Apr 24, 2015
Labels: brooklyn , manhattan , real estate , The Luxury Collection
Feb 20, 2015
Labels: Market Values Comparison , nyc , real estate
Below are tables showing the Market Value increases from the previous market peak (fiscal year 2009 taxes which reflect 2007/2008 market conditions) to the current Market Values from the recently released Fiscal Year 2016 Tentative Assessment Roll.
Data Source: NYC Department of Finance
REBNY.com Research Department
Jan 14, 2015
Labels: Manhattan Monthly Market Report December 2014 , real estate
Co-ops had remarkable performance this month, with a 31% gain in average price up year-over-year to a record-setting $1.493M. Condos have been in the spotlight since 2013 as flashy new developments and staggering prices catch headlines but the co-op market has remained stable and strong, with healthy fundamentals in every category. Average days on market for co-ops dropped 16% compared to last December and co-op inventory is at the lowest point since we began tracking in November 2007, with just 2,235 units on the market; co-ops have not seen an annual increase in inventory in over three years. Condos also had a strong month with average and median price increases and a decline in days on market. Inventory is up 12% year-over-year from the trough at the end of 2013. Contracts signed were up significantly versus last year providing a strong finish for 2014 sales.
Condominium Market Snapshot
All metrics are positive in December for the condominium market compared to last year. Prices are up year-over-year by healthy percentages while days on market decreased, negotiability remained stable, and contracts signed increased. Within bedroom types only two bedrooms saw growth in price per square foot, up 12% versus last year. One bedrooms declined 3% and three+ bedrooms declined 5%. Contracts signed were up 8% over last year and were up 14% compared to last month, breaking the typical seasonal trend. Inventory increased by 12% compared to last December, which represented the inventory trough. As condo listings return to the market buyers will have more choices, however a continued lack of supply in the lower price brackets is preventing many buyers from entering the market.
Cooperative Market Snapshot
December 2014 was a notable month for the cooperative market with a number of milestones. The average sale price of $1.493M is 31% above last year’s average and the highest average price for co-ops since we began keeping record in November of 2007. Also reflecting strong demand, days on market dropped 16% compared to last December, to just 90 days to sell a unit on average. Simultaneously, co-op inventory is at the lowest point since we began tracking, with just 2,235 units on the market. The co-op market has not had a single month with a year-over-year gain in inventory in over three years. Contracts signed increased by 33% compared to December 2013 and were even compared to last month.
Apr 14, 2014
Labels: condos , coops , East Harlem , El Barrio , manhattan , neighborhood , real estate , SpaHa , Spanish Harlem , townhouses
|Metro North Railroad Station at 125th Street & Park Avenue|
'There is a rose in Spanish Harlem
A red rose up in Spanish Harlem
It is a special one, it's never seen the sun
It only comes out when the moon is on the run
And all the stars are gleaming
It's growing in the street right up through the concrete
But soft and sweet and dreamin'
Ben E King
El Barrio (Spanish Harlem) SpaHa (East/Spanish Harlem) community stretches from First Avenue to Fifth Avenue and from East 96th Street to East 125th Street.
A big draw in East Harlem is space — apartments often come with a dining room, an outdoor garden, or even parking. Large rental complexes like Hampton Court (complete with gyms, garden decks and retail shopping) are now being joined in East Harlem by luxury condos offering views of the East River, the George Washington and RFK (Triborough) Bridges.
|Lexington Hill Condominium (103/104th Streets)|
On the artsy side of East Harlem, provocative murals by celebrated artist James De La Vega — some commissioned, some not — dot the neighborhood and the living legacy of Salsa greats continues at venues such as Creole, a jazz/supper club, and Orbit, a bar/restaurant that hosts open mic nights in its jazz and cabaret schedule.
East Harlem residents enjoy the East River Plaza on 116th Street off the FDR Drive that opened in ’09. If you want to stock your home with everything, big companies that will be offering their wares for sale in East Harlem include Target, Marshall’s, Best Buy and Manhattan’s first Costco. Other neighborhood attractions include the Museum of the City of New York, El Barrio Museum, Central Park East and North Meadows.
Easy access to get out-of-town. There's a Metro-North Railroad Station at 125th Street with a 4-5-6 Lexington Avenue subway stop and easy access to the FDR Drive and the west side via cross town bus on 125th Street. Easy access to La Guardia airport from 125th Street airport bus.
There currently are approximately 40 active apartments for sale in East Harlem. Ranging from $139,000 for a 2 bedroom, 1 bath, 5th floor walk-up to $2,980,000 for a 3 bedroom. 3.5 bath, 2849 square foot penthouse at the Crown Condominium.
Currently there are approximately 10 residential buildings (single family, multi family, mixed use and income properties) for sale in East Harlem ranging from $1,150,000 for a two family house to an 8-story income property delivered vacant under construction condo for $15,550,000.
There is a rose in Spanish Harlem...
Dec 31, 2013
Labels: 2014 , manhattan , mike bloomberg , nyc , real estate
Mayor Michael R. Bloomberg became mayor 3 months after 9/11/2001. Lower Manhattan came roaring back. Since September 11, 2001, the number of people living in Lower Manhattan has nearly doubled. In fact, Lower Manhattan has added more people over the past 12 years than Atlanta, Dallas and Philadelphia combined.
Our city’s rapid economic recovery was the result of strong leadership at all levels of government (local, state and federal) and the resilience of all New Yorkers who were determined to come back from this unthinkable event stronger than ever.
No matter who is mayor or what year it is currently well priced properties will continue to fly off the shelf in bidding wars. Buyers are enthusiastic yet cautious. Even in a low inventory environment, over priced properties will be over looked.
Dec 8, 2013
Labels: construction , employment , jobs , nyc , real estate , REBNY
NYC Employment Oct. 2009 NYC Employment Oct. 2013
|Professional and Business Services||563.3||640|
|Health Care and Social Services||575.4||627.7|
|Leisure and Hospitality||314.9||379.4|
|Change in Employment||% Change in Employment|
|Professional and Business Services||76.7||13.6%|
|Health Care and Social Services||52.3||9.1%|
|Leisure and Hospitality||64.5||20.5%|
Numbers in thousands
REBNY Research Department
Sep 8, 2013
Summer is over.The Fall real estate market is underway. There is uncertainty in the middle east, a possible war in Syria an important election will take place for a new NYC mayor that may affect the real estate market and it's fashion Week.
Real estate inventory is still very low. Interest rates while rising are still very low. In July Average price per square foot for condos and coops increased significantly over last July. The strength of the market is evident in the rising prices and the increase of contract activity. Average sale prices rose 55% year-over-year for condominiums and 69% for coops. This can be attributed to a decline in sales under $1M and a tremendous 400% growth in Corcoran sales over $5M this July compared to last July.
Strong local, national and international demand is currently directed toward a far depleted supply. Prices responded to the strong demand, limited supply, low interest rates (now rising but still low) and continued confidence in New York as a safe and thriving market. The August monthly market snapshot should be out some time this week.
Happy buying and selling.
Aug 10, 2012
Labels: July 2010 manhattan market snapshot , market report , real estate
Dec 7, 2011
Labels: luxury , Manhattan Luxury Market Report , real estate
Manhattan’s luxury market is defined as the highest priced 10% of all co-op and condo sales. Pricing in the luxury market increased over both Second Quarter 2011 and Third Quarter 2010.
At $4.25 million, luxury median price increased 9% from last quarter and 4% from a year ago. At $1,947, average price per square foot increased 6% from last quarter and 8% from a year ago.
This positive growth was bolstered most notably by a pair of sales at or just over $30 million on Columbus Circle and Central Park South
Market-share by price category has remained relatively unchanged over the past year. Sales under $1 million accounted for 59% market-share in Third Quarter 2011. Sales in the $1 million to $2 million range saw a slight contraction and there was a slight expansion of sales over $5 million compared to a year ago.
As always, I will continue to follow closely sales activity and trends in Manhattan, and would welcome the opportunity to answer any questions about this report, the market in general or any questions about buying or selling real estate in Manhattan.
Sep 9, 2011
Labels: 9/11 , lower manhattan , market report , real estate , world trade center
Today, New York City is thriving. Our population is growing and the city is adding new jobs. In re- sponse to the attacks, New York City has been a national leader in implementing more stringent building safety requirements. These include wider emergency exit stairs to make evacuations quicker, the installation of photoluminescent strips to make building evacuations safer and the full sprinklerization of office buildings to better safeguard property and protect lives.
In the spirit of the fellowship and unity that brought New York together in the wake of the September 11 attacks, Community Board 1 invites you to join us for Hand in Hand -- Remembering 9/11 as we stand together to show our resilience, unity and remembrance.
On Saturday, September 10th, 2011 at 8:46am, we will commemorate the 10 year anniversary of the September 11th attacks, when thousands of people will grasp hands to form a human chain along the waterfront from the tip of Lower Manhattan heading north.
> Register now.
Sep 24, 2010
Labels: manhattan , nyc , real estate , room count , room definitions in NYC , room size
Jan 20, 2009
Labels: Barak Obama , fair housing , manhattan , real estate
Part of the economic stimulus bill is aimed at stimulating home buying and preventing foreclosures. The bill includes tax breaks for first-time home buyers, and a return to the higher loan limits in place for Fannie Mae, Freddie Mac and FHA.
The American Recovery and Reinvestment Act of 2009 is intended to create 3 million to 4 million jobs. The bill would provide $275 billion in tax cuts and $550 billion in spending in areas such as increased unemployment benefits for workers and investments in science and technology.
There are several real estate-related provisions, including returning FHA loan limit ceilings in high-cost areas to the higher, temporary limits put in place during 2008. The bill allows Fannie Mae and Freddie Mac to once again purchase and guarantee loans of up to $729,750 in high-cost areas such as Manhattan.
In the Economic Stimulus Act of 2008, the previous $417,000 conforming loan limit was raised to $729,750 until December 31 2008. As of January 1 2009 the limit was lowered in New York (high-cost area) to $625,000.
Unfortunately many buyers in Manhattan were not able to take advantage of the $729,750 temporary limit. It began in the spring of 2008 and coops were not included. It wasn't until the summer of 2008 that coop buyers were able to get the loans. A coop transaction usually takes 45 - 90 days from the time a contract is signed.
The $625,500 limit now in place in New York is better than the previous $417,000 conforming loan, but the real estate industry including the National Association of Realtors are pushing for a return to the higher limits. Borrowers who require "jumbo" mortgages larger than those eligible for purchase or guarantee by Fannie, Freddie and FHA pay higher rates.
Interest rates on jumbo loans are at least 2 percent or more higher than conventional conforming loans. The 2008 temporary limit of $729,750 was more realistic for Manhattan home buyers since the average price of an apartment in Manhattan is over a million dollars.
The past 2 Sundays here in Manhattan there has be a lot of activity at Open Houses. Last week I was with a buyer looking for an apartment in the $500,000 range. An open house we attended for a 500 square foot studio was packed with buyers.
Buyers with good jobs and decent incomes seem to be taking advantage of the current low interest rates and price decreases. Many buyers were out looking this past Sunday as well. At some open houses there were lines of boots outside the door at some buyers were waiting in the lobby to be brought up. Many of the properties had price drops and are still negotiable.
New Yorkers are excited about the Inauguration today, people are feeling optimistic about our President Obama and his vision for the future.
Congratulations to President Obama. You are inheriting huge problems but the nation is behind you as you make history today.
"What works, we will keep, what does not, we will shed" President Barak Obama
Feb 1, 2008
Labels: foreign investors , New York City , real estate
Washington, D.C., and London tied for second in the latest poll, with Paris and Shanghai placing fourth and fifth, respectively. This marks the first time that U.S. cities have nabbed the No. 1 and No. 2 spots since the category was added to the yearly survey.
Poll results also show that an overwhelming majority of foreign investors believe the United States offers the most stable and secure property investments in the world despite the recent credit crunch and a slumping economy.
Finally, respondents say the U.S. market currently offers the best opportunity for capital appreciation, followed by China, India, Russia and Mexico.
Click here to read the entire CNNMoney article.
Sep 8, 2007
Labels: coops , financing , manhattan , real estate , residential room count
The author reports that real estate agents living in the building are opposed to the 25% and would prefer 20%. The pros and cons discussed were:
- Pro: higher-percent down payment from new buyers protects current residents now and in the future.
- Con: hurts those residents looking to sell now by narrowing the pool of potential buyers.
An increase in the amount required for a down payment does not bring any additional revenue to the coop. The down payment goes to the seller. The coop and shareholders benefit by having more qualified buyers that most likely can afford financial emergencies.
Every coop has different financial needs. Some coops would rather have a buyer with a large mortgage and liquid assets than an ALL CASH buyer that is using up all their assets to buy the apartment.
IMHO the financial requirements for purchasing in most Manhattan coops has insulated the Manhattan residential real estate market from the current mortgage/housing/foreclosure crisis taking place throughout the rest of the country.
In many parts of the country home ownership "The American Dream" has become an entitlement. Buyers didn't need to save for a downpayment with 100% financing and many didn't even need incomes to purchase with stated income loans.
75% of home ownership in Manhattan is in coops. Buyers looking for coops have to be financially responsible and extremly qualified. The required down payment automatically gives coop shareholders equity and an asset the day they close. Manhattan coop home owners have some "skin-in-the game."
The study used the 60 to 79 percent financing-allowed category -- the most common -- as the reference point. The study concluded the higher the barriers the higher the coop sale price.
Co-ops that allow 80 to 99 percent financing had a 2.71 percent discount from the reference point. Co-ops allowing 40 to 59 percent financing saw a 14.55 percent premium. Those that allow 10 to 39 percent financing had a 22.19 percent premium. All-cash co-ops, those that don't allow any financing, had a 47.94 percent premium.
Aug 24, 2007
Labels: manhattan , market , mortgage , real estate , wells fargo
The fall out from the sub prime mortgage meltdown during the last several weeks is now affecting the mortgage, credit and financial services industries. The stock market has been volatile the feds added liquidity to the markets and lowered the prime rate.
It remains to be seen what affect this will have on the real estate market in Manhattan. We still have low inventory. Most of the inventory is in new construction and there seems to be plenty of buyers interested in new development condos.
However, borrowing will become harder for many buyers as lenders are tightening their criteria for loans. The mortgage industry will have layoffs, consolidation, mergers, take-overs and bankruptcies.
It is now more important than ever for buyers to be pre-approved and to have a commitment from a lender before they start apartment hunting. The first step in the home buying process involves a good lender who will determine how much the buyer is qualified to purchase.
My preferred lender is Wells Fargo Private Mortgage Banking. For a free consultation, pre-approval and commitment contact Glen Pedersen.
All CASH and large down payments will become more important terms for sellers. A couple of weeks ago when I told a sales agent for a new development that my buyer is ALL CASH the response was "they're all cash to us" I think that attitude will change on the part of sponsors selling pre-construction.
Eighteen months from now anything can happen. Someone qualified today might not qualify eighteen months from now. Wells Fargo has a loan product specifically for new construction that will lock in a rate for a year.
When I bought in a new development on the Upper West Side back in 1989 I had to be approved by citi bank the developers lender that financed the construction. I was able to get financing from any lender as long as I was approved by citi and if I couldn't get financing from another lender I had to go through with the citi loan. I shopped around and went with the Bowery Savings they later became Home Savings of America and then it ended up with Washington Mutual.
I think we will be seeing more of this type of requirement again from sponsors and perhaps listing agents. When I list a property I have Wells Fargo pre-appove the property and provide a financial analysis for potential buyers.
If major mortgage brokers are in trouble and will not be able to fund or close on loans, I will require buyers of my listings to at least be pre-approved by Wells just in case.
Aug 20, 2007
Labels: hotel , Leona Helmsley , New York , real estate
Leona Helmsley, The New York hotel and real estate "Queen" died of heart failure today at age 87. Leona was a successful residential real estate agent before her marriage to Harry Helmsley the NY real estate magnate.
Leona helped her husband run a $5 billion empire that included managing the Empire State Building.
Helmsley became known as the "queen of mean" when a former housekeeper testified that she heard Helmsley say: "We don't pay taxes. Only the little people pay taxes," during testimony at a trial where they were being charged with tax-evasion.
In 1980 Leona became president of Helmsley Hotels, a subsidiary which including the Park Lane, St. Moritz and Palace in New York and the Harley Hotels.
While I've never had any dealings with Leona in real estate, I did in a previous life in advertising. During most of the 80's Leona Helmsley was featured smiling in glamorous magazine ads dressed in luxurious gowns and tiara, advertising the Helmsley Palace as the only hotel in the world "where the Queen stands guard."
During the 1980's I was the Advertising Director for the Hollywood Reporter. I was invited to a lunch launching the new Park Lane Hotel. At the time I had many hotels and upscale advertisers but I wasn't getting business from the Helmsley hotels.
During the lunch I went up to Leona, introduced myself and gave her a copy of Our Anniversary issue, while pointing out to her an ad from Harry Winston Jewelers and the Parker Meridien hotel on the covers. She was not mean but quite charming to me. She called over Harry and said "Harry look we should be in here".
The next day some one from her office called, gave me the name of someone at their ad agency and they booked the ad campaign.
Jun 26, 2007
Labels: luxury , manhattan , real estate , traffic zone
There was a Stealy Dan concert a couple of weeks ago. Parking is tight so employees of the Avis rent a car at the corner were selling parking spaces in the street for $25. The reporter went undercover and caught them on tape moving the Avis cars from the spots on the street and charging concert goers for the spots.
It is illegal to sell street parking, scalping tickets at concerts is illegal too. I'm not condoning it but the concert goers didn't seem to be complaining about the Valet Parking.
Traffic and parking in Manhattan is a major issue. Mayor Michael R. Bloomberg has a plan to charge motorists to drive below 86th Street in Manhattan.
If approved, many real estate brokers are already saying it may do more than simply reduce traffic, noise and pollution in the Manhattan business districts. They are saying that it could add an extra sense of exclusivity to what is already some of the most expensive residential real estate in the country.
Mayor Bloomberg’s plan for what he calls “congestion pricing” would impose fees of up to $8 a day for cars and $21 a day for trucks driving below 86th Street between 6 a.m. and 6 p.m. on weekdays
Lucky for me I live between 86th and 87th St. right on The Golden Line. According to the NY Times "Crossing the Gold Line" By JOSH BARBANEL who called it the golden boundaries that
lassoed in hundreds of residential buildings where some of the most affluent New Yorkers live, including Mr. Bloomberg on East 79th Street.
There is a similar plan in London. I'm not sure what affect charging a toll will have but the right zip codes and phone prefixes have become status symbols so I suppose the golden traffic zone might become one too. It is also possible that the neighborhoods north of 86th will be in demand for people who want to keep cars without paying "congestion pricing".
Jun 20, 2007
While new condos hit the market, co-ops are in short supply. Listing inventory is up, but less than last year and the upper end of the market is thriving.
On May 15th I posted the REBNY Residential city wide sales report that reported a 23% increase in apartment sale prices in NYC for the 1st quarter of 07 compared to 06. According to the REBNY report the average first quarter sale price rose to $1,107,000.
Jonathan Miller, president of Miller Samuel appraisal firm says prices rose 5.4% to $1,290,000. There is high level activity across the market and upper-end pricey properties areharder to find.
I've been very busy the last several months. Actually it's been really busy since Thanksgiving. The market has been busy there are bidding wars. Some apartments in bidding wars are selling for 20% above ask.
I really thought after Memorial Day it would be slow and I could get to the beach this summer. I thought wrong. I guess there is always 4th of July.
Feb 7, 2007
Labels: clinton , hells kitchen , manhattan , midtown west , neighborhood , real estate
|View From 41st floor of The Link 52nd Street and 8th Avenue|
Hells Kitchen has always been a neighborhood, made up of blue-collar families in walk up railroad flats and theatre people who wanted to live close to where they work. For 15 years the neighborhood has been changing. It has become renovated, gentrified. New condo construction along with many new restaurants and bars have opened in the neighborhood.
The new generation of Hell's Kitchen, are folks who started looking on the Upper West Side and Chelsea then realized they could enjoy much the same lifestyle in midtown west. For the past century, the typical apartment was a walkup tenement now it's a luxury rental or condo with post modern finishes: grand lobbies, lots of granite, lots of glass, high-speed Internet access and health club and other amenities.
The Link a new downtown style building on 52nd and 8th Avenue
The area to the far west in the 30's is slated to be developed adjacent to the Jacob Javits Center and the development of the Hudson Rail Yards and the High Line Park which will run from Hells Kitchen through West Chelsea to the Meat packing district in the West Village.
The Residences at Worldwide Plaza on 50th Streets between 8th and 9th Avenue has been a popular condo with studio apartments starting in the high $400,000 range.
Hells Kitchen has many different types of apartments from walk up coops to townhouses to renovated lofts to ultra luxury high rise condos. The eclectic neighborhood has some great restaurants, bars, night clubs and Broadway and off Broadway theatres.
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Jan 20, 2007
Labels: "green" , condos , eco-friendly , manhattan , real estate
- Recycle according to your building's guidelines.
- Unplug "ghost appliances such as VCR or a coffee maker when you're not using them. Believe it or not, left plugged, these appliances take up energy. You'll actually save on your electric bill. And when buying appliances, look for the "Energy Star" label.
- Most notably, Con Ed offers green power to find out more, go to: www.conedsolutions.com/Residential/greenPowerMain.htm They are offering a $25 rebate to sign up with this eco-friendly alternative.
- And finally, take mass transit whenever possible.
For the ultra "green" enthusiastic, www.greenapplemap.org has a downloadable map with information about organic dining, where to buy recycled or organic items such as linens and transportation choices around New York. For instance, it mentions OZOcar which calls itself NYC's 1st eco-friendly car service with hybrid cars. (877-OZO-5966) or OZOcar.com ...when mass transit isn't possible.
For home renovations, go to www.environmentalhomecenter.com, where you can purchase green building materials such as paint, countertops, flooring, cleaning supplies, etc. The www.thegreenguide.com has useful, practical everyday living information.
And finally if you're ready to live in a new "green" luxury condo recently built or currently under construction from Harlem to Battery Park City - go to my new developments page on my website fill out the buyer form and write "green" in the comment section. I will send you email listings of "green" condos that match your buying criteria.