Property sales on track to beat 2013 | Cross River Homes
Property sales in New York City in the first three quarters of the year totaled $39 billion—more than the total in 2013. Sales will likely hit $63 billion by year's end, topping the record $62 billion in properties that changed hands in the peak, precrash year of 2007, according to a report released Wednesday from Massey Knakal Realty Services.
2014 figure is a forecast
That feverish buying drove prices higher all across the city. On a per-square-foot basis, the biggest increases were in Manhattan this year. There, the average price per square foot jumped to $1,629 in the most recent quarter, up a whopping 90% from the trough in 2009, and 24% from year-earlier levels. That increase puts it slightly above the 23% gain in upper Manhattan, the second-hottest market, where average price per square foot reached $313; and the 14% rise posted in Brooklyn, where price per square foot hit $308.
"The increase in Manhattan is really remarkable," said Bob Knakal, the firm's chairman.
With property prices already at nosebleed levels in the borough, big investors have hugely upped their bets on less expensive outer-borough properties this year. In the outer boroughs, buyers are on track to snap up nearly $14 billion worth of properties this year, exceeding the 2007 record by 43%. Mr. Knakal noted, for example, in a recent auction of a large property on Flatbush Avenue in downtown Brooklyn three of the top five bids came from Manhattan developers who were venturing across the East River for the first time ever.
read more...
http://www.crainsnewyork.com/article/20141001/
2014 figure is a forecast
That feverish buying drove prices higher all across the city. On a per-square-foot basis, the biggest increases were in Manhattan this year. There, the average price per square foot jumped to $1,629 in the most recent quarter, up a whopping 90% from the trough in 2009, and 24% from year-earlier levels. That increase puts it slightly above the 23% gain in upper Manhattan, the second-hottest market, where average price per square foot reached $313; and the 14% rise posted in Brooklyn, where price per square foot hit $308.
"The increase in Manhattan is really remarkable," said Bob Knakal, the firm's chairman.
With property prices already at nosebleed levels in the borough, big investors have hugely upped their bets on less expensive outer-borough properties this year. In the outer boroughs, buyers are on track to snap up nearly $14 billion worth of properties this year, exceeding the 2007 record by 43%. Mr. Knakal noted, for example, in a recent auction of a large property on Flatbush Avenue in downtown Brooklyn three of the top five bids came from Manhattan developers who were venturing across the East River for the first time ever.
read more...
http://www.crainsnewyork.com/article/20141001/
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