Third Quarter 2009 Manhattan Market Report is in
While the residential market is not back to where it was before the collapse of Lehman Brothers, things have improved over the past several months.
With a slow start, the spring buyimg market picked up. National housing indicators are turning around and job losses are slowing. Many feel that the worst is now behind us.
The average price for Manhattan apartments was $1,274,563 during the third quarter of 2009, up slightly from the prior quarter. While the average price is still 13% lower than a year ago, this is an improvement from the second quarter's 24% annual decline. Also showing improvement was the number of sales reported. After falling 53% year-over-year in the second quarter, closings in the third quarter were down 25% from the same period in 2008.
All sizes of cooperative apartments posted lower average prices than a year ago, led by a 41% decline in three-bedroom and larger units. Note: There were 4 co-op sales over $30 million a year ago, 2 of which approached $50 million. There were no similar sales this past quarter, thus this figure fell sharply. This also brought the average price lower for all co-ops, which at $934,400, represents a 22% decline from the third quarter of 2008.
While the average price fell for all sizes of condominiums over the past year, the overall condo average price was actually up slightly from 2008's third quarter. The reason for this was that the average condo sold during the third quarter was 9% larger than a year ago. If the average size of condos sold goes up, the overall average price can rise-even in a declining market. Just under half of all condo sales were in new developments in the third quarter, down from 70% a year ago.
Since 1976 the tradition of Macy's fireworks took place on the East River in Manhattan. This year to commemorate the 400th anniversary of the exploration of the Hudson River by Henry Hudson, the 2009 Macy's July 4th Fireworks extravaganza took place on the Hudson River,
This year's fireworks featured more than 40,000 shells exploding at a rate of more than 1,500 per minute.
The fireworks were synchronized to a score of patriotic standards, classic river-themed works, and original music. Performances by the New York Pops and Broadway superstars Audra McDonald and Idina Menzel performed.
It's that time again! New York City Restaurant Week Summer 2009 is almost here! New Yorkers and tourists alike will be able to enjoy an extended Restaurant Week and dine at Manhattan's trendiest and best restaurants from July 12-31, 2009.
New York's top restaurants will serve three-course lunches for $24.07. FYI -- the discounts are not good on Saturdays, though some restaurants are offering deals on Sundays and three-course dinners for $35.00 (beverage, tax and gratuity not included).
Reservations began on June 30, 2009 and participating restaurants include Megu, Spice Market, Dos Caminos, Nobu, Tao, One If By Land, Two If By Sea, Blue Water Grill, and many others.
Click Here To Read More & Make Your Reservations
Twice a year, in January and June/July, there is a unique opportunity to experience some of New York City's finest restaurants for a fraction of the usual price. Throughout the city, restaurants participate in "Restaurant Week" where they offer a three-course lunch for $24.07 (& some even offer dinner for $35). Restaurant Week is a great opportunity to try out a restaurant that may usually be out of your budget, or test some new restaurants that don't break the bank.
Save The Date for New York Restaurant Week Summer 2009: July 12 -31st (excluding Saturdays.)
Reserve early!! Reservations open Tuesday, June 30th
Manhattan specialist with Halstead Property, the largest, most visible residential real estate firm in NYC. Professional agent for buyers & sellers providing real solutions for your real estate needs.
As a professional real estate agent in New York City, my goal is to assist buyers, sellers and renters.
Whether you're renting a studio apartment, purchasing a million dollar property or selling your home, I have created these blogs as free information for you, so you can make the best and most informed decisions in a complex Manhattan real estate market. As a Seller's Broker: As a Buyer's Broker: Should you buy a condo, condop or coop? Should you sell now or upgrade for more value? Is renting a better decision for you? Should you invest? What is the market like? Is now the time to buy in Manhattan? Can you really afford to buy or are you better off renting? For buyers and global investors seeking to buy properties in the U.S., one can learn more about Luxury Properties by contacting me directly. For buyers and global investors seeking to buy properties in Europe, I am pleased to to connect you with the international contacts and resources. This network is an international platform at the highest level for the acquisition, marketing and sale of premium real estate. Where can you find the latest real estate information? I will add new blog features on a regular basis to better inform you. After all, selling, buying and even renting a new home is a major decision. Should you have any questions please feel free to contact me. There is no obligation - I would be happy to answer any questions you may have. I hope this information is helpful to you and look forward to assisting you with your real estate needs. To receive my latest VIP Information Emails please click here and email me View Halstead Property TV Here The Current 2009 Buyers Market And Home Buying Information Directory Manhattan Neighborhoods - Where Do You Want To Live CLICK BELOW TO READ HALSTEAD PROPERTY LLC'S MOST RECENT MARKET REPORTS: Halstead Property Third Quarter Market Report Halstead Property Second Quarter 2009 Sales Market Report Halstead Property First Quarter 2009 Market Report Halstead Property Fourth Quarter 2008 Market Report Halstead Property Third Quarter 2008 Market Report Halstead Property Second Quarter 2008 Market Report Halstead Property First Quarter 2008 Market Report 7/14/09 Ross Ellis Quoted in: Homebuyers Beware: Who's Ripping You Off Now?- What 6/17/09 Brokers Weekly - Broker Profile
10/1/2008 International Homes Magazine - New York Storeys 10/1/2008 Overseas Property Professional - Getting Away From it All 9/1/2008 International Homes Magazine - New York, United States 7/8/2008 TheMoveChannel.com - Investors eye New York 'honeypot' 11/28/07 Real Estate Weekly - Big Hearted Brokers Bring Home Bacon ACHIEVEMENTS Manhattan Real Estate Continues To Soar NY1 April 18 2008 For Your Convenience: To Calculate Your Mortgage Mortgage Calculator MANHATTAN REAL ESTATE NEWS Manhattan Real Estate Continues To Soar NY1 April 18 2008
Ross knows the trends in the ever changing Manhattan real estate market. She is an active and aggressive agent and uses her creative marketing plans, as well as positioning each property ahead of the current real estate curve allowing for a maximum ROI. She treats each for sale property with love and care and understands the needs and desires of the seller.
Knowing that everyone has different and specific needs, Ross learns what each individual buyer's lifestyle is and hones in on what they need and want. This enables buyers a smooth transaction from beginning to end. Ross' past buyers always refer friends and family to her, to ensure just as wonderful an outcome. Whether one is a first time buyer, a foreign buyer, investor or a seasoned buyer wishing a new home, Ross Ellis consistently helps buyers in finding the perfect home.
Advantages To Working With A Real Estate Agent
ROSS ELLIS IN THE NEWS
You Must Know About the New Rules of Mortgages and Credit By: Carolyn
Warren
6/17/09 London Daily Express - Great Deals In New York Temper Sky High Prices
12/24/08 Brokers Weekly - Favorite Things ... The Greatest Gift Of All
Deal of the Month - April 2009 - Halstead Property Midtown Office
MANHATTAN REAL ESTATE NEWS
Is Manhattan Immune From The Real Estate Bust? Business Week April 24, 2008
Manhattan has the best to offer in New York City Living! While there are too many to list, there are many apartments for sale which may meet your needs. Feel free to contact Ross Ellis for a complimentary consultation ... and if you're interested in a rental click here to see some great rentals in Manhattan.
Is Manhattan Immune From The Real Estate Bust? Business Week April 24, 2008
For Your Convenience: To Calculate Your Mortgage Mortgage Calculator
Manhattan has the best to offer in New York City Living! While there are too many to list, there are many apartments for sale which may meet your needs. Feel free to contact Ross Ellis for a complimentary consultation ... and if you're interested in a rental click here to see some great rentals in Manhattan.
With 20 years of success in the business world Ross Ellis, an accomplished "relationship builder" and "connector" is no newcomer to real estate. She learned much from her family's business which owned substantial holdings in Boston's prime and elite residential real estate market. Formerly with MLBKaye International Realty in New York, she has an excellent knowledge of the Manhattan Real Estate market. Ross Ellis is proud to be a member of the Real Estate Board of New York (REBNY). She is also a member of the Neuberger Berman Women's Partnership, the U.N. Convention on the Rights of the Child Council, NY Women in Communications and, serves on the Board of Directors of Love Our Children USA and the Entertainment Publicists Society. She is listed in Marquis Who's Who of American Women and, was selected twice as NY Women in Communications Women Who are Changing the World. In addition to Love Our Children USA, her philanthropic efforts Brokers Build at Habitat for Humanity and include a long involvement with New York's children's charities and the arts.
A dedicated professional, Ross handles studio rentals to multi-million dollar sales in Manhattan - all with the same enthusiasm and professionalism. She prides herself in giving quality satisfaction and offers expert identification and implementation in response to her client's needs. Her passion, commitment and goal-oriented drive are familiar to all who know her.
Ross is a "lifestyle broker." Working with individuals, couples, families and celebrities and focusing on their lifestyle needs. Ross studies her customers' lifestyle and is able to assist them in finding the perfect home.
Excelling in the fine art of negotiation, Ross' expertise and love of real estate, combined with being a great listener and communicator, her strong attention to detail and superb relationship building skills insure a great outcome for her clients ... albeit buyers, sellers or renters.
Selling a home in New York City is a major decision, as is purchasing or renting a home. It takes considerable investment and a great deal of emotion. After all ... it's your home! Ross Ellis provides buyers early access to promising opportunities. She takes personal satisfaction in assisting sellers to attain a successful outcome so they can begin the next part of their journey. And she actively focuses on the rental market, often matching landlord and tenant quickly. Whether you're a family, a business person or couple, or someone of noted celebrity, you deserve a professional real estate agent who not only knows the New York real estate market ... but an agent who works personally for you. Ross has worked with the entertainment and media industries for many years and still maintains contact with them on a daily basis. She understands the needs of celebrities and has helped several purchase and rent homes.
In addition to the New York real estate market, Ross also handles the Luxury Portfolio Fine Property Collection. It is the flagship luxury program of the Leading Real Estate Companies of the WorldTM, an international real estate network that participates in more million-dollar-plus luxury transactions than any other single real estate organization.
A child advocate and Founder and CEO of Love Our Children USA, a national charity to break the cycle of violence against children, Ross understands the concerns and challenges of parenting in a city like New York.
In fact, Ross is using the real estate commissions she earns towards the growth of Love Our Children USA in order to increase efforts to keep children safe and strengthen families.
Ross finds making people's dreams come true by finding them the perfect home is very gratifying. She is proud to be an agent with Halstead Property, LLC, the largest and most visible privately owned residential real estate firm in New York.
Of course, the greatest compliment you can give Ross Ellis is a referral. She treats all of her clients with the greatest respect and honors all discussions and deals as discreet and confidential.
"Success is not a place at which one arrives, but rather the spirit with which one undertakes and continues the journey."
- Alex Noble
"Ross Ellis is the most amazing Real Estate Broker in all of NYC. If it weren't for her tenacity and expert knowledge of the market I would not have this incredible Manhattan Condo with a great view. Ross turned out a great result." - D.S.
"Thanks to Ross Ellis, my family has a new home in Manhattan. Living on the West Coast and the East Coast is overwhelming, as are the two very different real estate markets. With a family and busy career, Ross made finding a new home easier than I had ever anticipated. We could not be happier. Thanks a million Ross!!" - M.J.
"Working with Ross Ellis as our real estate agent could not be a better experience. Her expertise, knowledge, professionalism and patience say a lot about her dedication to helping us find the right home." - F.S.
"My husband and I were so impressed with Ross Ellis, our real estate agent. Every apartment she showed us proved she was listening and had our best interests in mind. My husband's company relocated us just as we were going to make an offer on one of the apartments that Ross showed us. I am hoping we will come back to New York in a few years. Should that happen, our first phone call will be to Ross Ellis." - G.S.
"Ross Ellis is a dedicated real estate agent who found us the perfect tenant for our apartment. Her follow up and attention to detail were impressive. When we are ready to sell our apartment, Ross is the agent we will use. We highly recommend her. She is a true professional." - M.M.
" I've been wanting to move to New York City for as long as I can remember. I'm from Wisconsin and asked my friend from New York City if he knew any brokers. He said there was only one broker he would recommend and that is Ross Ellis from Halstead. Ross and I have been working together for a short while and I am now close to making an offer on the most incredible apartment - and I owe it all to Ross. I am excited about buying this apartment and moving to NY and even more excited that Ross' earned commissions go towards Love Our Children USA. " - A.J.
"Ross Ellis is a real estate broker you can trust. She is an ethical and honest broker and a valuable resource. Her knowledge of the NY real estate market and professionalism were so appreciated; as was her incredible personal attention. We are close to finding the perfect home for us - thanks to Ross. My husband and I have dealt with some of the biggest brokers in Manhattan and after working with Ross Ellis at Halstead Property, we know she'll be our broker for life." - C. M.T.
"Working with Ross Ellis allowed me to breathe during a stressful time as I changed jobs, moved to New York, and needed a place to live. I was able to focus on my new job while Ross found me the perfect apartment. I will be forever indebted to her." - R.J.C.
"Coming to New York to handle a serious issue was enough to deal with. I needed a short-term place to live. In one afternoon, Ross Ellis found me an apartment that not only suited my needs, but allowed me to handle the serious issue. Thank you Ross." - H.S.
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