Fernando Branco, Principal Broker
c: 212-321-0115 - e: email@example.com -
Fernando Branco Realty - 162 Huntington St, Brooklyn NY 11231
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Manhattan Weekly Market Update - October 8, 2021
Weekly Manhattan Market Update - Oct 8, 2021
A weekly real-time narrative on all the talking points you need to know about the Manhattan Real Estate market as it happens. Get ahead of the curve and know what's happening with this week's market update.
This week's highlights:
Supply is on its biggest run since the reopening
Pending sales ticks lower again
The buyer discount window is open
A peek at the weekly listing flow trends
Movers & Shakers and a look at Price Action
Weekly Manhattan Luxury Market Update - Oct 8, 2021
46 Contracts were signed at the $4 million and above, which is more than double last week's number of contracts signed.
- 32 Condo Units with an average asking price of $6,9M and average $/sqft of 2,743;
- 7 Coop Units with an average asking price of 6,8M;
- 7 Townhouses with an average asking price of $11.4M and an average $/sqft of 1,819.
- The overall average asking price: $7,6M
- The median asking price: $5,650M
- The total average listing discount: 6%
-The average days on the market: 400
This is the largest number of contracts signed since the week of April 19th - 25th, when we had 56 contracts signed!
It is the 11th time this year that 40 or more contracts were signed at the luxury market price point.
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April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
A design revolution in New York City is taking place, as the Chelsea neighborhood transforms from a derelict wasteland to a thriving nexus of art and architecture. The Hotel Americano, the first U.S. outpost of the splashy Mexican hotel chain Grupo Habita, recently materialized on Manhattan’s West 27th Street. It’s situated between 10th and 11th Avenues, at the northern frontier of the Chelsea art district, in the middle of a block best known for its cacophonous, warehouse-scale nightclubs. Why, you might wonder, would anyone want to build a hotel here? But the unpromising appearance of the location is part of the allure. “It’s gritty,” says owner Carlos Couturier, “and I like that grittiness. It feels like what the Meatpacking District was ten years ago. Very authentic.” Yes, Way-West-27th is authentic—some of the nearest residents are in a cluster of city-owned housing projects—but here, as elsewhere in Manhattan, grit is an endangered species. Just down the block from the
Legal Line Question of the Week - REBNY Transfer Taxes and Grossed up Consideration I represent the prospective purchaser of a new construction condominium unit. In speaking with the sales office for the sponsor, I was informed that my purchaser is responsible for paying both the New York City and New York State transfer taxes. I thought that the obligation to pay transfer taxes was the r esponsibility of the seller. Can you please explain? Generally, when real property (or a co-op apartment) is sold in New York City, the seller is responsible for paying both the New York State and New York City transfer taxes. In residential real estate transactions where the purchase price is greater than $500,000, the New York City transfer tax equals 1.425% of the purchase price (and where the purchase price is $500,000 or below, the New York City transfer tax is 1% of the purchase price). The New York State transfer tax is .4% of the purchase price. New Yo