Source: Compiled from the Elliman Reports 2nd Quarter 2021 Highlights and Press Release
The market approached robust conditions with rising prices, surging sales and more bidding wars.
The Manhattan market approached robust conditions with rising prices, surging sales and more bidding wars. Median sales price rose to its highest level in eight quarters, the sixth-highest result in thirty-two years. The number of sales surged to its highest quarterly total in six years as cash buyers returned. The market share of bidding wars rose to normal levels but was the highest observed in two and a half years. Resale median sales price rose to the highest on record since tracking began in 2003. The number of co-op sales surged annually at the highest rate in more than eleven years. The year over year surge in condo sales overpowered listing inventory gains, making the market pace much faster. Luxury listing inventory rose year over year at approximately one third the rate of non-luxury supply. The number of new development sales surged at the highest year over year rate in more than seventeen years of tracking. There were the most new development sales above the $3 million threshold in two years.
See full Elliman Report Q2-2021 Manhattan Sales
Source: Compiled from the Elliman Reports 1st Quarter 2020 Highlights and Press Release
After a fast start to the quarter, the Coronavirus outbreak quickly slowed market conditions by early March.
New Year 2020 through mid-March, 2020
The first quarter of 2020 started with a 13.5% year over year jump in the number of sales to 2,407. Sales in eight of the ten price strata rose annually, with the most significant percentage gains seen from $4 million to $7 million. All three overall price trend indicators haven’t seen a year over year increase in three straight quarters as sellers slowly capitulated to softer market conditions. This adjustment resulted in a sharp rise in sales.
Final two weeks of March 2020
After two years of weakening sales, the first quarter of 2020 showed a jump in closings as sellers became more in sync with the current market. However, that pattern was not reflective of the recent change in market conditions that began in early March and has been measured in terms of days. The near-term outlook for the Manhattan housing sales market is predicated on how long the consumer thinks it will take for the pandemic footprint to decline and when “shelter in place” restrictions end statewide. If the outbreak is not prolonged, there is still potential for a release of pent- up demand, but this depends on the extent of damage done to the economy.
Categories: Douglas Elliman
Compiled from the Elliman Reports 3rd Quarter 2019 Highlights and Press Release
The recent Mansion Tax deadline poached sales from this quarter back into the prior quarter.
Categories; Douglas Elliman
Compiled from the Elliman Reports 1st Quarter 2019 Highlights and Press Release
The first quarter of the Manhattan housing market was notable for its extremes.
Categories: Douglas Elliman
by Laura Matiz
A new year represents an opportunity for new adventures. Armed with an umbrella for the rainy Monday after New Year's Day, my husband and I walked to the newly opened 72nd Street stop of the Second Avenue subway. The new line had started running the day before with Governor Cuomo leading the ceremonial first trip.
A first impression one gets is how much deeper underground this line is than the Lexington Avenue trains. It is a long escalator ride down. After a quick turn off the escalators, the upper level of the station is on the other side of the turnstiles. That upper level is a well-lit space with high ceilings. There are stairs and escalators to track level along the center. The upper levels have been the talk of the opening because of the public art installations.
The mosaics on the 72nd Street station are a treat. In fact, many of the people at the station were looping around viewing the mosaics as if at a museum. Vik Muniz, the artist behind the mosaics at 72nd, features New Yorkers in whimsical poses as if waiting or running for the train, including a self-portrait with the artist running after papers spilling from his briefcase.
After stopping at two other stations, 96th Street and 86th Street, we exited with a sense of joy and pride. Like many curious New Yorkers, we took many pictures, some shared here. We congratulated a number of MTA employees that were on hand with information and pamphlets. We felt a need to give someone credit for the undertaking and the accomplishment, for the opening of a new subway line is a once-in-a-lifetime event notwithstanding that it had been in the works for more than a lifetime.
— 12/28/2014: NYC Underground: New Transit Projects
by Laura Matiz
About a year ago, I wrote about the 2015 expansion plans for Citi Bike, NYC's bike sharing service. Recently, Citi Bike announced that it is starting another big expansion project – growing from 8,000 to 10,000 bikes in 2016. This most recent expansion will place stations up to 110th street on the Upper East Side & Upper West Side in Manhattan. Stations will also be added to Jersey City and new Brooklyn neighborhoods. See Citi Bike's 2016 expansion page for neighborhood maps with the new stations.
If you are considering signing up with the Citi Bike program, the annual fee is $155, but discounts are often offered and you can always get 10% off if you pay with a Citi Card. If you do join up, make sure you take a look at the Bike Smart pamphlet from the NYC Department of Transportation. It offers many riding tips and summarizes the rules of the road to help you ride safely.
by Laura Matiz
[Original post 1/11/2015: revised May 28, 2016 with updated details and Governors Island info.]
Historic lower Manhattan has so many things to see and do. Knowing how to get around for free makes it even more fun. Many parts of lower Manhattan have transformed from commercial to a heavily residential area. Buildings that once housed large banks and corporations now feature unique apartments that take advantage of the tall ceilings and impressive lobbies. New construction has added units to the market as well, including the Frank Gehry-designed building on the east side of island, one of the tallest residential buildings in the world. Visitors to this area can benefit from knowing about these free transit options — on land and on the water.
Staten Island Ferry
Commuters and tourists know the Staten Island Ferry is one of the best ways to experience the imposing New York City harbor. The 25-minute trip to Staten Island, which has been free since 1997, skirts the Statue of Liberty offering frugal tourists a cheaper and faster alternative for getting a photo of this famous landmark. A round trip from Manhattan does require passengers to disembark on Staten Island before getting on the next ferry back. During this rush maneuver, one can miss the amazing aquarium tanks at the Staten Island terminal featuring exotic fish so mesmerizing that you might miss the next boat back.
Starting in 2017, tourist and visitors might not rush back to Manhattan given the planned opening of the New York Wheel. Like its brethren, the London Eye, the NY Wheel is sure to draw plenty of visitors and offer stunning views of the New York skyline.
The magic is on the return trip as the boat approaches the majestic view of lower Manhattan. Get a good spot on the outdoor decks to get the best photos. Stay on the east side decks to avoid the crush of tourists getting pictures of Lady Liberty. Another hint: take the ferry in the late afternoon when the skyscrapers absorb that warm glow of the sun. The ferries run frequently and on time. On weekends, they run every 30 minutes during the day, but check the schedules to plan your trip. Bicycles can be brought on board, but cars have not been allowed on the ferry since 9/11. Free WiFi service is now available in the terminals and on all the ferries. Both the Manhattan and Staten Island terminals are renovated and clean with lots of security personnel.
IKEA Express Shuttle to Red Hook
The NY Water Taxi's IKEA water taxi shuttle is another great way to see the New York harbor. The 25-minute trip starts on Pier 11, Slip A in the east side of lower Manhattan and cruises along the Brooklyn coastline. The shuttle is free on weekends with reasonable weekday fares. Riders can choose to disembark at one of two stops in Brooklyn, the Red Hook Dock on Van Brundt Street and the IKEA dock. The trip can be quite refreshing in the summer time when New York is sweltering and the marine breeze feels so much cooler. When reaching the Brooklyn stops, the Verrazano Bridge becomes an imposing view as it stands tall at the edge of the bay, a gateway to the Atlantic Ocean. A great photo opportunity.
Of course, riders can immediately take the ferry back, but Red Hook offers many spots worth investigating. Museums, restaurants and bars, art galleries are within walking distance and anchored by the IKEA superstore, which features a large cafeteria-style restaurant featuring – could it be anything else? – Swedish meatballs. For a cheap-eat, try the delicious BBQ baby back ribs with corn bread, when available. For a detailed overview of other places to visit in Red Hook, Michael Hsu's thirteen-part Must-See Red Hook is an excellent guide.
Downtown Connect Bus Service
The Downtown Connect shuttle loops around lower Manhattan making 37 stops in a U-shape route. This services is relatively unknown to most New Yorkers, but offers an excellent way to tour lower Manhattan and all for free. Service is available seven days a week, except Thanksgiving, Christmas Day and New Year's Day starting at at 10 AM and a final run at 7:30 PM. Buses arrive at 10-minute intervals on weekdays and at 15-minute intervals on weekends, but electronic signs provide approximate wait times. Tracking information is also available on the web and mobile devices, such as the live route and bus tracking shown below from Nextbus. This screenshot below shows the route: red dots represent stops and selecting a stop will provide approximate wait times.
Governors Island Ferry
Governors Island is a 172-acre island in the heart of New York Harbor. Minutes away from lower Manhattan and Brooklyn, it's accessible by ferry and open to the public during the summer. The weekend ferry is free in the mornings, other times is costs $2 per round trip. There is no additional charge for bicycles. The island offers many outdoor activities and is fun for the whole family.
I enjoy getting to know this fabulous city and I hope these free public transit services make the exploration of lower Manhattan and the harbor equally enjoyable for you.
by Laura Matiz
There are two infrastructure projects underway on the Upper East Side. One of them is quite obvious on Second Avenue. (See: NYC Underground: New Transit Projects.) There, the new subway line installation requires massive equipment. A high level of street-side disruption is clear. Sidewalks, crosswalks, and businesses along the thoroughfare are greatly affected.
Along Third Avenue is the second infrastructure project. It is so unobtrusive that most people are unaware that it is already active and running. Of course, I am writing about the ambitious LinkNYC Public Wi-Fi program.
The LinkNYC web site explains that in 2014, the mayor's office announced a competitive request-for-proposals to reuse the ubiquitous pay-phone infrastructure to offer New Yorkers free Wi-Fi and phone calls. The city awarded CityBridge, a consortium of technology, media, user experience and connectivity companies, a 12-year franchise. LinkNYC offers super fast Wi-Fi — a hundred times faster than average public Wi-Fi — across New York City connecting about 7,500 kiosks. The free service will be supported with advertising.
LinkNYC has also been rolled out along Eight Avenue and will continue to expand in Manhattan before heading out to the other boroughs. A LinkNYC map provides information on kiosk locations. Connecting is quite simple and anecdotally, speeds have been impressive. See the video below explaining how to connect to LinkNYC. Happy surfing.