Market Snapshot - State of the City
KATE WOLLMAN-MAHAN
Dear friends,
Wishing you a very happy start to Spring!
In market snapshots I like to highlight the micro markets that are more relevant to buyers and sellers than the broad swaths of the city covered in major market reports.
MARKET SNAPSHOT
Lenox Hill 3 Bedroom Condos
Resale only (buildings older than 5 years)
PRIME Lenox Hill from Fifth to Third Avenues
Median Sale Price: $5,437,500
Median Listing Discount: 9.9%
Median Days on Market: 290
Price per SF (rolling 2 month median): $2267
Inventory: 21 (+23% from last year)
(data from Urban Digs)
In times of ongoing low inventory, as we are in now, I thought I would reflect briefly on off-market transactions. My success is always tied to relationships, and so I hear of listings that may never hit the market. It is worth inquiring, if you are searching but do not see your dream property. A few recent off-market deals and listings of mine:
Just closed: A beautiful and very special 4 bedroom, 4500 SF apartment at the legendary Dakota
In contract: A charming Upper East Side estate sale 2 bedroom coop
Privately available: A stunning, mint-condition and newly renovated 20' wide townhouse on a prime Upper West Side block (asking $16,000,000)
With the election behind us, Wall Street bonuses up, and a sense of acquiescence on our current rates, we are seeing well-priced homes in good condition sell quickly - sometimes within a few weeks on the market. Homes needing work are more of a challenge, and we expect the tariffs to have an impact on construction costs. This is also a time when experienced brokers and mortgage bankers can work together for our buyers - for example, a seller's credit used to buy down a rate can go a lot further than a credit towards a purchase price.
The NYC comptroller's 2024 State of the City was was recently published, and confirmed that the city's housing supply has not kept pace with employment growth. In addition, the report points to a decline in the number of households with children living in the city. Housing affordability along with school tuition costs have long been a factor in families leaving the city. Apartments that are "affordable" (by NYC standards that would be under $2M), located near good public and private schools, and have been designed to accommodate several kids (often by dividing up rooms to create extra bedrooms) are always in demand, and recently we have even seen bidding wars for this type of apartment!
At higher price points, luxury sales have been on a winning streak with the highest number of contracts signed $4M+ since the end of 2022. Condos are leading the way at the top of the market with new developments over-represented as compared to their market share (this week's new development contracts were at 140 Jane Street, 200 East 75th, 111 West 57th, 50 West 66th and 200 Amsterdam). My buyers have frequently preferred New Development - if it is within their budget. The below chart shows just how high a market share new development sales represent, despite the vast majority of inventory being resale (chart from Urban Diggs).
I am ever grateful to my friends, clients, and colleagues for their trust and loyalty. My success - and the great fun I have at work - is due to you.
