The latest crop of Manhattan luxury real estate industry reports tell much the same story – falling volumes accompanied by rising average sales prices. This is a not-unusual occurrence in a down housing market, with sales so depressed it is not reasonable to make a year on year comparison and claim anything certain in the price data.
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The latest Manhattan luxury market report from Prudential Douglas Elliman contains mixed news. Unsurprising as the ongoing credit crunch means those sellers who can afford to wait are simply removing their listings and those buyers who can also wait it out for the opposite are sitting on the sidelines as well. Having said that, sales in the luxury sector were up in the third quarter compared to the previous quarter, although still down considerably from the year before.
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Manhattan luxury real estate agent, Peter Comitini has been ranked in the top 2% of his company’s real estate agents – nationally. Peter is part of the Corcoran group, which is owned by NRT. The parent company also owns CitiHabitats, Sothbey’s Real Estate, Coldwell Banker, and Century 21 and has more than 54,000 agents, making this a fantastic achievement. A letter from the CEO, Bruce Zipf, states:
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The Great Recession and the Real Estate Bubble
Between 2000 and 2006, the real estate market was booming due in large part to easy mortgage terms. Countless people bought into the market driving prices up and spurring major new home construction. In late 2006 the market crashed. Borrowers began to default on loans they could not afford. Lenders began to foreclose on the homes and found the homes to be worth less than owed. The crises affected every part of the US economy causing arguably the worst economic depression in the Unites States since the 1930s. Examiner
Indian Luxury Property Developers Raise Prices in the Face of Falling Demand
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Manhattan luxury real estate prices fell between 17 and 29% in the second quarter of 2009. The luxury segment is defined as the top 10% of the market by price and saw bigger falls in value than the total market. The overall market saw falls of between 13 and 19% from last year’s prices and sales volumes are at 50% of 2008.
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Miller Samuel’s latest Q1 2009 Manhattan market overview makes interesting reading, although it is easy to jump to the wrong conclusions. The Manhattan luxury real estate market (top 10% by prices) saw a massive increase in median sales prices compared to the same quarter last year – up 32.2% to $6,595,000 and both average sales prices and price per square foot saw modest increases.
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