44 Manhattan and Brooklyn new developments slated for Spring 2014

Just like the temperatures heading into spring, the real estate market tends to warm up. But this year, the sheer amount of action is white-hot, way ahead of the mercury on the thermometer. Why? A whopping 44 new developments are launching this spring—that's condos and rentals—in neighborhoods from Inwood to Williamsburg. Get ready for some big names (and pricey properties) at the Woolworth Building, Stella Tower, and 30 Park Place's Four Seasons Private Residences. Park Avenue South's Fortress of Glassitude is also, at long last, ready to roll. Meanwhile, there's TF Cornerstone's massive rental tower, the last of six it has erected along the Long Island City waterfront, and tons of smaller buildings in Brooklyn, some with just a handful of units. Know of any building we've missed? Please share in the comments or with the tipline, and we'll add it to the map. Take a look at the whirlwind of activity below, which brings one word to mind: Brace.

Read the full story here: http://ny.curbed.com/archives/2014/03/18/the_44_new_developments_hitting_the_market_this_spring.php

2013 New York Real Estate Year in Review

Good Morning and Happy New Year! 2013 roared to a close, with the Manhattan residential real estate market setting sales volume records, rising by 30 percent in the fourth quarter. Inventory dwindled to its lowest rate in 14 years, with approximately 4100 listings available at the close of the year. Observers agree that buyers both gained confidence in the economy and were spurred to action by the potential for continued rising interest rates. The median sales price for condos rose by a stunning 14.3 percent over 2012, reaching an all-time high of $1.32 million, according to Crain’s New York Business.

However, the condo median price increase was driven primarily by sharp rises for sales of luxury units, new developments, and larger units. In addition, foreign buyer interest continues to drive high-end condo sales. High-end condo sales represent only about five percent of the market, however. Co-op sales, about 60 percent of the market, had a modest median price increase of 4.6 percent in 2013, reaching approximately $680,000. A modest increase in the mid-range market is probably good news, according to some observers. It suggests there’s no market “bubble” and price increases are sustainable.

While the coming year looks good for sellers, they should nevertheless be wary of setting an unrealistically high price for their property just because prices overall are climbing. If you’re putting an older property on the market or a smaller or non-luxury unit, it’s probably not reasonable to expect it to fetch a double-digit price increase. Buyers are looking at continued tight inventory in 2014. They’ll probably have to spend more time looking for what suits their needs and should be ready to move quickly when a good option becomes available.

Overall, 2013 was a great year for Manhattan real estate and we expect 2014 to continue the upswing. I’d be happy to discuss Manhattan’s real estate picture in greater detail. Please email me to set up an appointment. I would also welcome the opportunity to discuss your real estate needs and plans.

Crain’s New York Business: http://www.crainsnewyork.com/article/20140103/REAL_ESTATE/140109975
The Real Deal: http://therealdeal.com/blog/2014/01/03/manhattan-apartment-market-closes-out-crazy-year-with-record-smashing-quarter/
CNBC.com: http://www.cnbc.com/id/101308576
New York Times: http://www.nytimes.com/2014/01/03/nyregion/manhattan-real-estate-market-surging-at-years-end.html?_r=0
Reuters: http://www.reuters.com/article/2014/01/03/us-realestate-newyork-sales-idUSBREA020ML20140103

More and more New York Condo Boards are emulating Coop Boards

Post by Crystal L. Green - Licensed real estate agent.

Is Lease-to-Own a Good Way to Buy a House?

NEW YORK (MainStreet) — Lease-to-own is something you do with furniture, not a house, right? Not necessarily. Although most people who buy houses do it the old-fashioned way, with a down payment and a mortgage, lease-to-own deals are also common in residential real estate.
Leasing to own attracts buyers who can handle a monthly payment but lack a down payment. It can also be good for people with bad or no credit, as well as people who want to give a particular house, school system and neighborhood a test drive without committing to a big down payment and 30-year mortgage. And if you believe local home values are headed up, it can be a low-risk way to lock in a price now before it gets more expensive.

 

Lease-to-own, also known as a lease option, requires thinking outside the box. But it can make homeownership a reality today for people who might otherwise be paying rent for years. If the owner is willing, renters may even be able to lease-to-own the place they're staying in now, as well as any other rental. "Every for-rent sign you see potentially can be a lease option situation," says Eric Lloyd, a real estate coach with Salt Lake City-based Professional Education Institute.

Read the full story here:  http://www.mainstreet.com/article/real-estate/lease-own-good-way-buy-house?page=1

How to Get a Better Deal on a Moving Truck with a Simple Trick

Go online and search for price estimates for a moving truck with any of the major companies and you're likely going to get wildly different quotes from each company. In fact, half the time, the quote won't even be close to their advertised price. It turns out renting a moving truck isn't as simple as it sounds. To get the best deal you have to work for it a bit.

You've probably seen the ads for cheap moving truck rentals before: "Moves from $19.95!" or "Reserve for just $20!" Inevitably, when you call to actually make that reservation, it turns out the cost is often twice that much, maybe more. When you start looking for a more extended trip, like cross-country, the price differences get even larger.

I ran into this problem myself when I was pricing out moving trucks for a cross country move. U-haul quoted me at $1,400. Penske was about $900, and Budget was considerably cheaper at $600. The price difference was large enough that I decided to figure out why. So, I called U-haul with my Budget quote in hand, and asked for a deal. The U-Haul representative couldn't do it, and it turns out, it was mostly because the dates I'd picked were popular days. The U-Haul representative helpfully explained that it was all about supply, and the dates I'd requested were high traffic weekends. MarketWatch confirms this pricing model:

 

Read the Full story here: http://lifehacker.com/how-to-get-a-better-deal-on-a-moving-truck-with-a-simpl-1084235787

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