Ten months into 2021, the number of real estate transactions in Manhattan continued to rise across all property types. At the same time, the number of listings rose again for the second consecutive month. While all types of properties showed annual gains this month, condos have been leading the pack. Brooklyn is keeping pace with Manhattan (a trend we’re keeping an eye on), but NYC’s other boroughs are slowing down in terms of both new contract signings and inventory entering the market. It’s a definite sign that distortions in the market caused by post-lockdown activity are at the tail end of their impact.
Yep, Manhattan is on the move. For the third time this year, the luxury market saw more than 50 contracts—worth a combined $484 million—signed in one month. While the median asking price was just over $7 million, homes ultimately sold at an average of a 5 percent discount. Units at Central Park Tower, which began closing sales back in February, have been selling at an average of 25 percent below what developer Gary Barnett was seeking. After fending off a wrecking ball last month, the Upper West Side’s most controversial condo building, 200 Amsterdam, closed its first sale… just weeks after the developer defeated opponents who had sought to have the tower’s upper floors torn down. “Succession” fans have a chance to live in the condo belonging to Kendall Roy’s ex-wife, as the Woolworth Tower Residences home is on the market for $23.3 million. Luxury in Manhattan is definitely back on top where it belongs!
A four-bedroom, three-and-a-half-bathroom condo at The Standish stole the show in Brooklyn’s luxury market with a listing price of $5.45 million. That’s equal to $2,253 per square foot, which is notable because the unit includes an unusually striking 41-foot-long living room.
Transactions in Long Island may have slowed, but prices in the borough (excluding East End) are hitting all-time highs as a result of bidding wars. The median sale price for a Long Island home hit $585,000, which is more than 17 percent above the prior year. The story is similar in Nassau and Suffolk counties, where, excluding the Hamptons and the North Fork, average and median home prices rose to their highest levels in nearly two decades, according to Douglas Elliman’s quarterly report.
Across the board, the latest trend to emerge from the pandemic is a preference for renovated homes over budget-friendly fixer-uppers. As demand for move-in ready units pushed prices up nearly 14 percent, prices for unrenovated apartments have basically stagnated. According to real estate data firm UrbanDigs, the gap in sales prices between freshly tended apartments and those requiring a little attention has widened by nearly 30 percent in the last year. Great timing, because here at ESPINAL|ADLER, we recently announced a mortgage product that bridges financing and design so that buyers can include financing for a renovation in their mortgage loan. If you have the patience to remodel, you might be able to lock in a great deal!