Key Takeaways: September slowest sales month for NYC multifamily, down 51% Y-O-Y Queens doubles September sales volume Bronx prices hit lowest figure in 18 months YTD unit volume down 74% in Brooklyn Y-O-Y sales volume falls 81% in Manhattan City-wide sales volume drops 76% Y-O-Y New York City’s new Housing Stability and Tenant Protection Act of 2019 (TPA) sent shockwaves through the residential and commercial real estate market, especially the multifamily sector. While plenty has been said about the new law’s effects, we were curious to see exactly what dynamics were at play in a post-TPA multifamily market. We analyzed multifamily sales in Manhattan, Brooklyn, Queens and the Bronx …
New York Apartment Construction Drops for the Second Year in a Row
Key Takeaways: New apartment deliveries down 8% Y-O-Y nationally; New NYC apartment deliveries down 33% Y-O-Y; Bushwick home to 8% of new apartment supply in NYC; 2019 marks the second year in a row in which apartment construction declines in New York metro. After 2018 saw the number of projected new apartments fall from 20,682 to 19,948, construction is expected to drop by a further 6,350 units this year, down to 13,418. After years of sustained development momentum, rising construction costs and a tight labor supply are making their mark on the NYC. The staggering 33% decline comes in stark contrast with the 8% dip our colleagues at…
Most Expensive U.S. Zip Codes in 2020: Medians on the Rise in Country’s 100 Priciest Zips
Editor’s Note: PropertyShark is saddened by the losses caused by this year’s wildfires, tropical storms and COVID-19. The article below is simply a presentation of hard data and in no way attempts to ignore the devastation these areas have experienced. Key Takeaways: At $7 million, Atherton’s 94027 remains #1 most expensive zip code for fourth consecutive yearCalifornia further solidifies its position as most expensive housing market with 87 entriesMedians rose in 78 of country’s 100 priciest zips in 2020, flipping the mostly downsliding trend of 2019San Francisco claims 11 of the priciest …