Everyone is saying something different. “The Manhattan market is firm”, “It’s weakening”, or “It’s bottoming”. There are many different charts and facts, and most can be manipulated to support any and all theories. I believe the best way to measure the market is to look at real live property examples.
Below are three examples of current and past pricing. In my opinion, these are good examples supporting that prices have been falling during the past 1 to 3 years.
17D is currently on the market and has the same layout as 18D. It needs work but has 3 full baths instead of 2 1/2. It also has a good sized terrace with over 500 sf of space.
The pricing difference is significant. 18D was listed in July 2017 at $2,150,000 and is currently in contract and 17D is on the market and listed in November 2017 at $1,900,000, or 12% less.
Both E lines are just over 2,500sf, are condos, and are nicely renovated with the same level of finishes. The big difference is that 700E has better views, 500sf of outdoor space between two terraces and a much lower price tag, listing on October 2017 at $4,250,000.
700E is currently worth about $350,000 more than 600E in my opinion. But 600E sold in January 2015 for $200,000 more than what 700E is listed for right now. The prospective buyer of 700E has the ability to realize at least a $550,000 price swing when compared to the buyer of 600E!!!
Apartment 3D and 4D are identical apartments inside. The view and ambient light are much better in 4D versus 3D and these two features are the only difference.
In May 2016, 3D closed for almost $3,000,000 and 4D is currently listed at $2,750,000 and will probably trade in the in the $2.6 million range.
If any of these three apartments interest you, I’d love to show them to you in person. Call or email me anytime.