. Crystal Green - Licensed Real Estate Salesperson - Level Group New York, NY
Showing posts with label NYC real estate. Show all posts
Showing posts with label NYC real estate. Show all posts
Friday, September 18, 2015
Wednesday, January 15, 2014
2013 New York Real Estate Year in Review
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
Friday, October 4, 2013
Saturday, August 3, 2013
NYC Median Rents for July
Mapping New York City Neighborhoods' Median Rents for July
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
Friday, August 2, 2013
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 2nd 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. Feel free to email me to set up an appointment. You can reach me at crystal.greencr@gmail.com. I would also welcome the opportunity to discuss your real estate needs and plans.
I look forward to hearing from you.
SOURCES
Friday, June 28, 2013
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
Tuesday, April 9, 2013
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
Thursday, April 4, 2013
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&
Wednesday, March 27, 2013
Ever wonder how the monthly charges are determined on condos and co-ops?
How Monthly Fees Are Calculated in Co-ops and Condos
Curbed University delivers insider tips and non-boring advice on how to buy, sell, or rent a home or apartment. Additional questions welcomed to tips@curbed.com. Today's topic: monthly fees!
Today's Curbed U lesson is short and sweet. Those pesky monthly fees that you're always having to pay. How are they calculated? This is how:
Condos: Common charges in a condo are calculated by taking each unit owner's percentage of common interests and multiplying it by the total operating costs of the building. Percentage of common interests is figured based mostly on the total amount of space that an apartment occupies, but also on other factors, such as its location within the building. A penthouse, therefore, would generally have higher common charges per square foot than a second-floor pad. The total operating costs of the building include things like heat, hot water, electricity in common areas such hallways and the lobby, building staff, and amenities such as pools, gyms, concierge, etc. Subtracted from that total is any income received by the building from things like laundry rooms.
Read Full Story Here: http://ny.curbed.com/archives/2013/03/27/how_monthly_fees_are_calculated_in_coops_and_condos.php
Today's Curbed U lesson is short and sweet. Those pesky monthly fees that you're always having to pay. How are they calculated? This is how:Condos: Common charges in a condo are calculated by taking each unit owner's percentage of common interests and multiplying it by the total operating costs of the building. Percentage of common interests is figured based mostly on the total amount of space that an apartment occupies, but also on other factors, such as its location within the building. A penthouse, therefore, would generally have higher common charges per square foot than a second-floor pad. The total operating costs of the building include things like heat, hot water, electricity in common areas such hallways and the lobby, building staff, and amenities such as pools, gyms, concierge, etc. Subtracted from that total is any income received by the building from things like laundry rooms.
Read Full Story Here: http://ny.curbed.com/archives/2013/03/27/how_monthly_fees_are_calculated_in_coops_and_condos.php
Monday, March 25, 2013
Why the Upper West Side may be your best investment
Study Finds Upper West Side Is A Magnet For Real Estate Investors
There is little question that investors regard New York City as a safe place to put their money, but a new report by Barbara Byrne Denham, the chief economist of Eastern Consolidated, finds that one neighborhood in particular — the Upper West Side — is proving to be an investor magnet.
http://www.ny1.com/content/ny1_living/real_estate/179230/study-finds-upper-west-side-is-a-magnet-for-real-estate-investors
Thursday, March 21, 2013
Monday, November 26, 2012
More Sandy aftermath assesements
Sandy changing the way New Yorkers look for homes
9:00 am, November 22, 2012
The Centurion
“People will now ask things like, what zone is this in?” said David Maundrell, founder of Brooklyn-based real estate brokerage firm and website aptsandlofts.com, which features listing in Manhattan, Brooklyn and Queens.
“This is just something New Yorkers didn’t think about before, even though we’d been warned. This is something that will be with us for a very long time.”
Waterfront property has always been a coveted asset in real estate, not just in Manhattan, but worldwide.
Read full story here: http://www.rew-online.com/2012/11/22/sandy-changing-the-way-new-yorkers-look-for-homes/
Friday, November 16, 2012
Stalled Brooklyn Condo Developers who successfully converted to rental bldgs
Over the past year, there have been more than few Brooklyn condo developments that have had some trouble getting sales off the ground. That, combined with a hot rental market, has prompted many to convert to rentals and the results, as you can see from the map after the jump, have been good. Not as good as, you know, selling condos, but still, there's definitely no shortage of people looking to pay $2,600 for a 2BR a subway stop or two away from Manhattan.
Read the full story here: http://ny.curbed.com/archives/2012/11/15/brooklyns_condos_that_have_gone_rental_in_the_past_year.php
Wednesday, April 4, 2012
1st Quarter Manhattan Market Report
Wednesday, February 15, 2012
Market Snapshot
As you’ve probably noted, several real estate market reports were recently released. The data analyzed sales for Manhattan during the last quarter (October through December 2011). There was a plethora of information but the key take-away is that while the market overall is stabilizing, there are some weak spots. Here’s a compilation of the various data:
· Luxury sales of $3 million and up price tags rebounded in early 2011 and continued strong.
· Continued activity by foreign buyers – the most since the 2007 peak.
· Housing prices have stabilized, with the median sales price of $855,000, 1.2 percent above 2010’s median price.
· Q4 2011 sales volume was down 35.3 percent from Q3 2011.
o Analysts point out that the Q4 2010 total may have been inflated due to a last minute surge of buyers who expected the Bush capital gains tax cuts to expire.
· Sales of new condominiums declined most steeply, down 27 percent from Q4 2010 and down 45 percent from Q3 2011. Some causes:
o Fewer new condos have come on the market as development has slowed.
o Lack of condo inventory has hurt sales.
· The median condo price rose 10 percent from last year to $1.197 million.
· Buyers had difficulty getting mortgages for homes in the million-dollar price range.
Manhattan’s real estate market, especially the mid-market price range, continues to be mixed, but prices are stabilizing. The silver lining is that New York continues to outperform other real estate markets and remains highly desirable domestically and globally. We believe there will be good opportunities in 2012 for informed buyers and sellers.
I’d be happy to discuss these reports and Manhattan’s real estate picture in greater detail. Please call or email me to set up an appointment. You can reach me at either (crystal.greencr@gmail.com). I would also welcome the opportunity to discuss your 2012 real estate needs and plans.
I look forward to hearing from you.
Monday, January 9, 2012
Top Real Estate Trends 2011 Wrap Up
DNAinfo asked real estate experts and brokers how the markets fared this year, what trends they saw, and their predictions for 2012. Here's what they said:
1. Foreign buyers help prop up the condo market
Buyers from China, Russia and South America have turned to Manhattan real estate as their own economies and residential markets have been in flux — and they've been plunking down all cash for amenity-laden condos.
"The foreigners are leading the way," Jacky Teplitzky, a managing director and team leader of the Jacky Teplitzky team at Prudential Douglas Elliman, said after returning from a recent work-related trip to Brazil.
"From South America, No. 1 is Brazil, and the reason is their economy is extremely strong," she said. "They haven't been hit by the credit crisis. The exchange rate is extremely favorable. The local real estate is really expensive."
Teplitzky said Brazilians she's worked with tended to follow their friends to the East Side between 57th and 79th streets.
Jonathan Miller, an expert real estate appraiser, wrote in Prudential Douglas Elliman’s third quarter report for 2011 that foreign buyers were likely to be the reason that the number of condo sales hit a four-year high (while co-ops, which are notoriously difficult for foreign buyers to purchase, remained unchanged).
"In any country, if their economy is up and down and precarious and unbalanced, they still see the U.S. as a safe place to invest," said Doug Heddings, of the residential boutique firm, the Heddings Property Group.
Heddings saw an "explosion of foreign buyers," especially from China and Russia in 2011. Chinese families, for example, were attacted to properties featuring the latest techology and amenities for their children so they could attend college here, even if they're years away, he said.
Read more: http://www.dnainfo.com/20111230/upper-east-side/top-five-manhattan-real-estate-trends-of-2011#ixzz1iybiWYVB
Thursday, November 10, 2011
Average City Rental Prices Near All-Time High
A new fall report finds the Manhattan rental market is hot, but New Yorkers looking for a rental can still get a better deal. NY1's Real Estate reporter Jill Urban filed the following report.
Anyone looking for a rental in Manhattan knows the market is tight. A new report released by Citi Habitats shows the numbers in the city are still holding strong.
"The average studio rents for just shy of $2,000 a month, typical one-bedroom is around $2,700, a two-bedroom is just shy of $3,800 and three-bedrooms are just close to $5,000," says Citi Habitats President Gary Malin. "Obviously that includes everything from super-luxury down to walk-ups, but still the blended average is still very high."
Watch the Video and get the full story here: http://www.ny1.com/content/ny1_living/real_estate/150302/average-city-rental-prices-near-all-time-high
Wednesday, October 5, 2011
To stage or not to stage...
Q. Our old apartment is sitting empty, and not selling. Is it worth the money to hire someone to stage it?
Read More Here >> http://www.nytimes.com/2011/09/29/garden/staging-an-apartment-market-ready.html?_r=2&scp=5&sq=home%20and%20garden&st=cse
Monday, July 18, 2011
Relocating or Moving to New York?
LANDLORDS in New York City can afford to be picky. With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks. Good tenants are not that hard to find. On top of that, evicting problem tenants can be expensive and time consuming.
So, most landlords here require a lot of information. They want to see a prospective tenant’s tax returns, pay stubs, bank statements, proof of employment, photo identification, and sometimes, reference letters from previous landlords. Everyone will run a credit check (many Manhattan landlords look for a score above 700) and just about all, from big management firms to small-time landlords, want to know that your gross income is somewhere between 40 and 50 times the monthly rent
Read the full story here:
http://www.nytimes.com/2011/07/17/realestate/prospective-renters-have-much-to-prove-to-landlords.html?_r=1&ref=realestate
So, most landlords here require a lot of information. They want to see a prospective tenant’s tax returns, pay stubs, bank statements, proof of employment, photo identification, and sometimes, reference letters from previous landlords. Everyone will run a credit check (many Manhattan landlords look for a score above 700) and just about all, from big management firms to small-time landlords, want to know that your gross income is somewhere between 40 and 50 times the monthly rent
Read the full story here:
http://www.nytimes.com/2011/07/17/realestate/prospective-renters-have-much-to-prove-to-landlords.html?_r=1&ref=realestate
Monday, July 11, 2011
No Surprise...Manhattan Rents on the rise...
Manhattan rents rise, with room to go higher
July 08, 2011 12:00AM By Adam Fusfeld
The Citi Habitats report, which covers all transactions brokered by the firm in the second quarter and takes concessions into account, shows a year-over-year increase in price of about 10 percent for Manhattan apartments. The average rent for a one-bedroom apartment in Manhattan was $2,672 and two-bedroom units averaged $3,757 per month, up 9.2 percent and 10.8 percent, respectively, from the second quarter of 2010. But three-bedroom apartments experienced the largest price increase over last year -- 11.3 percent -- and now rent for $4,985 on average.
The most expensive area was the West Village where one-bedroom rents reached $3,457, followed by Soho and Tribeca where one-bedrooms netted $3,454 on average. The least expensive areas were Upper Manhattan and the Upper East Side, where rents averaged $2,621 for a one-bedroom apartmen
Read the full story here:
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