2018 Year-End Manhattan Market Report Here

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2018 Year-End Manhattan Market Report Here THE CITYREALTY YEAR-END REPORT DECEMBER 2018 DECEMBER 2018 2018 Year-End Manhattan Market Report CityRealty is the website for NYC real estate, providing high-quality listings and tailored agent matching for prospective apartment buyers, as well as in-depth analysis of the New York real estate market. 1 THE CITYREALTY YEAR-END REPORT DECEMBER 2018 Summary After years of soaring prices, Manhattan residential real estate contiues to cool off with condos showing slight declines and transaction volume substantially down. Total apartment sales over $10 million are projected to reach $4.4 billion by the end of 2018, down from $4.6 billion in 2017. AVERAGE SALES PRICE 2018: $2.06 Million CONDOS AND CO-OPS 2017: $2.16 Million MEDIAN SALES PRICE CONDOS CO-OPS 2018: $1.72 Million 2018: $855,000 2017: $1.84 Million 2017: $845,000 The median sales price of all apartments in 2018 was $1.2 million, down from $1.25 million in 2017. There was a slight decrease in the median price of condos, which fell to $1.72 million from $1.84 million in 2017. Co-ops, however, rose to a median price of $855,000 from $845,000 in 2017. CONDO AVERAGE PRICE/FT2 2018 2017 $1,802/ft2 $1,861/ft2 The average price of a condo in 2018, $2.88 million, was down from $3.05 million the year prior. The average price per square foot dipped slightly to $1,802, down from $1,861 in 2017. 2018 2017 $2.88M $3.05M AVERAGE SALES PRICE AVERAGE SALES PRICE CONDO CONDO $1.4M $1.37M AVERAGE SALES PRICE AVERAGE SALES PRICE CO-OP CO-OP Note: 2018 statistics are based on closings recorded through Nov. 30, 2018; projected totals are for full 2018 calendar year. 2 THE CITYREALTY YEAR-END REPORT DECEMBER 2018 Summary, Cont. Prices rose slighly in the Manhattan co-op market. The average price paid for a co-op Building of the Year was $1.4 million, up from $1.37 million in 2017. RESIDENTIAL SALES 2018: $21.3 Billion (Projected) 2017: $25.7 Billion CityRealty projects that total co-op and condo sales volume will be approximately $21.3 billion for the full calendar year of 2018, based on the $18.9 billion recorded through November 30 and accounting for seasonality and properties in contract. The $21.2 billion projection would be substantially down from the total sales volume recorded in 2017 which was $25.7 billion. For the fifth year in a row, readers of CityRealty’s blog 6sqft.com were invited 2018 (Projected) 2017 to vote in the 'Building of the Year.' Coming out on top this year is Skyline Tower, garnering 35% of total votes. The 802-unit condo is rising in Long Island 10,354 11,881 City near where Amazon plans to open UNITS UNITS its HQ2 . The 778-foot tower will not only be Queens' tallest building but the borough's largest ever condo offering CityRealty projects that there will be approximately 10,354 sales through the end of as well. 2018, a marked decrease from the 11,881 recorded in 2017. There were 9,157 co-op and condo closings recorded through the first 11 months of 2018. For the 2018 survey, 12 new and noteworthy projects were up for the NEW DEVELOPMENT SALES honor: Skyline Tower, 53W53, Central Park Tower, 111 West 57th Street, 15 Hudson Yards, Brooklyn Point, 220 2018 (proj.) 2017 Central Park West, 520 Park Avenue, The Eleventh, 130 William, Waterline Square, $5.0 Billion $8.9 Billion and 50 West 66th Street. 1,050 Units 1,848 Units The winner selected in 2017, One CityRealty projects that new development sales will reach roughly $4.98 billion Manhattan Square, is downtown's largest condo building in terms of through the end of 2018, a decrease from the $8.9 billion in new condo sales number of apartments and one of the recorded in 2017. Roughly 1,050 new condo sales are expected to be recorded tallest residential buildings in the city. through the end of 2018, as compared to 1,848 last year. Note: 2018 statistics are based on closings recorded through Nov. 30, 2018; projected totals are for full 2018 calendar year. 3 THE CITYREALTY YEAR-END REPORT DECEMBER 2018 Manhattan Residential Market While down this year, average and median sales prices for all residential units in Manhattan—both condos and co-ops—have increased significantly since 2008. This year's average condo/co-op apartment price of $2.06 million is 30% higher than in 2008. This year's median price of $1.97 million is 25.3% higher than it was in 2008. Average and Median Sales Prices Since 2008 for Co-ops and Condos $2.5M $2.0M $1.5M +30% SALE SALE PRICE $1.0M $500K 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 KEY: AVERAGE PRICE MEDIAN PRICE Transaction Volume Since 2008 for Co-ops and Condos 18,000 15,000 (PROJ.) 12,000 9,000 10,354 # # TRANSACTIONS OF 6,000 3,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Note: 2018 statistics are based on closings recorded through Nov. 30, 2018; projected totals are for full 2018 calendar year. 4 THE CITYREALTY YEAR-END REPORT DECEMBER 2018 Sales Breakdown The chart below illustrates the rise in sales of high-priced units over the past five years. With a projected sales volume of $21.3 billion, sales volume by dollar amount is down by 17% when compared to 2017. Total sales of apartments over $10 million are projected to reach $4.4 billion through the end of 2018. The number of apartment sales in this price tier is down from 2017, when it was $4.6 billion, but the aggregate sales total is still on track to account for 20% of all dollars spent on Manhattan residential real estate this year, spread over a scant 242 sales. Total Sales by Price, Year-by-Year $28B $24B $4.6B $3.5B $5.3B 240 units 297 units 189 Units $4.0B $20B 214 Units $4.4B $6.2B $7.0B 242 units 1,046 Units $6.7B 1,200 units $4.6B 1,119 units $16B 801 Units $5.0B 1,053 units TOTAL VOLUME SALES TOTAL $12B $10.1B $10.0B $10.9B $8.9B 5,284 Units 5,175 Units 5,579 Units $10.4B $10.9B 5,343 units $8B 5,300 units 5,520 units $4B $4.2B $4.0B $3.5B 6,705 Units 6,075 Units $3.4B $3.0B 5,232 units 5,040 units 4,183 units 2014 2015 2016 2017 2018 (PROJ.) KEY: <$1M $1M-$4M $4M-$10M $10M+ ALL SALES $10 MILLION + YEAR TOTAL SALES TOTAL # OF SALES # OF SALES TOTAL SALES % OF TOTAL 2018 (PROJ.) $21.3 Billion 10,354 242 $4.4 Billion 20% 2017 $25.7 Billion 11,881 262 $4.6 Billion 18% 2016 $25.8 Billion 11,853 297 $5.3 Billion 21% 2015 $24.5 Billion 12,899 189 $3.5 Billion 14% 2014 $22.8 Billion 12,895 214 $4.0 Billion 18% Note: 2018 statistics are based on closings recorded through Nov. 30, 2018; projected totals are for full 2018 calendar year. 5 THE CITYREALTY YEAR-END REPORT DECEMBER 2018 Trump's Year in NYC Real Estate In the second full year of Donald Trump’s presidency, the average sales price for the 11 Trump-branded condos in Manhattan climbed above the Manhattan condo average. However, the price per square foot paid in Trump buildings remained below the Manhattan average. The average price paid for a Trump condo rose significantly to $3.12 million (surpassing the $2.89 million Manhattan average), and the average price per square foot in Trump condos fell from $1,749 in 2017 to $1,711 in 2018. Trump's Avg. Condo Prices vs. Manhattan Avg. Condo Prices Trump's Avg. PPSF vs. Manhattan Avg PPSF $4.0M $2,000 $3.0M $1,500 $2.0M $1,000 $1.0M $500 2007 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 2007 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 KEY: TRUMP AVERAGE PRICES MANHATTAN AVERAGE PRICES KEY: TRUMP PPSF MANHATTAN PPSF TOP GAINER:* BIGGEST LOSER:* Trump Palace, 200 East 69th Street Trump Parc East, 100 Central Park South +16% -28% AVERAGE PPSF AVERAGE PRICE 2018 AVERAGE PPSF: $1,627 2018 AVERAGE PPSF: $1,294 2017 AVERAGE PPSF: $1,400 2017 AVERAGE PPSF: $1,797 BUILDING NAME AVERAGE PRICE PPSF # OF SALES** AGGREGATE SALES Trump International, 1 Central Park West $ 9.28M (+78%) $ 3,246 (-7%) 4 $37.13M The Heritage at Trump Place, 240 Riverside Boulevard $ 7.68M (+123%) $ 1,844 (-8%) 7 $53.79M Trump Parc East, 100 Central Park South $ 3.15M (+98%) $ 1,294 (-28%) 2 $ 6.30M Trump World Tower, 845 United Nations Plaza $ 2.64M (-34%) $ 1,559 (-10%) 10 $26.37M Trump Parc, 106 Central Park South $ 2.60M (+104%) $ 1,809 (-2%) 9 $23.43M Trump Park Avenue, 502 Park Avenue $ 2.36M (-56%) $ 2,279 (-10%) 4 $9.45M Trump Plaza, 167 East 61st Street $ 2.11M (-1%) $ 1,364 (-5%) 3 $6.32M Trump Place, 220 Riverside Boulevard $ 1.92M (-33%) $ 1,432 (-13%) 11 $21.11M Trump Tower, 721 Fifth Avenue $ 1.73M (-22%) $ 1,623 (-15%) 2 $3.46M Trump Palace, 200 East 69th Street $ 1.69M (+81%) $ 1,627 (+16%) 5 $8.47M Trump Place, 120 Riverside Boulevard $1.12M (-16%) $ 1,329 (-7%) 8 $8.98M *Only compares buildings with 2 or more sales each year.
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