Although the year was off to a good start and the Manhattan real estate market fizzed with activity during January and February, March has fallen flat. As much as an optimist as I am, things slowed down a bit after what seemed to be a busy early winter. There was a lot of shopper activity in March, and some low offers tossed about as buyers tested where sellers will go. The overly harsh weather could have been a determent for buyers. Official numbers will be reported here for quarterly performance so stay tuned. The market is still bouncing along a jagged bottom. The New York Times reported that the housing market has stabilized at a level below the peak of 2006 but higher than the height of prosperous periods in the 1990's. If we look at a 12 month spread of nationwide sales of existing homes, we're at the same level as we were in mid 1999.
Prudential Douglas Elliman has been named the exclusive sales agency for two boutique Tribeca condominiums. The Real Deal reports that the two buildings, located at 471 Washington Street and 1 North Moore Street, include 12 and five units, respectively. Prices at 471 Washington Street, which includes one, two and three bedroom apartments, range from $1.7 million to $15 million. At 1 North Moore, which includes two triplexes and three full-floor, three-bedroom lofts, prices have not yet been set, but they should be in the $4.25 million to $20 million range. If interested give me a shout. mdubour@elliman.com
If a boutique condo in Tribeca doesn't fit your budget then join a growing number of buyers who are snatching up Manhattan real estate priced under $300,000. According to The New York Times, we are now at 2005 prices in New York which is presenting numerous opportunities. Studios priced at an average of $500,000 in 2008 have adjusted to around $404,000 based on sales from 2010. Co-op studios may even be bought for under $300,000! Imagine this in a market where certain studios approached the million dollar mark just a few years ago. Miller Samuel, a market analyst for Prudential Douglas Elliman, reported that studios had accounted for 17% of sales in New York in previous years. In 2010, however, the market share dropped to 11%. "Market share for studios tends to drop off when conditions are weak" Mr. Miller reported.
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Studios can be a good investment especially the ones in "A" locations. What were once hard to find studio apartments with enviable addresses are now available. The majority of stock is co-op studios, but there are also limited condominium studios for sale right now. If you position the financing right or pay cash, with moderate maintenance fees and taxes, you will be able to pick up a nice investment unit that could generate some strong rental income. The rental market in Manhattan is once again, very tight. The typical studio in a prime location rents for around $2,000 per month. Ironically, I do have a studio condo unit listed for sale in Murray Hill. If interested let me know. mdubour@elliman.com
Finally, Renee Zellweger has put her two apartments on 82nd Street on the Upper East Side in contract. Combined, they were listed at $8.95 million. The starlet plans to spend more time on the west coast.
