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Tuesday, July 24, 2007

Corcoran reports strong Manhattan sales

I'm leaving for a long planned vacation today, so posts may be lighter than usual in the coming weeks.

Q2 2007 corcoran report

market reportThe second quarter 2007 Corcoran Report on the real estate market has arrived and it's available for download in 2 flavors, triple mint Manhattan (pdf 445 kb) and fat free Brooklyn (pdf 320 kb). Download and dig in for more. Sorry, we're out of Rocky Road. This comes just in time as a follow up to my summary report posted last week, coops loosing clout with luxury buyers?— which won in this week's Carnival of Real Estate hosted by Rain City Guide. A blog carnival is a competition that travels from blog to blog, presenting the best topical blog posts, as submitted by their authors. has been featured a few times.

Thursday, July 19, 2007

Co-ops loosing clout with luxury buyers?

opinionCorcoran and the other large NYC real estate brokerages recently released their second quarter numbers— in turn releasing a flurry of reporting on it by the real estate press. The standout metric for me concerned prices sinking a bit in the cooperative apartment market; more on that in a moment, but first a quick summary of the trends. In short, the NYC marketplace is surprisingly strong, running counter to the national housing slump. Robust Manhattan market activity is something that I've been taking about here since January. It is not to say that we are immune to a market correction, but so far the scarcity of land, and rising demand for housing, especially in the luxury sector, have been holding the market more than steady so far. The problems in the sub-prime mortgage market seem to have not affected NYC directly, but may impact us as lenders tighten debt to income profiles for loans across the board, reducing the number of buyers eligible for some properties. That reduces demand and may produce some drag on the upward movement in sales prices, especially in smaller units, which have still been appreciating pretty dramatically so far.


Sunday, July 15, 2007

Spending green, saving green

green cityThe New York Times Real Estate section ran a cover story today on"The Cost of Saving Energy". It acknowledges that an "energy smart building" is an accolade that can be used in promoting properties to prospective buyers, and something which some developers are seeing as a way of adding a layer of distinction to their projects. Is a real consumer preference for energy efficiency beginning to take shape? I thought that I'd put a poll out to ask readers how they felt about this emerging aspect of buying real estate. If you take a moment to answer the question, you'll receive the instant gratification of seeing the latest results live.

I've yet to have customers ask to only see LEED certified or green buildings, in the same way that they might only consider Tribeca, or something close to Central Park. My impression is that as a practical matter for buyers, it would be too limiting to their possible choices at the moment; but goes into the plus column if all other things are equal. As the perception that green environments are healthier dwellings grows, that may change to a more of a demand than a passive benefit. For aging co-ops and condo buildings it may be a way of increasing or maintaining shareholder and property value.


Thursday, July 5, 2007

Making lemonade at 9 West 19th Street

download brochure, 9 West 19th Street

for saleproperty brochure (pdf 580kb) Yes, I've been away from the keyboard for a few days working on the marketing program for Nine West 19th Street. It's a beautiful, turn of the century building in Flatiron that is available for sale exclusively through my office for $8.4 million. One of the vital marketing pieces that's produced for this level of property is what's referred to in brokerage vernacular as a 'set-up', or detailed fact sheet. You can see the fruits of that labor by downloading your own copy.


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