Manhattan Loft Guy

Oct. 5, 2006 - Halstead�s Q3 was flat-to-mixed; lofts too

some loft areas up year-over-year, some down, all slightly

The latest quarterly market report from Halstead is out this week and I will try to deal with the various market reports in more bite-sized chunks. (Miller Samuel’s report for PruDE should be on the .net in the next few days; Corcoran can’t be far behind.)

The Halstead data shows that on a dollar-per-foot basis the overall loft market was alt compared to Q3 05, and traded within a narrow range for the last five quarters (from a low of $1,002 a foot in Q4 05 to a high of $1,077 a floor in Q1 06). See page 3 of the report.

They assess the overall market as similarly flat YOY, based on an overall decline in average rice of 4% and an overall decline in the size apartments sold of 3%. See page 2 of the report.

curious loft numbers in Tribeca and the Village

Since they don’t give any indication of the number of transactions in any market segment (just that there were 2,413 sales overall), It is impossible to know how significant some of the data slicing and dicing is. But two loft numbers struck me as particularly curious on page 6 of the report:

(1) the median price-per-foot for Tribeca lofts fell YOY from $1,036 to $895, and

(2) the median sale price for Village lofts remains substantially lower than for the other three loft neighborhoods they use ($975k compared to $1.65mm in Chelsea/Flatiron, $1.68mm bracketing Houston Street, and $2.3mm in Tribeca.

On the first number, I wonder if that change has to do with the mix of lofts sold in Tribeca in Q3 06. My guess is that there were relatively more lofts sold that were “classic” (or primitive) that needed a lot of work.

On the second number, it is clear that the “lofts” in the Village are much smaller than the lofts elsewhere (since dollars-per-foot are roughly similar in each region).

Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: Priceperfoot, Median Sale Price, Halstead

Write a Comment

Your Name:

RealTown Members: Click here to login

Your E-Mail:

Your Website:

Subject:

Your Comment:

Notifications:

Notify me by email when new comments have been posted to this entry.

Privacy:

Private Comment - Do not publish this comment to the public.

Verification:

To verify that you are a human and not a script, please enter the verification word from the image into the box on the right.

on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate

Favorite Links

Manhattan Users Guide (be sure to search the archives)
The Gotham Center for NYC History
Matrix the Real Estate Economy
Hopstop (door-to-door subway instructions)
MTA subway site, including maps + schedules
NYC Dept of Education site
NY State Assn of Independent Schools (find private schools)
cul-cha!
the local TriBeCa newspaper
"the weekly newspaper of lower Manhattan"
Brooklyn, but a great blog

Links

• Home
• View my profile
• Archives
• Email Me
• Blog Manager

Manhattan Loft Guy

Oct. 5, 2006 - Halstead�s Q3 was flat-to-mixed; lofts too

Write a Comment

Recent Posts

Categories

Favorite Links

Links