Manhattan First Quarter 2010 Real Estate Market Report Report
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Manhattan First Quarter 2010 Real Estate Market Report Report

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Prudential Douglas Elliman Manhattan First Quarter 2010 Real Estate Market Report

Prudential Douglas Elliman Manhattan First Quarter 2010 Real Estate Market Report

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  • 1. Manhattan Market Overview 1Q 10 A Quarterly Survey of Manhattan Co-op and Condo Sales Prepared by Miller Samuel Inc. Appraisal and consulting services covering the New York City metropolitan area Number of sales doubled from a year Manhattan Market Matrix Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr ago as price indicators stabilized Average Sales Price $1,426,994 10.1% $1,296,156 -21.8% $1,825,847 Average Price per Square Foot $1,038 -1.2% $1,051 -17.6% $1,259 Number of sales returned to normal levels, Median Sales Price $868,000 7.2% $810,000 -11% $975,000 inventory jumped There were approximately New Development $1,160,000 3.1% $1,125,000 -22.9% $1,505,000 twice the number of sales in the first quarter of Re-Sale $830,000 11.4% $745,000 23% $675,000 2010 as the same period a year ago, however, Number of Sales 2,384 -3.6% 2,473 99.5% 1,195 this is the first quarter-over-quarter decline in Days on Market (from Last List Date) 124 -39.1% 204 -26.9% 170 the past year. The number of sales jumped 99.5% Listing Discount (from Last List Price) 5.4% 12.8% 12.4% to 2,384 sales in the first quarter from 1,195 sales Listing Inventory 8,027 17.2% 6,851 -23.1% 10,445 in the same period a year ago, but declined 3.6% from 2,473 sales in the prior quarter. The QUARTERLY�AVERAGE�SALES�PRICE�/�MANHATTAN number of sales over the last three quarters has QUARTERLY�AVERAGE�SALES�PRICE�/�MANHATTAN $2,000,000 been consistent with the 2,301 quarterly average $2,000,000 $1,800,000 number of sales over the last decade. The first $1,800,000 $1,600,000 quarter of 2009 saw the lowest level of sales $1,600,000 $1,400,000 activity over the prior 15 years and was reflective $1,400,000 $1,200,000 of the nearly “frozen” market conditions after the $1,200,000 $1,000,000 Lehman Brothers bankruptcy in the autumn of $1,000,000 $800,000 2008 and the onset of the credit crunch. The $800,000 $600,000 rise in the number of sales over the past year $600,000 $400,000 99 00 01 02 03 04 05 06 07 08 09 10 reflected a release of “pent-up” demand resulting $400,000 99 00 01 02 03 04 05 06 07 08 09 10 NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE New Developement Re-sale in a decline in the number of apartments available NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE $2,000,000 New Developement Re-sale 50% for sale. Low mortgage rates, a surging stock 50% $2,000,000 market, tax credits, and a new affordability from $1,600,000 Median Sales Price 40% a sharp decline in property values stimulated $1,600,000 Median Sales Price 40% $1,200,000 30% demand. There were 8,027 listings at the end $1,200,000 30% of the first quarter, 23.1% below the 10,445 $800,000 20% listings in the same period last year, but 17.2% $800,000 20% higher than the prior quarter total of 6,851. This $400,000 Market Share New Development (Units) 10% $400,000 10% excludes, however, an estimated 6,500 units of Market Share New Development (Units) 0% $0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 new development “shadow inventory”. Although $0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 0% inventory is at its second highest level of the past AVERAGE�PRICE�PER�SQ�FT�/�CO�OP Downtown East Side West Side Uptown decade, total inventory remains slightly above AVERAGE�PRICE�PER�SQ�FT�/�CO�OP median sales price of a Manhattan apartment Downtown quarter. Side priceWest Side $1,400 prior East This indicator hasUptown shown the ten year average of 7,117 listings. was $868,000, 11% below the $975,000 median signs of stability since the second quarter of $1,400 $1,200 Price indicators remained below prior year sales price of the prior year quarter, but 7.2% 2009 as rising sales helped stem the decline of $1,200 $1,000 quarter, showing near term stability The above the $810,000 median sales price of the property values that had peaked at $1,025,000 $1,000 $800 $800 Visit our website $600 $600 to browse listings and learn more about market trends prudentialelliman.com $400
  • 2. 1Q 10 MANhAttAN MArket overvIew  Prudential douglas elliMan real estate Co-oP market in the second quarter of 2008. The average sales “bottom up” with first-time buyers providing a price fell 21.8% to $1,426,994 from $1,825,847 in large market share. While studio and 1-bedroom the prior year quarter, but up 10.1% from the apartments are considered the “entry-level” prior quarter average sales price of $1,296,156. Price indicators were mixed as market, studios saw the most change in market The increase in both price indicators from the number of sales surged share. Studios comprised 15% of all co-op sales prior quarter was reflective of the sharp jump in the first quarter compared to 26% in the Record increase in number of sales from prior in market share of 2-bedroom apartments and prior year quarter and 23% in the prior quarter. decline in studio apartments. This shift was seen year quarter There were 1,111 co-op sales in the QUARTERLY�AVERAGE�SALES�PRICE�/�MANHATTAN first quarter, a 168.4% surge from the 414 sales in QUARTERLY�AVERAGE�SALES�PRICE�/�MANHATTAN The 1-bedroom market share remained largely in the price per square foot metric which does $2,000,000 stabilized at 40%, unchanged from the prior year not generally see the same level of volatility from the prior year quarter, which at that time was a $2,000,000 $1,800,000 $1,800,000 16-year low. The number of sales fell 12.1% from quarter and down from 42% in the prior quarter. unit mix swings as compared to the other price $1,600,000 $1,600,000 1,264 sales in the prior quarter. The rise in the At the same time the higher end 3-bedroom indicators. Price per square foot fell 17.6% to $1,400,000 $1,400,000 number of sales over the past year contributed $1,200,000 market has seen roughly twice the 5.6% market $1,038 in the first quarter from $1,259 in the same $1,200,000 to$1,000,000 in listing inventory. At the end of the a decline share average of the past five years. Market share period last year and slipped 1.2% from $1,051 in $1,000,000 $800,000 first quarter, 3,809 co-op apartments were listed has remained between 10% and 11% for the past the prior quarter. $800,000 $600,000 for $600,000 20.8% from the 4,807 apartments sale, down three quarters. Listing discount and days on market $400,000 contracted sharply Due to the surge in sales listed in the prior year 00 $400,000 99 quarter,01 24.1% higher Price indicators mixed The median sales price but 02 03 04 05 06 07 08 09 10 99 00 01 02 03 04 05 06 07 08 09 10 activity in the second half of 2009, sales in than the 3,069 listings at the end of 2009. jumped 16.6% to $685,000 in the first quarter NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE New Developement Re-sale NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE the first quarter reflected more recently listed Monthly absorption—the number of months it from the prior year quarter result of Re-sale 50% $2,000,000 New Developement $587,500, $2,000,000 50% properties. The average days on market fell would take existing inventory to be sold at the which had been a 5-year low, and was up 8.7% $1,600,000 Median Sales Price 40% to 124 days from 170 days in the prior year current pace of sales—averaged 10.3 months in from $630,000 in the prior quarter. The other $1,600,000 Median Sales Price 40% quarter and dropped from a recent high of 204 the first quarter, a significant improvement from price indicators showed declines from the prior $1,200,000 30% $1,200,000 30% days in the prior quarter. Listing discount also the 34.8-month absorption rate during the same year quarter. Average sales price slipped20% 5% $800,000 contracted sharply as sellers were becoming period last year. The co-op absorption rate has to $1,133,715 in the first quarter from $1,193,144 $800,000 20% more in sync with market conditions. The listing averaged 8.9 months over the past decade. Price in the same period last year, but jumped 16.3% $400,000 Market Share New Development (Units) 10% $400,000 10% discount fell to 5.4% from 12.4% in the prior year recovery over the past year had been from the from $975,049. Price per Development (Units) Market Share New square foot settled at $0 0% quarter and from 12.8% in the prior quarter. One $0 1Q 09 1Q 09 2Q 09 2Q 09 3Q 09 3Q 09 4Q 09 4Q 09 1Q 10 1Q 10 0% of the constants in market feedback has been AVERAGE�PRICE�PER�SQ�FT�/�CO�OP Downtown East Side West Side Uptown limited availability of re-sale listings despite the AVERAGE�PRICE�PER�SQ�FT�/�CO�OP Downtown East Side West Side Uptown $1,400 near-normalized level of inventory. Observations $1,400 indicate that newly-listed, over-priced properties $1,200 $1,200 help properly-priced properties to sell quicker $1,000 $1,000 with less discounting. While property that was $800 sold during the quarter was priced closer to $800 $600 market value than typically seen over the past $600 year, inventory that is still significantly over- $400 $400 priced remains on the market. $200 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 $200 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 Is “normalized” sales activity of the second LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CO�OP half of 2009 sustainable in 2010? The return LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CO�OP 20% 200 to more normal levels of sales activity over the 20% 200 past three quarters was fueled by low mortgage 16% Days On Market 175 rates, improved confidence as a result of 16% Days On Market 175 12% 150 significant gains in the stock market, and the first- 12% 150 time buyer and existing homeowner tax credits. 8% 125 There remains concern in 2010 over the potential 8% 125 4% 100 for rising mortgage rates, expiration of the tax 4% Listing Discount 100 Listing Discount credit and an economy that has not established 0% 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 75 significant improvements in unemployment and 0% 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 75 mortgage financing terms. AVERAGE�PRICE�PER�SQ�FT�/�CONDO Downtown East Side West Side Uptown AVERAGE�PRICE�PER�SQ�FT�/�CONDO Downtown East Side West Side Uptown $2,500 $2,500 CO-Op Market Matrix Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr CO-Op apartMent Mix % of Total Median Price $2,000 Average Sales Price $1,133,715 16.3% $2,000 $975,049 -5% $1,193,144 Studio 15% $330,000 Average Price per Square Foot $908 -1.4% $1,500 $921 -6.2% $968 Median Sales Price $685,000 $1,500 8.7% $630,000 16.6% $587,500 1 bedroom 40% $575,000 Number of Sales 1,111 $1,000 -12.1% 1,264 168.4% 414 $1,000 2 bedroom 32% $1,037,500 Days on Market (from Last List Date) 110 -27.2% $500 151 -29% 155 3 bedroom 10% $2,175,000 Listing Discount (from Last List Price) 3.8% $500 18.3% 9.3% Listing Inventory 3,809 24.1%$0 3,069 1Q 09 -20.8% 2Q 09 4,807 3Q 09 4+ bedroom 4Q 09 3% $5,650,000 1Q 10 $0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CONDO LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CONDO 20% 350 prudentialelliman.com 20% Visit our website to browse listings and learn more about market trends 16% Days On Market 350 300 16% Days On Market 300
  • 3. $600,000 $400,000 $400,000 99 00 01 02 03 04 05 06 07 08 09 10 99 00 01 02 03 04 05 06 07 08 09 10 NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE $2,000,000 New Developement New Developement Re-sale Prudential douglas elliMan real estate  MANhAttAN MArket overvIew Re-sale 50% 1Q 10 $2,000,000 50% $1,600,000 Median Sales Price 40% CoNDo market $1,600,000 Median Sales Price 40% $908, 6.2% $1,200,000 below the $968 price in the same 30% is the largest category nearly every quarter, lost period last $1,200,000 year and down 1.4% from $921 in 30% share at the expense of the 3-bedroom and the prior quarter. The volatility in these price $800,000 20% 4-bedroom markets which nearly doubled. indicators suggests a market trying to find a Number of condo re-sales jump as $800,000 20% $400,000 10% Price indicators showed mixed results The “bottom”. Perhaps the most noticeable pattern days on market drops $400,000 Market Share New Development (Units) 10% Market Share New Development (Units) median sales price of a Manhattan condo was in the first quarter was the shift in2Q 09 $0 median sales 3Q 09 0% $0 1Q 09 Listing inventory fell sharply as number of sales 4Q 09 1Q 10 0% $1,065,000, 13.2% below the prior year quarter price strength to1Q 09 3-bedroom and 09 2Q 4-bedroom 3Q 09 4Q 09 1Q 10 surged The number of units listed in inventory median sales price of $1,227,200, but 7% above apartments which showed an 11.5% and 27.7% Downtown AVERAGE�PRICE�PER�SQ�FT�/�CO�OP East Side West Side Uptown jump respectively since the end of 2009 contrary fell 25.2% to 4,218 units from 5,638 in the same the prior quarter result of $995,000. Average AVERAGE�PRICE�PER�SQ�FT�/�CO�OP Downtown East Side West Side Uptown $1,400 $1,400 to their 36.5% and 37.1% declines from the same period last year, but 11.5% higher than 3,782 units sales price followed the same pattern falling 21.8% $1,200 period last year. $1,200 at the end of 2009. Listing inventory, excluding to $1,690,399 from $2,161,237 in the same period $1,000 “shadow inventory” estimated to be 6,500 units, last year, but 3.6% above the prior quarter result $1,000 Days on market and listing discount dropped $800 is 33.8% higher than the 10-year average listing of $1,631,872. Price per square foot fell 18.3% to sharply The average days on market in the first $800 $600 inventory of 3,153 units. There were 1,273 sales $1,154 from $1,413 in the prior year quarter and fell quarter declined significantly to 110 days from $600 in the first quarter, 63% more than the 781 sales 2.8% from $1,187 in the prior quarter. The change 155 days in the prior year quarter and from 151 $400 days in the prior quarter. Listing discount also in the prior year quarter, which was a 5-year $400 in median sales price by size showed declines $200 posted a large1Qdecline in the first quarter as low and 5.3% more 09 the 1,209 sales in the $200 1Q 09 09 2Q 09 2Q 09 3Q 09 3Q 09 4Q than 4Q 09 1Q 10 1Q 10 in all size categories as compared to the prior the spread between list price and sales price prior quarter. The monthly absorption rate—the LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CO�OP year quarter with the largest declines in the 2, 3 LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CO�OP contracted. The average listing discount was number of months to sell out all listing inventory 20% 200 and 4-bedroom segments. With the exception 20% 3.8% in the first quarter, down from 9.3% in the excluding shadow inventory at the current pace 200 of studio units, which showed a 6.3% increase 16% same period last year and down sharply from of sales—is Days On Market higher than the 7.9 month 16% 9.9 months, 175 from the prior quarter, all sizes also showed a Days On Market 175 18.3% in the prior quarter. With an abundance average over the past 10 years. The studio150 12% and continued decline in the median sales price from of over-priced listings, properties priced closer 1-bedroom market showed consistent market 12% 150 the prior quarter. 8% 125 to market levels are being absorbed faster and share in the first quarter compared to the prior 8% 125 Listing discount and days on market fell Days for a modest discount which has helped reduce year quarter while the 2-bedroom market, which 4% Listing Discount 100 on market fell to 135 days from 178 days in the days on market and listing discount. 4% Listing Discount 100 0% 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 75 prior year quarter and from 259 days in the prior 0% 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 75 quarter. The significant decline suggests the AVERAGE�PRICE�PER�SQ�FT�/�CONDO Downtown East Side West Side Uptown prior quarter was an outlier and is consistent with AVERAGE�PRICE�PER�SQ�FT�/�CONDO Downtown East Side West Side Uptown $2,500 pricing for current listing inventory. Anecdotally $2,500 there appears to be an unusually heavy volume $2,000 $2,000 of over-priced listings entering the market which $1,500 has caused properly-priced properties to “move $1,500 to the front of the line” by selling more rapidly. $1,000 $1,000 Re-sale shadow inventory—properties that were $500 pulled from the market at this time last year $500 by sellers who opted to wait until the market $0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 $0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 improved—are re-entering the market. Listing LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CONDO discount, the spread between the list price at LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CONDO 20% 350 time of contract and the contract price, also fell 20% 350 sharply. The listing discount was 6.7% in the first 16% Days On Market 300 16% Days On Market 300 quarter down from 14.1% in the prior year quarter 12% 250 and down from 7.1% in the prior quarter. 12% 250 8% 200 8% 200 4% Listing Discount 150 4% Listing Discount 150 0% 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 100 0% 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 100 AVERAGE�PRICE�PER�SQ�FT�/�LUXURY AVERAGE�PRICE�PER�SQ�FT�/�LOFT COndO Market Matrix AVERAGE�PRICE�PER�SQ�FT�/�LUXURY Current Qtr % Chg AVERAGE�PRICE�PER�SQ�FT�/�LOFT Prior Year Qtr Prior Qtr % Chg COndO apartMent Mix % of Total Median Price $3,500 $1,700 Average Sales Price $3,500 $1,690,399 3.6%$1,700 $1,631,872 -21.8% $2,161,237 Studio 10% $485,000 $3,000 Average Price per Square Foot $1,154 $1,500 -2.8% $1,187 -18.3% $1,413 $3,000 $1,500 $2,500 $1,300 1 bedroom 32% $710,000 Median Sales Price $1,065,000 7% $995,000 -13.2% $1,227,200 $2,500 $1,300 Number of Sales $2,000 1,273 5.3% $1,100 1,209 63% 781 2 bedroom 39% $1,330,000 $2,000 $1,100 Days on Market (from Last List Date) $1,500 135 -47.9% $900 259 -24.2% 178 $900 3 bedroom 13% $2,495,000 $1,500 Listing Discount (from Last List Price) 6.7% 7.1% 14.1% $1,000 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 $700 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 $1,000 1Q 09 Listing Inventory 4,218 11.5% $700 3,7822Q 09 -25.2% 09 5,638 4+ bedroom 6% $5,650,000 2Q 09 3Q 09 4Q 09 1Q 10 1Q 09 3Q 4Q 09 1Q 10 Visit our website to browse listings and learn more about market trends prudentialelliman.com
  • 4. 4% 40% 100 Listing Discount 30% 0% 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 75 1Q 10 MANhAttAN MArket overvIew 20%  Prudential douglas elliMan real estate NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�P AVERAGE�PRICE�PER�SQ�FT�/�CONDO Downtown East Side West Side Uptown 10% $2,000,000 LuxuRy market $2,500 Market Share New Development (Units) 0.8% from $1,866 in the prior quarter. This luxury sales represent 10% of Sales Price Median the overall market, $2,000 3Q 09 4Q 09 1Q 10 0% represents the fourth consecutive quarter that luxury inventory represents 18.7%. $1,600,000 price per square foot remained below $2,000 Price indicators showed recent Downtown $1,500 East Side West Side Uptown per square foot after being above that threshold Days on market and listing discount declined $1,200,000 Manhattan luxury properties averaged 193 days gains $1,000 as listing discount declined for the prior six quarters. The average size of a on market in the first quarter, 40 days longer $800,000 Price indicators began to show gains Although $500 luxury apartment was 2,951 square feet. than the 153 days in the prior year quarter, but all price indicators reflect consistent double-digit Listing inventory slipped from last year, recent 47 days faster than the prior quarter. The first $400,000 $0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 declines from the same period last year, they increases lagged the overall market There quarter results were 69 days longer than the have shown improvement since the beginning of were 1,502 apartments listed for sale in the first $0 LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CONDO overall market, the largest difference2Q 09 in the 1Q 09 seen 3 2010. Median sales price fell 30.5% to $4,582,125 quarter, 6.7% below the 1,610 listings in the same 20% 350 ten years this metric has been tracked and three from $6,595,000 in the same period last year, but period a year ago, but 8.5% more than the 1,384 times the 18-day differential averaged over the 16% Days On Market 300 jumped 21.2% from $3,780,000. This indicator had listings available at the end of 2009. Gains in 3Q 09 4Q 09 1Q 10 same period. Luxury properties typically take remained below $4,000,000 throughout 2009. market-wide inventory were more than double 12% 250 longer to sell than any other segment. Listing Average sales price followed the same pattern the rate of growth at 17.2%. Excluding shadow discount fell to 3.6% from 7.8% in the prior year 8% 200 200 declining 28.9% to $5,550,494 from $7,801,442 inventory, monthly absorption rate was 19.2 quarter and from 4.3% in the prior quarter. in 4% prior On Market but Listing Discount 14.1% from months, nearly half the rate of the recent 40.3 the Days quarter, increased 175 150 Note: This sub-category is the analysis of the top ten percent of all $4,863,673 in the prior quarter. Price per150 0% square month peak seen in the first quarter of 2009 and co-op and condo sales. The data is also contained within the co-op 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 100 foot fell 28% to $1,881 in the first quarter from slightly higher than the 18.2 monthly absorption and condo markets presented. $2,612 in the prior year quarter and up a modest rate averaged over the prior decade. Although 125 100 AVERAGE�PRICE�PER�SQ�FT�/�LUXURY Luxury Market Matrix AVERAGE�PRICE�PER�SQ�FT�/�LOFT Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr 3Q 09 $3,500 4Q 09 1Q 10 75 Average Sales Price $1,700 $5,550,494 14.1% $4,863,673 -28.9% $7,801,442 $3,000 Average Price per Square Foot $1,500 $1,881 0.8% $1,866 -28% $2,612 Downtown East Side West Side Uptown Median Sales Price $4,582,125 21.2% $3,780,000 -30.5% $6,595,000 $2,500 $1,300 Number of Sales 235 -4.9% 247 95.8% 120 $2,000 $1,100 Days on Market (from Last List Date) 193 -19.6% 240 26.1% 153 $1,500 $900 Listing Discount (from Last List Price) 3.6% 4.3% 7.8% $1,000 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 $700 1Q 09 Listing Inventory 2Q 09 3Q 09 4Q 09 1,502 1Q 10 8.5% 1,384 -6.7% 1,610 Loft market the prior year quarter, but up 6.2% from $1,056 in in the prior quarter, less than the overall market the prior quarter. growth of 17.2% over the same period. Number of sales surged as inventory dropped Listing discount and days on market declined Number of sales doubled as10prices 3Q 09 4Q 09 1Q sharply There were 180 loft sales in the first Loft properties took an average of 146 days to fell quarter, representing 11% of the overall market sell, 12 days faster than the 158 days on market of 350 Price indicator began to show stability The sales activity and consistent with the 10.5% the prior year quarter and 44 days faster than the median sales price of a Manhattan loft was Days On Market 300 market share for lofts over the past decade. The 190 days on market at the end of 2009. Listing $1,400,000, down 32.2% from $2,065,000 in first quarter number of sales were more than discount also contracted. The spread between 250 the prior year quarter and unchanged from the twice the 89 sales in the same period last year the average last listing price set for a property 200 prior quarter. The average sales price fell 21.5% and down nominally from 182 sales in the prior and the average contract price fell sharply to to $2,040,263 from $2,597,869 in the prior year quarter. The elevated level of sales activity worked 3.3% from 8.9% during the same period a year 150 ago and down from 12.8% in the prior quarter. quarter, but increased 16.8% from $1,746,274 in off inventory levels by 33.3% to 556 units in the 3Q 09 4Q 09 1Q 10 100 Note: This sub-category is the analysis of all co-op and condo loft the prior quarter. Price per square foot showed first quarter from 834 units in the same period last sales available. The data is also contained within the co-op and a similar trend, falling 15.4% to $1,121 from $1,325 in year. Inventory increased 14.4% from 486 listings condo markets presented. AVERAGE�PRICE�PER�SQ�FT�/�LOFT LOft Market Matrix Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr $1,700 Average Sales Price $2,040,263 16.8% $1,746,274 -21.5% $2,597,869 $1,500 Average Price per Square Foot $1,121 6.2% $1,056 -15.4% $1,325 Median Sales Price $1,400,000 0% $1,400,000 -32.2% $2,065,000 $1,300 Number of Sales 180 -1.1% 182 102.2% 89 $1,100 Days on Market (from Last List Date) 146 -23.2% 190 -7.6% 158 $900 Listing Discount (from Last List Price) 3.3% 12.8% 8.9% $700 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 Listing Inventory 556 14.4% 486 -33.3% 834 ©2010 Prudential Douglas Elliman and Miller Samuel Inc. All worldwide rights reserved. eastsIDe 980 Madison Ave. 212.650.4800 • 575 Madison Ave. 212.891.7000 MIDtowN 425 East 58th St. 212.832.1666 Prudential douglas elliMan Miller saMuel inc. 205 East 42nd St. 212.692.6111 • 485 Madison Ave. 212.350.8500 westsIDe 1995 Broadway 212.362.9600 • 2142 Broadway real estate real estate aPPraisers 212.769.2004 • 2169 Frederick Douglass Blvd. 212.865.1100 DowNtowN 90 Hudson St. 212.965.6000 • 26 West 17 St. 575 Madison Avenue 21 west 38th Street New York, NY 10022 New York, NY 10018 212.645.4040 • 137 Waverly Pl. 212.206.2800 • 51 East 10 St. 212.995.5357 • 690 Washington St. 212.352.5252 BRookLyN 156 212.891.7000 212.768.8100 Montague St. 718.780.8100 • 189 Court St. 718.522.2929 • 299 Bedford Ave. 718.486.4400 • 154 Seventh Ave. 718.840.2000 prudentialelliman.com millersamuel.com 664 Fulton Street 718.780.8100 ReNtaL 485 Madison Ave. 212.350.8500 ReLoCatIoN 575 Madison Ave. 212.891.HOME For more information or electronic copies of this report please visit prudentialelliman.com/marketreports. Email report author Jonathan Miller ©2010. An Independently owned and operated member of the Prudential Real Estate Affiliates, Inc. is a service mark of Prudential Insurance Company of America Equal Housing Opportunity. All material presented herein is intended at jmiller@millersamuel.com with questions or comments. for information purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property outlines and square footage in property listings are approximate.