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.

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