Massey Knakal Realty Services is pleased to announce the release of their exclusive Third Quarter 2012 Property Sales Reports. These unique, industry-leading, reports provides a comprehensive study of the investment sales market by product type in the entire New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).
“New York City’s property sales market continues to follow a generally positive trend since 2009. Different metrics are performing differently, however. Dollar volume is on pace for about $29 billion this year which would be up only about 6 percent from 2011 levels. The quarterly dollar volume of sales had moderated since the middle of 2011 when volume was running at about $8 billion per quarter. We haven’t exceeded $7.3 billion since. This trend follows the broader economy,” stated Bob Knakal, Massey Knakal Chairman.
“The number of properties sold is on pace for a 40% increase over 2011 levels as we have already seen 2,336 properties trade hands, more than the 2,222 sold in all of last year. In fact, in 3Q12, there were 948 properties sold which is the highest quarterly total seen since 1Q08 and is approaching the 1,000 property threshold seen in 11 out of 12 quarters in the 2005-2007 peak period,” added Knakal.
During the first 3 quarters of 2012 (1Q-3Q12), there were $21.7B in NYC sales, a 7% increase from 1-3Q11. Thus far, there have been 2,336 properties sold, an increase of45% from the same period last year. The 2,336 sales represent an annualized turnover of 1.89%. In 3Q12, there was $7.3B citywide, up 2% from 2Q12, but down 8% from 3Q11.
The investment sales market continues see marked improvement in fundamentals across property classes, with the number of submarkets already surpassing 2011’s annual totals. Once again, office properties dominate dollar volume, accounting for 34% of citywide volume. Walk-Ups lead the way with 25% of property sales volume. Within the different markets Massey Knakal tracks, Northern Manhattan has seen a resurgence already surpassing 2011’s total dollar and property sales volume. Brooklyn is on pace to double 2011’s dollar volume.
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Agents: Robert Knakal