New York Apartment Prices Q4, 2019
Posted by Wei Min Tan on January 4, 2020
New York property report: Q4’2019 Manhattan condo market
Manhattan condo average sales price and price per sqft fell in Q4 by 11 percent and 4 percent respectively. This amid a strong US economy and booming stock market. Lower priced condos continue to sell as buyers are driven by low interest rates. Higher priced, $5m+ condos experienced a 40% sales decline partly because of the increased mansion and transfer taxes and SALT tax cap.
“All-Cash” transactions decreased to an all time low as even the very wealthy are taking advantage of very low interest rates.
Inventory of Manhattan condos increased by 10 percent, listing discount to asking price was 8 percent.
Deal Example: Investor client’s condo at 200 Chambers Street, luxury building in Tribeca with premium price and rents. Purchased at approx $1.5 million. The low carrying costs and high demand make this a good investment. Located next to Whole Foods, World Trade Center, Goldman Sachs headquarters. This apartment faces the building’s zen garden and comes with a washer/dryer within the apartment.
New York (Manhattan) Q4, 2019 Condo:
Average price $2.64m (-11% vs prior year)
Avg price per SF $2,067 (-3.9%)
Transactions 1,019 (-0.1%)
Days on market 106 (0%)
Deal Example: Client purchased this unit at 88 Greenwich Street. 17th floor with double height ceiling and water views. One block from World Trade Center means strong appreciation potential. There are 4 new residential condos coming up in the area, all with much higher prices per square foot. The areas is transforming and 88 Greenwich will benefit from it.
Residential Rents Nov 2019:
Average Rent $4,465 (+7.6% vs prior year)
Rent per sqft $71.76 (+5.8%)
The luxury property market, defined by Miller Samuel as the top 10 percent of sales.
Median price $4.80m (-24%)
Avg price per SF $2,864 (-1.0%)
Transactions 241 (-1.2%)
Days on market 137 (+19.1%)
Data Source: Miller Samuel and Elliman Report
Article updated Jan 4, 2020
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