Condo Sales Report Show 20% Jump Below 14th St

Condo Sales: Manhattan condominium sales report

Monthly data reported by the website Condo-Sales.com show a nearly 20% jump in per-square-foot condo sales below 14th Street from August 2009 - August 2010.

Per square footage sales in the area that covers the East, Greenwich and West Villages, Soho, Tribeca, Little Italy, Chinatown and the Financial District jumped from $1,055 per square foot in August 2009 to August 2010, the most recent month for which data has been compiled.

While it is possible that mass closings in a large new building may have skewed this average, no large buildings (such as 15 Central Park West) closed that we are aware of. Buyers searching for a condo should take into consideration the higher per square foot price and adjust their budget - or expectations - accordingly.

West Village Rezoning Approved by City Council

The grassroots movement to down zone the unlandmarked portion of the West Village has succeeded. According to this article, the NYC City Council approved a rezoning of 6 blocks of the western-most West Village - blocks just below the Meatpacking District - to prevent any prospective large scale hotel construction.

In the immediate term, this ruling will hurt the value of some lots in the area that were potential development sites. However, in the long run, it will preserve the value of small residences in the area, as prospective buyers won't have to worry that a long term construction project might move in next door.

Council approves 2 Village rezonings - Crain's New York Business

Multi-family sales lag in the Village | The Real Deal | New York Real Estate News

Multi-family sales lag in the Village | The Real Deal | New York Real Estate News

It appears that apartment buildings are not doing so well in sales, with both sales volume by dollar and price per square foot being below the numbers for January - September 2009. In comparison, the rest of Manhattan is doing quite well, with more than twice the dollar volume of property having sold during the same time period of January - September 2009 as for the same period of 2010.

It seems that the Village, which experienced a 5% increase in the 2009 period, has lead the rest of Manhattan. That it should take a breather this year may or may not be a cause of alarm. Apartment house owners who are considering listing their properties for sale may have more interest from buyers strictly interested in the Village. But they should be aware of the drop in per square foot price, as appraisers most certainly are, and adjust their expectations accordingly.