Condo sales rise

"Manhattan condo sales had declined by 34% in July—the largest drop during that month since Radar Logic began collecting the data in 2000—as the stimulus from the homebuyer tax credit wore off."

looks like the sales mix changed.

Yep, the end of stimulus did have an effect which showed up. More proof that the government distorts economic decision the making , yet August showed improvement both month over month and year over year, proof that many but all are still an owner at heart.

yes, because the small unit market is tanking. your last sentence is gibberish.

"proof that many but all are still an owner at heart." ??

proof that many but not all are owners at heart. This clearly does not describe you.

what is the color of the sky in your world??
the small unit market is doing great. 8 condo studios in one of the buildings where I own went to contract in the last month alone. Inventory levels that have held steady for the past 2 years averaging around 45 listings have now dropped 19 as of today.

Proof that there is optimism among developers, especially for good product in good location

http://www.nytimes.com/2010/11/14/realestate/14posting.html

The Laureate’s sales office, to be run by Brown Harris Stevens, will not open until January, although Mr. Wolpert said 600 prospective buyers had asked to be kept informed of the building’s progress as of late October.

The least expensive apartment is a 920-square-foot one-bedroom for $1.7 million, or $1,800 a square foot. The most expensive non-penthouse is a five-bedroom with 3,300 square feet, and a view north up Broadway courtesy of that rounded corner, for $8.33 million. That works out to $2,500 a square foot. The six penthouses average $3,000 a square foot, Mr. Wolpert said.

In an area where new condos typically bring $1,200 a square foot, the Laureate’s pricing seems high, said Lawrence Schier, a broker with the Corcoran Group who frequently sells on the Upper West Side. “It looks very, very elegant from the outside, and when I see it, I’m sure it’s going to be drop-dead,” said Mr. Schier, who lives nearby. “But people will be shellshocked to learn the prices.”

Mr. Wolpert likes the Laureate’s chances. “There are a lot of people out there, in good times or bad,” he said, “that have a lot of wealth.”

Where is all the new inventory that Manhattan so desperately needs coming from when new development has been strangled since July 07(credit crisis). Demand keeps coming and there has always been new development to satisfy that need( except 1993-1999) hmm....what happened to prices then?

Look at the price of copper and other raw materials. New developments going forward will be far less and will require higher prices to make the projects viable. Less new supply and at higher prices will provide support resale prices. Of course the elephant in the room is the job picture.

just wrote about it...

compared PENDING SALES vs ACRIS SALES (market wide though, not condo only) - same trend

http://www.urbandigs.com/2010/11/wsj_condo_sales_rise_in_manhat.html

Its stale news reporting on condo sales volume in AUG that was a function of rise in pending sales back 3-4 months prior. So what about since? What about today?

Good stuff Urban.

The WSJ looks to be a less and less reliable source of information these days. Thanks for pointing out.

I think they are fine, they got good writers, I just think they can use some more real time stuff. Its funny because Josh over at wsj wants to wait a few months just to be sure our new system really does lead the acris sales reports before writing stories about real time market conditions. Understandable I guess..he doesnt want to risk looking bad and the new chart system we built is a unique way of looking at the real time manhattan marketplace

1. I believe somewhereelse already broke down the sales figures in another thread based on earlier data and it showed quite clearly the lower priced end of the market tanking over the summer, which accounted for the higher prices then as well. I don't imagine this has changed unless they put the tax credit back in while I wasn't looking.

2. For the 267th time, there will eventually be a lack of new buildings coming on line but I see new construction all around me finishing up. It does take several years to plan and build these things. Until someone (SteveF) shows some data to support the opposite, it is just theory (and mistimed theory IMHO).

3. What UD said.

Thanks UD! Great visuals and simple explanations about real-time vs. lag-time transactions. It doesn't look like there's much in the pipeline for the 4th quarter.

exactly..lets see how it pans out. Ive been following it prior to launch so Im kind of addicted to it now and saw a stronger Q3 report coming out..but its so new many still want to give it time to see if it in fact is on the money. Thanks Maly!

We do offer 3 FREE CHARTS so you can track Manhattan real estate ACTIVE - PENDING SALES - OFF MARKET trends here:

http://www.urbandigs.com/chart.php

a number of large new or resurrected developments have been announced recently. optimism springs eternal in the banking/development arenas.

Thanks! Exactly what I was thinking when I looked at the chart: "this will be so amazing as time goes on and you can do proper seasonal and yoy comparisons." I hope people at the NYT and WSJ see the light soon.

"a number of large new or resurrected developments have been announced recently. optimism springs eternal in the banking/development arenas."

It's impressive - developments seem to randomly kick up again when they were laying dormant for months. But there are still stalled projects out there, so this will play out for quite a while, I think. I worry about the financial repercussions, but this has healthy outcomes for neighborhoods (like mine) that have been a bit pock-marked by these sites, as they're looking more and more like cozy neighborhoods rather than the construction zones they often felt like during the construction boom.

WSJ is run by corporatists. The New York Times seems to publish a great deal of p.r. pieces and call them news. That said , the developers of the property on broadway must have done some research before publishing their prices.

Chart this chart that, wait this wait that. Seriously. $500psf. Whatz so hard to understand.

w67th, at least your sticking to your guns. If you can buy a high floor renovated classic 6 on park ave for $500/sft, do you want to still live here?

Ud. I've lived in nyc when there was a call girl business being run out of a neighbors rental (in the west 50's), 5 floors down this dude ran a ticket scalping business (thank you dude for the les mis and 50yr giants game), and my friends lived in hells kitchen with a shared bathroom for 4 apts...... You sound like a dude that likes $50 cocktail, Bc of the price and not the taste. Is that how you sell your apts?

Another borker Jedi mind trick. If everyone can afford it, what's the point? So smile when you pay $1mm for that 12 ave 42nd St studio! It's monetary protection against minority scum like w67.

Fking elitist park ave idiots that bought for $1 in the crack days of the 80's or had it handed to them. I am rarely impressed with ppl on park ave.... Usually some 80yo that couldn't afford to move out in the 80's. Remember Ted koppel got beat up on park ave? Good times

Peter Jennings?

I only drink $50 cocktails..anything cheaper is not good enough for me

urbandigs: "If you can buy a high floor renovated classic 6 on park ave for $500/sft, do you want to still live here?"

If gold is at $500, would you buy it?