downtown Manhattan loft market momentum in 4 colors

a quick post for a busy day

I just updated the Master List of Manhattan Lofts Sold Since November 2008 for the first time in a few weeks, getting up to date on deeds filed before March 24. You know that stuff you’ve read this week about the First Quarter market reports in the overall Manhattan residential real estate market? It’s true! Curbed had the recap with links to the major firms’ reports on Tuesday, with the big story being small inventory; of course that puts pressure on buyers. I should probably write about the First Quarter reports (Note to Self …) but for now will simply note some colorful data points that jumped out at me from the downtown loft market.

Looking at those newly recorded deeds, of 14 lofts resold between $500,000 and $5mm in downtown Manhattan loft neighborhoods, 1 sold above ask, 5 sold at ask, 8 sold without a drop in price, and 5 went to contract in 30 days or less. (Fun fact: one took [a world record?] 1,792 days to contract.) There is a different color on the (new and improved!) Master List for each of those categories.

No relief is in sight for buyers.

© Sandy Mattingly 2013