The Douglas Elliman Report: 2001-2010 Manhattan Market
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Manhattan 2001–2010 the DOUGLAS ELLIMANreport Prudential Douglas Elliman’s 10-year sales trend analysis prepared by: THE DOUGLAS ELLIMAN REPORT MANHATTAN EDITION INTRODUCTION 2001-2010 Manhattan Co-ops and Condos 5 MILLERSAMUEL.COM Manhattan Co-ops 8 Manhattan Condos 10 ©2011 Miller Samuel Inc. Manhattan Luxury Co-ops and Condos 12 and Prudential Douglas Elliman. All worldwide Manhattan Loft Co-ops and Condos 12 rights reserved. East Side/West Side/Downtown Co-ops and Condos 13 East Side/West Side/Downtown Co-ops 14 East Side/West Side/Downtown Condos 15 East Side Co-ops 16 Condos 17 Upper East Side Co-ops 18 Condos 19 Fifth Avenue/ Park Avenue Corridor Co-ops 20 Yorkville Co-ops 21 Condos 22 East End Avenue Co-ops 23 Carnegie Hill Co-ops 24 Condos 25 Lenox Hill Co-ops 26 Condos 27 Sutton/Beekman Co-ops 28 Midtown East/Turtle Bay Co-ops 29 Condos 30 West Side Co-ops 31 Condos 32 Upper West Side Co-ops 33 Condos 34 Riverside Drive/West End Avenue Corridor Co-ops 35 Central Park West Co-ops 36 Lincoln Center Co-ops 37 Condos 38 Midtown West/Clinton Co-ops 39 Condos 40 Downtown Co-ops 41 Condos 42 Union Sq./Gramercy Kips Bay/Murray Hill Co-ops 43 Condos 44 Chelsea Co-ops 45 Condos 46 Greenwich Village Co-ops 47 Condos 48 East Village/Lower East Side Co-ops 49 Soho/TriBeCa Co-ops 50 Condos 51 Battery Park City Condos 52 Financial District Co-ops 53 Condos 54 Uptown Co-ops and Condos 55 Harlem/East Harlem Co-ops and Condos 56 Hamilton/ Morningside Heights Co-ops and Condos 57 Washington Heights Co-ops and Condos 58 Fort George Co-ops and Condos 59 Inwood Co-ops and Condos 60 Published by Prudential Douglas Elliman Real Estate Senior Graphic Designer: Kateri Whited Visit our website to browse listings and learn more about market trends 1 THE DOUGLAS ELLIMAN REPORT MANHATTAN EDITION MANHATTAN MARKETS 2001-2010 PRUDENTIAL DOUGLAS ELLIMAN For a century, Prudential Douglas Elliman has been an unrivaled leader in New York’s real estate. Founded in 1911 by Douglas L. Elliman, the firm quickly became a household name and the brokerage of choice for New York’s elite. Today, with over 3,500 real estate professionals and more than 60 office locations throughout New York City (Manhattan, Brooklyn, Queens, Bronx), Long Island, including the Hamptons and North Fork, Westchester/Putnam and South Florida, Prudential Douglas Elliman is New York’s largest real estate firm and ranks fourth nationwide by sales volume. Our comprehensive portfolio of real estate services includes sales and rental brokerage, retail and commercial sales and leasing, new development marketing and sales, relocation and settling-in services, as well as mortgage financing, title services and property management through our related companies DE Capital Mortgage, a Wells Fargo affiliate, PDE Title, and Douglas Elliman Property Management. Our affiliation with Prudential connects us to over 62,000 real estate agents in the USA and Canada and our strategic partnerships with leading international real estate firms extends our reach to over 43 countries on 6 continents. Visit elliman.com to browse thousands of properties and learn more about market trends. MILLER SAMUEL Miller Samuel is an independent residential real estate appraisal and consulting firm that covers the greater New York City metropolitan area including in Manhattan, Brooklyn, Queens, The Bronx, Staten Island, Westchester County, Fairfield County, Northern New Jersey, and Long Island including the Hamptons/North Fork. Founded in 1986, its clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op boards and condo associations, managing agents, individuals and government agencies. Miller Samuel provides appraisal services for purchase and refinance mortgage origination, collateral management, auction, estate, trust, gift, divorce, bankruptcy, litigation, buyer and seller valuations as well as expert witness services and extensive assignments covering roof, hallway, basement and other common area valuations and share allocations. The firm also provides market analysis for the Washington, D.C. and Baltimore metro areas. Our affiliate, Miller Cicero is an independent commercial real estate appraisal and consulting firm that appraises property in the greater New York City metropolitan area. Miller Cicero provides advisory services concerning office, retail and multi-unit residential, new development, commercial, sales and lease analysis. Miller Samuel prepares a market report series throughout the New York City region in addition to this report. The Douglas Elliman Report: Additions to the series for 2011: • MANHATTAN EDITION • LONG ISLAND DECADE Quarterly overview of co-op and condo sales Annual 10-year report of residential sales • MANHATTAN RENTAL EDITION • WESTCHESTER EDITION Quarterly overview of residential rentals Quarterly overview of residential sales • MANHATTAN TOWNHOUSE EDITION Annual 10-year report of townhouse sales These market studies, customized data tables, charts, research papers, authored • BROOKLYN EDITION Quarterly overview of residential sales articles and other housing market resources are available at www.milleramuel.com. • QUEENS EDITION For daily coverage of the real estate economy, visit the blog: Quarterly overview of residential sales Matrix: Interpreting The Real Estate Economy at matrix.millersamuel.com or • LONG ISLAND EDITION subscribe to The Housing Helix Podcast with Jonathan Miller at Quarterly overview of residential sales www.thehousinghelix.com with commentary and observations on the housing market, • HAMPTON/NORTH FORK EDITION as well as interviews with experts from various walks of real estate life. Quarterly overview of residential sales • HAMPTON/NORTH FORK DECADE For questions regarding this report or for appraisal inquiries, please contact the Annual 10-year report of residential sales report author, Jonathan J. Miller, President/CEO at [email protected]. ©2011. An Independently owned and operated member of The PrudentialVisit Realour Estate website Affiliates, to Inc. browse is a service listings mark of and Prudential learn Insurance more Company about of Americamarket trendsEqual Housing Opportunity. All material presented herein is intended for information purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property outlines and square footage in property listings are approximate. 2 THE DOUGLAS ELLIMAN REPORT MANHATTAN EDITION INTRODUCTION 2001-2010 METHODOLOGY For more information on how this report is prepared, visit: www.millersamuel.com/reports/methodology.php MARKET BOUNDARIES While the boundaries for these neighborhoods are presented in each market area that is analyzed, a summary page of all boundaries can be viewed here: www.millersamuel.com/reports/neighborhood-boundaries-popup. shtml MARKET COVERAGE The coverage of the Manhattan real estate market in this report includes the entire island of Manhattan. The areas presented overlap in numerous ways because they reflect different markets, neighborhoods and sub-neigh- borhoods. The totals from these breakdowns exceed the overall Manhattan statistics. For example, a condo sale in Carnegie Hill is also included in the Upper East Side condo statistics, the East Side condo statistics, East/West/ Downtown condo statistics, Manhattan condo statistics and Manhattan co-op and condo statistics. The idea be- hind this coverage approach was to parse market information in commonly accepted delineations that were most requested, practical but most importantly, had adequate depth of data to extract trends. These aggregate statistics can also be reviewed and generated as custom tables at: www.millersamuel.com/data SOURCE DATA The data used in this report is based on the aggregate of the four quarterly reports published during the year based on the data available at each quarterly report release. After the end of each quarter, because of the lag between closing date and recording date, sales data continues to fall within those quarterly report time frames. As a result, this report does not include all sales to occur during the year but is based on a large enough sample size to be a market trend reference. The four tables presented for each market area: average sales price, average price per square foot, median sales price and number of sales are considered the source data of this report and are used for the accompanying charts and matrix tables. CONTACT Miller Samuel Inc. Prudential Douglas Elliman Real Estate Appraisers & Consultants Real Estate 21 West 38th Street, 575 Madison Avenue New York, NY 10018 New York, NY 10022 (212) 768-8100 (212) 891-7000 millersamuel.com elliman.com Visit our website to browse listings and learn more about market trends 3 THE DOUGLAS ELLIMAN REPORT MANHATTAN EDITION MANHATTAN 2001-2010 MANHATTAN CO-OPS AND CONDOS PRICE INDICATORS SHOW STABILITY WITH MIXED RESULTS The three metrics to measure housing prices showed mixed results over 2009. Median sales price for 2010 was $880,000, 3.5% above $850,000 in 2009 and more than double the $430,000 in 2001. The 2010 result was the second highest only to the 2008 median price of $955,000, which was considered the peak of the Manhattan market. Average sales price followed the same pattern, rising 4.6% to $1,457,255 in 2010 from $1,393,001 in 2009. Like the median sales price the result was second highest only to the 2008 peak of $1,591,823. The key reason for the year over year increase in these metrics was due to the shift in the mix towards larger apartment sales. The 2009 housing market could be referred to as the “year of the first time buyer” as entry-level apartment sales were the first to gain traction after the onset of the credit crunch in late 2008. The average square footage of an apartment sale in 2010 was 1,375 square feet compared to 1,298 square feet in 2009. NUMBER OF SALES RETURN ABOVE 10,000 THRESHOLD There were 10,060 co-op and condo sales in 2010, the third highest total of the past decade, second only to a record of 13,430 sales in 2007 and 10,299 sales in 2008.