Co-op, Condo, TWNH Charts Go Live / UES TWNH Demand Rises
A: Okay, so we went live with a few upgrades this week including real-time Manhattan Co-op, Condo, & Townhouse charts. Specifically, we added a "PROP TYPE" dropdown input in the Neighborhood Trends & Submarket Trends Chart tabs so you can further drill down real time trends in the Manhattan marketplace. Below is an example of a chart that looks at total demand for UES property versus demand for Townhouses only in the UES - a comparison that will allow you to pinpoint which segment of the market might be over/under-performing the neighborhood trend. Lets discuss.
Subscribers can now create charts for Co-op, Condo and Townhouses in the Neighborhood Trends & Submarket Trends tabs in our Charts section.
This was a widely requested upgrade that took a bit more time to launch due to the process of data accuracy checks. We hope to launch this new PROP TYPE option in the Market Trends & Neighborhood Sales tabs in the near future, so you can further slice & dice real time trends for the Manhattan markets.
Here is an example chart comparing the demand for the entire UES market versus only Townhouses in the UES - the results are a bit surprising!:
UES PENDING SALES ALL vs UES PENDING SALES TWNH
I had no idea the UES Townhouse market was so on fire these past few months, as the broader markets saw only marginal tick ups in new demand. For one neighborhood in Manhattan to see TWNH demand rise so much in such a short period is fairly surprising; but hey, that is what makes the markets so intriguing and adds another reason why we need tools to track it.
I did a quick check on Streeteasy.com and sure enough found the following townhouses enter contract over the last 3 months:
1. 54 East 64th Street - Asking $25M - Went to contract late September
2. 422 East 85th Street - Asking $10M - Went to contract early September
3. 123 East 71st Street - Asking $9M - Went to contract early October
4. 407 East 75th Street - Asking $8.995M - Went to contract mid October
5. 63 East 92nd Street - Asking $8.25M - Went to contract mid October
6. 160 East 78th Street - Asking $8.25M - Went to contract mid October
7. 179 East 71st Street - Asking $7.9M - Went to contract late September
8. 163 East 62nd Street - Asking $5.2M - Went to contract late August
9. 142 East End Avenue - Asking $4.1M - Went to contract early August
10. 334 East 69th Street - Asking $3.995M - Went to contract mid September
11. 1342 Lexington Avenue - Asking $3.9M - Went to contract early November
I always perform spot checks on the UD real time charting system to ensure that we are properly measuring changes in the marketplace as they occur. The rise in UES townhouse demand looked like a perfect test case and sure enough, our system was indeed properly counting the recent rise in demand for products in this segment of the marketplace.
I'm sure TWNH hunters in the UES noticed the recent demand being out in the field and following the market - but if you didnt, now you can simply come to UrbanDigs.com and create a real time chart and see the supply & demand trends in seconds!
We also launched an upgrade to our Manhattan sales data pages, and now display:
- Price Per SFT
...in the sales table (subscribers can search building sales using the SEARCH ACRIS SALES box on the left). We already have started development on our final mission to build the best comps system for the Manhattan housing market and in my opinion, will drastically change the way brokers produce Comparable Market Analysis reports for clients! My hope is to get every REBNY broker to use these tools because deep down inside I truly believe that the best market in this country deserves the most innovative and real time tools to track it! Cheers!