Category Archives for "Market Report"

Market Report about Midtown West Manhattan New York condos such as Platinum Condo NY, Hudson Hill, Griffin Court, Dillon and many other Midtown West Manhattan New York Condos.

Platinum Condo Market Report Summer 2015

Platinum Condo Market Report June/July 2015

When we look at the Manhattan condominium market, you can't help but see all of the new construction condominium developments. A lot of the headlines are driven by the high price points that some of these buildings are achieving. We also look at the amount of new inventory coming on the market and how that affects the pre-existing re-sale market condominiums, like the Platinum Condominium.

We see near 1000+ units of new apartment product that is in various degrees of coming on the market in the Midtown West/Hells Kitchen neighborhood. This creates a scenario where buyers typically look at these new buildings first before they go to the resale market. At Platinum Condominium, strong prices are being achieved, however there is typically multiple apartments on the market at the same time with some price reductions taking place because of the increase in competition in the building and in the neighborhood.

Given this information are you wondering what your Platinum Condominium is worth? If you are interested in a more detailed analysis of your apartment, contact us for a no obligation discussion.

Call or text us at (917) 837-8869, we can also be reached via email at Morgan.Evans@Elliman.com

 

 

Platinum Condo 247 West 46th Street March 2015

What's My Platinum Condominium at 247 West 46th St Worth?

Market Report for March 2015

∙ 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 seller's market but let's look at 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. 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.

FIND OUT HOW MUCH YOUR CONDO CAN SELL TODAY

We will provide the most accurate and fair market price to your condo unit based on most updated data, call us now.












Midtown West Condo Market Report May 2014 Part 2

http://platinumcondonyc.com/midtown-west-condo-market-report-may-2014-part1

What other new construction projects are in the works in the Midtown West neighborhood?

· Stella Tower at 425 West 50th Street is close to coming on the market with planned occupancy starting at the end of 2014

· A two story development on top of the post office at 320 West 52nd Street is planned and suppose to be approximately 48 apartments.

· 135 West 52nd Street is being converted from a hotel into a condominium building with sales to launch this Spring.

Exciting new condominium and rental projects always bring demand with them. A project like 540 West is a good example of how when priced and developed within the expectations of the buyer demand for a particular neighborhood you will see a large turnout and apartments will sell fast. One bedroom new construction condos priced less than $1.1 Million is near impossible to find now, but most of the inventory at 540 West was priced in this in demand segment of the one bedroom market.

With a variety of buildings planned for development in the neighborhood it will be exciting to see new inventory come on the market and how it sells within the context of what is already available.

We see 41 condominiums currently active for sale in Midtown West, ranging in price from $450,000 up to $5,995,000. This is down from 61 Condominiums we were tracking during the 4th Quarter of 2013.

  • 9 Studio's currently for sale ranging in price from $450,000 up to $1,100,000
  • 14-One Bedroom's currently for sale ranging in price from $799,000 up to $2,400,000
  • 11-Two Bedroom's currently for sale ranging in price from $1,100,000 up to $3,200,000
  • 6-Three Bedroom's Currently for sale ranging in price from $2,395,000 up to $5,995,000
  • 1-Four Bedroom asking $3,997,000

We track 72 condominiums currently in-contract in Midtown West, ranging in price from $499,000 up to $4,900,000. This is up from 55 Condominiums currently in-contract as of the 4th Quarter of 2013.

  • 9-Studios ranging in price from $469,000 to $760,000
  • 40-One Bedrooms ranging in price from $550,000-$1,780,000
  • 21-Two Bedrooms ranging in price from $999,000 - $2,600,000
  • 2-Three Bedrooms ranging in price from $1,925,000 - $2,395,000

In all of 2013, we tracked the following closed transaction in the Midtown West Neighborhood.

82-Studio Condominium Sales closed in 2013. The price range was $410,000 to $1,150,000. The majority of the studio sales were selling in the$550,000 - $600,000 price range. Average price per sqft was just around $1250 sq/ft. Most of the sales taking place in the higher price points were either located at the Sheffield at 322 West 57th St or at the Orion Condominium at 350 West 42nd Street.

150-One Bedroom Condominiums closed in 2013. The price was from $485,000 to $2,400,000. Such a huge range, the reason is that the type of condo buildings that exist within the neighborhood. You have the smaller non-elevator buildings, all the way to the hi-rise new construction condominiums that command the highest prices.

Comparing the same time period in 2012 to 2013 this is what we find.

In 2013, we saw extremely limited supply across almost all segments of the condominium market, from studio to Three or Four Bedroom Apartments, there just wasn't a lot for sale. The result was typically large turnouts for the first open house, multiple offers being made and contracts being sent out extremely quickly.

When priced within the contexts of recent sales or other competitive apartments within the neighborhood an owner could expect good offers. A by-product of a robust sales market were some listings coming available that were priced well beyond any current sale. This is something that we plan to see more of in 2014.

For more information about what is happening in your condo building or your specific condo unit, call or email us directly (917) 837-8869 or email (Morgan.Evans@elliman.com), as we focus our expertise on the Midtown West neighborhood.

http://platinumcondonyc.com/midtown-west-condo-market-report-may-2014-part1

Midtown West Condo Market Report May 2014 Part 1

May 2014 Market Report

Since our last market report in January 2014, Midtown West and other neighborhoods prices have continued to climb throughout Manhattan Real Estate. The Hudson Yards projects is going in at full steam anchoring the South Side of the neighborhood.

57th Street to the North is becoming the home to the very most expensive real estate in Manhattan. The Hells Kitchen neighborhood is in a perfect position for price appreciation and seller's are seeing a great opportunity to take advantage of the marketplace

WHAT IS SELLING IN MIDTOWN WEST NEIGHBORHOOD?

· New Construction Condominiums-Not officially on the market yet, Stella Tower at 425 West 50th Street which is planned to be 51 units of mainly One and Two Bedroom Condominiums. We have seen the building already and the views are impressive. Because of height restrictions of the surrounding neighborhood, Stella Tower is positioned itself with commanding views of the entire Midtown West neighborhood. Expect a lot of the inventory at Stella Tower to go into contract quickly.

· Studio's in the sub-$600,000 price range are typically having contracts signed within 21 days of coming on the market. At the new development condominium at 540 West 49th Street, almost all of the studio apartments went into contract quickly with a price range of $705,000 to over $950,000. Any studio condominium priced competitively has a very good chance of seeing a lot of activity as the supply for this segment of the market is very low right now. We can discuss your Midtown West condo on the phone. Give us a call today.

Here is the part 2 of Midtown West Condo Market Report May 2014

Midtown West Condo Market Report | January 2014 Part 2

One bedroom new construction condos priced less than $1.1 Million is near impossible to find now, but most of the inventory at 540 West was priced in this in demand segment of the one bedroom market.

We see 41condominiums currently active for sale in Midtown West, ranging in price from $450,000 up to $5,995,000. This is down from 61 Condominiums we were tracking during the 4th Quarter of 2013.

  • 9 Studio's currently for sale ranging in price from $450,000 up to $1,100,000
  • 14-One Bedroom's currently for sale ranging in price from $799,000 up to $2,400,000
  • 11-Two Bedroom's currently for sale ranging in price from $1,100,000 up to $3,200,000
  • 6-Three Bedroom's Currently for sale ranging in price from $2,395,000 up to $5,995,000
  • 1-Four Bedroom asking $3,997,000

We track 72 condominiums currently in-contract in Midtown West, ranging in price from $499,000 up to $4,900,000. This is up from 55 Condominiums currently in-contract as of the 4th Quarter of 2013.

  • -Studios ranging in price from $469,000 to $760,000
  • 40-One Bedrooms ranging in price from $550,000-$1,780,000
  • 21-Two Bedrooms ranging in price from $999,000 - $2,600,000
  • 2-Three Bedrooms ranging in price from $1,925,000 - $2,395,000

In all of 2013, we tracked the following closed transaction in the Midtown West Neighborhood.82-Studio Condominium Sales closed in 2013. The price range was $410,000 to $1,150,000. The majority of the studio sales were selling in the$550,000 - $600,000 price range. Average price per sqft was just around $1250 sq/ft. Most of the sales taking place in the higher price points were either located at the Sheffield at 322 West 57th St or at the Orion Condominium at 350 West 42nd Street.

150-One Bedroom Condominiums closed in 2013. The price was from $485,000 to $2,400,000. Such a huge range, the reason is that the type of condo buildings that exist within the neighborhood. You have the smaller non-elevator buildings, all the way to the hi-rise new construction condominiums that command the highest prices.

Comparing the same time period in 2012 to 2013 this is what we find.

In 2013, we saw extremely limited supply across almost all segments of the condominium market, from studio to Three or Four Bedroom Apartments, there just wasn't a lot for sale. The result was typically large turnouts for the first open house, multiple offers being made and contracts being sent out extremely quickly.

When priced within the contexts of recent sales or other competitive apartments within the neighborhood an owner could expect good offers. A by-product of a robust sales market were some listings coming available that were priced well beyond any current sale. This is something that we plan to see more of in 2014.

For more information about what is happening in your condo building or your specific condo unit, call or email us directly (917) 837-8869 or email (Morgan.Evans@elliman.com), as we focus our expertise on the Midtown West neighborhood.

Read below post for the part 1 of introduction of Midtown West neighborhood.

http://platinumcondonyc.com/midtown-west-condominium-market-report-january-2014​

Midtown West Condo Market Report | January 2014 Part 1

One of the most vibrant neighborhood that is most overlooked until recently.  Midtown West Neighborhood is being categorized as a hot commodity right now. You can find more about the transformation of Hells Kitchen from a gritty neighborhood to a must visit Manhattan neighborhood.

New condominium projects such as 540 West 49th Street are selling extremely well, higher end luxury condominiums are in development with a number of large luxury rental projects currently being built. Phrases such as the "Next Chelsea" are becoming more commonplace when describing Hells Kitchen.

There are many exciting new condominium and rental developments always bring demand with them. A project like 540 West is a good example of how when priced and developed within the expectations of the buyer demand for a particular neighborhood you will see a large turnout and apartments will sell fast.

One bedroom new construction condos priced less than $1.1 Million is near impossible to find now, but most of the inventory at 540 West was priced in this in demand segment of the one bedroom market.

With a variety of buildings planned for development in the neighborhood it will be exciting to see new inventory come on the market and how it sells within the context of what is already available.

To continue reading about Midtown West condo numbers we have tracked in January 2014, visit Part two of this Midtown West condo Market Report.

​http://platinumcondonyc.com/midtown-west-condo-market-report-january-2014-part-2/

For more information about what is happening in your Midtown West condo building or your specific condo unit, call us at (917) 837-8869 or email (Morgan.Evans@elliman.com), as we focus our expertise on the Midtown West neighborhood.

Midtown West October 2013 Report

The Midtown West Neighborhood in Manhattan is typically defined as running from 58th Street to around 34th Street and from Eighth Avenue to the Hudson River. Commonly known in the real estate world as Clinton or the Theatre District, but historically known as Hell's Kitchen. Midtown West is a neighborhood where most of the Real Estate is found in pre-war low-rise buildings, with an introduction of high-rise luxury condominiums in the past decade and a recent transformation of new condominium projects that blend into the neighborhood architecture.

In Midtown West, the luxury high rise condominiums stand out so much because so much of the real estate inventory is found in the low rise(4-7 floor) buildings. The large luxury high rise buildings are very popular and most of the high price range sales in Midtown West occur in these buildings. There is also a large demand for new condominiums found in the low-rise buildings that have become so popular in the neighborhood. Buildings such as The Griffin Court, The Dillon, or the Hudson Hill Condominiums.

Condominium sales are up year over year in Midtown West, pretty much across all segments of the marketplace. Condominium sales are up year over year in Midtown West, pretty much across all segments of the marketplace. We see 61 condominiums currently for sale in Midtown West, ranging in price from $470,000 up to $5,995,000.

  • 14 Studio's currently for sale ranging in price from $470,000 up to $1,200,000
  • 20-One Bedroom's currently for sale ranging in price from $675,000 up to $2,400,000
  • 19-Two Bedroom's currently for sale ranging in price from $1,100,000 up to $2,900,000
  • 7-Three Bedroom's Currently for sale ranging in price from $2,395,000 up to $5,995,000
  • 1-Four Bedroom asking $3,697,000

We track 55 condominiums currently in-contract in Midtown West, ranging in price from $499,000 up to $4,900,000

  • 9-Studios ranging in price from $499,000 to $1,075,000
  • 32-One Bedrooms ranging in price from $700,000-$1,800,000
  • 11-Two Bedrooms ranging in price from $925,000 - $4,900,000
  • 3-Three Bedrooms ranging in price from $1,775,000 - $4,200,000

This is a very strong pace with still two Months to go until the end of year 2013. Deal volume in 2013 has been extremely strong and Midtown West Condominiums were no exception. Certain segments of the market, price ranges, and even specific buildings continue to have their own dynamic characteristics. For more information about what is happening in your building or your type of apartment reach out to us as we focus our expertise on the Midtown West neighborhood.

Want to Know How Much Your Condo is Worth?

We have the up to date Midtown West and Platinum 247 West 46th Street condo Sale Prices, Sale History, and upcoming Midtown West neighborhood trend. As a condo owner and seller, you will benefit from all of the latest update of your Manhattan New York Condo. Find out what your Platinum condo is worth, call us now.

Midtown West 2013 Yearly Market Report

The Midtown West Neighborhood in Manhattan is typically defined as running from 58th Street to around 34th Street and from Eighth Avenue to the Hudson River. Commonly known in the real estate world as Clinton or the Theatre District, but historically known as Hell's Kitchen. Midtown West is a neighborhood where most of the Real Estate is found in pre-war low-rise buildings, with an introduction of high-rise luxury condominiums in the past decade and a recent transformation of new condominium projects that blend into the neighborhood architecture.

In Midtown West, the luxury high rise condominiums stand out so much because so much of the real estate inventory is found in the low rise(4-7 floor) buildings. The large luxury high rise buildings are very popular and most of the high price range sales in Midtown West occur in these buildings. There is also a large demand for new condominiums found in the low-rise buildings that have become so popular in the neighborhood. Buildings such as The Griffin Court, The Dillon, or the Hudson Hill Condominiums.

Condominium sales are up year over year in Midtown West, pretty much across all segments of the marketplace. Condominium sales are up year over year in Midtown West, pretty much across all segments of the marketplace. We see 61 condominiums currently for sale in Midtown West, ranging in price from $470,000 up to $5,995,000.

  • 14 Studio's currently for sale ranging in price from $470,000 up to $1,200,000
  • 20-One Bedroom's currently for sale ranging in price from $675,000 up to $2,400,000
  • 19-Two Bedroom's currently for sale ranging in price from $1,100,000 up to $2,900,000
  • 7-Three Bedroom's Currently for sale ranging in price from $2,395,000 up to $5,995,000
  • 1-Four Bedroom asking $3,697,000

We track 55 condominiums currently in-contract in Midtown West, ranging in price from $499,000 up to $4,900,000

  • 9-Studios ranging in price from $499,000 to $1,075,000
  • 32-One Bedrooms ranging in price from $700,000-$1,800,000
  • 11-Two Bedrooms ranging in price from $925,000 - $4,900,000
  • 3-Three Bedrooms ranging in price from $1,775,000 - $4,200,000

In the second half of 2013, we track 150 Closed Sales for Condominiums in Midtown West.

In 2012 from June-November, we tracked approximately 180 closed transactions. Out of those approximately 55-60 were sales from the development teams at The Sheffield and at the Griffin Court.

In 2013, the amount of inventory for new construction condominiums in Midtown West was very low. The majority of the sales were coming from re-sale side, directly from individual owners. We saw more traditional re-sale unit transactions in 2013 than in 2012 which in our experience is a signal of strong demand.

This is a very strong pace with still two Months to go until the end of year 2013. Deal volume in 2013 has been extremely strong and Midtown West Condominiums were no exception. Certain segments of the market, price ranges, and even specific buildings continue to have their own dynamic characteristics. For more information about what is happening in your building or your type of apartment reach out to us as we focus our expertise on the Midtown West neighborhood.

This is a very strong pace with still two Months to go until the end of year 2013. Deal volume in 2013 has been extremely strong and Midtown West Condominiums were no exception. Certain segments of the market, price ranges, and even specific buildings continue to have their own dynamic characteristics. For more information about what is happening in your building or your type of apartment reach out to us as we focus our expertise on the Midtown West neighborhood.

Want to Know How Much Your Condo is Worth?

We have the up to date Midtown West and Platinum 247 West 46th Street condo Sale Prices, Sale History, and upcoming Midtown West neighborhood trend. As a condo owner and seller, you will benefit from all of the latest update of your Manhattan New York Condo. Find out what your Platinum condo is worth, call us now.