The Manhattan real estate market was certainly challenging in 2019 but there were many developments that spurred activity including record low interest rates, the mansion tax increase July 1st which prompted sales in the 2nd quarter, seller flexibility in negotiations and a consistent stock market that encouraged buyers. There was a sharp uptick in activity in the final months of the year which continued into January where contract activity improved by double digits for both the condo and co-op markets
compared to last January.

The largest concentration of sales in Chelsea in 2019 were in the one and two bedroom category in doorman resale condos with 149 sales (61% of all condos sold last year) and 153 one and two bedroom co-op sales (92% of all co-op sales last year). First-time buyers are taking advantage of the historic low interest rates. Interestingly, there were no co-op or condo sales above $10M in Chelsea last year (excluding Hudson Yards). The highest condo sale was a full floor, prewar 5,664 loft at 206 W. 17 for $9.75M that closed June 27 (4 days before the mansion tax increase took effect). The new development closings were concentrated in these buildings whose sales started in 2016 or 2017: 211 W 14 – The d’Orsay, 225 W 17, 522 W 29 – Soori High Line, 550 W 29,
and 527 W 27 – The Jardim.

CLOSED SALES IN THE PAST 12 MONTHS

IT’S A GREAT TIME TO BUY!
For so many reasons, it is a great time to buy. Interest rates are extremely low, prices have come down considerably, sellers are more realistic and inventory is high. Some buyers anticipate even lower prices, but as most savvy investors will tell you, it is impossible to time the market and just when you think it’s time, chances are prices and competition will be on the upswing. If history is a guide, the window of opportunity may close in a year or two.

THE DEANNA KORY TEAM AT THE CORCORAN GROUP
When you choose the Deanna Kory Team, you are working with a highly skilled powerhouse team with vast experience, an expansive network and resources tailored to meet every aspect of buying and selling real estate in New York. Deanna Kory’s 33 years of experience, consistent ranking among the top brokers in the city and exceptional track record provides both buyers and sellers an enormous advantage in the marketplace.

Learn more about the Deanna Kory Team.

SPRING 2020 NEWSLETTER
Our annual spring newsletter was just released! At the beginning of each year, we provide an analytical overview of the previous 12 months in the Manhattan residential real estate market using both market trends and data. With a new decade ahead of us, we feel it is appropriate to also look back at the significant changes to (and some surprising consistencies in) our market over the past 10 years that have impacted sales prices and volume both positively and negatively. Click here to download.

JUST SOLD
144 West 18, 4N
Chelsea | $2,295,000
Expansive modern loft in the heart of the city! Prime prewar 2 bed 2 bath Condo loft with oversized windows and 9 1/2′ ceilings. Just under 1,400 square feet with an expansive open kitchen and living area. Impressive scale is showcased by 9 1/2′ high ceilings, 8′ tall windows, a 21′ open entertaining space and plenty of natural light.
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NEW TO MARKET
2 Park Place, Pavilion B
TriBeCa | $15,950,000
Extraordinary features come together in Pavilion B on the 29th floor of The Woolworth Tower Residences, a brand-new one-of-a-kind loft-style 3 bedroom, 3 ½ bathroom, stunning home high atop downtown Manhattan. Filled with every modern amenity and comfort and the finest in finishes and state-of-the art systems throughout.
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