NEW YORK MARKET UPDATE
When analysing the market in the first quarter of this year, it is very clear to see how the Manhattan market has moved from being tilted in the favour of the buyer 18 months ago, to now leaning towards being more of a seller’s market.
Inventory has continued to decline at a dramatic pace, with the amount of property listed now 35% lower than in Q1 2012. At the same time sales of residential condos have increased and median sales prices have also risen, up by 13.8%. Added to this the number of days properties have been on the market before selling has reduced and additionally the difference between list price and actual sales price has become much tighter.
In the New Development market, which makes up the majority of the real estate sold and managed by JMA, prices have increased by as much as 35%, which in part has been driven by a number of luxury projects being launched over the last 12 months like One 57 in Midtown and 56 Leonard in Tribeca.
However, with precious little brand new construction having been undertaken in the years immediately after the woes of 2008, developers are now closer to launching a number of new projects that they started once the housing market recovery was underway.
This is good news for buyers as in the second half of this year we expect to see some very attractive developments in some excellent locations in Manhattan become available. The first one JMA has secured is The Jefferson, in the East Village, details below.
While pricing has increased, mortgage rates continue to be offered at very low interest rates and monthly rents are now at their highest ever levels, ensuring Manhattan continues to attract considerable attention. However, unlike residential real estate in some other global cities, Manhattan continues to be driven local buyers, who make up around 75% of the market.
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NEW OPPORTUNITIES IN NEW YORK & FLORIDA
The Jefferson, East Village (New York, New York)
Eighty-one brand new residences, that will be complete in Spring 2014, located in the East Village at 211 East 13th Street, just two blocks from Union Square Park and multiple subway and transportation options. (A five minute ride to Grand Central Station).
The East Village is well known for its arts and music roots, with Andy Warhol a previous resident. Now it is a highly desirable neighbourhood home to unique theatres, restaurants and shopping. It is also just a short walk to NYU.
Designed by BKSK Architects, with interiors by Kara Mann Design, The Jefferson will offer modern luxurious living, a full range of amenities, including doorman as well as roof garden offering views over the neighbourhood. Sales are now underway with a number already sold. Pricing from $850k to over $3m.
Santa Barbara Villas (Pompano Beach, Florida)
The final 4 town homes at Santa Barbara have just been released, in this brand new development of 10 properties, located in the heart of beautiful Pompano Beach. Being part of the Miami metropolitan area and a popular vacation hot spot, this part of Florida has, and continues to attract well-heeled vacationers who pay a premium to stay in good quality accommodation.
Located less than a mile from the beach and even closer to the intracostal waterway, main dining and shopping centre, Santa Barbara is the only new development opportunity in Pompano Beach.
Each home has 3 bedrooms, 2.5 bathrooms, a private garden plus garage parking. There will also be a common resort style swimming pool plus whirlpool and cabana.
Pompano Beach has benefited from a multi-million dollar program of regeneration, which is now almost complete. Pricing is still considerably lower than Ft. Lauderdale, its immediate neighbour to the south, and the potential for price appreciation, while still benefiting from excellent annual returns, makes Santa Barbara particularly attractive.
A deposit of 25%, the balance on completion in early 2014, financing available and pricing from $309k.
For more details on market news or new opportunities please contact Alistair Auty, firstname.lastname@example.org.