|By Marketwired .||
|July 10, 2014 10:40 AM EDT||
NEW YORK, NY -- (Marketwired) -- 07/10/14 -- With growing confidence in the improving economy, residential sales activity and prices in the boroughs saw significant gains in the second quarter of 2014, according to the Real Estate Board of New York's (REBNY) Second Quarter New York City Residential Sales Report, New York City's only five-borough report released today.
Average sales prices for one-to-three family homes in Brooklyn surged 21 percent, while sales volume increased 18 percent from last year. Similarly, prices for one-to-three family homes in Queens climbed six percent, while sales volume increased by nine percent. Sales of one-to-three family homes in the Bronx also outpaced the volume seen in the second quarter of last year with a 14-percent-increase and an average sales price increase of about one percent.
"The increasing confidence of single family homebuyers in the economy, the affordability of houses, and the continuing desirability of the boroughs as places to live and raise a family have had an impact on the growth of residential sales activity throughout the City," said Steven Spinola, President of REBNY. "The majority of housing in Brooklyn and Queens is in one-to-three family homes. The large jump in the average sales price and volume for these properties is a strong, positive sign for the City's economy. In addition, the mortgage recording tax and transfer tax revenue from these sales will help pay for the services that are so essential for the vitality of these communities."
Other notable gains this quarter, as compared to the second quarter of 2013, included: the 19-percent-increase in the average sales price for all homes in Brooklyn to $715,000; the 15-percent-boost in coop sales in Queens; and the 13-percent-increase in the average sales price for a coop in New York City to $768,000. The residential market in Manhattan also remained strong with the average sales price for all homes increasing by six percent to $1,491,000 year-over-year.
The total number of homes sold (cooperatives, condominiums, and one-to-three-family dwellings) during the second quarter was 10,722, a two-percent-increase from last year. The six-percent-increase in the average sales price for all homes in New York City to $826,000 was driven by price increases in Manhattan and Brooklyn.
The total consideration for all residential sales in New York City during the second quarter of 2014 was $8.9 billion, an increase of six percent from last year. Total consideration for Manhattan increased 8.3 percent year-over-year to $4.9 billion. In Brooklyn, the total consideration was $1.9 billion, an increase of 13.5 percent from last year.
REBNY's Second Quarter 2014 Residential Sales by Neighborhood:
- Manhattan neighborhoods with the most home sales this quarter were: the Upper East Side (716 sales), the Upper West Side (576), Midtown East (260), Gramercy/Kips Bay (222), Midtown West (220), and Chelsea/Flatiron (215).
- Brooklyn residential home sales activity was focused in: Bedford Stuyvesant (211), Bay Ridge/Fort Hamilton (146), Park Slope (137), Gravesend/Mapleton (124), Bushwick/Wyckoff Heights (119), Sheepshead Bay (117), and Williamsburg (117).
- Queens neighborhoods with the most home sales were: Rego Park/Forest Hills/Kew Gardens (361), Flushing (331), Jackson Heights/Elmhurst (272) and Richmond Hill/South Ozone Park/Woodhaven (255).
- Bronx neighborhoods with most residential home sales this quarter were: Riverdale/Fieldston (116), Parkchester/Westchester Square/Castle Hill/Soundview (97 sales), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (87), and Woodlawn/Williamsbridge (76).
REBNY's report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.
For the full report visit www.rebny.com.
About The Real Estate Board of New York
The Real Estate Board of New York is the city's leading real estate trade association with more than 15,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city's real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Dec. 10, 2016 12:00 PM EST Reads: 1,069
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Dec. 10, 2016 12:00 PM EST Reads: 2,393
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 10, 2016 12:00 PM EST Reads: 2,402
"MathFreeOn.com is a line coding platform for engineers and scientists. When they want to solve an engineering problem and they have to use software - they have to pay a lot of money for licenses - but with MathFreeOn you don't have to pay a lot of money. Just go to our site and write the code and you can check the result right away," explained Simon Lee, CMO of MathFreeOn, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Cla...
Dec. 10, 2016 12:00 PM EST Reads: 470
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Dec. 10, 2016 12:00 PM EST Reads: 767
Dec. 10, 2016 11:30 AM EST Reads: 2,019
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Dec. 10, 2016 11:00 AM EST Reads: 692
Infrastructure is widely available, but who’s managing inbound/outbound traffic? Data is created, stored, and managed online – who is protecting it and how? In his session at 19th Cloud Expo, Jaeson Yoo, SVP of Business Development at Penta Security Systems Inc., discussed how to keep any and all infrastructure clean, safe, and efficient by monitoring and filtering all malicious HTTP/HTTPS traffic at the OSI Layer 7. Stop attacks and web intruders before they can enter your network.
Dec. 10, 2016 11:00 AM EST Reads: 488
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Dec. 10, 2016 11:00 AM EST Reads: 1,006
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Dec. 10, 2016 11:00 AM EST Reads: 663
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Dec. 10, 2016 10:45 AM EST Reads: 1,050
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Dec. 10, 2016 10:30 AM EST Reads: 907
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
Dec. 10, 2016 10:15 AM EST Reads: 634
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
Dec. 10, 2016 10:00 AM EST Reads: 1,084
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Dec. 10, 2016 09:45 AM EST Reads: 640