The Blumstein Team finished with strong production in a waffling market, and the news is equally mixed.  In short, average price per foot is down 2% in coops year over year, and condos are up 4% with a net of -1%.  Condo inventory is low, with coops being relatively unchanged.

For a longer summary, here is a tidbit from Pam Liebman, our fearless leader:

After strong demand over the past two quarters, market wide transaction activity pulled back during Fourth Quarter 2011 to approximately 2,600 sales, the lowest level of activity since Second Quarter 2009. The number of quarterly sales was 12% lower than Fourth Quarter 2010 and 20% lower than Third Quarter 2011. The compression in sales this quarter can be attributed to seasonal activity trending downward at the end of each year and low new development inventory.

The condo and co-op market statistics were divergent this quarter, and fundamentals should be viewed separately. Condo inventory decreased 11% from a year ago due to limited new development openings but in contrast, co-op availability remained even. The net effect to market-wide listed inventory, at 8,440 listings, fell 6% from last quarter and 4% from Fourth Quarter 2010.

Limited availability in the condo market has led to a surge in pricing. Condo median price and average price per square foot in Fourth Quarter 2011 were at their highest levels since the downturn. Condo median price is at its highest level since Fourth Quarter 2008 and average price per square foot is at its highest level since First Quarter 2009. Co-op median price declined this quarter while average price per square foot held relatively firm from one year ago and declined only marginally from Third Quarter 2011. In the new development sector, supply cannot keep pace with demand and several markets are already under-supplied; when properties enter the market they are highly anticipated and get absorbed rapidly, usually with price increases.

The last few years have brought enormous change to our industry. We are excited to see the evolution of the Manhattan residential market in 2012. Whatever your real estate needs may be in the coming year, Corcoran is the market-leader and we hope you take full advantage of every resource our company and our agents can offer you.

For the most comprehensive analysis of the Manhattan, Brooklyn, East End and South Florida residential markets, visit the Reports page of our website at

www.corcoran.com/thecorcoranreport.

The apartment is a smaller 1BR (about 450 feet) with a renovated open kitchen and a cozy bedroom. In Zahra’s words,

Classic East Village pre-war parlor floor one bedroom, loaded with original details: high ceilings, beautiful hardwood floors, exposed brick, crown molding, baseboard and window wood frames. Very quiet bedroom and nice closet space in it; beautiful renovated open kitchen with stainless appliances; and a charming view of the tree lined street from the living room windows. The apartment has storage and separate bicycle storage available in the basement. The building has a laundry room, Rooftop with a beautiful view and a common garden that you can enjoy and barbeque in the summer! This building is surrounded with great restaurants of the exciting East Village and within walking distance of Tompkins Square Park. This popular park in the middle of the East Village and is a perfect centerpiece for its neighborhood.

For more information on the apartment, click here.   

The Blumstein Team presence in the high-end Cheslea market continues!

First, we listed 521 West 23rd, a modern masterpiece.  Originally for rent at $29,000, it is now for sale at $5,995,000. (Click here for up to date availability and pricing information.)

For our new stunner, we move from a massive loft feel to the superior styling of a penthouse duplex condo with an unmatachable roofdeck (on an Amazingness!/ft metric of course).  With almost 2,600 sqft indoors and an expansive private roofdeck (total footprint around 800 sqft), it really pays tribute to the title of Penthouse.

Here’s what we say -

The Sky’s The Limit!
Sit on the top of the world in this beautifully appointed doorman condominium
duplex penthouse with two bedrooms, two and a half baths, sky lit media room and
the most luxurious rooftop oasis in town! Massive master suite with spa bathroom
and dressing room provide intimate sleeping quarters as the lower floor houses
only the master and guest bedrooms. The main floor with its expanse of north
facing windows is perfect for formal entertaining, relaxing in front of the fire
place or enjoying a night at the movies in the media room. Open chefs kitchen
and spacious dining area with Empire State Building views set the stage for the
perfect event. Then it’s up on the roof to sit in the sun or under the stars and
entertain some more! Wrap around city views, beautiful landscaping, summer
kitchen, full refrigerator and television system with stereo surround sound top
off the exterior space of this perfectly unique home.

But why settle for a description when we have an amazing video featuring our fearless leaders the Blumsteins? (top of the post, from Corcoran’s Youtube Page)
For those with slower connections, enjoy the slide show below.

Currently available and asking $5,400,000.  Click here for updated pricing and availability of 140 West 22nd!

So do you really need a broker as a buyer?  Well, you don’t need shocks on your car.  But if you were about to take a many thousand mile road trip, you just may want them.  The road to closing in a sale is laden with pitfalls.  Not only should you have an advocate negotiating and representing YOUR interests (not those of the seller’s as is often the case with a single broker involved), but when making the biggest purchase decision of your life, it may help to retain the advice of a professional.

“Well of course you as a broker you are promoting a buyer’s broker.”

That’s also why we run a blog discussing real estate.  So then don’t take our word blindly for it, check out The New York Times recent article promoting the use of a Buyer’s Broker.

There is one point of contention regarding the practice of choosing broker-less buyers as a seller’s broker to induce more commission for themselves, and possible the owner getting a better deal.  As a broker, broker-less buyers are a wild-card, driven by their own timeline and perhaps unaware of the pressures of the market and potential for others to come along.   As such, the cards are more on the table when the buyer has a broker – they have their paperwork ready, are serious about the bidding process, and if they are worth their salt the cooperating broker is not working to waste their time.  ‘Getting it Done’ is a very powerful motivator.  Blowing off serious interest for the potential for a better deal will often leave you with no deal, and if the property has gone stale then the party may have already moved on.

The Blumstein Team is pleased to present
a real estate masterpiece at sunset. 

Please join us for drinks, hors
d’ouevres and music at:

521 W
23^rd Street  9^th floor

Enjoy views of the Highline while
surrounded by 3900 square feet of loft perfection. 

With four bedrooms, three and a half
baths, this full floor home was recently featured in Elle Décor.

The living room is 86 feet long and
designed for grand entertaining,

comfortable living and wall space to
display your entire art collection! 

This full service boutique condominium
is a buyer’s dream located in the heart of Chelsea’s Gallery District.

Asking price: $6,250,000.00

More information on this property can be found at: http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=2199574

Please email Sydney Blumstein with any questions: Sblumstein@corcoran.com

The 3,900 square foot loft is currently owned by Gallerist Perry Rubenstein and has held on its walls the likes of Warhol, Basqiat, Lichtenstein and more.  The building on 23rd overlooks the Highline, and increasingly popular Chelsea attraction. 

This beautiful apartment is currently asking $6.25 million.

See a full slide show on the Wall Street Journal here: http://online.wsj.com/article/SB10001424052702304569504576405970933182028.html?mod=WSJ_NY_RealEstate_MIDDLE_LSMini_1#%2F1

If you are looking for an apartment in the East Village at a low rent or just want to stop by and say hello to Grant Braswell (“hello to you too!”) then come by 71 East 3rd Street #16 between 500-615p tonight, Tuesday May 31st.  Hope to see you there!

Details on the apartment below…

New to the market (as of this post) is an alcove like one bedroom apartment in the East Village at 71 East 3rd between 1st and 2nd Ave .  EXTREME VALUE at $1750/mo! 

Click here for up to date availability and pricing information.

From Corcoran.com:

This small one bedroom is 3 flights up in a well maintained coop building. There is plenty of storage, and the bedroom fits a full with room to spare, a queen is very tight. The living room is a great size with plenty of light (faces south) and large windows where you can hear the birds chirping in the trees outside (lease does not guarantee bird sounds!). Split bath. Available June 15th. NO BOARD APPROVAL FOR THIS APARTMENT.  Call Grant Braswell of the Blumstein Team for a showing today! 202-841-2370, or GBraswell@corcoran.com. Pets not likely.

Call for availability.  Asking $1,750/mo.

Click here for up to date availability and pricing information.

From Corcoran.com:

This small one bedroom is 3 flights up in a well maintained coop building. There is plenty of storage, and the bedroom fits a full with room to spare, a queen is very tight. The living room is a great size with plenty of light (faces south) and large windows where you can hear the birds chirping in the trees outside (lease does not guarantee bird sounds!). Split bath. Available June 15th. NO BOARD APPROVAL FOR THIS APARTMENT.  Call Grant Braswell of the Blumstein Team for a showing today! 202-841-2370, or GBraswell@corcoran.com. Pets not likely.

Click to view slideshow.

Call for availability.  Asking $1,750/mo.