THE HURON AND BROOKLYN POINT LEAD IN SALES, AVERAGING OVER 2/MO As a follow-up to our last Spotlight examining top Manhattan new development projects, this week’s report shifts focus to New York City’s largest borough: Brooklyn. Approximately 2,700 sponsor units across 450 buildings comprise Brooklyn’s for-sale new development supply. Most of the supply is shadow...

TOP SELLING MANHATTAN NEW DEVELOPMENTSONE HIGH LINE AND CLAREMONT HALL LEAD IN SALES, AVERAGING OVER 4/MO As of the end of 2024, Manhattan’s for-sale, new development supply comprised approximately 5,000 sponsor units across 180+ buildings. The Financial District and Midtown had the largest share of sponsor inventory, each with over 700 unsold units. The next...

13,000 CONDO UNITS IN OVER 500 PROJECTS SLATED FOR NYCBrooklyn Leads as the Top Borough for New Development All five boroughs of New York City are seeing new condominium developments take shape. There are currently over 13,600 residential units across 570 projects in the pipeline. These figures reflect active projects in either the pre-development (planning)...

Over the last five years, homes in Manhattan have, on average, sold at a discount of 8.2% off the list price. With the exception of the mid-2000s, when new developments averaged a small premium over the asking price, condos, co- ops, and new developments have consistently sold at an average discount ranging from 0.5% to...

While New York City has one of the highest shares of renter households in the country, at roughly 70%, the for-sale housing market is one of the most diverse with home prices ranging from under $500K to over $75 million. The housing market includes single-family homes (primarily in the outer boroughs), condos, townhomes, and co-ops....

In our January 2024 Spotlight, we covered the state of the market in San Francisco and San Mateo counties, examining five-years of sale and price trend data. In this month’s Spotlight, we take a closer look at Bay Area sales by examining the volume of transactions at various price ranges over the last five years....

Despite negative press over the last few years, the Bay Area retains its title as the most expensive housing market in the country. In December 2023, the median sale price for a home in San Mateo County was $1.655MM, and in San Francisco, it was $1.432MM—four times the national median of approximately $400,000. Over the...

2023 was an expensive year to buy a home. In our November Spotlight, we discussed the high rate of homeownership today and how the cost of buying versus renting is at its most extreme since at least 1996. In this month’s Spotlight, we explore what this looks like through the lens of the median sale...

Negotiations are often a major part of the home buying and selling process. Whether homes are selling above or below ask, brokers, sellers, and buyers are often faced with the challenge of determining the right price for a home. In this month’s Spotlight, we analyze negotiability via the listing discount for Los Angeles’ ‘prime’ condominium...

The US housing market has experienced a sporadic series of highs and lows since the onset of the pandemic in early 2020. The pandemic, and ensuing ultra-low mortgage rate environment, helped spur home demand across the county. Over the last 18 months, there has been a reversal as mortgage rates rapidly climbed from sub-3% to...

Branded residential real estate has grown exponentially in recent years. Beginning with the opening of The Sherry-Netherland apartment hotel on Manhattan’s Upper East Side during the 1920s, the concept and execution of branded residences has expanded across America and the world in both urban and resort towns. Today, there are more than a hundred branded...

The real estate market has softened considerably over the last year as a result of the end of the pandemic-era housing boom, rapid increase in mortgage rates, and economic uncertainty. Throughout the latter half of 2022 and first half of 2023, many markets recorded double digit decreases in year-over-year closings signaling a new normal for...

Last fall we began our series covering various types of mortgages and the impact of higher rates on the real estate market. In this month’s Spotlight, we check back in to see where rates stand, the impact they’ve had, and where the market could be headed in the future. In the second week of July,...

In this month’s Spotlight, we are going to compare two adjacent, yet very different real estate markets: San Francisco condominiums versus East Bay single-family homes. Our focus in San Francisco will be on District 9 which has the largest condo market in the city by volume. The district is in the central east portion of...

The housing market from mid-2020 through early 2022 was characterized by tight supply, bidding wars, and rapid price appreciation. Many buyers, as a result of lifestyle changes and record low mortgage rates, crowded into the housing market. Borrowers locked in extremely favorable (~3% fixed-rate mortgages)—both for initial purchases or for refinances. Fast forward to the...

Adaptive reuse conversions are a growing trend in residential real estate construction. The practice involves repurposing existing buildings who have become underutilized or obsolete. Often, it involves the preservation and revitalization of structures with architectural, historical, or cultural significance. However, shifting market dynamics may result in a broader definition of what buildings are worth saving....

Over the last year, real estate markets across the country have recorded sharp downturns in home-buying, marking the end of the Covid-era housing boom. In 2022, mortgage rates rose sharply from 3.2% at the start of last year to their current rate of 6.3%. While they have come down since peaking in the autumn at...

In this month’s Spotlight we continued our series on looking into price premiums. Whereas last month we answered the question, “How much is a view worth?”, this month we dove into floor level premiums. How much are buyers willing to pay to live on a particular floor? There are inherent advantages and disadvantages to certain...

How much is a view worth? This question often comes up when pricing real estate. While not all views are equal, and the topic can be subjective—is an unobstructed, expansive urban view preferable to a park view? What about a water view?—there is generally a known hierarchy depending on a property’s location. For example, green...

The once-hot Covid-era housing boom characterized by record fast home sales and price appreciation came to an end in 2022. In its heyday, headlines around the country screamed red hot for the better part of nearly three years; however, a closer look at new construction attached product paints a more complicated picture beyond headline figures....

Inflation has dominated news headlines for much of the year. From the prices of food at the supermarket to gasoline, and housing, Americans are feeling the increase across a broad range of goods and services. The Consumer Price Index (CPI), a key barometer for measuring inflation, stood 7.7% higher in October 2022—the most recent month...

In October 2022, the average 30-year fixed rate mortgage (FRM) hit 7%, the highest level since 2001. Over the last ten months, the Federal Reserve has been raising interest rates to combat inflation. While the federal funds rate and mortgage rates are not directly tied, as discussed in our August 2022 Spotlight, mortgage rates anticipate...

In this month’s Spotlight report, The Kennelly Group continued to focus on mortgage rates, this time looking at the relationship between mortgage rates and the housing market. Following the initial shock of the pandemic in the Spring of 2020, the housing market boomed. Home prices soared to new heights with bidding wars becoming commonplace in...

In last month’s Spotlight report, The Kennelly Group analyzed the relationship between the federal funds rate and 30-year fixed-rate mortgages. We looked at historical trends dating back to 2000 and found that the Federal Reserve has little impact on fixed-rate mortgages via its benchmark interest rate. It is a common misconception that the two move...

As of the end of July, the 30-year fixed-rate mortgage stands at 5.3% compared to just 3.2% at the start of the year and about 2.8% a year ago. The rapid rise in mortgage rates in 2022, following historically low levels since the onset of the pandemic, has raised questions about the Federal Reserve’s influence...

Housing markets across the continent experienced a record-breaking year in 2021. The Kennelly Group surveyed nearly 50 North American markets from as far north as Canada to the beaches of Mexico and both coasts of the US at the close of the year. We found a nearly universal theme across the board: record price growth...

San Francisco’s District 9 condominium market, which encompasses the central east portion of the city—including the neighborhoods of South Beach, Inner Mission, SoMa, and Mission Bay, was especially hard hit due to Covid-19. In the early days of the pandemic there was an almost immediate shift in buyer preferences as people tried to avoid elevators...

Everyone knows that seasonality plays a role in home sales, but the magnitude of the effect is often overlooked. The table and graph below compare the change in monthly median price between January and July (first half), and between July and the following January (second half), in each year. As shown, not only is the...

With the Pacific Ocean to the West, The Bay to the North and East, and Silicon Valley to the South. San Francisco is a seven-by-seven-mile square of land optimized to produce extremely high home prices. And it has. The median price per square foot for single-family homes is more than $1,000. New condominiums, meanwhile, have...