New York City


Manhattan real estate prices hitting new records

In New York – like Monaco and Hong Kong – real estate prices have increased significantly.
Prices for resale Manhattan condominiums rose to a record last month (August) although there was an increase in the supply of units.

An index of resale prices climbed 1.1% from June to reach the highest level in data going back to 1995, based on a report published by StreetEasy. The inventory of condos on the market grew 5.4% over the last 12 months. However, the market is still tight as the number of available condo apartments is more than 15 percent below the five-year average for Manhattan. That will continue to increase prices.


Source: Bloomberg, August 2014

How investing in a New York City condo compares with other investments?

The 10-year performance of 100 of the top Manhattan condos was compared against the returns on commodities such as gold, crude oil, hogs and coffee. These are all traded on futures exchanges.


Investors in Manhattan residential real estate have seen values rise 6.5% over the last 10 years, which includes the real-estate market crash that began in 2008.
More details in Wall Street Journal.

Source: Wall Street Journal, July 24 2014

High prices and low supply continued to be the story of the Manhattan real estate market in the second quarter

High prices and low supply continued to be the story of the Manhattan real estate market in the second quarter. Though things have slowed down quite a bit from the torrid pace of the last year, we still saw the number of sales rise for the seventh straight quarter. A few key themes in the market over the past 90 days are:

• Low Inventory – supply remains low, but is improving
• Sales Slowed – primarily due to high prices but also lower supply means there are less properties to sell
• Luxury Apartments and Condos are Driving Prices – the bulk of sales are not in this segment, but a $70 million 5th Ave apartment and a $26 million doorman-less co-op in SoHo will skew numbers

According to New York Magazine, inventory was still a problem despite the number of listings increasing by 18 percent as the real number remains a relatively low 5,659 properties. There still plenty of activity in the market, but there has been a little bit of a slowdown as activity is not increasing at the same rate that it was over the last year.

Buyers reportedly continue to struggle with bidding wars as 45.9 percent of listings found takers at or above the asking price, the largest market share in the past six years.

But sales do look promising as supply continues to rise. As more people put their homes on the market looking to fetch peak prices, costs will begin to go down as that supply goes up. There is also the expected increase of luxury condos hitting the market at the same time in Midtown with approximately 750 units headed that way. However, for the time being, with the average home price currently at a record $1.7 million, buyers are showing some resistance and restraint when making purchases, especially when we look at properties in the $5-$10 million range. There, we are seeing properties more stagnant and on the market for longer periods of time. All factors that will contribute to reining in prices.

Crain’s New York Business had similar reports showing the pace of sales in the second quarter slowing significantly due to the sharp price increase. The median sale price of a Manhattan condo was $910,000 this quarter - a 5.2% increase since last year.

The condos that are being built are commonly luxury or ultra-luxury, affording developers the ability to make their money back at a steep price point- essentially causing the median average prices to climb.


Buying a studio in New York City for 1MM USD

A 532-square foot studio at Upper West Side has been listed for almost 1.1 million USD. It is actually not even the most expensive studio - that one is listed in Superior Ink, a building designed by Robert A.M. Stern - sales price: 1.8MM USD....


Source: Capital New York, June 2014

Most expensive real estate markets

While New York City is considered very expensive for the locals, the global elite thinks that New York is a bargain. Based on a report published by Knight Frank Wealth Report, the principality of Monaco is the most expensive real estate market while New York is on number six on the list (below Monaco, Hong Kong, London, Singapore and Geneva).


Source: CNBC, March 2014

Manhattan real estate Ten Year Review - which neighbourhood has seen the largest price increase?

Downtown turns out to be the neighborhood where Manhattan prices have most rapidly accelerated for both condos and co-ops. Co-ops have seen a 57% increase in price and condos have experienced a 60.5% price increase over the last 10 years.

The table below shows the Median Sales Price for different sizes of property in every year:


See the report published by Douglas Elliman for a full overview of Manhattan real estate prices the past 10 years:
Elliman Report

East-West Property Advisors assisting Chinese parents with housing for their children’s education in USA (Shanghai)

On March 29th 2014, East West Property Advisors participated in the EIC Overseas Education conference in Shanghai, China. The event was open to anyone interested in studying abroad. Over 500 Chinese families attended the exhibition to meet with representatives from North American, European, Asian, and Australian universities in order to learn about studying abroad. Our team members from East West Property Advisors in Shanghai were present to help parents and students to explore the possibility of owning a home while they studied in the USA.
Our team members met with parents and students who were in different phases of the study abroad application process. We met families who were just starting the application process to enter US colleges in 2015 as well as students who had been accepted already. For example, we had a long discussion with Mr. Yu who is a father and investor. He not only plans to go abroad in order to complete a PHD in linguistics himself, but also is interested in sending his son to the USA to study arts. We even met a couple trying to get a jump start for the newborn they were eagerly expecting.
As the USA continues to have many of the top ranked schools and universities, it remains one of the top choices of many Chinese families looking to send a student abroad. Many Chinese parents plan to buy a home for their children as they study abroad. One mother of two wanted to learn more about American elementary schools for her daughter. She was interested in buying a home in order to accompany her daughter throughout the school year. Another father was interested in purchasing an apartment near his son’s university so that he could visit him conveniently throughout the year.

Most of the students and families we spoke with at the conference saw the benefits of owning a home. In order to rent an off-campus apartment during their four years in university, students can expect to spend up to 50,000 USD. Likewise if the student chooses to live in the on campus option, they can expect to overpay and many cannot remain over the summer break. Due to a major decrease in US real estate prices in 2009, and only a gradual increase since then, property prices in the USA remain low. This creates a good opportunity for anyone to buy a home. In most cities prices are expected to grow at least 5% per year making these purchases not only convenient, but also a suitable long-term investment. Even if the student decides to move back after their schooling, parents will be able to sell the home most likely with appreciation. As such, the parents recover the full amount and likely make a good return. In case the parents do not decide to sell, a local agent will help them find new tenant to rent the home and the Chinese parent can collect rent.
East-West Property Advisors, with offices in Shanghai and Hong Kong, provides a one-stop service and tailored advice to assist Asian property buyers who are planning to purchase US real estate for investment, for a home when attending American universities or for immigration. EWPA is committed to help potential buyers search, view, find and negotiate the best properties across the USA. For more information, please visit or call +86 (021) 6157 4948




New York apartment prices continue to rise

The latest Q1 report describing the real estate market in New York is out.
Manhattan buyers are facing tightest inventory of real estate apartments since 2007. Base don some reports, condo resale prices increased 12-13% over the last 12 months due to the very limited supply. Other real estate reports indicate that the average sale price of an apartment in New York City jumped even a whopping 30 percent over the last 12 months to more than $1.7 million. This is predominantly due to the high volume of closings at top end of the market. The median sale price, which might be a more preferred metric since it eliminates outliers, did rise 18.5 percent to $972,428, but that is still below peak 2008 levels when it reached $1 million.


Luxury real estate market in Manhattan is still booming

Median sales price of a condo apartment reached 855,000 USD - some of the most expensive properties had a price increase of over 10% year on year and are selling for a median sales price of 4.9 million USD


New York luxury real estate market continues going up in 2014

The New York luxury real estate market has been the focus in the media with strong abuzz with surging numbers posted left and right, but will the trend continue?



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