Welcome to my market update for April 2019.
Here are some articles, research and a featured listing you might find interesting.
Enjoy and please let me know if you have questions or if I can help with any real estate needs.
Halstead Property, LLC
Manhattan Oasis - Featured Rental Listing
Check it out! If you know of anyone interested in renting this beautiful 4-story townhouse on the Upper West Side, please let me know.
The average price for resale apartments was 3% lower than a year ago as price adjustments continue at a very slow pace. Activity remained sluggish, with the number of sales 7% lower than the timid pace of 2018’s first quarter. While overall average apartment prices increased in the first quarter, the numbers are skewed by a jump in luxury new development closings, including a record-setting $240 million sale.
The largest price declines over the past year were in three-bedroom and larger apartments, which have by far the highest levels of supply. The average resale price fell 12% for co-ops, and 6% for condos with three or more bedrooms. The spread between selling and last asking price reached its highest level in almost nine years, as sellers continue to adjust to market conditions.
After a slow start to 2019, the Manhattan market will face the added challenge of transfer tax increases included in the New York State budget. These changes, which take effect July 1st, will raise mansion taxes on sales for $2 million or more, and raise the transfer tax for residential sales for $3 million or more. This may lead to a rush of closings before July 1st, but will put further downward pressure on prices, particularly for luxury apartments.
Brooklyn apartment prices averaged $774,694 in the first quarter, 6% less than a year ago. Prices rose slightly for resale apartments but fell for new development units. The selling price of 1-3 family homes averaged $1,131,419. This reflects a 5% increase over the first quarter of 2018. In Brownstone Brooklyn, the average price per square foot of condominiums declined year over year from $1,214 to $1,129 while average sales prices of 1-3 family homes increased by 3% to $2,333,488 over the same period.
Update on NYC and NY State Transfer Taxes: What Are They and Who Pays Them?
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