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432 Park Avenue

WILL BUYERS GAIN THE EDGE?

WILL BUYERS GAIN THE EDGE?

Manhattan’s residential real estate market has always been fluid, but increasingly it is becoming more multi-layered and segmented, with different price points moving in different directions. In the light of Q1 2016 stats which show average residential prices exceeding the $2M mark for the first time, it’s instructive to take a close look at inventory numbers and pending sales to see how they break out according to co-op versus condo purchases by price. Two important caveats are noteworthy when reviewing 2016 sales figures: for one thing, these averages are skewed by closings at high end new developments such as 432 Park Avenue and 150 Charles Street; secondly while sales records are an important part of history, it’s contracts signed that more accurately reflect the market moment since the closings for most new developments can follow contracts signed by as many as two years ago.

 

END OF THE YEAR MUSINGS

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END OF THE YEAR MUSINGS

 With the exception of well priced apartments under $2M which continue to attract multiple competitive bids and top sales dollars, price increases of Manhattan homes have abated. Sellers have relinquished their upper hand as buyers find more balanced footing in a market that seems to be heading back slowly to equilibrium. Throughout this year, new development options have come to market steadily yielding more than two and a half times as many choices for buyers than in 2014: approximately 6,500 units in 100 new buildings compared to roughly 2,500 units in 59 buildings last year. At the ultra high end, sales are stalled. In 2015, Manhattan’s residential real estate market shifted in more ways than one.

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