The StreetEasy Monthly Cheat Sheet is a recurring feature that looks at the New York City for-sale market over the last four weeks, highlighting a combination of market data, StreetEasy user behavior, and topical trends. This is the report for September 2018.
Most expensive: The most expensive listing to hit the market in September tells an interesting story. And that’s not just because its storied address at 834 Fifth Avenue is the former home of Charles Schwab, Rupert Murdoch and Elizabeth Arden. Nor is it because the building has been described as “the most pedigreed building on the snobbiest street in the country’s most real estate-obsessed city,” though that is quite a claim to fame. What makes this duplex stand out, in addition to the 20-room, 12,000-square-foot layout, dramatic grand staircase, and expansive wine cellar, is its price history.
The property was listed in 2016 after its then-owner John Gutfreund passed away. The initial ask was a jaw-dropping $120 million, easily taking the title for the city’s most expensive listing. The property went on and off the market several times, and two years later, it’s back with a more than 35 percent price reduction. The current asking price of $76 million is by no means a bargain, but it points to the overall recalibration of the sales market from its post-recession peak that we are seeing in Manhattan and Brooklyn.
Least expensive: The least expensive property to come on the market in September is a co-op at 2400 Davidson Ave. #B21 in the University Heights neighborhood of the Bronx listed for $105,000. Typically the least expensive properties on the Monthly Cheat Sheet are limited to studios and 1-bedrooms, which makes this generously sized 2-bedroom an anomaly. The apartment offers 750 square feet of living space, four closets, a newly renovated, separate kitchen and tons of light throughout.
Easy access to the 4 train at Fordham Road — the station is less than 500 feet away — points to the apartment’s convenience. Keep in mind, however, that the unit is a fifth-floor walk-up and has income restrictions.
Most popular: The most popular listing last month was a $550,000 1-bedroom co-op at 60 E. 9th St. #315 in the East Village. The apartment combines great value, location, and style, an easy recipe for popularity. It gets great light thanks to its corner position in the building, and features some very thoughtful details, including a wall of custom built-ins, industrial pendant lighting, and a fun accent wall in the kitchen. The building has a full-time doorman and allows pets.
Drawbacks include high monthlies and the bedroom’s layout, which is decidedly short on space. Since hitting the market Sept. 5, the place has been saved by StreetEasy users more than 536 times. Despite its appeal, the property is still on the market — perhaps a sign of buyers gaining confidence and becoming less inclined to jump on the first deal they see.
Best price cut: On Monday, Sept. 4, this 2-bedroom co-op at 61 W. 88th St. on the Upper West Side got a 20 percent price cut. Originally listed at $1.25 million, the property, offering two levels of living space, a private rooftop, and a somewhat awkward layout, is now listed for $999,999. The price adjustment is clearly a move to appeal to buyers and adjust to the larger trends in the market.
In September, a surge of new listings entered the market, as StreetEasy previously reported, which only added to the glut of for-sale inventory. The new inventory has further advantaged buyers and has forced sellers to reset their price expectations. The data practically speaks for itself. The week after Labor Day, starting Sept. 4, the very date this Upper West Side 2-bedroom reduced its price, more homes received price cuts than any other week in StreetEasy history — 774 to be exact.
Value of all sales: For September 2018, the total value of all sales listings added up to $42,491,313,391. This marks an increase from the total value of all sales for August, which was $39,225,636,994, and a reversal of the three-month run of declining value of total sales. Earlier this year, StreetEasy economists predicted that September would be a critical month in the market, with new inventory entering the market and existing inventory stagnating. These factors suggest both that buyers are gaining an upper hand and sellers will need to check their price expectations. Be sure to check the November Cheat Sheet to see how the new fall inventory fares over the next four weeks.
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