Professional Documents
Culture Documents
Summer 2012
Prepared by: The Marketing Directors, Inc. 750 Lexington Avenue, 18th Floor New York, NY 10022 Tel: 212.826.8822
www.themarketingdirectorsinc.com
Market Focus
Manhattan
The City that never sleeps. With so much to offer, Manhattan is constantly thriving and growing, staying true to its reputation and serving as the Center of the Universe. From Broadway Shows to one-of-a-kind bakeries, Manhattan is home to endless opportunities. Manhattan is divided into five main neighborhoods the Upper East Side, the Upper West Side, Midtown East, Midtown West, and Downtown each with their very own unique energy. From the hustle and bustle of the hardworking downtown area to the stroller-filled streets of the Upper West Side, the areas in between each carry their own characteristics, making it easy for anyone to find their niche. The endless list of world-renowned buildings, monuments, and landmarks and complimented by the headquarters of major corporations and global institutions. MARKET WATCH: We believe that a prime Manhattan location can achieve $2,000+ per square foot and a non-prime location can command $1,500 to $1,800 per square foot. Both scenarios assume appropriately sized homes, high-end finishes, a comprehensive amenity program and proper promotional support. The pricing structure can be more aggressive depending on the views and architecture.
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Date: Summer 2012
Market Focus
Manhattan Annual Condominium Trends
Number of Closings Avg End Price
10,000 9,000 8,000 7,000 Number of Closings 6,000 5,000 4,000 3,000 2,000 1,000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012*
$2,500,000
$1,500,000
$1,000,000
$500,000
$0
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Date: Summer 2012
Market Focus
Manhattan Active Condominium Listings by Bedroom
Manhattan (below 110th Street) Active Condominium Listings by Bedroom
# of Listings 900
$2,834
Avg $/SF
$3,000
800
$2,755
700
$2,244
400
$1,306
$1,284
$1,500
300
$1,000
780
1BD
695
2BD
363
3BD
129
4BD
66 $0
5BD+
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Date: Summer 2012
Market Focus
Manhattan Active Condominium Listings by Area
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Date: Summer 2012
Market Focus
2012 Manhattan Condominium Closings by Bedroom
Manhattan (below 110th Street) 2012 Condominium Closings by Bedroom
# of Closings 900 $3,000 800 Average $/SF
700
$2,220 $2,190
400
$1,119 $1,045
$1,500
300
$1,000
834
1BR
680
2BR
331
3BR
82
4BR
32
5BR+
$0
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Date: Summer 2012
Market Focus
2012 Manhattan Condominium Closings by Area
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Date: Summer 2012
Market Overview
Condominium Inventory Below 110th St.
All Condominiums: July/August 2012 Inventory Inventory Upper East Side Upper West Side Midtown East Midtown West Downtown 418 326 378 474 715 New Listings 69 63 43 42 198 Under Contract 77 74 40 60 123 AVG 2012 Closings 56 59 63 74 86 Absorption Rate 31.8% 40.8% 27.2% 28.3% 29.2% Months of Inventory 6 4 5 6 7
CHELSEA
10 active projects 471 homes, 69% sold 146 inventory
MIDTOWN WEST
7 active projects 1,008 homes, 80% sold 199 inventory
Date: Summer 2012
MIDTOWN EAST
10 active projects 753 homes, 69% sold 236 inventory
UPPER WEST
8 active projects 861 homes, 76% sold 207 inventory
UPPER EAST
13 active projects 1,554 homes, 62% sold 591 inventory 9
About The Marketing Directors Formed in 1980, The Marketing Directors is a full-service marketing and sales/rental organization specializing in new homes and recognized as a national leader in high rise, high density residential development across the United States and Canada. The company is led by founder and CEO Adrienne Albert, who was inducted into the National Sales and Marketing Council of the National Association of Home Builders (NAHB) Hall of Fame as a Legend of Residential Marketing in 2009 -- the first woman to be inducted into the Hall in its 16-year history. Jacqueline Urgo leads the NE operation. David Tufts leads The Marketing Directors, SE which was formed in 2007. The Marketing Directors presently represents condominium and rental developers in markets such as New York, New Jersey, Connecticut, Georgia, Florida, Texas, North Carolina and Toronto. For more information, call 212-826-8822 or visit www.themarketingdirectorsinc.com.
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Date: Summer 2012