Manhattan Condo Living: Manhattan New York Year End Market Report/2014 Thoughts

Eileen Hsu (許小姐) and Morgan Evans, the new generation of Real Estate Professionals. We specialize in Manhattan Condos, including: Resales, New Construction, Pre-Construction and Foreign Nationals buying Manhattan New York Condos. Contact us at (917)837-8869 or (646)644-6929 Today.

Manhattan New York Year End Market Report/2014 Thoughts

Manhattan New York Year End Market Report/2014 Thoughts

It's the end of 2013, pretty much everybody is now home for the holidays and its the perfect time to reflect on what happened in 2013 and to look ahead to 2014. 

In 2013, we saw historic lows for apartment inventory, a frenzied pace of sales volume, a market dominated by all cash and multiple offers, and new construction condos selling as fast as they were released. Basically almost anything priced relatively decent with a few attractive features would receive tremendous interest.    
 
Looking at the 2014 predictions, we see concerns about interest rates increasing, the impact of the new mega-development projects that are now breaking ground, how the new administration will affect New York City real estate, and just how much demand will there be for the high end luxury market. 
 
We see this discussion of the demand for the high end luxury condomonium market a lot with our buyers. We brought many of our buyers to these new condominium projects, most that will not be completed until the end of 2014 or early 2015.  We follow these new construction projects and we see what looks like a lot of projects that are in various stages of completion.  The trend seems to be smaller projects in the number of units available in the buildings, price points catering to the upper range of the luxury segment, and often  the mix of apartment sizes tend to favor larger 3 or 4 bedroom apartments.
 
The buildings that sold out extremely fast in 2013 shared some common characteristics, most importantly location.  Neighborhood is still everything and a new condominium being built in what is an already established location continues to see more demand than what is currently available.  Buildings like 150 Charles Street in the West Village, 56 Leonard Street in Tribeca, 10 Madison Square West in the Flatiron Neighborhood, all saw a lot of demand and are well positioned as prime condominiums in their respective neighborhoods.
 
We are expecting a continued demand for re-sale condominiums, because new construction price points are typically much higher than already built condominiums.  Many of our listings this year and we expect this to remain in 2014 , saw tremendous interest and multiple offers when coming available at market prices.  
 
Call us if you would like to invest in Manhattan New York Real Estate and we can discuss in detail of what you are looking for. (917)837-8869.

 

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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.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

Comment balloon 9 commentsEileen Hsu • December 21 2013 11:29AM

Comments

Sounds like a productive 2014 awaits you... May it be a Happy one as well...

Posted by Richard and Beth Witt, Long Island Cash Home Buyer 516-330-6940 (Long Island Cash Home Buyer) almost 5 years ago

Eileen, you have had a very busy year, and hope with most of your buyers being cash, that even if the rates increase - you two will enjoy another prosperous 2014!  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) almost 5 years ago
I'm here at the Hudson Hotel right now - great to read such positive news about your local market!
Posted by Carol Zingone, Global Realtor in Jax Beach, FL - ABR, CRS, CIPS (Berkshire Hathaway Home Services Florida Network Realty) almost 5 years ago

Eileen

2014 should bring a strong Manhattan New York real estate market.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) over 4 years ago

NYC continues to be a sought after market for real estate and Eileen Hsu is the one to call for expert assistance.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 4 years ago

A market trend indeed. We have only TWO buildings that will actually be built as condominiums in the Midtown Atlanta market place. And starting prices are $600,000 up to $2.5M. 

Fof the Buyer in that $300-400,000 range, there is nothing new. It will HAVE to be a resale, and the multiple offers and demand is going to be very interesting in 2014. 

On the other hand, we have several apartment buildings under construction, and they seem to fill overnight once the homes are offered for lease. A major concern in our market in 2014 will be if developers decide to "convert" these apartment buildings to condominiums, and we then have a sudden over-supply? 

Try answer all those questions to a Buyer that says, "What's the market going to do in 2014?"

Posted by Thom Abbott, Midtown Atlanta GA Condos For Sale (MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living) over 4 years ago

Interesting Eileen. I think NYers mad a REALLY bad choice for mayor so in 4 years or so you will be in a very different position. Hopefully the economy is strong enough to survive what he will do to the economic base as companies leave the City based on taxes he will raise.

Posted by Jeffrey DiMuria 321.223.6253 Waves Realty, Florida Space Coast Homes (Waves Realty) over 4 years ago

Hi Eileen, We're seeing a trend to new construction on the financing side, right now redevelopment in hot neighbors is up strong, but we also see new construction up in area like Brooklyn and south new jersey and area's  like North and South Carolina are very strong with new constriction. 

Posted by Tony Busanich, CONSTRUCTION LENDING SPECIALIST (TD Bank) over 4 years ago

Eileen, know you and Morgan are preparing your 2014 plans to have another successful year!

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) over 4 years ago

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