Articles on Manhattan Real Estate Trends

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?

Manhattan’s Luxury Real Estate is On a Roll

Brooklyn Bridge over looking Manhattan

We’ve said it once, and we’ll say it again: Manhattan’s luxury real estate market is doing very well for itself right now. The slump that the sector saw in the past few years is no longer in the picture, and sales of these magnificent condominium apartments that are priced $4 million and above are shooting through the roof. Several reports on the real estate market have already testified to this boom in the past few months, and the latest to join the bandwagon is the luxury real estate report by Olshan Realty, Inc.

Home Buyers Offered Test-Runs in NYC Condos

Many Manhattan condos now offer home buyers a chance to test-drive an apartmentWhen it comes to taking to finally taking the plunge and making a life-changing purchase, feeling apprehensive is natural. When it comes to buying a condo, potential residents want to feel that their massive investment will pay off in every possible way: all amenities should be present and useful, all rooms must live up to the standard in the listing, and the neighborhood should live up to expectations. While being truly certain about these conditions is normally a difficult task, a recent trend of “test-driving” apartments in NYC has made the decision of whether or not an apartment is suitable much more tenable. That’s right, several condominiums now allow a test rental of an apartment before making the decision to buy.

Record Listing: $100,000,000 for Midtown Penthouse

Midtown Penthouse in New York CityIn yet another indication of the boom in the high-end Manhattan real estate market, an octagon-shaped penthouse at CitySpire, located at 150 West 56th Street, has been listed for a whopping $100,000,000. The $100 million listing has made this 8,000 square foot luxurious home designed by Juan Pablo Molyneux the most expensive condominium listing in the whole of New York City. This news came on the heel of two other impressive real estate headlines in the recent past—Sandy Weill’s penthouse at 15 Central Park West was bought for $88 million, and a penthouse at One57 was bought for $90 million.

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.

Manhattan Sales Market Healthier Than Ever

As the first half of 2012 ends, the Manhttan condo market is moving on upAs we bid farewell to June 2012, it’s fair to ponder: how exactly has the Manhattan real estate market done so far this year in comparison to the past few years? Since the collapse of Lehman four years back, the buying trends of Manhattan apartments has been a subject of intensive analysis and concern. From the perspective of supply (amount of available inventory) vs. demand (amount of sales), 2012 has brought about the strongest 6 months of market activity since 2007. With such a disparity in the statistics of condo sales since 2009, it’s obvious that, as a whole, confidence in the Manhattan real estate market has revived enough for a solid surge in sales.

High Rents Create a New Homebuyer Mentality

With Manhattan apartment rents soaring, condos begin to seem much more affodrable by comparisonBuying Manhattan property has never looked so appealing. As rents in the city soar to record heights, the price gap that separates renting and buying an apartment is currently the smallest it’s been since 2006. And with Manhattan still exhibiting the highest cost of buying relative to renting in the United States, the fact that renting apartments is falling in popularity is truly saying a lot. Yet for many residents, buying property with a mortgage is beginning to seem immensely preferable to paying ever-increasing rents. While residents are showing more and more distaste for continuing to rent property, there’s an increasing willingness to bite the bullet and buy a condo or co-op.

French Election Brings in More Foreign Investors

Trump Soho in ManhattanAnother wave of Manhattan luxury condos are about to become pieds-a-terres, as the recent election in France is prompting the country's wealthiest members to invest in property overseas. New Construction Manhattan has extensively covered international sweeps through the New York real estate market, detailing everything from Irish buyers taking over Midtown, to the high number of Brazilians moving into the city. France is now expected to join the ranks, and these serious, driven buyers are sure to make an impression on the market.

Newly Constructed Condos Split In Size

Walker Tower is one of Manhattan's newest large construction projectsWhat size apartment sells best? In Manhattan’s real estate market, the size and resources of an apartment can be paramount. Difficult economic times means that buildings need to be marketable in order for any developers to make a true profit. Naturally, the issue rests in whether New York apartments should be large in size to suit serious homebuyers hoping to start families or reduced in size to suit out-of-town buyers seeking to live in small Manhattan condos that have just enough space to fit their needs. Interestingly, according to reports from Prudential Douglas Elliman, both of these extremes of apartments are showing marked increases in sales in recent years. It appears that varying customers truly do have varying tastes as they flock to both large Manhattan condos as well as smaller one-bedroom apartment listings.

Legislative Push to Curtail Smoking Inside Apartments Hits Manhattan

Smoking bans in Manhattan apartments are becoming more popularIn a city where it’s already illegal to smoke in restaurants, bars, parks, and beaches, smokers could always retreat to their apartments to light up. Those days may be over. Condo and Co-op boards in Manhattan that want to ban smoking in their buildings may soon have the legal means to do so, because both Mayor Bloomberg and the Real Estate Board of New York (REBNY) proposed new policies this week that would facilitate the creation of smoking bans in Manhattan apartment buildings. Many condominium and co-op boards are increasingly considering banning smoking, and not just for health reasons: in the past, boards worried that smoking restrictions would limit the amount of potential buyers, but now the national rate for smokers is roughly 20%. With non-smokers significantly outnumbering smokers, many boards believe that banning smoking in their buildings will actually become a marketing advantage that helps attract potential buyers.