Apr 10, 2018
New York Real Estate Market Updates
Welcome to the Manhattan Residential Sales Real Estate Market Report for the 4th quarter of 2017
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Manhattan’s grandiose allure of culture, history and business continues to hold an enviable position in the real estate world for buyers and sellers alike. In our residential report, we’ll give you averages first, but keep listening for this quarter’s record high sales.
With an average selling price of $1,897,503, Residential Manhattan’s prices held steady over last year’s ending quarter. Average price-per-square-foot, however, continues to drop, this time by an astonishing 20.6 percent down to $1,609 dollars. Residential sales may be steadfast as ever, but purchasers are getting more and more floor space for their buck. Total transactions tallied in at 5,280 this quarter, down 14.4 percent from a total of 6,027 sales in Q4 2016. Sales may be dropping, but prices are not, and we expect Manhattan to maintain this balance.
The average sale pricing of new development condos dipped 16.8 percent in this final quarter to $4,062,036 – last year, that number was much closer to $5 million. Prices in this market are declining but the time it takes to sell is increasing, albeit slightly: the average time a development spends on the market is up around 190 days, compared to last year’s data of 181 days.
The verdict for Manhattan’s existing condominium sales is only marginally more cheerful than new developments, with a 14.9 percent decrease from 2016. Average sale price for these properties ran around $2,654,848 in December 2017, compared to $3,121,095 dollars in 2016. However, the market time for existing condos has neither increased nor decreased, averaging 116 days.
Co-op sales jumped just 1.6 percent this quarter, reporting an average sales price of $1,235,038 dollars in 2017. Market time increased fractionally as well, coming in at 79 days from 75 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.
Of course, even with a 20.7 percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,580,185, a rather steep dive from last year’s average of $9,558,062. This market is proving to reward those who may lack patience, however, as selling time is dropping: luxury properties were on the market for only 252 days this quarter, compared to nearly 300 days in Q4 2016.
Across the board, the average recorded price discount was 0.1 percent.
Now for the top sales numbers for December 2017:
The well-known neighborhood of Lincoln Square topped December’s single-family residential sales. The lovely Upper West Side brownstone at 39 West 70th Street sold for $15,000,000 – about $2,280 dollars per square foot – just prior to the close of the quarter. Previously owned by The Weinstein Company and Miramax Films co-founder Bob Weinstein, the home was originally listed at 19 million. Its ideal location just steps away from Central Park wasn’t even the main attraction of this property; a complete gut restoration, including five interior fireplaces and an extravagant combination home gym/indoor basketball half court, demanded an impressive price tag.
In Central Midtown, the record condo sale for this quarter goes to a 432 Park Ave multi-sale that finalized for an almost inconceivable $91,125,497 -- just shy of breaking the record for NYC’s most expensive apartment sale ever. This recently-completed construction masterpiece is the tallest residential building in not only Manhattan but the entire Western hemisphere, and its top-floor apartments have claimed incredible prices the past few quarters. This combination sale of three properties on the 92nd and 93rd floors comes out to $22,913 per square foot.
This December’s top co-op sold in Lenox Hill again for a solid $12,000,000.
For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – each square foot costs on average only $627 dollars. Average condos in these neighborhoods sold for $455,250 dollars, with average co-op sales only slightly lower at $472,500 dollars.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
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