NYC Real Estate Attorney Discusses The Corcoran Year End Report
New York, New York – always a magnet, continues to have an amazing pull for people from all around the globe.
Real estate market mirrors this, especially if we look at Manhattan.
The Corcoran Group, the preeminent real estate firm in New York, has outlined real estate market trends in 2014 in their recent report.
The Corcoran Report, deemed the “bible” of the New York City real estate market, provides an in-depth analysis of market trends by size and types of housing and neighborhoods, its sales statistics and timely market data.
The findings, overall, are that market continues to be defined by high demand and low supply.
2014 proved to be a strong year for residential real estate in Manhattan, with more sales, after 2013, than any other year since 2007.
The average price, price per square foot, and median price even surpassed those in 2013. Condo inventory increased and co-op listings maintained the historically low levels. 2015 should see more new development units than both 2013 and 2014, with increased inventory at all price points.
2014 had almost 15,000 closings; this was 4% below 2013 but 20% above the average since 2008, making it the second highest Sales number of closings since 2007.
As far as high priced sales, there was a large increase in 2014 of sales over $25 million, up 640% compared to 2013. As a matter of fact, records were broken for the highest priced sale of all times for both condos and coops.
Closings that took place at extra luxurious building One57 contributed 16 of the record breaking 37 closings over $25M. Sales of properties selling for $5M+ were also
32% higher than in 2013.
Inventory has been steadily increasing since hitting a post-recession low at the end of 2013. There has been a growth in supply of condo units, whereas numbers of co-op units remain at historically low. As for the new development units, the number planned to launch in 2015 should more than double the number launched in 2014.
Months of Supply is still well below the average figure which has been 8.4 months since 2007 – in 2014 being just 4.7 months.
With regards to prices of real estate in 2014, last year saw another remarkable growth. New developments had an increase of 47% in average price and a 26%
Increase in average price per square foot. Properties that increased in average price and average price per square foot by about 10% are resale condos and co-ops. Resale co-ops experienced the largest gain in market share in 2014 compared to the year before.
2014 was certainly a strong year in Manhattan, New York City real estate market. “Buyers were super confident and sellers were able to achieve (these) extraordinary prices,” said Pamela Liebman, the chief executive of the Corcoran Group. “And there’s really no sign of things slowing down.”
NYC real estate lawyers will help you navigate through complex real estate deals and protect your rights and your assets. For all your real estate property transactions and needs make sure you have a trusted NYC real estate attorney from the Levin Law Group by your side.
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*The contents of this document are not legal advice and are not to be treated as such. Before making any decision or taking any action, Contact Levin Law Group for actual legal advice.