Thursday, April 17, 2014

The New York City Real Estate market remains ultra-competitive due to low inventory and low interest rates

Prices are up, inventory is low and the market is ultra-competitive

Limited inventory is the theme in the sales market this spring, particularly for those who can’t afford to spend $3 million and up, experts said.
If you’re looking to buy new property for under $2 million, Manhattan won’t have it.
“It’s definitely competitive,” Gary Malin, president of real estate group Citi Habitats, said of the spring sales market. “There’s lots of bidding wars going on, lots of best-and-final [offers] going on.”
In other words, few apartment hunters are getting their first choice these days.
Inventory in Manhattan in the first quarter of 2014 declined by 17% from the first quarter of 2013, according to a Citi Habitats sales market report; apartments priced between $2 million and $5 million made up 16% of total sales in the first quarter of this year, up 2% from the year before.

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Tuesday, April 15, 2014

New York City Doorman Strike Averted

Union for New York City’s doormen, handymen gets contract, averts strike  

Service Employees International Union 32 BJ, or SEIU 32BJ, agreed to a tentative four-year deal that includes a 11.3% raise for doormen and handymen who work in residential buildings.

Published: Friday, April 11, 2014, 4:27 PM
Updated: Friday, April 11, 2014, 6:47 PM

NEW YORK - APRIL 14:  A doorman, who preferred not to be identified, stands outside of his building on the Upper East Side of Manhattan on April 14, 2010 in New York City. New York City doormen, handymen, porters, and other apartment workers are threatening to strike next Wednesday unless they get to keep all their health benefits and sick days. The union representing the doormen, SEIU 32BJ, says 3,200 apartment buildings could be affected by a strike.  (Photo by Spencer Platt/Getty Images)

The union representing doormen and handymen reached a tentative agreement Friday with the Realty Advisory Board, averting a possible strike that would have affected thousands of city residents.
Service Employees International Union 32 BJ agreed to a four-year deal that includes a 11.3% raise for doormen, supers, handymen and porters who work in residential buildings.

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