[Manhattan Absorption] February 2012 Y-O-Y $10M+ Slows A Bit

Posted by Jonathan J. Miller -Tuesday, March 13, 2012, 10:00 AM
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Absorption defined for the purposes of this chart is: Number of months to sell all listing inventory at the annual pace of sales activity. (The definition of absorption in my market report series reflects the quarterly pace – nearly the same)

I started this analysis in August 2009 so I am able to show side-by side year-over-year comparisons. The blue line showing the 10-year quarterly average travels up and down because of the change in scale caused by some of the significant volatility seen at the upper end of the market.

Side by Side Manhattan regional comparison:

[click images to expand]

Thoughts on the year-over-year comparisons

Manhattan Most price segments below $3M remained faster than 10-year average pace of sales. $3M-$5M and $10M+ slowed while $5M-$10M accelerated.East Side Co-op absorption continued to remain slower than a year ago pace of sales. Condo pace of absorption, specifically below $2M noticeably accelerated.West Side Sub-$2M more or less the same as last year. Weaker above $10M.Downtown Same as last month – the rates by segment generally accelerated below $5M and $10M+. The $5 to $10M segment slowed.

Note: This chart series does not include shadow inventory (properties ready for market but not yet listed for sale) so this anlaysis understates the rate of condo absorption. The Uptown (Northern Manhattan) data set is too thin for a reliable presentation.

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Top 5: The 5 Least Expensive Properties For Sale in the Inner Richmond

× 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. Monday, March 12, 2012, by Sally Kuchar

This week we skipped across town and combing through the listings for the Inner Richmond, with boundaries you can see to the right (click the image for a larger version). There aren't a plethora of abodes for sale, so today we're only showing you the 5 least expensive properties for sale in the Inner Richmond. As always, we won't be including any property that has a sale that's currently pending. Onwards!

5) 250 2nd Avenue
Asking price: $789,000
Size: 2-bed, 1-bath; 1,407 square feet
Price per square foot: $561
The skinny: The Inner Richmond's price per square foot average is $601, so we're already off to a good start. This is a full-floor condo in a 2-unit building. At 1,407 square feet, it's spacious, and its interiors reflect that. The dining room is huge, the kitchen is huge, etc. There's also a nice and private deck off the back, and it overlooks the shared backyard. Monthly HOA dues are a low $205 and there's 1-car parking in the garage.

4) 3923 California Street, #2
Asking price: $759,000
Size: 2-bed, 1-bath; 1,218 square feet
Price per square foot: $623
The skinny: Because of its location on California Street, one could argue that this is technically in the Lake District. Whatever, we're throwing it on this list. The listing says this is a "cozy Inner Richmond upper unit," and we're going to have to agree. It's almost too cozy. While we love the separate level for the master suite we don't like that it's unwarranted (same goes for its bathroom) and that the rest of the condo seems cramped. That said, it's an easy fix with less furniture. Monthly HOA dues are $250 and there's 1-car parking in the garage.

3) 793 9th Avenue
Asking price: $724,000
Size: 2-bed, 1-bath; 1,310 square feet
Price per square foot: $553
The skinny: This Edwardian condo's been on the market since late 2011 and has already taken quite a few price chops. Motivated seller? You decide. It's a "recently converted top-floor condo with high-end remodeled kitchen and bath done by owner/contractor." Unfortunately the listing photos don't show much, so we'll have to take their word for it. The home's solar powered. Monthly HOA dues are $250 and there's 1-car parking in the garage.

2) 615 8th Avenue
Asking price: $715,000
Size: 2-bed, 1-bath; 1,380 square feet
Price per square foot: $518
The skinny: This is a very lovely and light-filled flat in a 2-unit building. We're especially loving the flow of the living room/dining room/kitchen layout. We'll be agreeing with the listing, which says this condo is an "entertainer's dream." Also, adorable backyard. Monthly HOA dues are $250 and there's 1-car parking in the garage.

1) 716 2nd Avenue, #7
Asking price: $365,000
Size: 1-bed, 1-bath; unlisted square footage
Price per square foot: Unavailable
The skinny: This is a TIC in a 8-unit building. Monthly HOA dues are $150 and there's 1-car parking in the garage.

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Writer's Garret: The estate of the late Pulitzer...

× 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. Tuesday, March 13, 2012, by Rob Bear

? Back to top

? Previous: Prison Watch

? Next: 2012 Homie Awards; Qazzoo Preps for Launch; HGTV Gardens

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Reading Rates: MBA Application Survey – March 07 2012

Sorry, I could not read the content fromt this page.Sorry, I could not read the content fromt this page.

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How to Be an Architecture Critic: In a recent Design Observer essay,...

× 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. Wednesday, March 14, 2012, by Sarah Firshein

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? Previous: What You Get for $1M Around the Curbed Universe

? Next: Smartypants Agent Breaks Into, Tries to Sell Unlisted Home

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Linkage: Ivy-Inspired Eatery; Another $40M Mansion; Peter Thiel; More!

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Mindblowing: Here's a Dustmite-Sized Model of St. Stephen's Cathedral

× 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. Thursday, March 15, 2012, by Sarah Firshein

Photo via Architizer

Thanks to a bunch of smartypants at the Vienna University of Technology, some of the world's most impressive architectural achievements have been shrunken to the size of a grain of sand. According to Geek.com, researchers created "a system whereby a laser is directed by a series of mirrors through a liquid resin which then hits a surface and leaves behind a polymerized line of solid polymer. The thickness of that line is just a few hundred nanometers." Translation: an ultra-precise, ultra-fast 3D printer makes nanoscale models, like the Lilliputian version of Vienna's St. Stephen's Cathedral above. And that's no small feat.

· Watch a nanoscale race car get 3D printed with a laser [Geek.com via Architizer]

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