Showing posts with label residential real estate. Show all posts
Showing posts with label residential real estate. Show all posts

Jul 26, 2018

Brooklyn Monthly Market Report | June 2018

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Market Wide Summary 

During June, strong South Brooklyn new development sales at recently launched sites such as The Jade Condominium and The Arthouse Condominium drove up overall contract activity by 11% compared to June 2017.

Due to the uptick in new development sales in South Brooklyn, Brooklyn’s price metrics fell compared to last year. Average and median sale price figures fell by 6% and 1%, respectively. Average price per square foot decreased versus June 2017, down 3%, driven by an increase in market share of sales below $2M.

The difference from last ask price to sale price was -0.1% below the average asking price, slightly lower when compared to last year. Days on market was unchanged compared to last year and shortened by one week compared to the previous month as more fast-selling and less expensive homes traded in June 2018.


BROOKLYN AVERAGE DAYS ON MARKET 

Days on market in June was level compared to last year but shortened versus the prior month. As fewer expensive homes traded in June, the days on market figure of 61 days ended an eight-month streak of being over the Brooklyn’s five-year average.


BROOKLYN NEWLY LISTED APARTMENT INVENTORY

Newly listed apartment inventory was up a significant 38% year-over-year and level with the month prior. The number of newly listed apartments during June 2018 is the highest June figure on record, driven by significant new development introductions in South Brooklyn and the launch of Brooklyn Point earlier this year.


BROOKLYN NEGOTIABILITY 

Negotiability improved for sellers in Brooklyn versus June 2017 as almost 65% of homes sold at or above the asking price in June 2018, level with Brooklyn’s five- year average. More sellers have been pricing their homes in line with buyer’s expectations as 35% of homes sold at the asking price, higher than the previous month and last year.

Apr 16, 2018

Brooklyn Monthly Market Report | March 2018

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Market Wide Summary

The Brooklyn market experienced a year-over-year increase in contracts signed for the third consecutive month. Strong new development sales in South Brooklyn, driven by contract activity at 2128 Ocean Avenue and 26 East 19th Street, sustained from the previous month into March. However, Brooklyn price metrics showed mixed trends compared to March 2017.

Average sale price improved compared to last year and last month skewed by Cobble Hill and Park Slope townhouse sales.When excluding those high priced townhouse sales in Cobble Hill and Park Slope,average sale price was essentially level and the average price per square foot increased 5% versus March 2017.

Average price per square foot, also affected by t he high priced sales Cobble Hill and Park Slope, increased 9% versus March 2017. The difference from last ask price to sale price was 0.9% below the average asking price, slightly deeper when compared to last year. The average days on market figure of 87, while up year -over-year, still indicates a very competitive market in Brooklyn.


BROOKLYN AVERAGE DAYS ON MARKET 

Days on market dipped from last month’s five-year record high of 105 days to 87 days in March, but was up 17% year-over-year. Days on market has been above the Brooklyn five-year average for five consecutive months as higher prices and an annual increase in newly listed apartment inventory slowed buyers decision-making.

BROOKLYN NEWLY LISTED APARTMENT INVENTORY

Newly listed apartment inventory continued its expected seasonal climb after declining during the winter months. In addition, newly listed apartment inventory grew 17% annually as more apartments were introduced in March 2018 compared to last year. The number of apartments introduced this month set a new seven-year record high as sellers anticipated the Spring selling season along with the launch of Brooklyn Point and the relaunch of Austin Nichols House.



Apr 13, 2018

Manhattan Monthly Market Report | March 2018

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Market Wide Summary

 Contracts signed dropped annually in March for both product types, with condos seeing a larger decline. Condo pricing metrics were up, with both average and median price increasing, while co-op pricing metrics were all down annually. Listed inventory continued to rise, with co-ops seeing almost four times the annual increase of condos. Days on market increased for condos, reaching the second highest point in the last twelve months; meanwhile days on market for co-ops declined. Negotiability increased for both product types annually, as sellers competed with newly listed inventory


Condominium Market Snapshot

 Sales activity for condos declined, down year-over-year for the sixth consecutive month, although due to the market’s typical seasonality, sales were the highest seen since June 2017. Pricing metrics were positive, with average and median sale price up. Average price rose largely due to the sale of a high-priced unit at 432 Park Avenue. Average price per square foot rose annually as well, off a low price per square foot in March 2017. Average price per square foot was lifted by annual rises across studio, two bedroom and three bedroom units, with one bedroom unit price per square foot down slightly annually. Two and three bedroom units experienced the greatest gains, up 9% and 8% respectively. Days on market rose monthly and annually, up 16% year-over-year. Negotiability remained fairly high, deepening to 3.2% off last ask versus 1.9% last year. The increase in negotiability coincided with an increase in discount prevalence, as 79% of units told at a discount last month, compared to 63% last year. Inventory continued to rise, up 5% annually.

Cooperative Market Snapshot

 Sales activity amongst co-ops continued to decline annually, though less so than condominiums. Average sale price and median sale price both dropped, down 19% and 8%, respectively. Similarly, average price per square foot declined, as every unit type saw declines in price per square foot. After an abnormally high figure last year, three bedroom units experienced the largest decline, down 28% due to fewer sales in traditionally expensive neighborhoods. Studios experienced a decline of 11%, while one and two bedroom units had milder annual declines. Days on market fell, reversing a trend of annual rises seen the prior three months, as time spent on market dropped below 100 days for the first time this year. Negotiability remained high, with average difference from last ask to sale at 1.7%. Inventory rose significantly as compared to last year, with more than 3,000 listed units available, the most in five years.


Manhattan Total Lisstings

Inventory continued to grow in Manhattan, up 10% compared to last year. March 2018 saw the most actively listed units for that month since 2012. However, total listings were down from recent highs in the Fall. The only category to not have an annual increase was townhouses, which saw inventory remain level, while both condos and co-ops had annual rises in inventory. The condominium share of overall inventory has been declining and at just over 50% in March 2018 was the lowest seen since November 2015


Contracts Signed By PPSF Category

As sales activity continues to fall below the volume seen a year ago, the price point of units sold continues to shift. Notably, units asking greater amounts per square foot have seen a steady decline in market share. A year ago, units priced over $1,250 per square foot made up 59% of sales, in March 2018 that figure dropped to 47%, the lowest market share for units in that range since July 2015. The price range that experienced the greatest year-over-year gains in market share was amongst units priced from $1,000 to $1,250 per square foot, which rose from 17% of sales a year ago to 24% last month. The price range with the largest decline was amongst units priced from $1,250 to $1,500, which made up 22% of sales in March 2017, and just 15% in March 2018. Interestingly, sales over $2,000 per square foot stayed stable yearover-year at 10%. This shift in pricing is likely attributable to greater sales of co-ops, which traditionally sell at lower price point

Apr 7, 2018

Living in Murray Hill | Kips Bay

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Murray Hill | Kips Bay

Historic Murray Hill Landmark

Midtown, on the East Side, from 23rd Street to 42nd Street. The area runs from the East River to Park Avenue South between 23rd Street and 34th Street, and expands from the East River to Fifth Avenue between 34th Street and 42nd Street. Kips Bay runs from 23rd Street to 42nd Street, east of Third Avenue.

Murray Hill is a townhouse paradise — of 100 townhouses listed in the area in the 1892 Social Register, 60 are still standing.

Yet those single-family Murray Hill homes, many of three and four stories and some renovated with elevators and gyms to match their double Dacor ovens, rub elbows with high-rise condo towers.





In Murray Hill, the formerly business corridors of Madison and Fifth avenues are being converted into gorgeous new loft-like apartments.

The area of Murray Hill is itself named after the Quaker merchant who built his farm here in the eighteenth century when the area was green countryside — Robert Murray’s land extended from 33rd Street to nearly 39th Street!

The area of Kips Bay, which has many dining options and a movie theater, is either to the east of or the Easten section of Murray Hill, depending on who you talk to. Kips Bay Towers, two high-rise post-war condos which share a large common garden, is one of the first apartment complexes designed by noted architect I.M. Pei.

Cultural attractions abound in Murray Hill; the recently renovated Morgan Library is a historic treat. The original building, showcase to a famous banker’s collection, is a breathtaking landmark Italian-style mansion — and the Morgan Library’s Murray Hill collection includes Mozart symphonies, Gutenberg bibles, and carved Babylonian seals and amulets.

Murray Hill Townhouse  3BR Duplex For Rent

Whether you are looking for Murray Hill / Kips Bay Apartments or townhouses to buy or or rent, there will be something to suit your particular taste.

Contact me at 917-312-0924 if you're interested in purchasing an apartment or townhouse in Murray Hill or if you are thinking about selling or renting your Murray Hill/Kips Bay home.

Mar 14, 2018

Manhattan Monthly Market Report | February 2018

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Market Wide Summary 

February Manhattan contracts signed have trended down year-over-year for the third consecutive month. Pricing metrics for condos were varied, as average price rose compared to last year, while median price fell. Pricing metrics for co-ops alternatively, saw gains, with average and median price both increasing in excess of 25%. Average price per square foot was up for both condos and co-ops. Listed inventory continued to rise, with co-ops seeing more than double the increase of condos. Days on market declined dramatically for condos, but it rose substantially for co-ops. Negotiability increased for both product types annually, but did decline on a monthly basis, down from recent highs.


Condominium Market Snapshot

 Sales activity for condos was 19% lower than last February. Pricing metrics repeated the annual shifts seen last month, with average price rising, and median price falling. Average price per square foot increased compared to last year, lifted by a double digit increase in three bedroom pricing to nearly $3,000 per square foot. This increase was driven by the sale of two units at 432 Park, asking a combined $68M. One and two bedroom units experienced double-digit drops in pricing, with both unit types falling below $1,600 per square foot for the first time since July 2017. Days on market dropped by over a quarter annually and monthly, off unusually high days on market during both prior periods. However, with inventory up 9% and sales down, unsurprisingly the difference from last ask to sale was greater than a year ago.



Cooperative Market Snapshot

 Co-op activity fell slightly more than condo activity in the month of February, with 20% fewer contracts than the year prior. Average price jumped a significant 26% and median sale price rose even more, up 33%. The increase in average and median sale price was largely caused by the sale of two units at 995 Fifth Avenue, asking a combined $29.75M. Additionally, 59% of units transacted above $1M this year, compared to 53% last year, helping further boost pricing metrics. A rise in the sale price per square foot occured across all bedroom types. Two and three bedroom units had the greatest pricing gains, as both registered a 31% increase annually. One bedroom units and studios had smaller gains, with one bedroom units seeing a rise mostly due to low pricing last year. Days on market rose 31% annually, but was relatively stable versus last month. Inventory experienced annual gains, expanding 21%, as over 500 more units were actively listed than the year prior. Difference from last ask to sale price grew annually, but was down from last month, to 1.9%.


Manhattan Total Listings

Inventory in Manhattan grew overall by 13%, the largest annual increase since December 2016. The most notable increase among the three product categories in co-ops which registered a 21% annual increase, the greatest annual increase since 2009. Townhouse inventory resumed the trend of declines seen as of late, posting a 5% drop in inventory, after two months of increases. Condo inventory also saw gains, up 9% annually, in line with recent gains seen in that product type.


Sales Made Above/Below Ask 

Though higher-priced units tend to see more prevalent discounting, the proportion of units sold over $3M with a discount has fallen annually, while units under that price range have seen greater prevalence in discounting. Surprisingly, the segment priced from $3MM to $5MM saw 67% of sales occur below ask, 8% less than a year ago. Similarly, 86% of units priced over $5MM sold below ask, two percent less than a year ago. One reason for this might be the overall drop in the proportion of units listed at higher price points, as 31% of units listed were priced above $3MM, down from 35% a year ago. Conversely, units priced under $1MM saw the largest gains in proportion sold with a discount, as 17% more units were sold below ask than a year ago. Furthermore, there was a 13% drop in units sold above ask, as just 17% units sold above that price, almost half the proportion of last year. Units priced between $1MM and $3MM saw smaller shifts in the same direction. Almost three quarters of units sold in February in that range were sold below ask, compared to 65% a year ago, as units sold above ask dropped from 14% to 9%.


Oct 16, 2017

Manhattan Monthly Market Report | September 2017

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Manhattan Monthly Market Snapshot

Market Wide Summary

Contract activity in September increased slightly year-over-year for condos, and stayed nearly level for co-ops, with three fewer sales than last year. Pricing metrics for condos and co-ops declined across the board in September, as median sale price for condos saw double-digit declines compared to last year. 

Price per square foot dropped for both condos and co-ops as well, with slightly greater drops amongst co-ops. Inventory also rose, with September seeing the highest inventory levels of any month over the last year for both condos and co-ops. 

Days on market increased over the past year as well, as condos saw units spend on average eight more days on market, whereas co-ops saw a more significant 12 day rise in time on market. Negotiability has become more prevalent over the last year, with both condos and co-ops seeing deeper discounts than a year ago


Condominium Market Snapshot

Condo sales rose for the first time since May, up 2% over last September, which was just eight more sales versus a year ago. Pricing dropped versus last September, however last year’s average and median sale price were both abnormally high. Median sale price dropped to its lowest point in the last twelve months, while average sale price was up over last month, and on par with average price over the last year. 

An unusually high number of one bedroom and studio sales contributed to the drop in pricing, as 49% of sales were either of these unit types, compared to 42% of sales last September and 38% last month. In addition to being the bulk of sales, studios and one bedroom units also saw declines in price per square foot, further contributing to the decline in pricing. Residences with three or more bedrooms also saw decreases in price per square foot, while two bedroom units were the only unit type to see a rise. 

Inventory reached its highest point in the last year, up six percent, as months of year-over-year drops in sales have led to more units on market. This, in turn, has led to an increase in days on market as the number of days before entering into contract was up 6% compared to last year. Discounts were more prevalent than any month in the past year, as average discount reached 4.3% off last ask, versus 2.4% last year.


Cooperative Market Snapshot

Co-op sales year-over-year held steady, declining by just 1%. Both average price and median price declined versus last year, with average price seeing an annual decrease of 18% while median price decreased 4% over the same period. 

Monthly changes in pricing were much different, with average price increasing over the last month, and median sale price falling just 3%. Interestingly, studios, one bedroom, and three bedroom units all saw increases in price per square foot, while two bedroom units saw a decrease of 21%. These shifts in pricing led to a year-over-year decline in price per square foot of 6%, but an increase in price per square foot of 20% compared to August. Days on market rose 14% compared to a year ago, but dropped as compared to August, and was seven days lower than this year’s high of 102 days on market. Similar to condo inventory, co-op inventory grew to its highest point in the past year, up 11% compared to last September. Negotiability saw a significant jump compared to a year ago, with average difference from last ask to sale growing to 2.2%, as an increase in inventory has led to increased negotiability amongst sellers

Manhattan Total Listings 

Inventory increased to 7,369 total listings, its highest level since June 2012, up 8% compared to last September. The growth in co-op inventory has outpaced the growth in condo inventory, leading to condos making up their lowest portion of total inventory since 2016, at 54% of total inventory. Townhouses saw their fifth consecutive month of annual decreases, at 402 listed townhouses on the market.


Days on Market by Price Point 

Market pressures such as high inventory and slowing sales contributed to more frequent negotiating and deeper discounts. By price point, negotiability varies, with units in all price-points except $1MM-$3MM experiencing an increase in the number of units sold below ask. Amongst units priced under $1MM, traditionally a price range that sells without much negotiation, 67% of units sold below ask, compared to less than half last year. 

The same proportion of units priced from $1MM-$3MM sold below ask, an improvement from last year’s 70%, with 22% selling at asking price. Most surprisingly, of units Corcoran sold over $3MM, none sold over ask, and all units priced over $5MM sold below ask. This compares to last year when 15% of units priced over $5MM sold either at ask or above.

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


Apr 17, 2017

Manhattan Monthly Market Report | March 2017

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Market Wide Summary 

With subtle improvements in pricing and sales activity, March marked a solid month for both the condo and co-op markets. While the month-to-month uptick in sales during the start of spring is typical of seasonality, sales were also up year-over-year.

Relative to last year, average price dipped marginally in the condo market while growing by a significant 20% in the coop market.

Median price and average price per square foot also saw year-over-year gains market wide, though listings spent more time on the market compared to March 2016. Co-op inventory held steady versus last year, while condo inventory grew 9%, a trend that has sustained since early 2016.


Condominium Market Snapshot 

March sales activity saw a year-over-year boost of 2%, though average price was down by the same amount. Both median price and average price per square foot remained about level with March 2016’s figures. Changes in average price per square foot by bedroom type were subtle, with three bedrooms being the only category to show a year-over-year decline, by 4%.

Listings spent more time on the market this year relative to last year, jumping to 119 days in March 2017 from 99 days in March 2016. Nearly 40% of listings spent over 100 days on the market this month, whereas the figure fell closer to 30% last March.

Negotiability was almost unchanged from last year, but discounts across the market were considerably smaller than last month. Inventory was up 9% compared to last year and 8% compared to last month.



Cooperative Market Snapshot 

Market dynamics for co-ops were largely positive this month, with sales activity and pricing metrics up across the board. Signed contracts rose by 1% versus last year, as average price grew by 19% over the same period. Median price was also up, by 16% year-over-year and 23% from last month.

Average price per square foot grew 4% market wide, with one bedrooms and three plus bedrooms seeing double-digit annual gains. Discounts were larger this year than last year, but remained level with February’s figure.

The only area where the co-op market lagged relative to last year was time spent on the market -- co-ops were on the market 22% longer than last year, and 18% longer than last month. For the first time in a year, inventory held steady versus last year rather than increasing.



Manhattan Total Listings 

Typical of seasonal norms, inventory grew this month. For the third consecutive month, inventory marketwide has risen versus the prior month. Inventory also saw modest annual growth of 5%. Condos made up over half of market share of total listings at 54%.

Townhouse inventory grew 7% annually, while co-op inventory remained unchanged year-over-year for the first time since early 2016. Condo inventory, on the other hand, increased year-over-year.



Negotiability Factor 

While there have been upward and downward shifts month-to-month, the overall trend since Spring 2016 has been increasing negotiability in favor of the buyer. In the condo market, overall negotiability was level with last year at -1.9%.

Co-ops saw greater discounts this March versus last at -1.3%. This month, 56% of sales marketwide were below ask, and the average discount this month was around 4% on deals negotiated. In the condo market, 64% of transactions were below ask, compared to 51% in the co-op market. Surprisingly, 20% of the deals sold for above ask, at an average of 4% over ask.


Mar 22, 2017

Manhattan Monthly Market Report | February 2017

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Market Wide Summary 

Contract activity increased market wide this past February, up by 7% compared to last year. The condo market saw notable year-over-year increases in all pricing metrics as the co-op market saw small decreases across the same metrics. Both markets, however, were marked by increases in the amount of time listings spent on the market, fueled by market wide inventory growth. Negotiability favoring the buyer was more pronounced in both markets, a trend that has persisted since early 2016 due to increasing buyer choice.

Condominium Market Snapshot 

While price metrics were promising this past February, condos spent significantly more time on the market than last year. Contract activity was down slightly compared to last year, though increased 11% from last month. Average price showed a significant increase this month, driven by a crop of sales at the top of market. In line with this rise in average price, the condo market saw annual gains in both median price and average price per square foot, by 15% and 10%, respectively.

One and three plus bedrooms each experienced 17% growth in average price per square foot as the metric for two bedrooms held steady. Average price per square foot for studios dropped 14% year-over-year as there were no sales over $2,000 psf. Continuing last month’s trend, year-over-year average days on market increased significantly - by 54%.

The past year has been marked by year-over-year inventory increases, and February was no different; inventory grew 6% versus last year. Discounts were pervasive, as difference from last ask to sale was -3.5% compared to -2.6% last year.



Cooperative Market Snapshot

 Co-op sales showed an uptick this past month, rising 17% from last February and a significant 35% from last month. Average price held steady, though average price per square foot dropped 5%. The greatest decrease this month was seen in the market for three bedrooms, while the greatest increase was in the studio market. Median price also dipped year-over-year, by 3%.

As in the condo market, average days on market for co-ops increased as inventory grew, both metrics were up by 5%. There was less negotiability this month than in January, but more negotiability versus last year as buyers continue to have more options in the co-op market.


Manhattan Total Listings

Typical of seasonality, February’s listings rose after a dip in inventory in the early months of winter. Total inventory was up 6% year-over-year, and condos continued to make up over half of all listings. There were 399 townhouses on the market this month, an annual increase of 6%. As seen in the condo and co-op markets, increasing inventory can have an impact on negotiability and days on market, as buyer have more options and feel less pressure to move quickly.


Ask vs. Sale Price Comparison 

Compared to last February, almost all price categories saw a decrease in sales above ask and an increase in sales below ask. The one notable exception is the market for listings under $1MM. Due to scarcity, listings in this market were sold above ask more frequently than in any other price category. At the other end of the spectrum, there were no listings sold above ask in the $5MM+ category, and almost 90% of transactions sold below ask. Negotiability in each price category is highly impacted by each price category’s amount of inventory relative to sales.


Mar 18, 2017

Brooklyn Market Report | February 2017

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Brooklyn Market Wide Summary 

February saw a double-digit increase in contract activity versus last year, with 26% more sales. Listed inventory increased mostly, up just 3% versus last February.

Median and average sale price experienced significant annual gains, with double-digit growth of 22% and 29%, respectively, marking the largest increase in pricing since March 2015.

All bedroom types except for studios experienced a 6% rise in pricing over the last year, fueling overall price per square up 10% year-over-year to $880 per square foot.

The trend of price discounts continued into February, with an average discount of 2.4% off asking price, and nearly half of sales below asking price.


Brooklyn Apartment Listings 

Total listed inventory in February rose 3% compared to last year, and was up 2% month-over-month. The annual inventory gain was solely due to condos, as co-op inventory actually declined 6%. Condo inventory was up 11% year-over-year.


Feb 21, 2017

Manhattan 2016 Year End Review

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Manhattan 2016 Year End Review

Overview

Manhattan residential real estate saw a mixed market in 2016. While closings were down 11% year-over-year, average price per square foot, average price, and median price all reached record highs for the second year in a row.

Average price per square foot in 2016 was up 12% year-over-year to $1,841, average price increased 12% to $2.045M, and median price increased 11% to $1.100M. Overall inventory continued to rise versus 2015, up by 16%.

Sales

Sales in 2016 were down 11% from 2015, and at 13,605 closings, fell to their lowest level since 2011. Record high prices, the undersupply of lower-priced inventory and the volatility of an election year contributed to this decline.

Inventory

Each residence type saw increases in inventory during 2016. Fourth Quarter 2016 co-op inventory was up 11% from Fourth Quarter 2015, but the 2015 figure was a record low. Listed condo inventory increased for the third consecutive quarter, up 22% year-over-year, the most of any Fourth Quarter since 2011. With over 4,200 units in new developments projected to launch in 2017, condo inventory is likely to continue to climb in the foreseeable future, but will still be well below the peak in 2009.

Prices

Market Wide median price, shown below, increased by 11% year-over-year. Average price per square foot rose 12% year-over-year to reach $1,841, a record high. Median prices have now increased every year for the past five years.


Statistics by Type

Resale co-op sales in 2016 were down by 15% from 2015, while resale condo sales were down 10%. New development closings were level with last year. The rise in new development pricing was due to closings in buildings at the top of the market, including 432 Park and The Greenwich Lane. Prices for each residence type rose year-over-year. Resale co-ops median price increased by 5%, resale condo median price by 2% and new development median price continued to reach record highs, rising 52% to $2.75M.



Feb 7, 2017

Purchasing a Home in a New Development

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In 2017 there will be many new residential developments including both ground-up construction and the conversion of existing structures such as a commercial building or rental property. 

21st Century Designed. Modern room proportions, high quality materials, and windows that maximize light and air add up to a home that complements your lifestyle. Many new homes are healthy homes with green features.

Green features make your life healthier, and energy efficiency benefits you and the environment. Brand new apartments are outfitted with top of the line materials, the most up to the minute technology, and all the little extras that make life easy. Move in and build a new community with your neighbors.

How to buy in a NYC New Development:

Easy to purchaseBenefit from a hassle-free purchase process with no board packages, interviews, and use your residence however you want—live, rent, or pied-à-terre.

Once an offer is accepted by the Sponsor, The Sponsor's attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser's attorney for review. 

Once both parties have signed the Purchase Agreement and the Sponsor receives a deposit, the residence is considered "in contract."


The Astor 

A sponsor can only send out one contract per unit at a time for a new devekopment deal.
This can be to your advantage to get a contract out on a property you may be interested in.
If you change your mind you can easily withdraw offer.

If you’re facing a river or a park you are most likely safe of nothing going up around the area you are purchasing. If you are worried about views and are willing to spend a little extra money you can get the proof at least for the near future because a view can not be protected or guaranteed without owning the air rights.

Contracts are not very transparent, buyers need to get the right attorney and mortgage broker involved, it is very important to get a mortgage person that can finance in a new building. Everything has to be quick. 

It is important to have an experienced buyer's broker represent you in New Developments. On-site sales agents represent the seller/sponsor/developer's interests.

New Developments | FAQ

WHAT IS CONSIDERED NEW RESIDENTIAL DEVELOPMENT?

In New York, this is a residential offering that is completely new to the market, and must be approved by state and local governments. It includes both ground-up construction and the conversion of an existing structure, such as an office building or rental property.
 WHAT IS A ‘SPONSOR’?
The legal entity that owns the new development being offered—considered “the seller.”

WHAT IS AN ‘OFFERING PLAN’?
A comprehensive disclosure document provided by the Sponsor and approved by the Office of the Attorney General of the State of New York (“Attorney General”) that describes the property’s offering.

WHAT IS AN ‘OFFERING PLAN AMENDMENT’?
A modification to the Offering Plan that is filed with and accepted by the Attorney General. Amendments are issued over time as material changes are made to the Offering Plan.

WHAT IS A ‘PURCHASE AGREEMENT’?
A legal agreement between a Purchaser and Sponsor detailing the conditions of the sale of property, including price and terms.

HOW IS AN OFFER MADE?
Offers are made in writing and submitted to the development’s onsite salesperson by the buyer or their real estate agent.

HOW DOES AN ACCEPTED OFFER GO INTO CONTRACT?
Once an offer is accepted by the Sponsor, the onsite salesperson requests contact information for the purchaser. The Sponsor’s attorney draws up the Purchase Agreement. The Purchase Agreement and Offering Plan are then sent to the purchaser’s attorney for review. Once both parties have signed the Purchase Agreement and the Sponsor receives a down payment, the residence is considered “in contract.”

HOW IS A DOWN PAYMENT MADE IN NEW DEVELOPMENT?
Typically, this is a percentage of the purchase price. Often, it is paid in the form of a certified check or wired into an escrow account set up by the Sponsor’s attorney.

WHAT IS THE DIFFERENCE BETWEEN COMMON CHARGES AND MAINTENANCE FEES?
Common Charges are monthly dues in condominiums, the most common form of new development. Maintenance Fees pertain to cooperatives.

FOR CONDOMINIUM BUYERS, WHAT ITEMS ARE COVERED BY MONTHLY COMMON CHARGES?
Common Charges are the monthly charges allocated to each residence and paid to the condominium in order to cover the pro-rata share of the condominium operating expenses. This does not include the unit owner’s real estate taxes which are billed separately to each owner. As the cost of operating the building changes over time, Common Charges are also subject to change.


Top 10 Reasons to buy in a new development

Click here to receive new development listings or call me at 347-921- HALL (2455) or email me to schedule showings.

Jan 6, 2017

Manhattan Market Report | Fourth Quarter 2016

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I am delighted to share with you our Q4 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q4 2016 (October 1st through December 31st).

Key Findings of the Fourth Quarter Report:

  • Prices remain high, but gain no ground. Overall, median prices were down versus the prior year and unchanged versus the prior quarter. The median price in Manhattan is $1.024 million (down 8% vs a year ago) and the median price per square foot is $1,324 (down 2% vs the same period). The Fourth Quarter marked the third straight quarter of price stagnation or retreat from the First Quarter 2016 peak.
  • Fewer sales. For a fourth straight quarter, the number of sales was off from the prior year. 15% fewer sales closed and 15% fewer contracts were signed in the Fourth Quarter of 2016 than one year prior.
  • More inventory and a slowing pace. This was the fifth consecutive quarter in which the number of properties available for sale was up. 5,865 units were for sale in the Fourth Quarter, 16% more than in 2015. At the current pace of sales that represents about five-and-a-half months of supply, a 31% increase from the prior year.

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


























 
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This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

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