NEW YORK--(BUSINESS WIRE)--TOWN Residential, the Manhattan-based, fully-integrated real estate services firm, today announced the release of The Aggregate, a published analysis of closed residential sales transactions in Manhattan for the second quarter of 2013, following the firm’s first quarter debut as a publisher of quarterly market reports. The culmination of figures drawn from the rolling sales data of the Manhattan market and a live ACRIS feed from the New York City Department of Finance, The Aggregate tracks closed sales trends across three distinct residential real estate categories: condos, co-ops and townhouses.
A key finding was that quarter-over increases in luxury market pricing metrics were accompanied by decreased sales discounts and increased pricing premiums. Increases in market-wide prices were aided by a higher percentage of properties priced $2-$3 million this quarter and more properties spending less time on the market. The statistics presented in this edition of The Aggregate represent a sample of 2,380 closed sales in the second quarter of 2013.
"The white hot condo market, which is being fueled by an influx of foreign buyers, is driving the prices of land through the ceiling," said Andrew Heiberger, CEO of Town Residential. Condos demonstrated quarter-over & year-over increases in pricing metrics accompanied by more sales premiums. Co-op sales demonstrated quarter-over increases in average and median prices while spending less time on the market with more sales premiums.
Increased prices were demonstrated across most apartment categories, including studios, 1-bedrooms, 2-bedrooms, and 3- or-more-bedrooms. "Due to the exorbitant land costs, Manhattan will not see any significant new moderately priced condominiums or rental housing for years, which should result in even higher sales prices and rents across the board,” said Heiberger.
An expanded future presence for The Aggregate on TOWN’s website will feature regular market updates, including apartment sales data dissected by price per square foot per number of bedrooms, information on new development sales trends and hyper-local statistics. “In the third quarter of 2013, we will be deepening our sales data analysis by diversifying into neighborhood-specific pricing metrics of studios, one, two, three or more bedrooms,” notes Damien Parker, TOWN Residential’s own statistician. Luxury rental data will be included in The Aggregate by Q4 2013.
“Our approach utilizing what is in the public record for the City of New York does an excellent job of capturing shifts in market activity,” said Parker. The Aggregate Q2 2013 is available to download in PDF format from townrealestate.com.
ABOUT TOWN:
Launched by Founder and CEO Andrew Heiberger in 2010, TOWN is a fully integrated Manhattan real estate services firm specializing in luxury residential sales, rentals and the marketing of new development sales and rentals. TOWN Residential is a partnership between Andrew Heiberger and Thor Equities, a leading real estate development and investment firm. An integral part of the New York real estate landscape, TOWN has a team that exceeds 500 licensed representatives and staff in eight neighborhood locations: TOWN Greenwich Village, opened in April 2013 at 530 LaGuardia Place; TOWN SoHo, a landmarked corner storefront at 337 West Broadway and Grand Street dating to 1886; TOWN Upper East Side, a corner storefront at 239 East 79th Street and Second Avenue; TOWN West Village, a federal-style townhouse at 45 Horatio Street; TOWN Astor Place, a block-front space overlooking historic Astor Place in the Gwathmey Siegel-designed Sculpture for Living at 26 Astor Place; TOWN Fifth Avenue, located in the prestigious Crown Building at 730 Fifth Avenue and also home to TOWN’s corporate headquarters; and TOWN Flatiron located at 110 Fifth Avenue and TOWN Financial District, located at 88 Greenwich Street, both of which opened in December 2010.