Thursday, May 5, 2011

Madison Square Park Condos: Finally a seller's market?

Right now there are 68 condos available between 18th and 28th streets, between Fifth and Lexington avenues.

The average number sold per month over the last six months was 16. So, in theory, it should take less than seven months to sell what's currently on the market.

That's still in balanced market territory (six to nine months of inventory is a market in equilibrium; more than nine months is a buyers' market; less than six months is a sellers' market) but that balance is tipping.

The Average Price Per Square Foot for sold properties over the past six months is $1,317. The APPSF for those in contract is $1,370.

The $1,370 figure is based on the last asking price for the properties. We won't know the actual sale prices until they close. But we do know that the last asking price was the right number, because it resulted in a sale. It appears that the average negotiability off the asking price is about 4%.

The APPSF for the properties currently on the market is a different story. It's $1,625. That's significantly higher than it should be if these are serious sellers. These properties could be sitting on the market for a while if their prices don't drop.

Buyers today are very well educated, and even if they don't have time to consult Streeteasy and other websites for current market information, their brokers do. Nobody's about to pay more for anything than the market says it's worth.

But a correctly priced condo should go quickly and for close to the asking price.

Want to know what yours could sell for? Give me a call (917-991-9549) or shoot me an e-mail ( I'll be happy to give you a market valuation, no charge, no obligation. I do this kind of thing for fun.

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