Halstead
some loft areas up year-over-year, some down, all slightly
The latest quarterly market report from Halstead is out this week and I will try to deal with the various market reports in more bite-sized chunks. (Miller Samuel’s report for PruDE should be on the .net in the next few days; Corcoran can’t be far behind.)
The Halstead data shows that on a dollar-per-foot basis the overall loft market was alt compared to Q3 05, and traded within a narrow range for the last five quarters (from a low of $1,002 a foot in Q4 05 to a high of $1,077 a floor in Q1 06). See page 3 of the report.
They assess the overall market as similarly flat YOY, based on an overall decline in average rice of 4% and an overall decline in the size apartments sold of 3%. See page 2 of the report.
curious loft numbers in Tribeca and the Village
Since they don’t give any indication of the number of transactions in any market segment (just that there were 2,413 sales overall), It is impossible to know how significant some of the data slicing and dicing is. But two loft numbers struck me as particularly curious on page 6 of the report:
(1) the median price-per-foot for Tribeca lofts fell YOY from $1,036 to $895, and
(2) the median sale price for Village lofts remains substantially lower than for the other three loft neighborhoods they use ($975k compared to $1.65mm in Chelsea/Flatiron, $1.68mm bracketing Houston Street, and $2.3mm in Tribeca.
On the first number, I wonder if that change has to do with the mix of lofts sold in Tribeca in Q3 06. My guess is that there were relatively more lofts sold that were “classic” (or primitive) that needed a lot of work.
On the second number, it is clear that the “lofts” in the Village are much smaller than the lofts elsewhere (since dollars-per-foot are roughly similar in each region).
© Sandy Mattingly 2006
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