Articles on Manhattan Sales Market

New York in the Running to Dethrone London’s Housing Market

Famous Tiffany clock outside Grand Central Terminal.

Photo via Wikipedia Commons user SpoilMeWith

This year Manhattan hit a new milestone, with apartments reaching an average sales price of $1 million for the very first time. The city's inventory is also on the rise, with the most number of newly constructed condos hitting the Manhattan market since 2007.

New Construction By The Numbers: A Look Ahead

We crunched the numbers for the 2012 real estate market in Manhattan and have found some interesting trends regarding increased consumer demand and the amount of new inventory scheduled to hit the market in 2013.

Volume of Sales Slows Down at 15 Central Park West

15 Central Park West is seeing a drop in sales volume

Although 15 Central Park West has had some very impressive sales in the recent past, a recent news report has said that the volume of sales in the luxury condominium building has slowed down over the past few months. While there were 17 apartments sold at this very exclusive address in 2011, this year has seen only five apartments in the building finding buyers so far. This has been attributed to the sky-high figures being asked for the remaining condos in the building, with some real estate brokers calling some of these homes not worthy of such striking prices.

Upper East Side Is Priciest Zip Code in America

The Upper East Side is the the most expensive zip code in America

When it comes to talking about the best neighborhoods to live in New York City, Manhattan’s Upper East Side neighborhood has consistently made an appearance in such discussions. If there was, however, any doubt on the exclusivity, grandeur and richness of the homes in the Upper East Side, then this particular news should serve to dispel any fears to the contrary. In Forbes’ annual list of America’s most expensive zip codes, this classic New York City enclave, with its 10065 zip code boasting a median home price of $6.5 million, has trumped other localities in the country to be called the most expensive neighborhood in America.

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.

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?

A Block-By-Block Breakdown of the Recovery

Manhattan Apartment Sales Volume has varied greatly by neighborhoodGoing by the numbers, 2009 was a long time ago. Sales volume in Manhattan has rebounded by 36.8% since the crash stalled the real estate sales market across-the-board; condo and co-op sales fell 28% from 2008 to 2009. In 2009 there were 7,430 sales of Manhattan apartments, but in 2011 sales volume reached 10,161 units. That’s a great sign in a time of tight inventory and even tighter credit, which is why we at New Construction Manhattan have confidence that this trend will continue. But, as any apartment buyer in Manhattan knows, there is no one single Manhattan sales market; everything here depends upon location. Each neighborhood in Manhattan has recovered at a different rate, and the fastest recovering neighborhoods may surprise you, as may the slowest; there’s only one neighborhood in Manhattan where sales have declined continually since 2009, and it’s probably not the one you expect.