The for-sale luxury apartment in Manhattan reached new highs in the First Quarter of 2014, according to reports from the city's leading real estate brokerage companies.
According to a report by Douglas Elliman, the median price for a new condominium apartment was up 30.6 percent from the first quarter of 2013 to $1.73 million. The report also found that there were 3,307 sales in the First Quarter, up 34.6 percent from the same period last year.
The Elliman Report found that the average price per square foot of a Manhattan apartment was $1,363, setting a 25-year record.
According to the Elliman Report, the 3,297 sales of luxury co-op and condo apartments in Manhattan in the Fourth Quarter of 2013 were the highest "in at least 25 year" and up 26.9 percent from the prior year quarter.
The report also noted that listing inventory fell 12.3 percent to a 14-year record low of 4,164 from the prior year total.
Condo median sales price climbed 14.2 percent over the past year to $1,320,000, a 25-year record, the report maintained, adding that "the time to sell an apartment fell by half as listing discount remained low" and "the average days on market was 95," about half the 177-day pace in the prior year quarter.
Nothing beats the holiday season in New York City.
Driving into the city the highways are ringed with necklaces of light on the balconies of many high-rise apartment buildings.
The Harlem Meer at the north end of Central Park has many illuminated trees and some of its surrounding museums such as the Metropolitan Museum of Art on the East Side and the American Museum of Natural History on the West Side have spectacular Christmas trees adorning their major interior spaces.
Macy's, who owns the July 4th fireworks extravaganzas and the great parade on Thanksgiving , also has St. Nick in all his firmament in the wonderful film, "Miracle on 34th Street."
Luxury residential apartment sales in the Third Quarter 2013 were the highest since the market downturn five years ago.
"The 3,837 sales in the third quarter were 30 percent above the prior year total and second highest only to 3,939 in the second quarter of 2007," according to the Third Quarter 2013 Elliman Report, "just over a year before the Lehman tipping point and onset of the global credit crunch in last 2008."
That study also noted that "listing inventory dropped 21.9 percent to 4,567 from the prior year quarter, the lowest since it was tracked in 2000." "As a result of the surge in sales and sharp drop in inventory," the report continued, "the absorption rate fell to a rapid 3.6 months, the fastest pace recorded in more than 13 years."
Sales of tenant-owned apartments in Manhattan's "luxury" buildings "flourished" in the Second Quarter of this year with 3,860 recorded closings, the second highest number of sales since Second Quarter 2007," according to Pamela Liebman, the chief executive officer of the Corcoran Group.
The number of contracts signed in the Second Quarter, as shown in a chart released today, she continued, was "even stronger and reached 4,450 signed contracts - the highest in a single quarter since 2007," adding that "inventory experienced its ninth consecutive quarter of year-over-year decline" and "available listings are 52 percent below the peak in the First Quarter 2009 and dropped 25 percent compared to Second Quarter 2012."
The number of signed contracts for "luxury" apartments in Manhattan in the First Quarter of 2013 was the strongest since 2007, according to Pamela Liebman, chief executive officer of The Corcoran Group real estate brokerage company.
"The market-wide trend of declining inventory continued this quarter with a 26 percent decrease compared to last year. This is the eighth consecutive quarter of year-over-year inventory decline; we are now 50 percent below the inventory peak of First Quarter 2009," she continued.
Sales activity of Manhattan luxury for-sale apartments has been "remarkably consistent" for the past three years "as the market settled into a stabilized period following the onset of the credit cruch marked by the bankruptcy of Leman Brothers in the fall of 2008," according to a report for Elliman by Miller Samuel Inc. on the decade that ended in 2012.
"The peak year for the number of sales in the decade occurred in 2007, reaching 13,430," the report said, noting that last year the total was 21.8 percent below 2007, which "was the top of the housing/credit boom, considered an anomaly rather than a normal period of housing sales."
The average monthly rental price for "luxury" apartments in Manhattan at the end of 2012 was $3,973, up 10 percent from the end of 2011, although the average rental price per square foot declined to $49.88 from $52.25 in the same period, according to an Elliman Report.
The report found that the number of new rentals on the market at the end of 2012 was 2,901, up 20.5 percent from the previous year figure while the days on market climbed to 57 from 37 the previous year.
The median rental prices downtown declined slightly from the end of 2011 to the end of 2012 for studios and one-bedrooms, but increased a bit for two-bedrooms and 38.1 percent for three-or-more bedrooms, the report said.
The "luxury" for-sale apartment market in Manhattan was strong at the end of 2012 as the number of listings fell significantly from the prior year and sales totals in the Fourth Quarter were the highest in a generation.
The Elliman Report indicated that its listings dropped to a 12-year low of 4,749 and the monthly absorption rate fell to 5.5 months, the second fastest rate since 2000.
An improved economy and concerns about the "financial cliff" and changes in tax laws lead to a record of 2,598 sales in the quarter, according to the Elliman Report, adding that average sales price edged 1.1 percent higher to $1,461,473 from the prior year (see table at the right).
One normally thinks of a great block of townhouses as having two sides, but 79th Street between Fifth and Madison Avenues is a rare example of such a street with only one side full of impressive townhouses.
Fortunately, it is the south side so that they are not darkened by shadows cast by the high-rises on the north side that benefit from the great views created by the low-rise height of the townhouses.
The block is great, furthermore, because the quality of the townhouses is mansion-level generally, meaning they are mostly wider than 20 feet and are faced with more luxurious material than brownstone and that some of their detailing is exquisite and interesting.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and for no listing shall the number of bedrooms listed be considered a legal conclusion.
All closed sales data has been provided by the New York City Department of Finance via the Automated City Register Information System (ACRIS). No warranty or representation is made as to the accuracy of any data provided by ACRIS or any other sources.