맨하탄 부동산 (김 원기 at Rutenberg Realty LLC)

2013년 1월 6일 일요일

In Q4 prices steady, as sales volume skyrockets

Average Manhattan apartment goes for $1.46M, report shows

January 03, 2013 12:01AM
By Hayley Kaplan

Apartment buildings along Central Park’s perimeter

Manhattan apartment prices held steady in the fourth quarter of 2012, while inventory declined dramatically during the same period. The average sales price came in at $1.46 million in the fourth quarter of 2012, rising just 1 percent year-over-year, according to Douglas Elliman’s quarterly market report. Overall, 2,598 units were sold in the fourth quarter of 2012 — up 29.2 percent from the fourth quarter of 2011 when 2,011 units sold, the Elliman report said.

Manhattan inventory dropped 34.2 percent year-over-year to 4,749 from 7,221; quarter-over-quarter, inventory declined some 18.8 percent. But in the upper 10 percent of the Manhattan market, inventory was down just 9.6 percent year-over-year to 953, and down 15.7 percent quarter-over-quarter, according to the Elliman report.

Meanwhile, the absorption rate — the number of months it would take to sell the amount of homes currently on the market — fell 49.1 percent to 5.5 months from the fourth quarter of 2011, according to the Elliman report. The report’s author, Jonathan Miller, said Manhattan’s fourth quarter absorption rate is at its lowest since he began compiling data 12 years ago. As a result of modestly rising sales prices, low inventory, a low absorption rate and falling interest rates, the market has “essentially reached the end of [its] rope,” said Miller, the president of the real estate consulting firm Miller Samuel.

“[The data is] based on artificially low rates and [the] surprisingly very tight credit is also what is driving this market,” Miller said, noting that this situation is not unique to New York. “So, in other words, in an unusual way, this is the way out of [the recession]—this artificially induced recovery.”

Dottie Herman, the CEO of Douglas Elliman, said the firm had closed more transactions in the fourth quarter of 2012 than in any quarter during the past 25 years. She attributed the deal making to the expiration of the Bush-era tax cuts, and changes to capital gains and inheritance taxes. “You’re going to see a tight market,” with prices rising in 2013, Herman said. “The people that waited [to enter the market] were buyers. Sellers didn’t wait. There’s nothing to wait for.”

The Corcoran Group’s fourth quarter report showed that “strong demand” drove the approximately 20 percent increase in sales, despite the record low inventory levels. According to Corcoran’s report, the fourth quarter saw approximately 3,200 closed sales in the fourth quarter of 2012 down from just above 2,500 closed sales in the fourth quarter of 2011.

And Streeteasy data revealed that 2,548 contracts closed in the fourth quarter of 2012 — a 20.2 percent increase from the same time last year. Meanwhile, the number of broken contracts decreased 11.5 percent to 138, from 156.

Halstead Property’s fourth quarter report, meanwhile, shows that the average price of a Manhattan apartment increased 7 percent to $1.49 million from the same quarter of 2011. The report attributed those numbers to the 44 percent increase in the number of sales over $10 million, year-over-year.

“We’ve had a very good year,” Diane Ramirez, president of Halstead Property, said. “It’s been more than three years into the recession, [and we’ve had a] steady but sustained housing recovery. Watching that continue and having another excellent year bodes well for 2013.”

Halstead found that co-ops, on average, sold for 12 percent higher than in the fourth quarter of 2011, increasing to $1.29 million from $1.15 million. Meanwhile, average condominium prices fell slightly in 2012 to $1.81 million from $1.83 million at the same time in 2011, the report said.

Apartments prices in new developments held steady, increasing 3 percent year-over-year — currently to an average of $1,244 per square foot, Brown Harris Stevens’ fourth quarter report showed. Meanwhile, units that closed in the fourth quarter spent 7 percent less time on the market than they did in the fourth quarter of 2011, equal to approximately 114 days, the report found.

However, Miller’s report found that the average sales price of a new development unit fell 5.1 percent from the fourth quarter of 2011 to $1.86 million from $1.96 million, year-over-year. “We’ve largely absorbed all that excess product,” Miller said. “It’s either been repurposed for other use or it’s been repriced and sold off.”

2012년 12월 27일 목요일

New single-family home sales rise 4.4 percent nationwide, HUD numbers show

New U.S. single-family home sales last month reached a seasonally adjusted rate of 377,000, according to data released today by the U.S. Census Bureau and the Department of Housing and Urban Development. These latest figures bring home sales 4.4 percent above the October numbers and also represent a 15.3 percent year-over-year increase.

As The Real Deal previously reported, the numbers over the past several months have been up and down. June saw an unexpected drop, July had a pulse, August’s numbers fell slightly and September saw a 5 percent gain.

The median sales price of new U.S. homes sold last month ticked in at $246,300, with an average sales price of $299,700.

The pace of U.S. new home sales is about a quarter of the July 2005 all-time high, Reuters said.

[Reuters via CNBC] –Zachary Kussin

2012년 12월 12일 수요일

Sellers pull Zone A apartments from market

Apartment sales listings in so-called “Zone A” — the parts of New York City that faced mandatory evacuation — have plummeted since Hurricane Sandy, New York magazine reported.

In the two weeks following Sandy, only 22 apartments were sold in Zone A — less than half the number for the same period last year, according to information from Streeteasy.com.

Zone A.

And in the same period, 69 apartments in the region were pulled from the market, New York said.

But buyers do not seem to share sellers’ trepidation. “Deals were still closing, multiple bidding wars were happening,” even during the storm, Tim Cass of the Corcoran Group told New York magazine. [NYM] –Guelda Voien

One-fifth of Lower Manhattan office properties remains closed

Lower Manhattan

More than one-fifth of office space below Canal Street remains closed in the wake of Hurricane Sandy, according to a tally released today by Jones Lang LaSalle research. Out of 183 Class A and Class B buildings, 25 are shuttered three weeks on. Thus, some 20.7 million square feet of office space downtown are closed to tenants.

Total inventory of Lower Manhattan Class A and Class B office properties totals 101.2 million square feet.

The percentage of closed buildings has been decreasing since Nov. 5. On that date, JLL research tallied that 34.6 percent of properties were closed; two days later, the percentage was lowered to 32.8 percent. On Nov. 12, 28.8 percent remained closed.

Jones Lang LaSalle would not disclose which buildings have been or continue to be part of the count.

As previously reported, getting an accurate assessment of Lower Manhattan office space damage has been made difficult by major landlords declining to answer questions regarding the status of their properties.

A closed Lower Manhattan property, according to previous press reports, includes New York Plaza, a 1 million-square-foot property that’s home to the New York Daily News. The building could be closed for a year.

2012년 12월 9일 일요일

Hudson Yards breaks ground on first tower

The Related Companies and Oxford Property Group today broke ground at their Far West Side development known as the Hudson Yards. The public-private project is set to rise on 26 acres, the largest swath of as-of-yet undeveloped property in Manhattan.

Six years since planning began, the first dirt was moved to make way for the Hudson Yards’ South Tower, the 47-story future home of the luxury retailer Coach. That building, at the northeast corner of Tenth Avenue and 30th Street, will include 740,000 square feet that Coach will own as a commercial condominium, as previously reported.

“The market has spoken,” Mayor Bloomberg told those who had gathered for the groundbreaking. He said that the massive campus will make use of the borough’s “final frontier,” and that the development that rises there will comprise New York City’s “next gold coast.”

City Council Speaker Quinn underscored repeatedly that the project would bring affordable housing to the area and that community groups worked together to make the $15 billion project a reality. “They yelled till they could agree,” she said, of community stakeholders.

In a question-answer session following the groundbreaking, the Mayor was repeatedly questioned about his thoughts on the person who will succeed him. He was short with a reporter who asked about his reported request that Secretary Hillary Clinton try for the office, denying having made any public statement about it, but not denying the facts outright. “Did you hear me say that?” he asked. When the reporter responded, “I did not hear you say that,” the Mayor replied “Okay,” sounding annoyed.

The Mayor did have praise for Quinn, whose expected mayoral candidacy remains a source of puzzlement for the real estate industry. “She’s a leader,” the Mayor said. He also said he believed his administration has been “phenomenally successful,” and that he has Quinn to thank for much of that success.

And one of Bloomberg’s greatest legacies as Mayor may be the huge mixed-use project, which will include retail, office space, housing and a five-star hotel.

Hudson Yards should produce 6 million square feet of additional commercial space for the city by the time it is complete, in about 12 years.

Related Chairman Stephen Ross today insisted that the project would be finished on schedule and on budget. He told the New York Daily News previously that 80 percent of the South Tower is already accounted for, and that his company will make announcements about additional commercial leases there soon. “This will shift the heart of the city to the Far West Side,” Ross said at the event.

The first tower in the complex, which has widely been analogized to a city unto itself, should be complete by 2015. The next planned tower is the 2.4 million-square-foot North Tower, which is scheduled to be completed by 2018.

Manhattan apartment buildings trading at prices above 2008 peak: new data

It will come as no surprise to those following the Manhattan multifamily investment market that prices are at record levels. Now that’s borne out by Real Capital Analytics’ new commercial property price indices. The RCA data shows that the average sale prices of Manhattan apartment building are higher than they were in the second quarter of 2008.

The RCA repeat-sales statistics are based on a value of 100, which represents sales pricing at the end of the second quarter of 2001. The Manhattan apartment index reached 300 in the last quarter — beating the previous high of 287 in 2008, the company reports.

In addition, the Midtown office figure is creeping closer to the peak, when it hit 278 in the second quarter of 2008. In the third quarter this year, it was at 275. The transaction-based indices track repeat sales above $2.5 million.

One example of the rising prices: Stonehenge Partners’ $76 million purchase of 103 East 86th Street in Carnegie Hill from Abro Management. Abro had purchased the 48-unit apartment building four years ago for about $49 million, data from RCA shows.

Aaron Jungreis, president of Midtown South-based Rosewood Realty Group, said the statistics backed up what he saw on the ground. “It is a rate-fueled market, and [interest] rates are even lower today,” than they were in 2008, he said.

He would not speculate whether prices would continue to rise, “But they are not going to go down.”

Real Capital this month debuted the more than 200 indices, which cover the United States in apartment, office, retail and industrial sectors. The research firm still publishes its Moody’s/RCA indices, which use a different model that does not provide the specificity of the new indices.

RCA formulated the indices to be used by institutional investors in several ways, including to track asset values and analyze portfolio allocation. The figures are not formulated to be used as the basis for derivatives financial trading, the company said.

2012년 12월 6일 목요일

Greenwich Village Co-op Duplex
Penthouse
$ 15,000,000
1 Fifth Ave