NYC Broker Confidence Declines Entering Into The Slower Fall Season

The Real Estate Board of New York (REBNY) published their broker confidence index for the 2nd quarter of the year and it shows a decline from first quarter results.  REBNY which surveys its residential and commercial brokerage division members to measure their confidence in the New York City real estate market publishes their results quarterly with the top index being a 10.  The index shows that broker confidence decreased in the second quarter of 2018 to 5.53 out of 10.  This is a decrease of 0.25 from the first quarter of 2018.  Residential broker confidence levels hit a record low of  of 4.63 in the second quarter of 2018.

The report indicates that the main factors for the decreasing optimism with broker circles are political uncertainty, the expectation of rising interest rates, how the tariffs will affect investments, concerns about the implications of tax reform.  John Banks, President of the REBNY states "As federal policies have taken effect, local real estate markets have been seeing their impact on buyer hesitancy and seller uncertainty.  Despite these conditions, New York City real estate brokers remain positive overall about the present situation and future real estate market."

Some brokers believe that pricing and the lack of housing remains a major concern in the residential market.  One broker states "The biggest issue is still pricing, but a close second place is condition of the apartment," said a residential broker. "Buyers are slower to purchase an apartment that needs a good deal of work."  All of these concerns are affecting future confidence in the market as well.  The Residential Broker Future Confidence Index  which is an outlook on the future market six months from the date the survey was completed hit a number of 4.46.  This is 1.18 decrease from the first quarter of 2018.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/nyc-broker-confidence-declines-entering-into-the-slower-fall-season/

REBNY Report Indicates Third Straight Quarter of Decreased Residential Real Estate Sales in NYC

The Real Estate Board of New York (REBNY) published their first quarter report for 2018.  What it indicates is that residential real estate sales is down for the third straight quarter.  For the first quarter of this year, New York City residential sales were down 16 percent.  Total value of real estate transactions for the quarter was $10.3 billion in comparison to $12.3 billion for the first quarter of 2017.  The $2 billion decrease for the first quarter of 2018 was the largest year-over-year drop recorded since the third quarter of 2009 according to REBNY.

Total residential sales consideration decreased in three of the five boroughs.  Manhattan saw the biggest decrease in sales consideration for the quarter at 30% to $4.61 billion.  This was followed by Brooklyn -12% to 2.36 billion and Staten Island -1% to $711 million.   The Bronx saw an increase in sale consideration by 16% to $436 million in the Bronx and Queens saw an increase of 7% to $2.21 billion.

For the quarter, sales volume only increased in the Bronx by 8% to 998 for the quarter.  In the other boroughs sales were down led by Manhattan being down by 20% (2,417), Brooklyn by 15% (2,466), Staten Island  by 9% (1,338) and Queens by 4% (3,650).  Overall, the average sales price of a home in New York City during the first quarter of 2018 was $951,000, a seven percent decrease from the first quarter of 2017.

On a positive note, the average sales price for a one-to-three family dwelling in New York City overall has hit an all time high.  The average sales price of a one-to-three family dwelling in New York City was $791,000 which is a two percent increase from last year’s first quarter average.  With respect to the boroughs, Queens, the Bronx, and Staten Island all registered record highs for the first quarter. The average sales price for a one-to-three family dwelling increased 6% to $717,000 in Queens, 7% to $517,000 in the Bronx, and 9% percent to $563,000 in Staten Island.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/rebny-report-indicates-third-straight-quarter-of-decreased-residential-real-estate-sales-in-nyc/

NYC Investment Sales Down Almost Forty Percent; Bronx Only Borough With Higher Sales

The Real Estate Board of New York (REBNY) published their Investment Sales Report for the Second Half of 2017 and it shows that real estate investment sales continue to nosedive.  Investment sales have now fallen since the first half of 2015, when New York saw $37 billion in real estate sales. Sales have fallen on every report since 2015 except one period for the second half of 2016.  The report indicates that the total monetary value for all recorded sales was $17 billion throughout the city which is a 37 percent decline compared to the second half of 2016. The total number of transactions also draw a drop of 19 percent year over year.  The only borough that saw a positive investment with respect to monies spent was the Bronx where investors spent $1.5 billion in the second half of 2017 where $1.4 billion was spent in 2016 second half.

Manhattan investment saw a considerable drop as sales decreased 40 percent to $10.1 billion in the second half of 2017 from $17.0 billion in the second half of 2016.  Also of note, transactions decreased 26 percent from 2016.  The report shows also that the average price per square foot of office properties Manhattan declined 12 percent to $823 from $930.

Brooklyn sales for the second half of 2017 dropped 27 percent to $3.2 billion from $4.4 billion in the second half of 2016. The amount of transactions decreased 18 percent to 783 in the second half of 2017 from 954 in the second half of 2016. The value of Brooklyn investment sales transactions accounted for 19 percent of NYC total sales.

Queens investment sales dropped 46 percent from the same period of the second half of 2016.  Total amount spent was $1.9 billion for the period.  There were 18 percent fewer transactions in the second half of 2017, 534 investment sales, compared to 649 in the second half of 2016.

Staten Island saw sales drop 59 percent or $203 million.  The number of transactions completed in the borough declined 30 percent to 190 compared to 273 in the second half of 2016.

Although the report didn't come out totally positive, the outlook still looks upbeat according to the President of REBNY John Banks.

 “The current demand and value of Bronx properties, as seen in our most recent New York City Residential Sales Report, carried over to investment property trades in the second half of 2017.  While the pace of completed transactions lagged citywide in 2017, investors continue to show interest in income-producing properties across the five boroughs.”

 Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/nyc-investment-sales-down-almost-forty-percent-bronx-only-borough-with-higher-sales/