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Manhattan Loft Guy

Apr. 13, 2006 - Manhattan lofts at record prices in Q1, says Halstead

The hot-off-the-press Quarterly Market Report / First Quarter 2006 from Halstead claims that the average price per square foot for a Manhattan loft set a record in that quarter of $1,077 (a 21% increase over the prior year’s first quarter figure of $887, which was followed by $941, $1,042 and $1,002 in the second, third and fourth quarters of 2005).


This data matches the year over year figures reported in the Corcoran 2005 year-end report that I addressed on March 20 (showing a 22% increase in loft prices per square foot).


Interesting that the Halstead report shows that the average size of lofts sold has decreased (i.e., more smaller lofts were sold in this quarter): the median sales price for lofts declined in three of the four loft neighborhoods that Halstead tracks, comparing first quarters of 2005 and 2006, while average price per square foot was up by that 21%.


The entire Halstead First Quarter report was based on 1,884 transactions, with no break-outs for sales in any categories.


Data frustration: Halstead uses “number of new listings” as the basis for its “Inventory Report”. So they show a 14% decrease in “Inventory” from first quarter of 2005 (when 374 lofts came to the market) to the same quarter of 2006 (when 323 lofts came to market). While interesting in some ways, this is not the number most people think of as “inventory”, because it does not refer to lofts available for sale. When more lofts take longer to sell, “inventory” will increase.


I would be much more interested in knowing if the number of lofts available for sale is more or les than in prior periods, and by how much. That – and the average days on the market that Miller Samuel reports for Manhattan transactions – would provide a much better overall sense of the direction of the market.


Oh well … they catch the data, so they pick what they want to report on….


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Sandy Mattingly is Manhattan Loft Guy; now with The Corcoran Group (http://corcoran.com/ ; but see the disclaimer at the bottom of the page), he can be reached most easily at Sandy@ManhattanLoftGuy.com or 917.902.2491, and followed on Twitter @ManhattnLoftGuy (note "mis-spelling"). After 7+ years, the blog has moved. Links here on RealTown will work for the foreseeable future, but new posts (and all the old content) has migrated to ManhattanLoftGuy.com.

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