more about that Second Quarter / Manhattan loft data
Yesterday I (finally) hit the big firm reports on Manhattan real estate transactions (and other stats) from the Second Quarter of 2008 (about that Second Quarter / data party like it is 2006). Today it is whatever data is reported through the Big Three Firms (the Miller Samuel report; the Corcoran report; and the Halstead version, which carries the data from Terra Holdings) specifically on the Manhattan loft market.
The Numbers, with some year-over-year comparisons:
Lofts
| median sales price | avg price per foot | transactions | days on market | inventory | |
| Miller Samuel | $1.7mm [up 3%] | $1,311 [up 5.2%] | 272 [up 16.7%] | 142 [up 15.4%] | 548 [up 4%] |
| Terra Holdings | $1,170 [up 4.7%] | ||||
| Corcoran | $1.888mm [up 16%] | $1,187 [up 1%] |
(Do you see why I prefer the Miller Samuel data to the others??)
Once again, the money quote comes from The Miller:
Unlike other market segments analyzed in this report, the Manhattan loft market was characterized by modest appreciation with limited price skew and increased sales activity.
The relative richness of The Miller’s data permits some comparisons within his data set of the loft niche to the overall Manhattan market, in addition to his comment above about "modest appreciation" (loft median up 3% YoY vs. 14.5% YoY for the overall market).
lofts are more scarce, take longer, but discount less
Most interesting to me is that Manhattan loft inventory (however he counts it) was up only 4% YoY, while the overall Manhattan inventory surge (sorry) YoY was 31%. In his world, lofts represented just less than 8% of the overall Manhattan inventory as of June 30, 2008, compared to just more than 10% of the overall June 30, 2007 inventory.
Lofts continue to take a little longer to sell than the overall market (142 DoM vs. 135; compared to 123 DoM vs. 117 last year), but the Miller-computed listing discount for lofts declined YoY from 3.4% to 2.9%, while the overall Manhattan listing discount increased in that year from 2.2% to 3.6%.
one nugget from Corcoran
The only YoY number of interest in Corcoran’s report on the loft niche contrasts with The Miller’s data that lofts under-performed The Market as far as median price. Corcoran reports that Manhattan lofts gained 16% in median value YoY, while the overall market gained (only) 13%. (Miller had it 3% for lofts, 14.5% overall.)
© Sandy Mattingly 2008
Tagged with: Corcoran, Days On Market, Discount, Inventory, Median, Miller Samuel, Quarterly Report, Terra, Transactions, Volume
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