[Global Safe Haven] 2Q 2012 Manhattan Sales Report

Posted by Jonathan Miller - Tuesday, July 3, 2012, 11:41 AM

We published our report on Manhattan market sales for 2Q 2012 this morning.   I’ve been writing them for Douglas Elliman since 1994.

Here’s a my take:

Macro (for Context)

-Credit remains historically tight.
-Inventory remains tight – a national phenomenon.
-It has been reported that NYC has regained all jobs lost during the recession – the US has regained only about 40%.
-Foreign buyers continue to create demand at elevated levels – Manhattan seen as a “global safe haven for real estate” during this era of economic instability.
-Manhattan remains one of the best housing markets in the US.

Key Points

-Housing prices continues to remain stable – 2 of 3 indicators show small YOY declines due to strength in entry-level sales.
-Listing inventory fell 13.5% from last year – low inventory will be one of the biggest challenges facing the market over the next year. Although sales continue to be strong, working off excess inventory, low levels are also occurring because some sellers don’t have enough equity to trade up, even if they are not underwater.
-Sales the same as last year but co-ops and condos behaved very differently. Coops up 10.9% (jump in entry-level sales, first time buyers. Condos slipped 11.8% largely due to decline in supply. Condo inventory down 36% in two years.
-3rd consecutive quarter with the market share of entry-level (studio and 1-bedroom) sales above 50% of all Manhattan sales. Sharp drop in mortgage rates and rising rents keeps market share high.
-Luxury market prices continue to bounce up and down each quarter but at a high level, but inventory down 8.2% year over year.
-New development market share holds steady at 16.4% – been in the 14% to 21% range for since late 2009.

Here’s an excerpt from the report:

…For the past several years and through the second quarter, the overall Manhattan housing market has shown price and sales stability, holding its position as one of the better performing housing markets in the US. The combination of mortgage rates declining to record lows and rents rising as a result of tight credit and rising employment has fueled a surge in entry-level buyers over the past nine months. The market share for new development activity has remained consistent, as much of the former shadow inventory created during the recent housing boom has been absorbed. Economic uncertainty abroad and the weak US dollar brought more foreign buyers looking for an investment safe haven, resulting in a higher frequency of high-end “trophy” transactions…

Here are the latest charts on the Manhattan housing market and custom data tables.

Here’s the press coverage for the report today.

The Elliman Report: 2Q 2012 Manhattan Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Manhattan Sales [Prudential Douglas Elliman]

View the original article here

Gigi's High Point Haven House Call

Name: Gigi
Location: High Point, North Carolina

I am an interior decorator by trade and we moved into this 3 bedroom rental home just last year. I am inspired by old, weathered things that have a story. I love the effect of lighting in a space, mood lighting with chandeliers, lamps, candelabras, fireplaces.

I find inspiration everywhere - in nature, cinema, antique shops, art, books and music. I love scavenging for treasures in antique markets, flea-markets, garage sales, consignment shops, thrift shops and even dollar stores!

Thanks, Gigi!

• Interested in sharing your home with Apartment Therapy? Contact the editors through our House Tour Submission Form.

View the original article here

Globe Trotting: Five Megamansions in the Caribbean's Most Famous Tax Haven

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Friday, August 26, 2011, by Rob Bear

The Cayman Islands have been a tax haven since the days of Weekend at Bernie's and the original Wall Street. The curious thing is that once the tax dodgers are done with the dodging they go and splash out on an extravagant island getaway. We don't even want to know what kind of tax savings are necessary to justify the purchase of this $60M beachfront behemoth, called Castillo Caribe. The 48,000-square-foot mega-mansion fronts on a spectacular white sand beach and boasts cavernous interior spaces that make this place seem more like a private resort than a home, for better or worse. Not surprisingly, the listing focuses more on the "tax neutral environment" than the luxe features.

? Sea Wind, a $10M mansion on the beach at North Sound is a little short on listing description, but at 23,000 square feet it's sure to pack some luxury features. There's a boat house, vaulted ceilings, an expansive chef's kitchen, and a sea-view bathtub, along with a party-ready pool and patio, and that's just in the photos.

? This seafront estate, dubbed Brisas del Mar (apparently a common name in all languages), is listed for $9.4M, but, like the last place, has a listing that's short on details. Here's what we do know: the 14,000-square-foot residence includes nine bedrooms, eight bathrooms, a three-car garage, and a caretakers residence.

? The brokerbabble returns with a vengeance on the listing for Villa del Mare, located on the white sand beaches of Rum Point. Despite the spectacular location and similar space—14,550 square feet—compared to the last place, this seaside manse is listed for $7M, which is starting to sound like a deal in these parts. The broker really fawns over this one, even the width of the lot: "The double width of 200ft increases the sense of grandeur and gives due deference to the stately proportions of this luxury beach front Villa."

? Casa Coyaba is a $12.8M Caribbean castle with 19,000 square feet, eight bedrooms, 12 baths, a 1,000-square-foot great room, two professional-grade kitchens with walk-in freezers, a tennis court, and a $1M home automation system. Plus, this place is being sold completely furnished, right down to the $8K custom mattresses, silk and linen sheets, and All Clad pans.

· Castillo Caribe [Sotheby's]
· Sea Wind [Sotheby's]
· Brisas del Mar [JamesList]
· Villa del Mare [JamesList]
· Casa Coyaba [official site]

View the original article here