My firm released the 2Q 2007 Manhattan Market Overview [pretty version will be posted on Thursday] that we author for Prudential Douglas Elliman today. Its about all I have done over the past week, except for the quality time spent with my new iPhone, prepping for our family’s clam bake on July 4th and riding into Manhattan in an RV with the Joe and Rudy from Sellsius, so I have been largely absent from Matrix since the middle of last week.
The numbers were released and my summary of their interpretation were provided to the media for the coverage today. The actual data and charts will be available Thursday as well.
A little over a year ago, I began posting the links to the coverage of each report to see how each media outlet reports the market using the exact same data. I find it to be an interesting process.
This list of articles is presented basically when I found them. I also include some duplicate news feeds because I like to see what regions are interested in the story – I place those near the bottom because of the repetition. I’ll keep adding links through the end of the week.
The Link List
Manhattan Co-Op Prices Fall as Buyers Favor Condos [Bloomberg]
Manhattan apartments brush off U.S. housing slump [Reuters]
Co-ops Slip, but Condos Lead Rise in Manhattan Apartment Prices [NY Times]
New York home prices: No place but up [CNN/Money]
WALL ST. FUELS RUN IN APT. SALES [NY Post]
Manhattan apt. sales rise [NY Daily News]
Weak Dollar Fuels City Real Estate [NY Sun]
NYC a Bright Spot in Dismal U.S. Real Estate Market [TheStreet.com]
Manhattan Residential Market Indicates High Sales Volume, Declining Inventory, Rising Prices and Shorter Time on Market [RISMedia]
Curbed Roundtable: July State O’ the Market Report [Curbed]
Record Prices, Avoiding Co-ops in Manhattan [Gothamist]
Manhattan residential real estate market; falling inventory, rising prices and a record number of sales [Firstrung.com]
Manhattan Residential Market Indicates High Sales Volume, Declining Inventory, Rising Prices and Shorter Time on Market – Continued Strong Market Momentum against National Real Estate Trends [Digital50.com]
Manhattan apartments brush off U.S. housing slump [Reuters, India]
Housing Bubble and Real Estate Market Tracker [Seeking Alpha]
Real Estate Market Still Hot in NYC [WNYC]
Manhattan apartments brush off U.S. housing slump [Valuation Review]
Manhattan market still on the rise [Inman News]
Manhattan co-op prices fall as condos flourish [NorthJersey.com]
Radio and TV clips
[July 3, 2007] Bloomberg TV – On The Economy (Part I)
[July 3, 2007] Bloomberg TV – On The Economy (Part II)
[July 3, 2007] Bloomberg Radio
Have a great 4th of July!
Oh, Jonathan, is this all that happened to you, today???
Regarding the sales data, I can’t believe the strength of the market.
Questions I have about this are:
Does sales volume include closings, only – not under agreements, or anything like that, right? (One of the national reports includes new home sales in “sales” when they go under contract, which is why I ask.)
Is inventory a very accurate number? I think I asked before, but can’t remember what you said. If a developer has 100 units in a building, but has only listed 10, right now, does the inventory total include all 100 units? Where does your data come from? Phone calls to developers / agencies?
Why has co-op inventory gone so low???
Any other comments on co-ops? Some of the media jumped on the lower average sales price of co-ops as some sort of sign of trouble … this seemed illogical, to me.
Thanks a million!
[…] assignment— deliver Jonathan to his New York city office where he was releasing his 2Q 2007 Manhattan Market Overview. He had a slew of interviews lined up, the entire alphabet soup of news press, and we had to […]
Hey John – thanks for your questions. Here are some thoughts the four you posted:
Closed sales. Contracts seem to be impossible to collect in a large enough sample size. I am highly skeptical of the national report knowing how reluctant brokerage firms are to release contract information until it is closed.
No. The inventory includes what is offered for sale. Its generally of consistent, meaning that this has been a developer marketing strategy for the 20+ years I have covered the market here. In other words, the trend is shown, but the absolute figures are low.
Re-sale inventory is so low for both coops and condos because the number of sales are so elevated and have been eroding inventory levels for the past 3 quarters.
Actually, the lower overal price was a shift in the mix toward entry-level apartments as first time buyers entered the market.
Hey, are you going to Inman Connect SF?
Thanks for all the info.
Yes, in SF from Jul 30 – Aug 3!