Manhattan Townhouse Annual Market Report
This report uses market-wide data based on transactions that closed in 2011 and compares it to closings that took place in 2010.
2011 proved to be another solid year for townhouse sales. There were 201 Manhattan townhouse sales in 2011. Led by a surge of transactions Uptown, there were 106 single-family townhouse sales, a 10% increase compared to 2010.
Single-family townhouse average price increased 3% to $8.15 million. Due to this shift in market share Uptown, single-family median price declined 6% to $5.5 million and average price per square foot declined 5% to $1,546.
Traditional single-family townhouse submarkets like the Upper East Side, Upper West Side and Greenwich Village continue to attract ultra high-net worth purchasers willing to spend eight-figures. In 2011, there were 27 sales over $10 million, eight of which were over $20 million. In 2010, there were 28 sales over $10 million but only four of which were over $20 million.
There were 95 multi-family townhouse closings in 2011, only five sales fewer than 2010. Multi-family sales were down in every submarket except for Downtown, where they increased 26% due to increased demand over $5 million. Market-wide, multi-family average price declined 8% to $2.6 million while median price declined 9% to $1.5 million. The average size of a multi-family sale declined 4% to 3,828 square feet while average price per square foot declined by 5% to $676.
For the purposes of this report, we are defining multi-family townhouses as two- to four-family townhomes. This study presents information only on arms-length transactions (a sale between two unconnected parties). We excluded certain other types of sales, including: foreclosure or short sales, changes in legal status or ownership entity, properties that required gut renovation or demolition, bulk or investment sales, as well as townhouse condominiums in new development properties.
source: The Corcoran Townhouse Annual Report
As always, I will be tracking and reporting sub-market townhouse activity throughout 2012, and would welcome the opportunity to answer any questions you may have about the report or the market generally.
For the most comprehensive analysis of the Manhattan residential market, visit the Market Reports page of my blog at www.nycblogestate.com
The City’s Improving Economy
Tax revenues continue to rebound as the city’s economy continues a gradual recovery. New York City has regained 65 percent of the private sector jobs lost during the recession, while the rest of the country has only gained back 36 percent.
The city now is expected to recover all jobs lost during the recession by the end of 2013, one year sooner than the rest of the country.
Mayor Bloomberg presented a Fiscal Year (FY) 2013 Preliminary Budget and an updated four-year financial plan. The Mayor outlined a plan that achieves a balanced budget – closing a $2 billion budget gap without tax increases, no layoffs of teachers or uniformed workers and no walking away from NYC's long-term investments which was made possible by the City’s years of prudent planning and spending restraint.
The Preliminary Budget reduces year-over-year controllable City expenditures, but expenses that are not fully controlled by the City – primarily pensions – continue to rise and continue to make less funding available for City services. The Preliminary Budget relies on $6 billion in savings for FY 2013 generated though eleven rounds of deficit closing actions taken by City agencies since 2007.
View the City of New York's Financial Plan Summary for Fiscal Years 2012 - 2016
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(Photo Credit: Edward Reed)
Mayor Bloomberg speaks at Staten Island Zoo Groundhog Day celebration February 02, 2012. The weather has been extremely warm and mild this winter and S.I. Chuck confirmed Spring is Coming!
If you've been thinking about buying or selling in Manhattan. Now is the time. Spring is Coming!
For Sellers: Inventory is low. Large apartments are in demand and hard to find. Well priced homes are selling at very solid prices. Over pricing a home results in a lower price than under pricing a home. Hard to believe but true!
Price it right and you will get offers. Over price it and you will wait months. Even after a seller lowers the price a few times they are usually forced to negotiate from a position of weakness and accept the only offer.
For Buyers: Rents are going up up up! There is a very low vacancy rate and market rent lanlords can raise your rent whatever they want or can get and most are doing so. Interest rates are still at all time lows. As rents run up the rent vs. buy comparison begins to weigh heavily on the side of buying.
Contact me if you're interested in buying or selling an apartment or townhouse in Manhattan.
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.
A spokesperson for the Queens bagel company said opening in the former H&H space would signal that "the mantel was being passed," but he was told by Friedland "they really wanted a bank."
Today was the final nail for H&H Bagels. The Daily News reported a city marshal seized the last remaining location of H & H Bagels. The 46th Street space will now be turned over to the landlord, and the shop is closed for business. The famed bakery filed for bankruptcy protection last summer, in October, a judge ruled to allow the eviction proceedings to move forward.
After the Upper West Side retail store and New Jersey plant closed the midtown store was sold at auction and seized today, H&H still has one plant with a small store left that sell wholesale and retail.The owner hopes to reopen the shop, perhaps at a new location on the Upper West Side.
While saddened by the loss of H&H, there are still plenty of places to get a good bagel on the Upper West Side. They may not be as hot and gooey as H&H Bagels but Thank G-d for Zabars right across the street. Nobody does a bagel and lox breakfast special with coffee and fresh squeezed orange juice for $4.95 better than Zabars.
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NYC Broker Mitchell Hall. A rare new breed of Manhattan Broker/ Blogger that embraces transparency and technology while catering to today's discerning Manhattan buyers, sellers, owners and renters.
Your NYC Real Estate Broker Mitchell Hall @ 917-312-0924
Associate Broker - Blogger - Webmaster - Marketer
It is often difficult to get relevant and factual information when you are looking to buy or sell a coop or condo apartment or townhouse in the complex Manhattan real estate market.
Mitchell Hall, is a new breed of broker/blogger in Manhattan that embraces and understands transparency. His blogs, websites and social media participation are designed as a transparent consumer service to help Manhattan buyers, sellers, owner/landlords and renter/tenants make informed real estate decisions.
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Your Manhattan Coop Condo Condop and Townhouse Broker Mitchell Hall.
Buy, Sell or Rent a Manhattan Home |Coops, Condos, Condops and Townhouses
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Your Manhattan Local Neighborhood Broker Mitchell Hall.
A Manhattan born native New Yorker, Mitchell gained appreciation and knowledge of Manhattan's different neighborhoods, buildings, architecture, culture and diversity at an early age. His innate knowledge of each neighborhood and building's unique personality is what makes him adept at matching personalities and lifestyles with properties.
He has lived in desirable Manhattan neighborhoods in Brownstones, Pre War and Post War buildings. Having lived and traveled throughout the US and abroad Mitchell knows "There's No Place Like Home" both financially and emotionally.
Comfortable with all types of people, lifestyles and financials he knows how to listen, to focus, "to read between the lines" and to work hard to satisfy his client's real estate needs.
A seasoned Associate Broker with The Corcoran Group, the largest residential real estate firm in New York City, Mitchell knows it's never just a house or apartment. It’s more than a zip-code, more than a skylight. More than a hardwood floor and pre-war details. When it’s right, a home is not just the physical space where you reside. It’s where you come to life. It’s the first, best expression of who you are—as an individual, as a couple, as a family.
Mitchell makes every effort to understand your hopes, your dreams, and your very unique personality. Then he uses that understanding, and all of Corcoran's resources, to find homes that go beyond checklist, and even the wish list, to that wonderful feeling you get when something just feels right.
It’s never just a house or an apartment. It’s where you live… and it’s who you are. Live who you are.
Your Upper West Side Manhattan Real Estate Broker Mitchell Hall.
Websites and Links Where You Can Find Mitchel Hall Online:
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Testimonials:
Mitchell Hall is one of those rare agents, that will be there for you every step of the way in a purchase or a sale of your property. He was always available on phone, spent an enormous amount of time with me and my wife...and made our deal happen, as quickly as possible. He is a real professional guy and takes pride in his work and seeing that his clients are extremely happy. Besides all of this Mitchell is a very down to earth person and makes you feel comfortable from the moment you meet him. I will definitely recommend him to future buyers and sellers of properties in NY.
MK
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Mitchell Hall sold 2 of my apartments in Manhattan. One was a Chelsea co-op and the most recent was a Battery Park City Condo. After he sold my Chelsea co-op, I knew Mitchell was the only Manhattan Realtor I wanted to sell my Battery Park city condo.
The reason was very simple. Successful selling in Manhattan real estate is based on the correct pricing for the unit. If it’s priced too high, there won’t be enough interest and the unit will sit on the market.
However, if it’s priced just low enough to generate a healthy response, the potential buyers will compete for the property and bid up the price. In both instances, this was the case.
Mitchell was able to get the best price for my units based on pricing the units at the correct pricing point that led to bidding wars on the apartments. And in both instances, the units sold for well over the asking price.
In my mind, being able to price units correctly in Manhattan is not an easy task. There are so many variables that affect a unit’s value - even in the same building. Mitchell’s combination of extensive market knowledge, professional demeanor and outstanding negotiating skills always brought in the highest price for my units.
I have since moved from Manhattan, however, if I was ever to return to the city, Mitchell Hall would be the first Realtor I called.
I would highly recommend Mitchell Hall as a Realtor in Manhattan and don’t hesitate to sign my name to this letter.
Allen Zimmerman
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"It's been a few months since we've been in our new apartment, we love it. We are so glad we met you at your Open House. With out you we never would have found this apartment. Thanks for all your help especially getting us approved by the co-op board. GS and RW 250 West 103rd St.
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" Mitchell, your pricing strategy and marketing ingenuity was nothing less than spectacular. Having so many solid offers to choose from so quickly enabled me to not only get the price I wanted but the terms as well. Having a signed contract in less than a week and Closing in less than 30 days removed all the stress regarding my relocation and the new condo I bought in South Beach. By the way thanks for getting me a great Realtor in Miami." TD 377 Rector Place #20A
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"Bravo! Mitchell, I am so pleased with your work, I could not be any happier. When I saw my little Chelsea apartment in The New York Times recent sales section, and how much you sold it for I felt like Sarah Jessica Parker in "Sex in the City". A. Collins 210 W 19th Apt 5K
Mitchell Hall: IN THE NEWS:
Recent Press:
10/26/2011 | Source: 
Mixed-use Townhouses with Commercial Space
The Observer's Townhouse Fall 2011 Edition
Any wise New Yorker knows that two heads is better than one. Any smart real estate investor knows that two renters are better than one. Mixed-use townhouses across New York are becoming hot commodities for many buyers.
“The townhouses split for commercial and residential use are rare,” says Louise Beit of Sotheby’s International Realty, “especially on side streets of prime avenues in top, sophisticated residential or re-tail areas.”
According to David Kornmeier, the Vice President and Director at Brown Harris Stevens, “Traditionally, a renovated single family house tends to garner a lot of interest.”Mixed-use townhouses aren’t typically what a family has in mind when interested in buying a new home.
“The West Village and Greenwich Village often consistently obtain the highest average price per foot for various types of homes, says Kornmeier though, suggesting that this has not always been the case. “What unites all buyers is that they are looking for a good deal and decent value. The key is understanding the dynamics of a particular market or submarket in order to appropriately define value and position a home to become the most sought after. That being said, it is easier to obtain$3,000 plus per square foot in the Village for a finished single family townhouse than almost any other neighborhood in the City.”
Still, buyers of all townhouses tend to have similarities. “Most townhouse owners value their privacy and enjoy having control over the entire building,” says Kornmeier. “Many [buyers] also appreciate having multiple outdoor gardens and terraces along with a large amount of space, and often for a lower price per square foot than in a similarly sized apartment.”
This brings the location of mixed-use townhouses into question. “There are many areas that have wonderful townhouse blocks and the houses are highly sought-after in those locations,” says Kornmeier. “Typically the Village, Upper East Side, Upper West Side and Gramercy Park areas tend to obtain the highest prices.”
“Top selling single family houses usually have elevators and full floor master bedroom suites,” says Kornmeier, making the amenities more interesting. “Another key factor is an appropriately large and generous kitchen positioned correctly within the house.”
The economy does not really seem to have a hold on the mixed-use townhouse apartment. “Although the economy is causing some unease,” continues Kornmeier. “Uniquely positioned townhouses still sell very well and in some cases, new sales price records have been set. Notable recent examples of this are the sales of multiple single family homes on the Upper West Side that sold recently for right around$19M when the previous record sales price for an UWS single family house was $15,750,000.”
But if you manage to stumble upon one of these diamonds in the rough the benefits can be quite re-warding. “An owner can do whatever they want, they can own the whole townhouse and rent out part of it for professional use,” says Mitchell Hall from Corcoran. They can take two or three floors as their own, they can take one apartment and rent out the others, there’s a lot of possibility in it. I had a buyer purchase a brown-stone in Brooklyn and it was mixed-use. The ground floor was set up for professional use, he was buying be-cause he wanted to live in it, but the rent [from the ground floor] helped cover his mortgage and expenses,” says Hall.
“These mixed-use townhouses are hot because the commercial space rents for higher price than a residential space and the property is a good investment since it is rare,” says Ms. Beit. Jimmy Choo was privy to this real estate secret, his shoe boutique located on east 51st street between Madison and Fifth avenues is part of a classic mixed-use New York town house. “Some clients are looking for income producing property,” says Olga Neulist of Sotheby’s International Realty, “and therefore rent out part of the house to a commercial tenant or residential tenant who could cover all the house’s expenses.”
However, mixed-use townhouses aren’t for retail alone, Mr. Hall told The Observer, “A doctor’s office in a brownstone that would be one of the best uses of it. It’s usually a ground floor apartment, ideally there’s a separate entrance. My dentist is in brownstone—I normally see professional use like doctors, dentists or psychiatrists, usually they have a floor and a separate entrance.” Hall continues with a chuckle, ‘You don’t really want to have to go through the building up-stairs to an office.” Mixed-houses, even if unprofitable, are still great self-sustaining properties, especially when held onto over time.
“Beyond paying the mortgage, a lot of times there is not a huge profit, but there is growth over the years. Rents are going to continue to go up, so the value of the whole property is going to continue to go up,” Hall continues. The Corcoran realtor suggests the absence of townhouses in the Upper East Side is a common misconception. “The Upper East Side, you don’t see them on main Avenues like Park or Madison because those are big buildings, but when you go on the side streets like Lexington, you’ll see brownstones, usually they’ll be ground floors below, you’ll have to go down the steps, a lot of those are businesses, doctors, dentists, law firms, even a little real estate firm.”
Ground floor real estate firms are an easy investment for a mogul looking to diversify their portfolio. “A property can be purchased by an owner or user, which makes it an excellent investment,” says Ms. Beit. “A 4,000-square-foot, three level commercial space of Madison Avenue in a prime Upper East Side location, in need of renovation, can rent for as much as $400,000 per year,” she says.
Still “in my experience,” Kornmeier says, “most people that purchase townhouses as a residence typically favor more residential locations, such as the charming tree-lined streets and uniform rows of townhouses.” There are many factors that will stay at play.
“Houses that are mixed-use are not usually on these types of blocks and tend to sell as an investment, or to a buyer that intends to occupy the commercial space. I have had a few clients who were quite interested in retail cash flow and did not mind living above commercial space in a busier location,” Kornmeier continue. “But, in these cases, they expected to pay a reduced price per square foot
The New York Times: Residential Sales Around The Region
Publication: The New York Times Date: 6/26/2011 Title: Residential Sales Around the Region
Click Image To Enlarge
Manhattan
Upper West Side… $720,000
155 West 68th St., Dorchester Towers
700-sq.-ft. condo in a postwar building; 24-hr. doormen, volcanic stone counters, renovated bath, parquet floors; common charge $458; taxes $5,976; listed at $749,000. Brokers: Mitchell Hall, Corcoran Group
Copyright © 2011 The New York Times Company. Reprinted with Permission. Photos should be credited as follows: The New York Times.
By Inman News, Wednesday, July 2, 2008.
Residential sales in Manhattan continued to slide in the second quarter, according to market reports released today, falling back from last year's lofty peaks.
Mitchell Hall, an associate broker for Coldwell Banker Previews International in Manhattan, said, "I think the market has really turned to more of a buyer's market," and buyers seem to have more wiggle room these days in negotiating prices and other concessions with sellers.
"Everything's very negotiable right now," Hall said. "Where a year ago a buyer would ... insult a seller making a lowball offer, now everything is being considered."
He cited the slow-moving economy among the factors contributing to slowing sales. "They are not grabbing things right away as they were previously. They are ... taking a wait-and-see attitude."
Those buyers who purchased in the past year will likely lose money if they try to sell in the current market, he said.
While there are still first-time buyers in the market, Hall said that larger down-payment requirements are difficult for some buyers. "It's a little tougher getting mortgages right now." The co-op market, he said, typically requires a 20 percent down payment and in some cases a 25 percent down payment, and for condos most lenders are requiring at least a 15 percent down payment, he said.
There are plenty of homes for buyers to choose from, he said, citing a couple who found 80 properties that matched their criteria.
Time Out New York / Issue 656 : Apr 23-29, 2008
How to be the perfect candidate
TIPS FOR CO-OP BUYERS - by: Scot Meyer
Five tips for wanna-be co-op buyers
Although a co-op board member may say that the process of meeting applicants is just a formality, the building bigwigs can reject you without explanation. So it pays to take the meeting seriously.
1. Answer questions. "You may be asked things that seem personal and sometimes even invasive," says Circle Mortgage Group president Dale Siegel. "Don't be fazed, just answer politely."
2. But maybe not all questions. Mitchell Hall, associate broker with Coldwell Banker Previews International, notes that co-ops can't discriminate based on things such as race or national origin. The board is also not supposed to ask about sexual orientation, marital status or if children will be living with you.
3. Don't elaborate. Hall says major renovation plans might turn off board members.
4. Don't ask. Even innocent questions can offend. "You might ask when they're going to renovate the lobby," Hall says, "and it turns out they just did, and someone on the board was head of the lobby-renovation committee."
5. Don't tell. Beware of revealing too much-questions about sublet or pet policies are a bad idea, and if there are patios, don't ask if you can barbecue on them.
Is Manhattan Immune from the Real Estate Bust?
For the time being, yes. But if Wall Street continues to struggle, that could change
Is Manhattan Immune from the Real Estate Bust?
(page 2 of 2)
Many of the strictest buildings often insist that prospective buyers have liquid assets equaling as much as three times the apartment's asking price. So, if you're talking about a $5 million apartment, you need at least $15 million in the bank. Other real estate holdings don't count.
Subprime loans and foreclosures, as a result, are rare.
"Here you have to put skin in the game," said Mitchell Hall, associate broker with Coldwell Bankers Previews International. "It's not easy to buy a place in New York-you have to be really qualified." Translation: rich.
Nail-Biting Time
The fact that Manhattan has-at least so far-escaped the downturn doesn't mean it won't get hit. With a recession looming, plenty of job losses are expected this year on Wall Street, where bonuses are also expected to shrink.
The new condos being built-with ever increasing prices-could also create an oversupply of luxury real estate.
Even Spinola of the Real Estate Board concedes that the market could flatten in a recession.
New York real estate is by no means immune to dips. Prices dropped during the recession in the early 1990s and following the 1987 stock market crash. The biggest postwar decline came in the 1970s, when the city went bankrupt.
Jonathan Miller, president of New York appraiser Miller Samuel, said even though prices are rising, sales activity is off from last year's record levels.
The boroughs are doing worse. Expensive Brooklyn neighborhoods such as Brooklyn Heights, Cobble Hill, and Park Slope have mirrored Manhattan's strength. But middle-class communities farther out have been weakened by the subprime crisis and the credit crunch.
Median home prices in Queens fell 12% in the first quarter from a year earlier, according to the Real Estate Board. The median price dropped 9% in the Bronx, 2% in Staten Island, and 1% in Brooklyn.
"Look we've had a very brisk real estate market for the last four or five years," Miller said. "The New York region has held up better than virtually any market across the country. But we are not immune to situations on the national scale."
See the BusinessWeek.com slide show for the most expensive real estate listings in Manhattan.
Gopal writes about real estate for BusinessWeek.com in New York .
metro.us 1/24/2007
New York Post 12/03/2006
PAGE SIX Magazine: NY POST Sunday October 14,2007
Press Mentions: Mitchell Hall In the News
Links
Date Publication Article's Name 1/24/2007 Metro New York On the Waterfront 9/1/2005 The Real Deal Residential Deals 3/7/2005 New York Post Homes of the Week
12/3/2006 New York Post Hot New Digs For Wall St. Bonus Babies
6/22/2007 New York Sun Stalled Coop Bill Gains Backers
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