Articles on Buyer's Market Manhattan

The Art of Publicity in Manhattan Luxury Real Estate

Marketing luxury manhattan real estateThere used to be a time when luxury real estate exchanged hands in New York City and very few people actually knew about such hush-hush residential deals. Today, however, it’s a different story. In a world where any kind of publicity is considered good publicity, the trend of wanting to be flaunted and talked about has crept into Manhattan’s real estate sector as well.  From the time when a property is put on the market, up to the moment the apartment finds a new owner, almost every incident in the sale process is being subjected to what seems like a hodge-podge of public relations machinery--but do these splendid apartments need all the fanfare?

Are Open Houses in Manhattan a Thing of the Past?

Open houses for Manhattan apartments are popular, but many question if they're actually useful.Buyers love to see apartments, but they’re not the only ones. Any seller knows that Manhattan’s open houses are filled with competitive people looking to buy a great apartment, but they also attract people who have no intention of actually signing a contract; many just want to see places for their own entertainment. Much like a Broadway show or a movie, it’s a way for people to engage in fantasy for a few hours, which is why many open houses for Manhattan apartments in the $1 million to $2 million price range are such scenes. Perhaps this is why, despite their popularity, some are beginning to question how useful open houses really are. This is the Internet age, after all, and many buyers now rely on sophisticated websites to buy apartments rather than brave the crowds. So this raises the question: if you’re selling an apartment in Manhattan, is hosting an open house worth your while?

NYC Residential Permits On The Rise

Residential permits on the rise in ManhattanAdding to the spate of good news coming from the real estate market in New York City, a new report has revealed that the number of permits issued for new homes in Manhattan has increased by nearly ten times the amount from last year. This should come as good news for apartment hunters in the city--New York City, as a whole, has performed really well--and the report issued by the Real Estate Board of New York has revealed that the number of permits issued have increased in the first five months of 2012, as compared to figures from last year.

Summer Months Propel Home Buyers

New York City Summer Contrary to popular belief, the summer months can be a quality time to put a Manhattan home on the market. A lot of momentum in the spring season tends to carry into the summer, substantially due to the fact that there is such a limited inventory. In order to be successful during these months, there are a few factors a seller needs to consider before listing a home. With these factors in mind, as well as the condition of the listing, this summer may be the opportune time to list your home in New York City’s real estate market.

Domestic Buyers Take on Foreign Spending Habits

American buyers are shelling out big bucks for Manhattan condosWhile the massive purchases of Manhattan real estate by foreign buyers have been hot topics on New Construction Manhattan, the domestic buying market is finally stepping up its game. Looking at the numbers, seven of the twelve Manhattan homes selling for more than $35 million went to Americans since 2010, and this pace is expected to remain steady. American buyers have been closing deals for Manhattan’s most expensive apartments, with a recent transaction by a domestic purchaser being cited as the second-most expensive sale in city history. It's time to recognize that the conversation about ultra-wealthy internationals pushing the envelope of high-end sales of Manhattan condos should include home-grown buyers too.

Down Town: Home Prices On Decline In NYC... And Everywhere Else.

Home prices in New York City are in decline

Many words might pop into a prospective home-buyer's head while browsing New Construction Manhattan's NYC condo listings, but the word "cheap" probably isn't one of them. There's a reason why Manhattan apartments have proven to be such a good investment, after all -- a limited supply (as discussed earlier at the NCM blog, possibly very limited in the near team) and virtually unlimited demand has ensured that Manhattan apartments tend to hold their value very well. Of course, if you are approaching it from a buyer's perspective, it might seem more correct to say that Manhattan apartments tend to stay quite expensive. But while the Manhattan real estate market remains one of the most competitive and expensive real estate markets in the world -- and while New York City occasionally seems to be its own independent country -- the market for NYC condos is not immune from the effects of the broader U.S. economy. Which is all sort of a long way of saying that, while Manhattan apartment prices remain high, they are in fact notably lower than in years past. No, really.

More Sales, Higher Prices: Third Quarter Stats Show Prices Rising on NYC Condos Amid Increased Sales Activity

Manhattan Luxury Condos for SaleIt's a function of the way that statistics dribble out over the course of months that it wasn't so very long ago that we were writing about how, despite a bump in sales, second-quarter prices on NYC condos were flat year-over-year. It was fairly surprising, given that more sales and a limited supply of Manhattan apartments would indicate -- even to those, like your blogger, whose economic expertise is limited to auction-style fantasy baseball drafts -- that prices should rise. Supply and demand and elasticity and all that. But the last few years in Manhattan real estate have challenged just about every previously held belief most market-watchers have, and there the numbers were, tracking right alongside 2009's. The second quarter numbers, that is. With the arrival of the third quarter stats, it looks like things in the NYC condominium market have straightened themselves out. Which means that, belatedly, prices on Manhattan apartment listings did indeed climb in the last quarter, both over the second quarter and over the third quarter of 2009. Good news for fundamental economic rules, not-as-good news for Manhattan condo buyers, right? As usual, it's a little more complicated than that.

Eternal Power Struggle Corner: New York Times On Extra-Tense Relationship Between Brokers And Apartment Buyers In NYC

Investing in NYC CondosWe say it seemingly every day: the statistics all indicate that the market for NYC condos is better than it has been in a long time, and improving every quarter. And yet, as you surely know if you've even walked past a newspaper over the last year or so, people in this world -- and in New York City -- are pretty hacked off. About... well, name it. Fantastically irresponsible, totally trumped-up real estate scandals that play loathsomely to the smallest-minded among us? Yeah, we've got that. But there are legitimate causes for concern in this world and city of ours, and the broader uncertainties of the national and global economy are among them. So while we can tell the world, several times weekly, that the Manhattan condominium market is going strong and that NYC condos remain a really great investment, it stands to reason that a city that's even more on edge than usual, people are a little more jittery about buying an apartment. Or it could be that people are just kind of difficult. At any rate, according to The New York Times, brokers, sellers and buyers have entered a new era of contentiousness. To which we at the New Construction Manhattan blog would like to say, without qualification or any quantitative evidence: nice try, but no.

From The Top Up: High-End Manhattan Condos Lead Rally In NYC Real Estate Market

High-End Manhattan CondosIt's been coming for a long time, and we've been writing about it for a long time here at the New Construction Manhattan blog, but it's not without some sadness that we bring news of what appears to be the demise of the buyer's market in NYC condos. This isn't to say that great deals on NYC condos can't be found -- they're still very much out there, if you know where to look -- but a recent report from the Wall Street Journal confirms what previous intimations have suggested. Namely, that prices for Manhattan condos are finally climbing from their historic lows, and that the market for high-end Manhattan condos is rallying especially hard. For NYC real estate watchers, it's good news to see the market getting healthy again. For those looking for NYC condos, though, it can be cause for consternation. How concerned should you be if you're searching for a Manhattan apartment? Not as concerned as you might think, thankfully.

Curbed: Buyer's Market for Condos Illustrated By Discounts at Upper East Side Luxury Condo Building 300 East 79

300 East 79 in the Upper East SideIf you're reading the New Construction Manhattan blog, there's a decent chance you're looking for a condo or apartment in Manhattan. Which means that there's a decent chance that you've probably noticed at least two things while searching for a condo or apartment for sale in New York City. The first is that everyone out there is quick to tell you that the market for NYC condos and apartments is currently tilted in the buyer's favor; the second is that the asking prices for those Manhattan condominiums and apartments don't really seem to have come down all that much. The operative word there is "seem" -- as we discussed in an earlier post to the New Construction Manhattan blog, the asking prices for NYC condos at the moment are notably different than the amounts that people are actually paying for NYC condos. In a post at Curbed, Sara Polsky uses Upper East Side luxury condominium 300 East 79 (no points for guessing that 300 East 79 is indeed located at 300 East 79th Street) as a lesson in the difference between the asking price for a Manhattan apartment and the actual price of said Manhattan apartment.