What's My Platinum Condominium at 247 West 46th Street Worth?
March 2015 market report
Condo Units Currently Active on the Market: 8
Condo Units Closed in last 60 Days: 2
Condo Units “In-Contract”: 4
Average Price per Square Foot for Sales in the Last 12 months: just under $1600 per square foot
Average Sales Price to List Price Ratio: 97.3%
Average Days on Market until a Contract is Executed: 115 Days
On the surface it appears that the Platinum Condominium is an extreme sellers' market but let's the numbers more closely to interpret what they tell us about what your apartment will sell for.
1. Average Sales Price to List Price Ratio: This number reflects what percentage of the sales price of an apartment actually sold. At 97.3%, the number is relatively low in comparison to condominium sales as a whole throughout Manhattan. Condo sales as a whole in Manhattan, the overall sales price to list price ratio has been hovering around 96%, indicating that the Platinum is performing very well.
2. Average Days on the Market: The Average Days on Market indicates the amount of time from when a property entered the market to when a buyer and seller both signed contracts. The Average days on the market has been approximately 115 days, outperforming the condominium market which has been averaging approximately 145 days.
How Can you Use this Information to Achieve a Better Price for your Apartment?
Low Inventory combined with strong buyer demand has pushed PRICES UP. With rising prices, most sellers have the equity needed in order to sell to move up to something bigger or shift the equity in the apartment into something else. This factor and combined with the Spring market and the increase buyer demand that we will see, now is a perfect opportunity to see what your apartment is worth.
Year in Review for 2014 at the Platinum Condominium
2014 was a very busy year in sales at the Platinum Condominium We tracked approximately twenty condominiums that went on the market and sold and closed in 2014.
There may have been other sales that never went on the market, selling between private owners, for our purposes, we only are using the apartments that we see as being officially what we consider on the open sales market.
The Platinum Condominium is right about 220 total apartments, so a turn-over of 20 units, is about 10%. That shows us there is considerable demand for the building and an ability for owners to sell in the robust condominium sales market.
Below are some over-all 2014 Sale Price Data:
Range in Pricing
$1,010,000 to $1,825,000
$2,130,000 to $2,600,000
Average Price Per Sq Ft
Average Sales Price
Conclusion: Having the bulk of the transaction activity occurring for one bedrooms shows a strong re-sale demand for one bedroom condos in this price category. This is something that we see throughout the luxury segment of the condominium marketplace.
Price per square foot calculations for each segment of the building generally reflect what we see throughout the entire sales market, the more bedrooms the higher the price per square foot.
In a building like the Platinum that is 42 stories tall, the price difference between lower floor units and the higher floor apartments is quite evident, reflective in the wide gap we see some apartments selling for. This is especially important in considering marketing price that is precise to each unit.
FIND OUT HOW MUCH YOUR PLATINUM CONDO IS WORTH TODAY
In this is highly competitive Manhattan New York condo market, price your condo correctly can maximize your profit. We analyze many datas when we provide the market report and sale prices for serious sellers. Our in person data is more accurate than any other website or calculation. To discuss what your condo is worth, give us a call now.
All data is deemed reliable but is not guaranteed accurate by the RLS or Douglas Elliman. See Terms of Service for additional restrictions. All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer. The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.