In June, Manhattan saw 666 condominium sales, an increase of 11% from May. The volume also increased by 11% at 1,199 million. The average sale price was down 1% at $1,800,807, while the average square footage increased by 7% at 1,285 square feet. The average sale price increased 13% from a year ago at $1,599,171, and the average square footage also saw a year change increase of 7%, up from 1,196 square feet last year. The average price per square foot saw a 5% decrease from June at $1,313.
| |
Jun 2007 |
May 2008 |
Jun 2008 |
1 year
change |
1 month
change |
| Total Sales |
748 |
599 |
666 |
-11% |
+11% |
| Volume |
$1,196 mil |
$1,084 mil |
$1,199 mil |
0% |
+11% |
| Avg Price |
$1,599,171 |
$1,810,074 |
$1,800,807 |
+13% |
-1% |
| Avg sf |
1,196 sf |
1,203 sf |
1,285 sf |
+7% |
+7% |
| Avg $/sf |
$1,247 |
$1,383 |
$1,313 |
+5% |
-5% |
“Whatever buyers want” is quickly becoming the length to which developers are willing to go to for increased sales within the current market. Unique customization by the buyer is an option developers have to add property value without lowering the purchase price. Industry professionals are saying that buyers now have a general expectation to have units customized as the new standard. Formerly, many New Yorkers were limited to more humble options in paint colors and cabinetry. Now, developers have changed their game.
HQ Marketing Partners, a luxury development marketing and sales brokerage firm, has introduced the first fully customizable residences in New York City. With construction now in its final phase at 1040 East New York Avenue (Plaza LLC Development Group) in the Crown Heights district, the firm drew the initial concept from customer survey data revealing basic units that buyers could customize as a marketable interest and branding strategy not yet being offered. This strategy, from concept to completion, is said to cost less than new construction not customized on the market today, notes Max Rubitzky, Vice President for HQ Marketing Partners.
Some developers are willing to offer considerable customization requests, such as changing the number of bedrooms to transforming a playroom into a wet bar. SkyHouse is offering a “premier collection” of six condominiums on its top floor where buyers can collaborate with architects and builders to renovate, enhance decor and combine units. Although construction is complete at the Gramercy Star on East 23rd Street, developer Victor Homes and GKV Architects are joining forces to reconfigure floor plans for the remaining high-end penthouses.
Average apartment price in June
2008
The greatest sales in June occurred at 20 Pine Street with 33 sales. Chelsea Stratus, located at 101 West 24th Street, received 27 sales. The Avery, at 100 Riverside Boulevard, received 26 sales. One-bedrooms saw 201 sales in May; 182 sales for two-bedrooms; 83 sales for three-bedrooms; studios received 86 sales; and, other bedroom sales including units offering four or more bedrooms received 114 sales. Upper West Side received 136 sales, Midtown West (145), South of 14th Street (135), Midtown East (147), Upper East Side (67), and North of 96th Street (36).