NYC Median Rents for July

Mapping New York City Neighborhoods' Median Rents for July

Thursday, August 1, 2013, by Sara Polsky

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New York City can never have too many charts and maps illustrating median rents in different neighborhoods. The folks at listings website Zumper have followed up on their May pricing map with two for July, shown above, illustrating median rents for one- and two-bedrooms in Manhattan, a few neighborhoods of Brooklyn, and Astoria. Once again, Tribeca retained its "most expensive" crown with a median price of $4,200/month for a 1BR and $7,695/month for a 2BR.

The next most expensive neighborhoods were—completely non-shockingly—Soho, with a median rent of $3,550/month for 1BRs, and Greenwich Village, at $3,500/month. The best deals were to be found on the East Side, with the Lower East Side median-ing $2,395/month and the Upper East Side $2,495/month.

source: http://ny.curbed.com/archives/2013/08/01/mapping_new_york_city_neighborhoods_median_rents_for_july.php

2013 Q2 Manhattan Market Report

 

Good Morning!

The 2013 Q2 (April through June) Manhattan real estate market reports are out and one thing is clear: the market is strong. According to StreetEasy.com, 4,185 purchase contracts were signed in the 2^nd quarter, up 22 percent from one year ago. That’s the highest volume since StreetEasy.com began tracking this data in 2007.

That’s not the only sign of a robust market. The New York Times reports that in Q2, properties were on the market for 103 days, on average, a decrease of about 18 percent from one year ago. Additionally, sellers are getting about 98 percent of the listing price.

Despite historically low levels of inventory, sales are robust. Bloomberg, for example, reports inventory declines of nearly one-third, some of the lowest levels in over a decade.

The low inventory levels are being driven partly by the fact that some owners continue to wait to list their properties until their equity has climbed back up. In addition, there’s been a lack of new construction since the 2008 credit crisis. The new development that is in the pipeline is weighted heavily to luxury properties. Industry observers expect, therefore, that mid-market buyers will continue to face a tight market for some time.

While buyer demand and limited inventory makes for a “seller’s market,” the reports show that prices aren’t soaring. Instead Crain’s New York Business reports that prices are up 13.6 percent for condos, year over year, but the median price for co-ops is flat.

While interest from international, all-cash buyers has driven some price increases in condos, overall, tight credit and rising mortgage rates are keeping a check on rising prices. In addition, the Manhattan market has a lot of savvy buyers who resist over-buying.

In these market circumstances, sellers who price appropriately can reasonably expect to sell in a timely way and at a very acceptable price. It’s best for sellers to be aware, however, that buyers are still cautious and credit can be an issue. Accurate pricing continues to remain key.

I’d be happy to discuss these reports and Manhattan’s real estate picture in greater detail per your specific needs. 
SOURCES

http://www.cnbc.com/id/100860538

http://www.bloomberg.com/news/2013-07-02/manhattan-home-prices-climb-in-busiest-spring-since-2007.html

 

http://www.crainsnewyork.com/article/20130702/REAL_ESTATE/130709981

http://www.nytimes.com/2013/07/02/nyregion/manhattan-apartment-sales-increase-despite-reduced-inventory.html

 

 

 

 

 

 

 

You've made it to the finish line aka the Closing Table - here's what to expect

Getting Started

The Clincher, Also Known as Closing

By SUSAN STELLIN

Published: July 25, 2013

For first-time buyers, closing on a home purchase can be like finishing a long and grueling race. There’s the thrill of achievement mixed with relief that it’s over and, often, the weak limbs that can come with handing over a shockingly large check.

Most closings take place 60 to 90 days after the contract is signed, although New York City brokers say 90 days is more the norm. The closings themselves tend to wrap up within two to three hours. They involve plenty of paperwork and a lot of signatures, a roomful of lawyers (at least in New York) and many checks changing hands. But there are fewer financial surprises now that lenders must give borrowers an estimate of their closing costs within three business days after receiving a loan application.

Read the full story here: http://www.nytimes.com/2013/07/28/realestate/the-clincher-a-k-a-closing.html?pagewanted=all&_r=0

 

For Rent: 3BR/1 1BA Apartment in Brooklyn, NY, $3,800/month

For Rent: 3BR/1 1BA Apartment in Brooklyn, NY, $3,800/month

City's Landmark Buildings Can Have Unique Limits - Know what to consider before investing

For those looking to live inside a symbol of the city's past, real estate experts recommend prospective buyers do their research before signing on the dotted line. NY1's Jill Urban filed the following report.

Read the full story and watch the video here:

City's Landmark Buildings Can Have Unique Limits

 

Now that you've landed your new apt - it's time to unpack. Tips on how to make it stress free

Moving In NYC: How to Unpack Once You’ve Reached Your New Home

streeteasyMay 28, 2013 at 5:37 pmReal Estate Tips and Trends

By Laurel Byrne, City Move

Moving in NYC is super stressful. But with a bit of organization and foresight, you can make your move to your new apartment more manageable. Read this article for a guide on how to strategically and efficiently unpack your furniture and belongs once you’ve moved into your new apartment or home.
You may think that unpacking the contents of your entire home or apartment after a move would be difficult, but you can make it easy by sticking to a plan. The order in which you unpack your belongings will be based on what items you will need immediately versus those which you can wait until using. If you have an inventory list handy, you may want to reference this as you unpack to make sure that you are not missing anything. When you packed up your belongings at your old home or apartment, you should have made one box, or several boxes, of essentials that you kept using right up until your move; these items include things like a toothbrush and toothpaste, medicine, a hairbrush, toilet paper, several daytime outfits and nighttime sleepwear, shoes, some dishes and silverware, and some essential cooking utensils. Hopefully you labeled your essentials boxes—these are the boxes that you want to unpack first.

Read the full story here: http://ownyourhome.streeteasy.com/moving-in-nyc-how-to-unpack-once-youve-reached-your-new-home/

 

23 New Developments Hitting the Market This Spring - click for he map

CURBED MAPS

23 New Developments Hitting the Market This Spring Tuesday, April 9, 2013, by Sara Polsky

 

The real estate market tends to heat up come spring right along with the weather. For anyone out hunting for a condo or rental, there are a few new development offerings to choose from. We've compiled a map of projects that are set to hit the market this spring, plus a few that appeared on market in the first quarter. Know of one we've missed? Please share in the comments or with the tipline, and we'll add it to the map. Happy hunting to all. UPDATE: We've added a few more developments to the map, but let us know if there are others we're still missing.

Read the Full Story Here: http://ny.curbed.com/archives/2013/04/09/23_new_developments_hitting_the_market_this_spring.php

Fewer sellers fuel low inventory in NY real estate market

 

 

 

 

 

 

Real Estate News | New York Report

Shortage of 'Unaffordable Housing' in NYC

By Bahar Tavakolian | April 8, 2013 10:57 AM ET

Market reports released last week for the first quarter of 2013 in New York were nothing short of impressive. There is record low inventory and high demand. There are buyers out there looking for that perfect New York home and fewer sellers. This has held true for all market segments, from the trophy properties to the more modest ones.

Not long ago I could not have imagined that it would be a challenge to find qualified buyers their New York dream pad. But in these past couple of months, it certainly has been. We have what my esteemed colleague Kirk Henckels calls "a shortage of unaffordable housing."

Once again we have a resurgence of competitive bidding for intelligently-priced quality properties, as buyers who qualify for a home mortgage want to take advantage of the record-low interest rates. Inventory is down 16.9 percent from a year ago and quality homes are selling rapidly and for compelling prices.

Read the full story here: http://www.worldpropertychannel.com/featured-columnists/new-york-report/new-york-housing-luxury-residential-market-ny-real-estate-market-reports-2013-6702.php 

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Tips and Tricks for finding a home for you and your dog in NYC

What Pet Owners Must Do to Get New York Apartments

Emily Louise Andrews for The New York Times

Gerald Allarde of East 30th Street takes in the view while Leo gives the camera an I-deserve-a-biscuit look. The dog, an American Staffordshire terrier, made the Allarde family’s apartment hunt a headache.

By CONSTANCE ROSENBLUM

Published: March 29, 2013   

In a seemingly endless game of cat-and-mouse, pet owners do many things to ease their way into the apartment of their dreams — legitimate and not so.

They offer to pay large sums in advance to cover the potential cost of refinishing scratched floors or replacing damaged lobby carpet. Owners of large dogs fudge a pet’s weight (always downward) and the breed. Owners of several black cats will admit to having just one, on the theory that all black cats look the same.

Read the full story here:  http://www.nytimes.com/2013/03/31/realestate/what-pet-owners-must-do-to-get-new-york-apartments.html?pagewanted=all&_r=1&

 

 

The Latest Sign of Gentrification: Biggie's Old Apartment Is for Sale for $750,000

POSTED BY KRISTIN IVERSEN ON TUE, APR 2, 2013 AT 1:46 PM

• c/o artnowsf.com

The 3-bedroom apartment where a young Christopher Wallace, later known as Notorious B.I.G. (obviously), lived is now for sale for $750,000. That's a lot of money! Or is it? I don't know. I have maybe officially lost all perception of what "a lot of money" is when it comes to Brooklyn real estate. However, I used to live on that block, wayyyy back in 2001, which was still a completely different era than when Biggie lived there because it was already being called Clinton Hill back, but still, that seems like an awful lot of money.

Biggie, of course, never would have said he came from Clinton Hill. He would have said he came from Bed-Stuy. Obviously. And he also probably wouldn' t have recognized his old apartment, because it went through extensive renovations a few years ago which attempted to "preserv[e the] traditional styling while answering the needs of modern usage." And probably the fact that the real estate listing places special prominence on the presence of "a place to store bikes" in the building, wouldn't have mattered all that much to Biggie. I guess I'm assuming here, but he never seemed like much of a cyclist. And, I mean, who can even guess what he would have thought of the proliferation of bike lanes in his old hood. Sadly, we'll never know. Well, I guess that there are other things about his absence that are a lot sadder than that, but still.

Read Full Story here: http://www.bkmag.com/BKShelter/archives/2013/04/02/the-latest-sign-of-gentrification-biggies-old-apartment-is-for-sale-for-750000