1Q17 Manhattan Market Report

Posted by RossEllis on April 4, 2017

The Manhattan apartment market rebounded in the first quarter, as both prices and the number of sales rose for resale apartments compared to a year ago. The average resale price rose 5% to $1,561,911—its highest level since the second quarter of 2015. A new record was set for the resale median price, which at $955,000 was 3% higher than 2016’s first quarter. There were 1,795 resale closings reported in the first quarter, which was 5% more than a year ago.

Including new developments, the average price for all apartments reached a new record of $2,174,105. The median price for all apartments of $1,150,000 was also a record, and 8% higher than in the prior quarter. A 17% decline in new development closings brought the number of sales for all types of apartments down 1% from the first quarter of 2016.

After slowing dramatically leading up to the presidential election, the Manhattan apartment market has started to pick up momentum. With much of the uncertainty now gone and sellers adjusting to the realities of the market, first-quarter market data was better than expected. While the data show a decline in new development closings, many of the deals are signed months or years in advance, so they are not always indicative of current market conditions.

The full version of the report can be found here


Just Published: Halstead Annual Report 2003-2016

Posted by RossEllis on March 31, 2017

Over the past 14 years, Halstead has offered the most comprehensive annual report available on the Manhattan apartment market.

Over 200,000 verified sales are included, a number of which were recorded after our quarterly market reports were released.

Also provided is a summary of relevant economic indicators, including data on employment, Wall Street, building permits and interest rates.

Highlights in the report:

• Manhattan apartment prices averaged a record $2,063,252 in 2016, 14% higher than the prior year.
• New developments were solely responsible for the increase in average price, as resale prices declined slightly last year.
• The average new development price of $4,082,292 in 2016 was 34% higher than the year before, and a new record.
• A new record was set in the median apartment price, which crossed $1 million for the first time.
• Market volatility and political uncertainty led to 8% fewer closings than in 2015.The 12,958 reported sales was the lowest annual figure since 2011.
• While Midtown East saw its average price jump 64% last year, this was due to the large number of closings at 432 Park, which inflated 2016’s data.
• Both Downtown markets and Upper Manhattan saw their average apartment prices rise in 2016.
• Midtown West posted the biggest decline in prices last year, due to a reduction in new development closings, particularly at One57.

Click Here to view the complete report


NYC Restaurant Week returns on Monday, January 23, and runs through Friday, February 10. During this period, you can enjoy $29 three-course lunch menus and $42 three-course dinner menus at hundreds of venues across the city. We've added a listing of participating local restaurants to our website; click here and start making your reservations today!

Every year, twice a year, New Yorkers and those visiting Manhattan get the opportunity to dine in some of the "best of the best" restaurants for a three course prix-fixe lunch at these amazing prices.

The NY City Go web site includes notable chefs, new restaurant participants,  and features menu previews.

And if you're thinking of moving to Manhattan, it's not only a great way to try out our incredible restaurants, but it will help you relax over a sumptuous meal after browsing apartments all day with your broker to decide where you want to live.

Who knows -- you may want to live next door to one of these sensational Manhattan restaurants!

NYC Restaurant Week Tips:

Research - Get recommendations from friends and search the Internet for ratings. Most of the participating restaurants are the best that New York has to offer.

Reservations should be made in advance. DO Reserve Early - Normally, getting a reservation at these restaurants is difficult. Plan ahead. Reservations early in the week are usually easier than Thursdays or Fridays. Call to see if there were any cancellations as well.

Dress Code - When dining in New York's best restaurants, dress your best.

Tip Higher - Tipping more than 20% will get you first-class service that New Yorkers expect from these top restaurants.


Q4 2016 Manhattan Residential Market Report

Posted by RossEllis on January 4, 2017

New development closings, with many contracts signed over a year ago, pushed the overall average Manhattan apartment price to a new record in the fourth quarter. At $2,110,556, the average price was 9% higher than a year ago and just above the previous record set in the first quarter of 2016. The number of sales was 13% lower than a year ago, with 39% fewer new development closings and 4% fewer resales.

New developments, which comprised nine of the top 10 sales in the fourth quarter, sold for an average of $4,709,602. This was a new record, and was 51% higher than the fourth quarter of 2015. The resale average price of $1,512,074 was 1% lower than a year ago, while the median price rose 2% to $920,000.

Notice that the headline number implies prices are still increasing, yet taking a closer look at the data tells us otherwise. Looking at just resales, we see a market where the average price has been drifting lower for the past few quarters. Resale listings spent 10% longer on the market than in the fourth quarter of 2015, and apartments are selling at the lowest selling-to-asking price ratio in more than three years. Buyer hesitancy and seller overpricing have led to sharp rises in inventory, particularly for larger apartments, which increases the need for price adjustments for many listings.

Click Here For The Full Market Report

 

 

 


My Annual Manhattan Holiday Building Tipping Guide

Posted by RossEllis on December 6, 2016

The holiday season is here and it's time to start thinking about tipping for services in our apartment buildings.

For those living in Manhattan, holiday tipping is the norm and can seem endless.

While it's important to be generous, it's also important to be realistic about what you can afford. 

  • Apartment Building Superintendent: $75-$500. Tip less if you tip throughout the year.
  • Apartment Doorman/Concierge:  $25-$150 or more each, depending upon building. Those who serve you more should get a bigger tip even though you may feel like giving them a lump of coal!
  • Apartment Building Handyman And Porters: $20-$70 each
  • Apartment Building Elevator Operators: $25-$50
  • USPS Mail Carrier: Mail carriers are not allowed to accept cash. Non-cash gifts with value up to $20. This is for mail carriers that you know and see regularly.
  • UPS - Regular Driver: $25 - $50 if you receive many packages. UPS has no formal policy. Drivers don't expect tips but can accept them.
  • FedEx: Not allowed to accept anything over the value of $75. No cash gifts accepted. New
  • Newspaper Carrier: Daily - $25 - $50, Weekend - $10
  • Parking Attendants: $25 - $50 each
  • Housekeeper/Cleaning Person:  One Week’s Extra
  • BabySitter: $25 - $50
  • Dog Walker:  One Week’s Extra

Some Manhattan apartment buildings pool tips so the workers receive one lump sum. Most leave it up to the individual resident.

I hope you will find the information below useful when tipping in your apartment building this holiday season!

These are suggested tips for Manhattan. Most importantly -- give what you can. If you are giving less this year, include a postscript saying "Wish it could be more" and your gift will be very appreciated.

During this holiday season, remember to take time for yourself so that you're not frazzled when entertaining.

And keep in mind - if you're planning on putting your apartment on the market, the holidays are a great time to do this. People who look for a home during the Holidays are more serious buyers! Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

Wishing you all the magic and blessings of the holiday season!


Please Join Me in MAKING A DIFFERENCE

With the holidays upon us, it's a time to give gifts to our loved ones, friends and customers.

We buy gifts for our loved ones but how often do we remember those in need who we could all MAKE A DIFFERENCE for?  There are wonderful groups doing important work whose donations are suffering. Here is my annual list of places where you can MAKE A DIFFERENCE!

This holiday season, rather than buying expensive gifts, I will be using my earned commissions and making donations to charity in the names of my loved ones, friends and customers. It's like giving twice!

Here is a list of top registered charities you may want to consider.

Alzheimer's Associaton 
To eliminate Alzheimer's disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health.

American Cancer Society
The American Cancer Society is the nationwide community-based voluntary health organization dedicated to eliminating cancer as a major health problem by preventing cancer, saving lives, and diminishing suffering from cancer, through research, education, advocacy, and service.

American Heart Association
Our mission is to build healthier lives, free of cardiovascular diseases and stroke. That single purpose drives all we do.

Feeding America
The nation's leading domestic hunger-relief charity

Darfur - Not On Our Watch
Focusing global attention and resources towards putting an end to mass atrocities around the world.

Elizabeth Glaser Pediatric AIDS
The Elizabeth Glaser Pediatric AIDS Foundation seeks to prevent pediatric HIV infection and to eradicate pediatric AIDS through research, advocacy, and prevention and treatment programs.

Encourage-Kids Foundation
Encouraging all kids facing health challenges to be carefree kids by creating environments and experiences that help them through each step of their medical journey 

Feed The Children
Feed The Children provides food, medicine, clothing, educational materials and other essentials to children and their families domestically and internationally.

Habitat for Humanity
Habitat for Humanity International is a nonprofit, ecumenical Christian housing ministry. HFHI seeks to eliminate poverty housing and homelessness from the world and to make decent shelter a matter of conscience and action.

Juvenile Diabetes Foundation
JDRF is to find a cure for diabetes and its complications through the support of research.

March Of Dimes
Dedicated to improving the health of babies by preventing birth defects, premature birth and infant mortality.

MS Society
The MS Society is a collective of passionate individuals who want to do something about MS now-to move together toward a world free of multiple sclerosis. They help each person address the challenges of living with MS by funding cutting-edge research, driving change through advocacy, facilitating professional education, and providing programs and services that help people with MS and their families move their lives forward.

North Shore Animal League
North Shore Animal League America, headquartered in Port Washington, NY, is the largest no-kill animal rescue and adoption organization in the world.

ONE
ONE is Americans of all beliefs and every walk of life - united as ONE - to help make poverty history

St. Jude Children's Research Hospital
St. Jude is unlike any other pediatric treatment and research facility. With research and patient care under one roof, St. Jude is where some of today's most gifted researchers are able to do science more quickly. All patients accepted for treatment at St. Jude are treated without regard to the family's ability to pay.

Stand Up To Cancer
Stand up to cancer raised funds for research in unprecedented effort to end cancer's reign as a leading cause of death

RED

In 2006, Bono and Bobby Shriver began paving the way for a new generation. An AIDS free generation. They founded (RED) with a simple mission, to make it easy for people and businesses to join the fight against the deadly virus. Shriver began paving the way for a new generation. 


STOMP Out Bullying
The national leading anti-bullying/cyberbullying organization for kids and teens in the U.S. Created in 2005, STOMP Out Bullying has become the most influential anti-bullying organization on the U.S. and beyond. It focuses on reducing and preventing bullying, cyberbullying, sexting and other digital abuse, educating against homophobia, racism and hatred and deterring violence in schools, online and in communities across the country. It teaches effective solutions on how to respond to all forms of bullying; as well as educating kids and teens in school and online, providing help for those in need and at risk of suicide, raising awareness, peer mentoring programs in schools, public service announcements by noted celebrities, and social media campaigns. An additional focus educates parents on how to keep their children safe and responsible online. (Full Disclosure - the writer of this blog is the founder and chief executive officer of this charity)

Susan G. Komen For The Cure
The largest grassroot network of people working together to save lives, empower people, ensure quality care, and energize science to find a cure.

UNICEF
Raises funds for programs and increasing awareness of the challenges facing the world's children. The oldest of 37 national committees for UNICEF worldwide, they are part of a global effort to save, protect and improve children's lives.


For other registered charities please visit www.guidestar.org