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 

 Green Mountain Coffee Hazelnut K-Cup Packs 80 ct. (Google Affiliate Ad) 

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

What you need to know about the appraisal process since “there is no category for superexcellent,”

Understanding the Home Appraisal Process

By JIM RENDON

Published: January 11, 2013   

BEFORE anyone can buy a house with a loan from a bank or refinance a mortgage, the lender needs an objective assessment of the property’s value — after all, the home is the bank’s collateral for the loan. Assessing the value is the job of the appraiser.

\

Illustration by Phil Marden for The New York Times

Appraising a home, particularly in New York City, is not simple. Similar apartments just a few blocks from one another can have very different values. The floor that a home is on, the kind of view or light it gets — each factor contributes to its value. The best appraisers are intimately familiar with the neighborhoods they work in.

Jonathan J. Miller, the president of the real estate appraisal firm Miller Samuel, says that with a co-op, he begins by examining the building’s financials: if there is likely to be an increase in maintenance or a special assessment, it might lower the appraisal.

 

Read the full story here: http://www.nytimes.com/2013/01/13/realestate/getting-started-assessing-the-value-of-a-home.html?pagewanted=1&_r=0&ref=realestate

HOME BUYER TAX CREDIT EXTENDED

"Congress has approved legislation that would give homebuyers who already have signed contracts until September 30, 2010 to complete their purchase and still qualify for the $8,000 federal tax credit. The previous deadline had been June 30, 2010. The President is expected to sign this legislation."