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Downtown Manhattan "...On Fire" / UES & UWS $2-5M Under-Performing

 March 12, 2012 11:44 AM


A: Lets dig in to the market as its producing right now and show you just how segmented Manhattan is - there is no 1 market on this island. DeNiro calls the downtown market "on fire", I agree, and Deanna Kory calls the UES/UWS $2m+ markets 'oddly....left out of the frenzy', and I again agree. The UrbanDigs real-time charting system is accurately picking up on both trends, showing the divergence between these segments of the market! Lets discuss. First lets once again check the UrbanDigs Daily Market Ticker for Manhattan conditions in the field right now (snapshot taken midnight last night after all WED broker status updates were in): I boxed out the CONTRACTS SIGNED row above which is telling us: Today --> 56 deals signed on Wednesday Yesterday --> 45 deals signed on Tuesday 7-Day --> weekly pace of 322 new deals signed 30-Day --> monthly pace of 1,021 new deals signed For some perspective, lets take a look at Monthly Contracts Signed for the Manhattan markets since 2009: As you can see, the last two March's saw new deal volume over the 1,000 level - which is the current 30-Day pace for Manhattan right now (as seen by the top ticker). The difference today lies in the amount of supply on the market, which I will get to in a moment. Lagging sales reports will not alert you to these kinds of conditions that are happening in the field right now.

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