Manhattan New York Real Estate Market is hotter than the NYC weather!
With Summer around the corner, the Real Estate market here in NYC is heating up faster than the weather. Low supply is still the driving force as demand for the most prime and well priced apartments is still quite evident. We are seeing multiple bidding scenario's on what seems like most condos that come on the market. If an apartment is priced well and is found in an established building in what's considered a good neighborhood if you don't see it within the first week of coming on the market it's often too late as they have already received a few offers.
I've been extremely busy seeing a lot of the new development condominium projects all over the city. The main theme that I've seen is that property is flying off the market right now. The first sign of the hot market is when you are trying to schedule an appointment and they are already booked for days in advance and when you finally get to the development office what you saw on-line a week ago as available has a contract out already. The name of the game with new development is get in early and be ready to make a quick decision.
The re-sale condominium market where we represent a lot of sellers and buyers shows many of the same similarities. Sellers are definitely in control of their destiny more so now than they have been in the last couple of years. For most types of apartments demand far outweighs the inventory out on the market and when an apartment comes on the market the first open houses are packed and the most well educated and serious buyers are not afraid to make very good offers.
IMPRESSIVE NEW CONDO DEVELOPMENTS IN MANHATTAN:
56 Leonard, sold many units, only three bedroom priced:
What I like about 56 Leonard is that it is definitely not your standard tall new construction tower. There is no mistaking 56 Leonard and I think that is a real selling point. Most of the buildings in Tribeca are low rise so this building at 60 stories tall really takes
advantage of the skyline. Closings won't take place until late 2015, sales have been going on for about 10 weeks and they have an estimated 70% of units already in-contract. A real example that demand for unique apartments far outweighs the supply in today's marketplace. Pricing now starts at $6,600,000 with limited units.
21 East 61 Street Carlton House This is a
condominium conversion of the former Helmsley Carlton House Hotel by the Extell Development
Company, whois also building One57 with their $100 million dollar penthouses. I toured this new condo building which is located essentially on 61st and Madison Avenue. I really enjoyed the beautiful stylish decor but not over the top finish at this building. With a handful of new condominium projects all on the market, these buildings have to really deliver a high quality product to stand out versus the crowd. You can choose from two different styles or themes at the Carlton House, the project named their darker palatte of design "Mink". And lighter palette "Pearl" appropriately. Two Bedroom units (approximately 1,400 SF) pricing starts about $4,350,000.
The Market here in Manhattan New York is very robust and extremely active. To work with an experienced agent and secure the property you want, call us, at (917)837-8869 and we will have a confidential discuss in how to invest in today's robust market.
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
Our team specialize in Manhattan New York Condominiums, townhouses, and condops.
We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.