Aug 25, 2015

On the Market | Upper West Side

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There are currently 624 active apartments for sale on the Upper West Side of Manhattan.

Ranging in price from $75,000,000 for PH-26C  a 6 bedroom 5 bath home at 145-146 Central Park West (The San Remo) to $250,000 for a 1 bedroom 1 bath home at 46 West 71st Street.

The average price is $3,818,562. The median price is $1,850,000. The average price per square foot is $2,433. Average Days on market 126.

Aug 17, 2015

Manhattan Townhouse Market Stats

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Upper West Side Townhouses

New Yorkers lived in townhouses during the 19th Century. Single Family Townhouses
and Mansions were made of Brownstone and Limestone. The Townhouse market today is very
desirable as single family homes, multi-family and mixed-use income producing buildings for
investors.

Townhouse are a niche in the luxury market, representing a small fraction of the city's housing
stock. Compared with condos, the townhouse market is priced at a relative discount.

Currently there are 274 active townhouses on the market. The average price is $12,653,526. 
The median price is $9,250,000. The average price per square foot is $2,056.





Aug 11, 2015

Manhattan Monthly Market Report | July 2015

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Market Wide Summary

Despite summer typically being a slow time in Manhattan real estate, sales figures were strong in July with condo and co-op sales up 19% compared to last year.

Listed inventory dropped this month, despite a robust new development market. The condo and co-op markets continued to differ this month which contributed to varying experiences for condo and co-op buyers.

Seller negotiability is increasing in the condo market while conversely sales over asking price are increasing in the co-op market. The discount offered by co-ops relative to condos is attracting more buyers and thus discounts on co-ops were infrequent and the average time a unit stayed on the market dropped.

Prices in both markets were mixed, with co-op price indicators slightly more positive. Condos saw nominal year-over-year decreases in average and median price and average price per square foot. Co-ops saw strong increases in average and median price year-over-year but a decline in average price per square foot.

Both markets saw price per square foot increases among one bedroom units and price per square foot decreases among two and three+ bedroom units.





Aug 9, 2015

Sugar Hill Harlem Neighborhood

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Sugar Hill way up in Harlem is a neighborhood with a rich history, culture and affordable homes.


Beginning in the 1870s Harlem was the site of a massive wave of development which resulted in the construction of numerous new single-family row-houses and apartment houses. Many of these apartments, typically floor-throughs and duplexes come with town house amenities, like terraces, gardens, fireplaces, and uncommonly good light for Manhattan. 

During the Harlem Renaissance of the 1920s affluent African-Americans began moving to Sugar Hill. "Sweet and Expensive," signifying that one had arrived, economically and socially. Sugar Hill was celebrated for its exclusivity and status. The Hill attracted those with talent, money, education, and social prominence.

The song “Take the ‘A’ Train,” written by Billy Strayhorn was the signature tune of the Duke Ellington orchestra commemorating the upscale neighborhood where they lived. Originally written in 1939 directions to get to his house by subway. The directions began: "Take the A Train" There was a new subway line and people were getting confused about the best way to get to Harlem.


Sugar Hill historic district is from 145th Street to 155th Street and between Edgecombe and Amsterdam. According to the Landmarks Preservation Commission, the rocky plateau that later became known as Sugar Hill was the setting for grand estates in the late 1700s and 1800s.


Sugar Hill, often considered part of Hamilton Heights, is almost entirely residential. It has rows of four- and five-story townhouses and handsome prewar apartment buildings.  Many are coops and affordable HDFC coops attracting a diversified mix of buyers.  


New Listing Coming Soon | 464 West 152nd Street #2



Aug 5, 2015

New Mortgage Rules and Disclosures | CFPB

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The CFPB (Consumer Financial Protection Bureau) new rules took effect Aug.1, 2015 apply to almost all residential real estate transactions involving a mortgage or coop loan. 

“Know Before You Owe” Mortgage Disclosures, Replacing Truth in Lending, Good Faith Estimate, and HUD-1 Settlement Statement


Borrowers will receive two forms now:
The Loan Estimate soon after loan application and The Closing Disclosure three business days before closing.

The CFPB believes that borrows are better served if they have time to review the Closing Disclosure before signing the loan documents. The rule requires that borrowers have three business days after receipt of the Closing Disclosure to review the form. If the form is mailed, it is deemed received three business days after it was mailed. Be prepared for closing delays.

The CFPB requires that the Closing Disclosure show the full amount of the title insurance premium for a loan policy as if it were written as a stand-alone policy and not simultaneously with an owner's policy.

The Closing Disclosure replacing the HUD-1 Settlement Statement, will have seven areas of charges: origination charges, services borrower did not shop for, services borrower did shop for, taxes and other government fees, pre-paids, initial escrow payment at closing and other. 



The borrower might receive more than one Closing Disclosure. Since the borrower is likely to receive the Closing Disclosure before the walk-through, borrowers may receive a new, adjusted Closing Disclosure at closing showing any changes that occurred during the time between the initial disclosure and the closing, including adjustments due to the timing of the closing and other matters. 

If there are changes to financial matters such as changes to the APR above 1/8th% for most loans, changes to the loan product, or the addition of a prepayment penalty, the lender will have to re-disclose and the timing periods will start again and closing will be delayed. 

The preparation and delivery of the Closing Disclosure can be made either by the lender or the settlement agent. At this time it appears that most lenders will handle it. Seller's attorney 
can prepare a separate seller’s Closing Disclosure with seller’s figures only.


Summary of new rules and disclosures here



Jul 31, 2015

PREPARING TO SELL YOUR NYC COOP

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PREPARING TO SELL YOUR COOP



  • Gather the Offering Plan, Purchase Application, and Building Rules and Regulations. (These may be in your own files, with your attorney, or you may need to contact the board for copies. Your broker can obtain this. Your buyer will need it as soon as there is an accepted offer.)
  • Collect copies of the building’s financials for the past two years.
  • Check your shareholder’s certificate and make sure both your listing agent and your attorney are aware of the exact name(s) on the shareholder’s certificate.
THESE QUESTIONS NEED TO BE ANSWERED BY BOARD OR MANAGING AGENT

Building Details

  • How many units are in the building? 
  • Does the building offer storage and/or bike storage? If so, is there a fee?
  • Does the building have a laundry room?
  • What other amenities does the building have (roof deck, parking, etc.)?
  • What is the heating/cooling system?
  • What is the sublet policy?
  • What is the pet policy?
  • Are washers/dryers allowed in the apartment?
  • What does the maintenance include (heat and hot water only, electric, storage, etc.)? 
  • Have there been any maintenance increases lately?
  • Are there any plans for assessments or maintenance increases in the near future?
  • What is the tax deductibility (percentage) of the maintenance?
  • What is the Flip Tax, if any?
  • What is the underlying mortgage of the building?
  • What is the current reserve fund of the building?
  • What is the owner occupancy of the building (how many units are sublet or sponsor-owned?)

Buyer qualifications

  • What specific financials does the co-op board look for in a potential purchase (financial assets, debt-to-income ratio, and post-closing liquidity)?
  • What is the maximum % of financing allowed for buyers?
  • Can buyers use guarantors?
  • Can parents buy for children?
  • Is gifting of any kind allowed?
  • Is co-purchasing allowed??
  • Are live/work situations allowed?
  • Are pied-a-terres allowed? 
  • Can children buy for parents who are on a limited income?

Other

  • How often does the co-op board meet, and what is the time frame between board package submittal and the board interview?
  • Does the building allow Open Houses, or are there other restrictions on showing times (do you need a door person)?

Jul 11, 2015

Manhattan Monthly Market Report | June 2015

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June 2015 Market Wide Summary

Market-wide contracts signed have been strong and consistent since February. There were 1,353 total contracts signed in June, a 16% increase over June 2014. Contracts have slowly but consistently been shifting toward more expensive product, a result of both market appreciation and available inventory.

Units priced between $1,500 and $2,000 per square foot represented 26% of total contracts signed this month, the highest percentage on record. Condos and co-ops both saw double-digit declines year over-year in average days on market and 32% of sales were above their last asking price, the highest figure in over a year and a half.

Total listings are flat compared to June 2014, but the percent of co-op listings is the lowest in over five years. Inventory continues to shift toward expensive product, with 32% of listings over $3M compared to just 15% of contracts.

The condo and co-op markets continued to diverge in June. Co-op inventory continues to fall while condo counteracts it with listing increases. Condo negotiability is increasing but co-ops on average are selling above ask.
Typically, the condo and co-op market negotiability are relatively similar and fluctuate in tandem. This month co-ops saw the continuation of a five month trend of decreasing negotiability, with the average June signed contract occurring at 0.9% above the last asking price. 

Condos have experienced more mixed changes in recent months, with an average discount of 1.5% in June 2015, contributing to the largest difference between condo and co-op negotiability in nearly four years. Condo listings are increasing while co-ops continue to decline, leading to a shortage of co-ops and an increase in the frequency and extent of bidding wars.



Jul 3, 2015

West 86th Street Gilbert Townhouses Just A Facade

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272-276 West 86th Street
These three West 86th Street Gilbert townhouses are built in the French Neo-Renaissance style with delightful details worked into their stone facades. These buildings exhibit rounded bays running up three stories of the buildings, petite balconies, intricate floral swags atop the tall windows and mirror-image placement with respect to one another. West 86th Street was once all townhouses from Central Park West





















  
     Construction at 272-276 West 86th Street 
    (gutted and being converted to luxury condos)



Neighborhood preservation groups such as Landmarks West, West End Preservation Society and Coalition for a Livable West Side helped save the buildings from potential demolition by testifying at Community Board 7 and Landmark Preservation Commission (LPC) for historically appropriate renovations. Only the facade remains the rest of the buildings are totally gutted.




East River Partners (ERP) is renovating 272-276 West 86th Street – three adjacent landmarked grand mansions designed originally by the renowned architect C.P.H. Gilbert – into completely modernized apartment homes. 

"All of the apartments will feature more than three bedrooms, a rarity in today’s market. Positioned on a wide street with significant setbacks in both the front and rear, the apartments will experience some of the best light of any boutique building in the neighborhood". ERP

photos courtesy ©Mitchell Hall 

Jul 2, 2015

New York City 2016 Real Property Tax Rates

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Fiscal Year 2016 Real Property Tax Rates
Last Friday, June 26th, City Council adopted the Mayor’s executive budget for Fiscal Year 2016 (July 1, 2015- June 30, 2016).  This year’s property tax levy is 7 percent greater than last year’s levy and 76 percent greater than in Fiscal Year 2006.

As part of the final steps in the budget process, the Council sets the upcoming year’s property tax rates.  This year’s rates  and the previous ten years’ rates are listed below.





source: REBNY Research

Jul 1, 2015

Manhattan Market Report | Second Quarter 2015

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I am delighted to share with you our Q2 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q2 2015 (April 1st through June 30th).

Key Findings of the Second Quarter Report:

·         Record high prices.  Thanks in large part to sales of new development properties, the average price increased 8% to $1.81 million, the highest we have ever recorded.  The average price per square foot is now $1,637.
·         More sales. The pace of closed sales was up 2% over the same quarter one year prior, and there were 7% more signed contracts.
·         Rising inventory. Although the market is still experiencing relatively limited supply, the number of homes listed for sale in Manhattan was up 12% over the same quarter in 2014, as freshly released new development properties reached the market, and homeowners took advantage of the spring selling season.























Please do not hesitate to reach out if you have any questions about The Market Report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.

 
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