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Clockwise from top left: THE LEONARD 66 Units; 101 West 87th Street 62 units;
One Riverside Park 219 units; 56 Leonard Street 145 units;
150 Charles Street 91 units; 432 Park Avenue 104 units.
Image courtesy of www.newyorktimes.com
In 2013, the High End Ruled
As per the New York Times, Streeteasy and The TOWN Aggregate Report rising demand and a record shortage of apartment listings set the stage for a seller’s market in 2013. However, NYC new luxury condos dominated.
After a four-year pause, a crop of new luxury condominiums hit the Manhattan market and were snapped up faster and at prices surpassing those attained before the recession. According to Streeteasy, Manhattan Condo Market Index for November 2013 increased by 1.0% since October and by 12.0% since November 2012. The index is currently at its all-time high.
- Total number of new development contracts jumped 20 percent, to 1,847, through the third quarter of 2013.
- Average contract price surged nearly 60 percent, to a record $3.43 million from $2.16 million, surpassing the previous new-development high of $2.21 million in the third quarter of 2008.
- 49 residential buildings opened in Manhattan in 2013, with a total of 2,269 units.
- In early December there were 256 listings for less than $2 million in new condo developments, down from more than 2,000 at the end of 2008. By contrast, there were 458 for more than $2 million, down from 1,129 about five years ago.
- More than 90 percent of 56 Leonard‘s units were sold within nine months, at an average price of $3,200 a square foot.
- 150 Charles Street had found buyers for all 91 luxury apartments just six weeks after sales opened in February. The average price was $3,400 a square foot.
- 10 Madison Square West, a 125-unit condominium conversion sold nearly 90 percent of its one-to-five bedroom residences in contract within five months of opening sales in July.
- 101 Leonard Street, a 66-unit condo conversion was more than 80 percent sold within two months of its July opening.
- Time on market has decreased by 31.3% to 92 days, compared to 134 days from Q4 2012.
- The 4th quarter of 2013 has seen an overall climb in asset prices as sales began to pick up slightly in the second part of the year, led by lower inventory levels.
As per The TOWN Aggregate Report, luxury sales are a unique subset of the Manhattan residential market, consisting of the top ten percent of apartment sales by price, excluding townhouses. These sales are typically from high-end products such as larger two-and three-or-more bedrooms. The following chart displays the median price along with average price per square foot beginning in Q4 2012 through to the present.
Charts courtesy of Town Residential’s Q4 Aggregate Report.
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