WSJ: TriBeCa Bounces Back
A: Lets take a look at Josh Barbanel's latest piece that looks at demand for high end Tribeca property. Then lets see what the UrbanDigs real time system shows for this submarket. Quantifying an article and broker reports with actual data/charts is what its all about! No more anecdotal reporting. Are you ahead of the curve??
The WSJ reports, "TriBeCa Trio Bounces Back":
After once being all but left for dead, three boutique TriBeCa projects are heading for quick sellouts, brokers said, a sign of a strong revival in the downtown market for expensive, loft-like apartments. At One North Moore, on the corner of Broadway, five of the six apartments went into contract soon after they were listed in March, brokers said.Now, lets check out the real time inventory charts for Tribeca in two price points: $2-5m & $5m+.
Condominium apartments at 33 Vestry St., a modernist stone-and-glass building, first went on the market in 2007, but sales and construction stalled during the downturn, especially after damage was found in the foundation of the building next door during construction.
Late last month, the last of seven apartments in the project, a $14.95 million, four-bedroom penthouse with a pool and huge terrace, went into contract.
At another new development at 471 Washington St., 11 of 12 apartments went into contract since they were put on the market in March.
TRIBECA: Pending Sales (green) vs Active Inventory (red) - $2-5M Price Point
TRIBECA: Pending Sales (green) vs Active Inventory (red) - $5M+ Price Point
Conclusions: The $5M+ price point in Tribeca really shows the demand that the article is talking about. Both price points show supply trends falling consistently over the past 2 years. There simply is not enough well priced high quality product in this very popular Manhattan submarket. Sellers, are you listening?? Brokers, if you are pitching these kinds of sellers do yourself a favor and pass on these real time trends and explain how the market seems hungry for new product!