Jun 21, 2019
New York Real Estate Market Updates
Welcome to the Manhattan Residential Sales Real Estate Market Report for the 1st quarter of 2019
Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date, so you can make the smartest moves.
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, owners and investors alike. Here’s the data. Just make sure you keep listening for this quarter’s record high sales.
With an average selling price of $2,118,780, Manhattan’s Residential prices are continuing to increase over last year’s 1st quarter. Average price-per-square-foot rose again. This time by 4.2%,to $1,769 dollars, from $1,697 a foot in Q1 2018. This may always be one of the strongest global property markets, but today’s purchasers are getting less and less floor space for their buck.
Total transactions tallied in at 2,121 this quarter. Down 2.7% percent, from a total of 2,180 sales in Q1 2018. We expect Manhattan to maintain this slow but steady pace at least till the end of Q2 2019. This is likely happening due to a combination of interest rates, new condo inventory in some areas, and a few other macro factors.
On the bright side - the average selling price of new development condos rose 89.4% percent in this second quarter to $7,648,521. An absolute record so far!
That’s versus $4,038,067 in quarter 1 last year. The average time a new development condo spends on the market is up to around 246 days, compared to last year’s 213 days.
The data for Manhattan’s existing condominium sales is almost as cheerful as new developments. These units saw a 25.1% percent increase from 2018. The average sale price for these properties ran around $3,347,929 in Q1 2019, compared to $2,676,281 dollars in 2018. However, the market time for existing condos has decreased by a few days, now averaging 116 days vs 131 in Q1 2019.
Co-op sales fell 5.5% percent this quarter, recording an average sales price of $1,287,040. Market time increased fractionally as well, coming in at 90 days from 86 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.
The luxury market is showing a big rebound, bringing very impressive numbers this quarter. The average selling price of a luxury Manhattan property was $10,120,384. An amazing rise of 27.4% from last year’s average of $8,974,737.Though luxury properties have actually been moving slower, being on the market for 184 days this quarter, compared to nearly 149 days in Q1 2018.
Across the board, the average recorded price discount was just 1.4% percent.
Now for the top sales numbers for Q1 2019:
The well-known neighborhood of Carnegie Hill topped Q1 2019, single-family residential sales.
The most expensive unit was 25 wide, approximately 12,729 sq. ft. with 22 rooms, 9 bedrooms, 7 baths, 3 terraces, a garden, and soaring 13 ceilings. It’s one of the most beautiful spaces in Manhattan. Built in 1895, and located on a richly architected townhouse block off Fifth Avenue, adjacent to Central Park and the Metropolitan Museum of Art, the important 6 story neo-classical limestone facade with beautiful gated garden forecourt, was designed by the architect, Henry Andersen, and inspired by the leading architectural firm of its time, McKim, Mead and White.
This townhouse was sold for $30,139,360, or a fantastic $4,106 per foot.
In Central Midtown, the record condo sale for this quarter goes to the 1 Central Park South Penthouse.
A true oasis above Central Park, this unparalleled penthouse
recently underwent a meticulous, floor-to-ceiling renovation,
taking many years to perfect.
The most significant home to come to market this past Fall, Penthouse 2003 features more than 140 sq. ft. of Central Park views on two levels. An approx. 82 × 5.9 terrace is accessible through beautiful French doors leading to a glass parapet wall spanning the entire 21st floor. The home offers approx. 3,974 sq. ft. of interior living space and approx. 480 sq. ft. of terrace space.
The Penthouse condo sold for an incredible $29,000,000, or $7,297 per foot.
This quarter’s top co-op sold in Lenox Hill for an impressive $27,000,000.
778 Park Ave Located is on Park Avenue and East 73rd Street. This truly exceptional residence redefines luxury and elegance in apartment living. Encompassing the entire 11th floor, this is one of Rosario Candela's most prestigious white-glove pre-war cooperatives. This spectacular and grand residence meticulously renovated by Peter Marino blends pre-war style with spacious grand rooms, soaring 12-foot ceilings, and floor-to-ceiling windows. These grand scale rooms are beautifully appointed, combining traditional style with all the luxuries you need for contemporary living and entertainment. Sunlight flows in from 39 windows, spanning all four exposures. Open views include the city skyline, one hundred feet of Park Avenue frontage, and distant views of Central Park to the west. The private elevator landing opens onto an impressive almost 40-foot gallery leading to the grand 32 × 20 living room, an elegant 25 × 18 formal dining room, and a wood-paneled library, all facing Park Avenue
For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are continuing to be the least-expensive residential areas. Average condos in these neighborhoods sold for $286,442 dollars, with average co-op sales for almost double at $514,373 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.
Be sure to check out the new report on Manhattan’s piers - where to go, and how they are adding value to NYC’s communities.
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