the numbers are coming! the numbers are coming! 1Q market report season begins

links + tease
The headline of the Josh Barbanel  piece in this morning’s New York Times pretty much says it all about the major firms’ First Quarter Manhattan residential real estate market reports: Apartments Sell for Less if They Are Sold at All. There will be much to say about these reports in the next few days, and much heated commentary to be written and digested.

A quick scan of the two reports already on the web (links below) revealed one number that jumped out at me higher than any other number:

According to The Miller, for the (oh so) few Manhattan coops and condos that traded in the first quarter, the average spread between the clearing price and the last asking price was 12.4%, compared to 3.2% in the prior year’s quarter and 7.3% in the prior quarter.

twelve point four percent

Think about that … after (in many cases) having dropped the asking price, sellers were not able to do better — on average — than to get 88% of the price they may have dropped to only after having been dragged to that number kicking and screaming. Talk about sellers not understanding The Market!!!


I will have more about these Manhattan residential real estate market reports (and their loft-centric components) in the next few days. Meanwhile, for those who are interested, the Miller Samuel report is

here;  the Terra Holdings report (Halstead edition) is here;  Corcoran is not yet available, but it will most likely be here.

I don’t think that The Miller, Greg Heym and (whoever does the numbers at Corcoran) got much sleep in the last week.


© Sandy Mattingly 2009  


Tagged with: , , , , , , , ,

Leave a Reply