Manhattan has over 13,000 condo units in the pipeline.
Of the ten neighborhoods with the most units on tap, seven — if you include the Financial District — are in this western condo corridor, including each of the top five.
FiDi has the fattest pipeline, with 1,434 units on the way across eight high-rise developments. Next is Chelsea with 1,142 units spread across 29 projects. The Upper West Side, Lincoln Square and Hell’s Kitchen round out the top five.
The only neighborhoods on Manhattan’s East Side to rank in the top 10 were Yorkville, the Lower East Side and the East Village.
The Financial District’s chart-topping total was boosted by the biggest new development in Manhattan’s pipeline — Macklowe Properties’ 566-unit One Wall Street, the largest office-to-residence conversion in the city’s history.
Manhattan’s second-largest new development is the 352-unit conversion of the iconic Waldorf Astoria hotel in Midtown East — the only of the 10 largest new developments that isn’t in a neighborhood bordering the Hudson.
Condo projects in commercial hubs such as the Financial District haven’t fared as well as others during the market’s 2021 recovery, but some of the neighborhood’s new developments — including One Wall Street, 130 William Street and the Broad Exchange Building — enjoyed strong sales in January, despite a general slowdown elsewhere, according to Marketproof.
One Wall Street, projected to be the neighborhood’s most lucrative new development with a $1.7 billion sellout, booked seven sales in the first month of the year, tying with Extell’s One Manhattan Square in Two Bridges for the most new development sales in January.
Here you can have a look at the ranking:
(source: therealdeal.com)
Miami becomes the least affordable housing market in the US, surpassing New York.
According to a RealtyHop report, Miami is the most expensive housing market in the country, surpassing New York.
Home prices in Miami have soared during the pandemic, propelled by the migration of out-of-state buyers and renters, many of whom have moved from the Northeast. Wages, meanwhile, have not risen at the same pace.
A household in the city of Miami would have to contribute 78.7 percent of its income toward home ownership costs, that’s based on a median home price of $589,000 and a projected median household income of $43,401 while a household in New York City, which became the second least affordable city in February, would have to spend close to 78 percent of its income, based on a median annual household income of $68,259 and median home price of $970,000.
To remain below the threshold for cost-burdened housing, homeowners and renters should spend no more than 30 percent of their income on housing.
Much of the local workforce is priced out of home ownership. For example, a Florida Realtors report found that home health care and personal care aides, earning the least out of 17 occupations studied, would need to earn more than three times their median annual salary to purchase a home and nearly double their salary to rent a one-bedroom unit.
Probably the price growth will slow as interest rates rise, but sales will continue to increase.
(source: therealdeal.com)
