Warburg’s Monthly Market Update offers a quick snapshot of the active listing metrics as well as review of the previous month’s market performance. This month we focus on the Financial District, where we see closed price averages higher than active listing prices for a change.
The Financial District may be the first analyzed neighborhood to break the trend of asking price averages higher than sold and in-contract averages. This was bolstered primary by a number of high-priced closings at 50 West Street, a luxury new development building with sweeping views of the Hudson River and the city. Although the average price of sold apartments in the area was the highest at $3.08M, the active and in-contract prices weren’t exactly low. The average price of a currently available home in FiDi will still run you $2.34M.
It comes as no surprise that the average PPSF of in-contract homes is the highest of the three categories, as there are a number of high-priced luxury new developments in the neighborhood that have not yet closed. Projects such as 5 Beekman have started closings, but still have many left in-contract. The same goes for Piet Boone-designed 101 Wall Street. Perhaps the most expensive in the neighborhood is 1 Seaport, with a bulk of its units surpassing the $2,100 per foot threshold.
The active inventory in the Financial District is largely weighted by the condo market, with 300 listings actively on the market. The co-op market is significantly less active, with just 17 units on the market. Although the active inventory figures display a large disparity, there were on 19 condo closings compared to 7 co-op closings over the past month. This is thanks mostly to the lower price point demanded by co-ops in the neighborhood. There are 0 sold, in-contract, or active co-ops priced above $5M. The condo market, however, has 50 above $5M.