NYC Residential Brokers Market Survey

The Real Estate Board of New York (REBNY) has released the results of its Residential Brokers Survey for the fourth quarter 2011.

The results reflected a seasonably weak fourth quarter. As Fourth Quarter 2011 Market Reports found, New York City average home prices and sales citywide declined compared to the same time last year.

However, 60 percent of the brokers surveyed are optimistic for 2012 and expect next quarter’s residential market to be slightly better or much better than this quarter, a 23 percent increase compared to third quarter 2011 results.

Despite a slow fourth quarter, the brokers did report some bright spots within the residential market. Compared to the fourth quarter of 2010, there was a seven percent increase in brokers reporting executing contracts of sale at the $3 million and above price range. There was a six percent increase in brokers reporting closing rental transactions in the above $4,000 price range.

The Residential survey provides information not neccessarily found in "market reports" it provides an interesting insight in what specific amenities and attributes buyers are looking for and what factors are driving the market.

Similar to last quarter’s results, brokers reported that their clients’ top four building features/amenities this quarter were: 1) doorman building, 2) laundry in unit, 3) private storage space, and 4) on-site fitness center.

While buyers most valued these amenities, one percent of buyers (or fewer) are concerned with living in a New York City Landmark designated building, living in a building designed by a noted architect, or living in a building not located in an official FEMA flood zone. Also, a notable 74 percent of the brokers reported that their buyers were looking for a primary residence.

The brokers reported that their most popular areas this quarter were the East Side with 27 percent of all closed sales, Downtown with 22 percent of all closed sales, the West Side with 19 percent and Brooklyn with 16 percent.