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.
At 785 Fifth Avenue, the vestibule serves as a holding area for mobile brassy luggage racks.
Next door at 781 Fifth Avenue, the Sherry Netherland Hotel, the vestibule serve the dual jobs of exhibiting the wall reliefs of singing putti from an old Vanderbilt mansion while hotel patrons and disco dancers at Doubles negotiate the hotel's very impressive revolving door under the gaze of the doormen.
Manhattan luxury apartment sales in the Third Quarter of 2012 were the highest since 2007 while inventory is the lowest level ever, according to Pamela Liebman, chief operating officer of The Corcoran Group, which released its report yesterday.
The study reported 3,832 apartment sales in the Third Quarter, 17 percent more than the same quarter in 2011, and it found that market-wide inventory fell 22 percent in the third quarter from the previous year to 7,041 available listings.
"Consumer confidence is clear with a 125 percent increase in sales since market's lowest point in the First Quarter of 2009," Ms. Liebman continued, adding that "Manhattan's reputation has solidified as a safe haven for investment amidst global economic uncertainty." "Low mortgage rates, combined with record high rental rates are both contributing to buyer and investor interest," the study maintained.
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.