Category Archives for "Midtown West"

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

 

 

Who is to manage my Platinum New York condo?

We are Manhattan New York condo specialists that have sold and leased many condos for condo owners, we also work with many out of town and oversea investors often asked about Manhattan New York condos.

Many of our out of town condo owners ask: Who can help me rent out and manage my platinum condo once I own it? This is a good question, we work with many out of town and oversea investor buyers that also asked the similar question because they are not Manhattan New York based and would like a full range of service. When we sell an unit in Platinum Condo or any other Manhattan Condo, we not only assist our clients sell, buy, invest their Manhattan New York condos, we also find qualified tenants for our out of town owners on their investment property.

We begin the immediate marketing of the Platinum Condo once our buyers had become new condo owners. When we market for rental, we answer to rental requests and appointment, qualifying the perspective tenant to ensure they are financially qualified and suitable for the condo. Manhattan New York rental brokerage marketing fee is 15% of the first year rent, though depending on the location of the condo, rental price, rental market condition and other key factors, we can discuss in details.

In terms of managing the Manhattan New York condo, depending on clients needs, there are different options. Option one would be the owners manage the tenant and the condo by themselves, this is easy to do especially with full service Manhattan New York condo, there is a building staff and maintenance department a phone call or email away. Option two, we can recommend the property management in terms of being client’s contact person here in Manhattan New York, handling questions and inquiries and etc. There will be a fee in involved in this, as based on each clients’ need, we can make the recommendation accordingly.

Call us to discuss more about your Platinum NY Condo

Let us be your resource in Selling or Renting your Platinum New York condo at 247 West 46th Street

Platinum Condo NYC Prices

2014 was a very busy year in sales at the Platinum Condominium at 247 West 46th Street. We tracked approximately twenty condominium units 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 has about 220 total apartments, so last year turn-over of 20 apartments, 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 Platinum Condo NYC prices for overall 2014.

SIZE

STUDIO

ONE BEDROOM

TWO BEDROOMS

#of Sales

2

14

4

Range in Price

NA

$1,010,000 to $1,825,000

$2,130,000 to $2,600,000

Average Price Per Sq ft

$1,330 psf

$1,495 psf

$1,770 psf

Average Sales Price

$812,000

$1,350,000

$2,350,000

Having the bulk of the transaction activity occurring for 1 bedrooms shows a strong re-sale demand for 1 bedroom condos in this price category. 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.

HOW MUCH IS YOUR PLATINUM CONDO?

In a building like the Platinum condo that is 42 stories tall, the selling 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. Call us to have a detail discussion.

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​