Showing posts with label miller samuel. Show all posts
Showing posts with label miller samuel. Show all posts

Feb 3, 2014

Manhattan Neighborhood Ten Year Report

In a recent released Manhattan real estate decade report by New York appraisal firm Miller Samuel for brokerage Elliman the data shows which Manhattan neighborhoods have gone up the most during the past ten years.

Some highlights of the report:

Today, average sales prices in Uptown Manhattan–north of West 116th Street and East 96th Street, from river to river and all the way to the tip of the island–are still less than what downtown buyers paid ten years ago. The average sales price this year is $505,435. That’s 40.9% higher than in 2004, when the average price for condos and co-ops was $358,657.

Last year Morningside Heights prices skyrocketed as prices for co-ops along the Fifth Avenue/Park Avenue corridor actually dropped.

Hamilton Heights and Morningside Heights up 30.6% but still less than what downtown buyers paid ten years ago.

Last year apartments in Manhattan saw a modest price gain of 2.4% year-over-year to a median sales price of $855,000, last year had the second-highest number of sales in 25 years. Only 2007 had more sales. Inventory was at its lowest point in 2013 in 14 years.

download complete report

Sep 8, 2006

How Much Would You Pay For A VIEW?

View from Apt. 20A at 377 Rector Place BPC

In May 2003 a study was conducted by Michael H. Schill, director of the Furman Center for Real Estate and Urban Policy at New York University; Jonathan Miller, president of Miller Samuel, a leading Manhattan appraisal company; and Ioan Voicu, a research fellow at the Furman Center.

The study looked at attributes and ammenities in features ranging from the age of building, fireplaces, terraces, condos vs coops, views, financial requirements, square footage, doorman etc. and gave each a premium.

The study found there is a 15% premium for condos over coops. Some say there is a premium for condos because they are easier to get into. A prewar condo has a 30% premium because they are so rare.

The study found old is in - the older the better. I think that is changing as more and more buyers are demanding the ammenities and views in new condo developments.

There is about a 10% premium for a Fireplace a status symbol of old New York. Balconies and terraces a premium of about 9%. Even if never used everybody wants them.

A good view 3.6% and excellent view 7.99%.
I have seen two listings of the same apartment - one facing the back of a building and the one with the view listed for 50% more. Both priced right.

A view is subjective. A good view is subjective. What is a good view? what is an excellent view? a breathtaking view? a spectacular view?More and more buyers seem to want views. How much is it worth to you?

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