Crown Heights Condo coming to the market

See more pictures here https://doc.co/uHtZbr

The New York and Brooklyn Q2 2014 Market Report is out now!

Good Morning!

High prices and low supply continued to be the story of the Manhattan real estate market in the second quarter. Though things have slowed down quite a bit from the torrid pace of the last year, we still saw the number of sales rise for the seventh straight quarter.  A few key themes in the market over the past 90 days are:

·         Low Inventory – supply remains low, but is improving

·         Sales Slowed – primarily due to high prices but also lower supply means there are less properties to sell

·         Luxury Apartments and Condos are Driving Prices – the bulk of sales are not in this segment, but a $70 million 5^th Ave apartment and a $26 million doorman-less co-op in SoHo will skew numbers

According to New York Magazine, inventory was still a problem despite the number of listings increasing by 18 percent as the real number remains a relatively low 5,659 properties.  There still plenty of activity in the market, but there has been a little bit of a slowdown as activity is not increasing at the same rate that it was over the last year.

Buyers reportedly continue to struggle with bidding wars as 45.9 percent of listings found takers at or above the asking price, the largest market share in the past six years. 

But sales do look promising as supply continues to rise.  As more people put their homes on the market looking to fetch peak prices, costs will begin to go down as that supply goes up.  There is also the expected increase of luxury condos hitting the market at the same time in Midtown with approximately 750 units headed that way. However, for the time being, with the average home price currently at a record $1.7 million, buyers are showing some resistance and restraint when making purchases, especially when we look at properties in the $5-$10 million range.  There, we are seeing properties more stagnant and on the market for longer periods of time.  All factors that will contribute to reining in prices.

Crain’s New York Business had similar reports showing the pace of sales in the second quarter slowing significantly due to the sharp price increase. The median sale price of a Manhattan condo was $910,000 this quarter - a 5.2% increase since last year.

The condos that are being built are commonly luxury or ultra-luxury, affording developers the ability to make their money back at a steep price point- essentially causing the median average prices to climb.

According to the Wall Street Journal, condo prices have dropped below the record prices set during Q1 possibly due to a lull in new development completions. Brokers and developers fear the likelihood that buyers are beginning to resist the sky-high prices.  Prudence on the part of buyers can be seen in other portions of the market as well as typically tepid co-op numbers far outpaced condos in terms of the growth of both median sale price—which was $725,000 for the second quarter—and sales volume.

NEWS SOURCES FOR LETTER

http://nymag.com/daily/intelligencer/2014/07/manhattan-real-estate-not-as-hot-as-it-looks.html

http://www.crainsnewyork.com/article/20140701/REAL_ESTATE/140639978/manhattan-apt-sales-market-eased-back-off-the-boil

http://online.wsj.com/articles/manhattan-condos-see-prices-fall-from-first-quarter-records-1403053412

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

By HEATHER SENISON April 17, 2014

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.

Read the full story here:  http://www.amny.com/real-estate#/real-estate/prices-are-up-inventory-is-low-and-the-market-is-ultra-competitive-1.7741541

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

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

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/

 

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

Ever wonder how the monthly charges are determined on condos and co-ops?

How Monthly Fees Are Calculated in Co-ops and Condos

Wednesday, March 27, 2013, by Jeremiah Budin

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

Brooklyn 2013 Real Estate Predictions

Three Brooklyn neighborhoods poised to be the city's hottest real estate spots in 2013

 

New York City home values are forecasted to barely budget in the coming year, but parts of Brooklyn are ready to take off, according to a new report.

By Elizabeth Lazarowitz / NEW YORK DAILY NEWS

Tuesday, January 22, 2013, 12:49 PM

New York City home values may be ho-hum in the year ahead, but parts of Brooklyn appear poised to blaze, a report released on Tuesday showed. Some of the city's hottest properties of 2013 will be in Brooklyn's Prospect Lefferts Gardens, where the median home value is set to surge 8% to about $901,000, according to real estate data company Zillow. Brooklyn Heights and Boerum Hill, where home values are expected to rise about 7% by December, will round out the top three biggest gainers, according to Zillow's forecasts. Read more: http://www.nydailynews.com/life-style/real-estate/brooklyn-home-real-estate-hot-spots-article-1.1244947#ixzz2J0P9gNQ7

• 
  

Rarely Available Designer Loft Space in Brooklyn

Stalled Downtown Brooklyn Cultural District Development to resume

Liftoff on Fort Greene Project

By LAURA KUSISTO

The city is moving forward with the final pieces in its long-delayed project to develop the Downtown Brooklyn Cultural District at the edge of Fort Greene.

A development partnership is proceeding with a roughly 500,000-square-foot tower with 600 units of housing, half of which will be affordable to low- and middle-income residents. It also will have retail, office and cultural space.

Ten Arquitectos

A rendering of a planned 32-story tower in Fort Greene, Brooklyn, that also will include new public space.

The city first sought developers to build on a city-owned parking lot at Fulton Street, Rockwell Place and Ashland Place in 2007, but the economic crash slowed progress.

"In 2008, 2009, 2010 things weren't happening. Luckily the market's come back," said Melissa Pianko, executive vice president for development of Gotham Organization, which together with DT Salazar Inc. is building the tower.
Read Full Story Here: http://online.wsj.com/article/SB10001424127887324705104578147501254371648.html?mod=WSJ_NY_MIDDLETopStories

Brooklyn Mansions? A peek at some of South Brooklyn's priciest real estate

November 2012

The mansions of South Brooklyn

The borough’s priciest homes — outside the brownstone belt

November 01, 2012
By Tracey Samuelson

To most New Yorkers, luxury Brooklyn real estate means gracious four-story brownstones in Brooklyn Heights or sleek new-construction condos in Williamsburg.
But some of the borough’s priciest real estate is actually much farther south, in communities often overlooked by outsiders, including Gravesend, Bay Ridge and Brighton Beach.
In fact, some of the most expensive properties ever sold in Brooklyn are located in its southern neighborhoods, where high-end real estate often boasts water views, in-ground pools and plenty of square footage.
Brooklyn’s current record holder is a townhouse at 212 Columbia Heights in Brooklyn Heights, which sold for $11 million earlier this year, according to the real estate data provider PropertyShark. But before that, an 8,200-square-foot brick mansion at 2111 East Second Street in Gravesend held the record for Brooklyn’s priciest-ever transaction, selling for $10.26 million in 2009.
The priciest sale in Brooklyn in 2011 was also in the southern half of the borough — a single-family house at 451 Avenue S in Gravesend sold for $10.25 million.
The strength of South Brooklyn’s real estate market is due in part to the tight-knit communities that live there, brokers said. Over the years, for example, Gravesend has attracted a small but significant population of Sephardic Jews primarily from Syria, Lebanon and Egypt. Brighton Beach, of course, is known for its preponderance of Russian immigrants.
Many wealthy members of these communities choose to remain in South Brooklyn rather than decamping for more fashionable areas of the city, sources say.
Buyers of South Brooklyn luxury properties “could afford to be anywhere, but they consciously pick to be there” because of their ties to the area, explained Sheepshead Bay native Victoria Shtainer, an executive vice president with Prudential Douglas Elliman.

Read Full Story here: http://therealdeal.com/blog/2012/11/21/the-mansions-of-south-brooklyn/

More Sandy aftermath assesements

Sandy changing the way New Yorkers look for homes

9:00 am, November 22, 2012

By Holly Dutton

The Centurion

In the aftermath of Sandy, the term evacuation zone has replaced schools and parks at the top of New York apartment hunters wish list, according to brokers.
“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/


 

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

12 New Condo Projects hit the market

On the Market

(Photo: Courtesy of the brokers)

(Photo: Courtesy of the brokers)

Sackett Union, 291 Union Street, Cobble Hill
Price: $1.85 Million
This long-gestating project has finally made it to market: a 32-unit condo with a mix of two- to four-bedrooms, plus attached townhouses with dedicated parking spots. Sales began in late August, and 22 deals are already signed.
Sample unit: 5A
Details: A 1,823-square-foot, three-bedroom, three-bath duplex with a washer and dryer, parking space, and terrace.
Brokers: Wendy Triffon and Jill Preschel, Alchemy Properties

5 West, 5 West 127th Street
Price: $525,000
This building’s thirteen units went on the market in July, and twelve have sold, perhaps reflecting condo buyers’ push northward to less expensive territory. The amenity list helps: gym and bike storage, and outdoor space for a lot of apartments.
Sample unit: 1B
Details: An 840-square-foot one-bedroom, one-and-a-half-bath duplex with a private, 725-square-foot planted garden.
Brokers: Jeff Krantz and Kristin Krantz, Halstead Property

Chelsea Green, 151 West 21st Street
Price: $2.7 Million
The glassy façade tops an unusual lobby with neo-Baroque window screens, and the kitchens were co-designed by Le Bernardin chef Eric Ripert. Developers of this ecofriendly project—it’s certified LEED gold—have sold most of the 51 units from floor plans, but three remain available.
Sample unit: 11B
Details: A 1,534-square-foot, two-bedroom, two-bath with a flexible layout and three exposures.
Read Full Story Here: http://nymag.com/realestate/features/condo-developments-2012-11/

Brodsky Organization takes on Brooklyn Development

The Brodsky family has been developing Manhattan real estate for more than 50 years, eventually becoming the city’s largest developers of middle-class housing. But the development group is now turning its attention to a 440-unit rental project at 336 Flushing Avenue Extension in downtown Brooklyn, known as City Point, according to the Wall Street Journal.


Read the full story here: http://therealdeal.com/blog/2012/11/12/a-real-estate-family-moves-to-brooklyn/

31-Room Clinton Hill Mansion Seeks a Whopping $10M

10 images