

+23%

2.983M

New development sales on the East Side increased in pricing from both last year and last quarter. Median price increased 17% from a year ago to $2.38 million but average price per square foot fell slightly to $1,432. One-bedroom median price fell 43% from a year ago but all transactions were in conversion properties which was not the case last year. Two- and three-plus bedroom median price increased 10% and 20%, respectively, versus First Quarter 2010 due to fewer transactions which were concentrated in higher-end properties such as The Lucida and 40 East 66.

East Side resale co-ops decreased in price from both last year and last quarter. Versus First Quarter 2010, co-op median price decreased

8% while average price per square foot declined 6%. Two- and three-plus bedroom co-ops decreased by 10% and 14%, respectively, versus

a year ago. In stark contrast, the resale condo market performed very well. Compared to a year ago, condo median price increased 19%

to $1.32 million while average price per square foot increased 5% to $1,320, thanks to double-digit increases in the two- and three-plus

bedroom categories. Versus last quarter, condo median price increased 29% while average price per square foot increased 6% due to a

25% increase in three-plus bedroom median price.




www.PropertyShark.com/maps



1st QUARTER 2011


N E W DEV E LOP M E N T S M I D T O W N E A S T

Resale Midtown EastMidtown East co-op sales decreased in pricing over both time periods. Median price decreased 4% as average price per square foot decreased 6% from a year ago. Two-bedroom co-ops increased 10% in median price from First Quarter 2010. Three-bedrooms dropped 43% but this is due to a low number of sales. Resale condos decreased 12% in median price but increased 3% in average price per square foot as there was a higher percentage of one-bedroom sales. Compared to Fourth Quarter 2010, median price dropped 10% while average price per square foot declined 8%, to $1,040.

EAST 57TH STREET

EAST 34TH STREET

FD

R D

RIV

E

5T

H A

VE

NU

E

EastRiver

Mid

tow

n E

ast

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

988K

+18%

839K

1,194

+9%

1,100

N/A

N/A

642K

768K

-5%

804K

1.290M

-13%

1.476M

3.450M

N/A

N/A

988K

+34%

740K

1,194

+1%

1,181

N/A

N/A

N/A

768K

+11%

690K

1.290M

N/A

N/A

3.450M

N/A

N/A

Interactive map online at PropertyShark.com/maps




Co

-op

s

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

540K

-5%

570K

704

-1%

711

296K

-5%

310K

530K

-1%

535K

976K

+8%

900K

1.700M

-10%

1.881M

540K

-4%

561K

704

-6%

750

296K

-5%

312K

530K

+4%

510K

976K

+10%

890K

1.700M

-43%

2.973M

Co

nd

os

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

761K

-10%

845K

1,040

-8%

1,125

423K

-1%

425K

680K

-4%

711K

1.275M

-2%

1.300M

2.150M

-44%

3.838M

761K

-12%

860K

1,040

+3%

1,005

423K

-12%

483K

680K

-1%

685K

1.275M

+2%

1.250M

2.150M

-6%

2.290M

New development sales in Midtown East increased 18% in median price and 9% in average price per square foot compared to Fourth Quarter 2010 mostly due to a concentration of closings at The Alexander. In addition to this property, additional closings occurred at several conversion properties during Fourth Quarter 2010 bringing down the average. Compared to First Quarter 2010, median price increased 34% and 1% in average price per square foot although there were very few sales at this time a year ago.







1st QUARTER 2011


Resale West SideWest Side resale co-ops decreased 8% in median price but remained unchanged in average price per square foot from a year ago. One- and two-bedroom residences decreased 5% in median price but three-plus bedroom residences increased 24% from a year ago due to a number of $14 million-plus penthouse sales on Central Park West. Compared to Fourth Quarter 2010, median price fell at a higher rate, by 14%, while average price per square foot fell 4%. Every bedroom category fell versus last quarter except for three-plus bedrooms, which increased 17%. Resale condos increased 6% in median price and 9% in average price per square foot, most notably a 39% increase in three-plus bedroom residences. This significant jump is due to a number of sales at prime resale properties with views of and in close proximity to Central Park.

N E W DEV E LOP M E N T S W E S T S I D E

WE

ST

SID

E H

WY

CE

NT

RA

L P

AR

K W

ES

T

5TH

AV

E

CENTRAL PARK SOUTH

Hudson River

CentralPark

WEST 57TH STREET

WEST 110TH STREET

Wes

t S

ide

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.828M

+13%

1.615M

1,294

+4%

1,246

755K

+2%

739K

795K

-11%

891K

1.324M

+3%

1.288M

3.207M

-5%

3.361M

1.828M

+32%

1.380M

1,294

+6%

1,223

755K

+22%

620K

795K

-9%

870K

1.324M

-11%

1.488M

3.207M

-28%

4.453M





Co

-op

s

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

710K

-14%

825K

905

-4%

939

333K

-3%

343K

555K

-4%

575K

999K

-8%

1.090M

2.495M

+17%

2.138M

710K

-8%

775K

905

0%

906

333K

+1%

330K

555K

-5%

585K

999K

-5%

1.051M

2.495M

+24%

2.010M

Co

nd

os

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.035M

-12%

1.175M

1,411

-2%

1,441

550K

+3%

532K

804K

-4%

840K

1.506M

-8%

1.639M

3.294M

+4%

3.175M

1.035M

+6%

980K

1,411

+9%

1,298

550K

+15%

478K

804K

+7%

750K

1.506M

+15%

1.305M

3.294M

+39%

2.368M

West Side new development price metrics increased significantly from both last year and last quarter. Compared to First Quarter 2010, median price jumped 32%, to $1.83 million, while average price per square foot increased 6%, to $1,294. This increase can be attributed to a concentration of sales at The Rushmore in the $2 million to $6 million range and one sale at 535 West End Avenue. Compared to Fourth Quarter 2010, median price increased 13% with a 4% increase in average price per square foot. While there were a significant amount of closings at 535 West End Avenue last quarter, average pricing was diluted by sales in conversion properties further uptown.







1st QUARTER 2011


N E W DEV E LOP M E N T S M I D T O W N W E S T

Resale Midtown WestResale co-ops in Midtown West declined 5% in median price and 11% in average price per square foot compared to a year ago. Versus Fourth Quarter 2010, median price fell 6% while average price per square foot fell 3%. Percent changes in individual bedroom categories are skewed due to a low number of sales in each category. In contrast, resale condos exhibited increased prices over both time periods. Compared to a year ago, condo median price grew 31% with a minor change in average price per square foot, due to a much higher percentage of two-bedroom residences trading, albeit at a lower price. Similarly, median price rose 24% and average price per square foot grew 2% versus Fourth Quarter 2010.

5T

H A

VE

NU

E

WE

ST

SID

E H

WY

CentralPark

WEST 57TH STREET

WEST 34TH STREET

Mid

tow

n W

est

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.160M

+5%

1.108M

1,304

-2%

1,326

739K

+2%

725K

810K

-22%

1.041M

1.635M

-8%

1.782M

N/A

N/A

2.345M

1.160M

-2%

1.184M

1,304

-4%

1,355

739K

N/A

N/A

810K

+5%

770K

1.635M

+21%

1.350M

N/A

N/A

N/A





Co

-op

s

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

455K

-6%

484K

665

-3%

687

290K

-6%

310K

485K

+8%

449K

1.055M

+50%

705K

976K

N/A

N/A

455K

-5%

477K

665

-11%

751

290K

-17%

349K

485K

+2%

475K

1.055M

+18%

895K

976K

N/A

N/A

Co

nd

os

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

958K

+24%

775K

1,130

+2%

1,111

431K

-20%

540K

738K

-4%

770K

1.260M

-2%

1.280M

5.505M

+28%

4.300M

958K

+31%

730K

1,130

+1%

1,119

431K

-13%

494K

738K

+2%

725K

1.260M

-12%

1.428M

5.505M

N/A

N/A

New development transactions in Midtown West were 5% higher in median price but 2% lower in average price per square foot compared to Fourth Quarter 2010 due to a higher percentage of two-bedroom sales. Versus a year ago, however, median price dropped slightly by 2% while average price per square foot fell by 4%. Two-bedroom sales increased 21% in median price compared to year ago due to growth in the $1.5 to $3.5 million market.







1st QUARTER 2011


Compared to Fourth Quarter 2010, median price increased 4% to $1 million but average price per square foot decreased 4%, to $1,110. There was a slight increase of market share this quarter in the two- and three-plus bedroom markets which increased in median price by 23% and 13%, respectively, versus last quarter. Versus a year ago, however, median price dropped 15% while average price per square foot fell 9%. First Quarter 2010 high-end new development sales were robust; the number of sales over $4 million was double that in First Quarter 2011.

N E W DEV E LOP M E N T S D O W N T O W N

Resale Downtown

FDR

DR

IVE

SO

UT

H

WE

ST

SID

E H

WY

Hudson River East River

34TH STREETD

owto

wn

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.071M

+4%

1.030M

1,110

-4%

1,159

588K

+8%

547K

755K

-10%

837K

1.553M

+23%

1.261M

3.600M

+13%

3.200M

1.071M

-15%

1.260M

1,110

-9%

1,223

588K

+7%

549K

755K

-10%

837K

1.553M

-11%

1.737M

3.600M

-16%

4.275M





Co

-op

s

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

645K

+4%

619K

878

+1%

873

397K

-1%

400K

624K

+9%

573K

1.115M

-3%

1.145M

1.600M

0%

1.600M

645K

+3%

628K

878

+2%

865

397K

0%

396K

624K

+1%

618K

1.115M

+12%

999K

1.600M

-19%

1.975M

Co

nd

os

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

1.323M

-2%

1.350M

1,199

+2%

1,174

502K

+2%

491K

788K

-6%

835K

1.600M

-2%

1.640M

3.156M

+8%

2.913M

1.323M

+10%

1.205M

1,199

+11%

1,085

502K

+12%

448K

788K

-2%

808K

1.600M

+10%

1.450M

3.156M

+13%

2.800M

Downtown resale co-ops increased 3% in median price and 2% in average price per square foot from First Quarter 2010. Two-bedroom median price increased 12% from a year ago but three-plus bedroom median price decreased 19%. Resale condo median price, at $1.3 million, increased 10% from a year ago while average price per square foot, at $1,199, increased 11%.







1st QUARTER 2011


Resale Uptown

There was little movement in Uptown new development prices. At $628,000, median price was 1% higher than a year ago but 1% lower than last quarter. Average price per square foot, at $577, exhibited no change over both time periods. One-bedroom median price fell over both time periods due to a concentration of sales in conversion properties, whereas there were more new construction sales last quarter and one year ago.

N E W DEV E LOP M E N T S U P T O W N

HA

RLEM

RIV

ER D

RIV

E

Harlem River

WEST 110TH STREET

EAST 96TH STREET

HE

NR

Y H

UD

SO

N P

KW

Y

CentralPark

Up

tow

n

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

628K

-1%

635K

577

0%

578

N/A

N/A

N/A

410K

-26%

555K

647K

+3%

626K

845K

+2%

825K

628K

+1%

625K

577

0%

578

N/A

N/A

174K

410K

-19%

505K

647K

+4%

625K

845K

-6%

897K





Co

-op

s

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

406K

+6%

383K

517

+9%

475

310K

+84%

169K

310K

+7%

290K

435K

-11%

490K

663K

+1%

659K

406K

+2%

398K

517

-1%

524

310K

+30%

239K

310K

-4%

323K

435K

-25%

578K

663K

+47%

450KC

on

do

s

Median Price


Median Price

Q1 2011

Change

Q4 2010

Q1 2011

Change

Q1 2010

576K

+32%

435K

594

+19%

499

405K

+59%

255K

267K

-11%

298K

653K

+13%

575K

730K

+28%

568K

576K

+40%

412K

594

+27%

468

405K

N/A

N/A

267K

-18%

325K

653K

+58%

412K

730K

-4%

764K

Resale co-ops Uptown increased 6% in median price and 9% in average price per square foot versus Fourth Quarter 2010. Compared to a year ago, median price grew 2% but average price per square foot dropped slightly by 1%. Two-bedroom co-op median price dropped 25% but three-plus bedroom median price grew 47%. Percent changes by bedroom type are skewed due to the few sales in each category.






the corcoran report · 2017. 3. 21. · 1. st. quarter 2011. the . corcoran report. 4 sales...

Documents