Green shoots, and then some, in condo sales

By Amanda Fung

April 12, 2010

Corcoran Sunshine says its springtime open house event generated more than $30 million in accepted offers.

Another sign that condo sales are picking up: Corcoran Sunshine Marketing Group reports its best spring “open house” weekend in two years.

Corcoran Sunshine, which specializes in new development sales, said Monday that its biannual event generated 11 accepted offers by developers, for apartments with a total value of $30.3 million, a record since the brokerage began hosting the event two years ago.

Despite heavy rains, roughly 400 brokers and prospective buyers attended the two-day Spring Open House during the weekend of March 13, according to Jasmine Mir, senior vice president of marketing. Potential purchasers made up 78% of visitors, while broker previews represented 22%. Some 11 properties in Manhattan and one in Park Slope, Brooklyn, were featured. Each property attracted an average of 33 visitors. The total value of the accepted offers was double the amount from the last event, which took place last October.

“This event outshined the others,” Ms. Mir said. “Buyers are not just browsing, they are taking action. We are seeing as much as we did before the economic downturn, which is phenomenal.”

The events, which take place in the spring and fall, launched a month after the Lehman Brothers collapse and continued through the 2009 market slump. Last October, the event attracted 440 people and generated about $16 million in accepted offers for apartments, Ms. Mir said.

New developments that were featured last month include 515 E. 72nd St./Miraval Living, The Laurel, Manhattan House, 75 Wall and One Jackson Square.