Viewing entries tagged
real estate market

Are Apps Taking Over Real Estate?

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Are Apps Taking Over Real Estate?

In this digital age, there’s an app for everything. It was only a matter of time before they entered the real estate market. Previously mentioned was Haus, the online platform to help buyers and sellers, giving them full transparency on offers and bids.  Now there’s Easyknock, a direct sales platform that pulls real time market data on homes that are both listed and unlisted. It matches homeowners with vetted buyers and facilities their transactions. They even provide third party referrals of appraisers, inspectors, mortgage advisors, lawyers and more.  Easyknock is still in its early stages, but it streamlines the process and cuts out the middle man.

And now Alexa, Amazon Echo, has an app for real estate as well. It can be found in the amazon Alex Skills section. Alexa can tell you the weather, turn on your lights, play music and now she can become your virtual agent. She’ll ask if you’re buying or selling, and she will pull matches from the local MLS integration. This app is currently being tested in Albany, New York. It’s directed to buyers, sellers, and renters and also designed to be a lead captor tool.

These apps attempt to make buying, selling, and renting easier. They want to make the process more efficient, but at the same time lack the experience a seasoned agent would have about staging, marketing the property, and of course the dreaded paperwork that follows. If only Alexa could fill out board packages, leases, and contracts. These apps can’t replace the human touch an agent provides. But should real estate embrace the change technology is bringing or stay on the same course?  Where do you stand on this?

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An Uptick in Downtown Manhattan

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An Uptick in Downtown Manhattan

You hear the market is up, the market is down, but what is it really? A recent Wall Street Journal article suggests there’s an uptick to the luxury market, specifically in Downtown Manhattan. A large part of this could be the opening the 30 Park Place. In November, contracts were signed for five apartments in the condo building with prices ranging from $20 million to $26 million. There were several high profile buildings downtown that saw an uptick. A $34.5 million condo at 56 Leonard went into contract at the October. At Greenwich Lane, two units worth $25 million have gone into contract as well.

Some reason the uptick is due to the recent development downtown. Santiago Caltrava’s World Trade Center Transportation hub opened, along with the mall inside it. Wolfgang Puck’s steakhouse, Cut, opened at the base of 30 Park Place.

The rise could also be due to the number of new condos opening. Previously buyers would look at renderings of the building and apartments and not want to buy instantly, instead they’re waiting till it actually opens, so they can see it for themselves. Others say it's the willingness of developers to cut deals. Who knows if the resurgence of downtown will affect the rest of Manhattan? It might be temporary but what do you think?

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Manhattan Apartment Sales Down 20%

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Manhattan Apartment Sales Down 20%

Supply and demand. It’s one of the first things we learn in business. Right now there are a lot of apartments available for purchase in Manhattan and less people buying.


Sales of previously owned condos and coops fell 20% in the third quarter as compared to the previous year in a report from Miller Samuel Inc and Douglass Elliman Real Estate. There were 5290 apartments on the market at the end of September, 53% more than the number available in 2013.

Sales of units less than $1 million have been in short supply and those that made it to market, sparked bidding wars. Consumers are also taking longer to make a decision. However previously own properties spent an average of 72 days on the market with an average price of 1.5 million, an increase from last year which was only 67 days with an average price of 1.48 million.

The median price of resales in the quarter reached 2.6% according to the report. That is a step down in a 3 year period which the annual price growth reached 18%.

Though new developments are partly to blame. Both the average and median prices for new developments have skyrocketed. The average price is $5.3 million while the median is $4 million according to Halstead. The luxury market this quarter had the highest number of apartments over $10 million sold since the financial crisis of 2008.

Though sellers remain optimistic. In a report by Compass, the median condo asking price reached 2.3 million. The median for condos that went into contract was 1.6 million about 18% less than the peak in 2014. Prices have been going up, so it’s normal for the market to take a pause, because it simply cannot go up forever.

However when priced correctly, units will move. Sellers have to curb there exuberance and know the market. They have to trust their agents in pricing because the demand is still there.

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Manhattan Market Report:  4th Quarter 2015

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Manhattan Market Report: 4th Quarter 2015

Overview
The Manhattan marketplace continues to push higher, reaching new record prices in Q4. From this time last year, the average sales price of Manhattan property rose over 16% to $1,979,690, while the median price per square foot rose 9.58% to $1,392. Median days on market continued its historically low trend, coming in at 54 days.  While this is nearly unchanged from a year ago, it is 10 days longer than Q3, reflecting the seasonal nature of Manhattan real estate.

Buyers responded to slowly rising supply trends, nudging the average price for a Manhattan co-op apartment to $1,284,427, up just over 7% from a year ago, and up 4% from last quarter. The median price for a co-op was $740,000, up 2.78% from a year ago, and down slightly from last quarter’s $755,000. Median price per square foot for co-ops told a similar story, with Q4 coming in at $974, up 8.24% from last year, but down 0.49% from Q3.

Manhattan condo prices also saw continued price action to the upside. The average price of condos came in at $2,529,200, a 20.51% gain year-over-year, while the median price per square foot increased 10.16% year-overyear to $1,593. Soaring condo prices contributed to the widened price differential between co-ops and condos.  Overall, the strong price action in Q4 hints that the macro uncertainties in Q3 are yet to filter through the lagging sales pipeline. Looking forward we expect a normalization of price action as we enter the new year.

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