Posts Tagged ‘2011’
Manhattan Rents Soar to Within $1 of Record Levels
A Manhattan View: Getting More Expensive
NEW YORK — As the economy improved and companies started to hire again, Manhattan rents soared 8.6 percent last year to bring them within $1 of record levels.
The average price for an apartment is now $3,309, representing a $263 increase from the previous year.
That figure was within striking distance of the record high of $3,310, set before the economy tanked in 2007.
Even at these prices, good luck even finding a place.
Vacancies are at 0.96 percent, down from 1.16 percent in 2010, according to the New York Post.
More desirable neighborhoods command an even greater premium. The Post writes:
It doesn’t matter which neighborhood you want to live in: Studio rents rose an average of $199 a month in Chelsea … to $2,332; they jumped $237 in Midtown East … to $2,014; and went up $144 on the Upper West Side … to $1,908, for example.
The latest figures continue a trend of rising rents and falling vacancy rates.
Even when looking at sales, New York has bucked the trend of declining home prices.
It’s a helluva town.
Thinking About Your Home Over the Holidays
Showing & Selling Your Home Over the Holidays: You Don't Need Santa's Help
NEW YORK — As hard as it is to believe, the holidays are almost upon us.
The stores are loaded with merchandise, catalogs fill our mailboxes, plans for travel and family commitments occupy much of our time. I don’t know about you, but while this is all going on I try to maintain my normal day-to-day routines and carry out business as usual.
In the residential real estate business there really is no “slow time.” We do deals 12 months out of the year. I have actually heard of apartments being sold on Christmas Day and New Year’s Eve.
If your home is currently on the market, or if you are thinking about getting ready to list it, here are some helpful tips to get you and your home through the holiday season.
I would like to take this opportunity to wish all of you a very happy, healthy and prosperous holiday season and New Year. And, as always, if you or someone you know is thinking about buying, selling or renting an apartment in New York, please let me know.
New York Bucks U.S. Housing Trend
NYC Apartment Agent: New York Bucks U.S. Housing Trend
NEW YORK — A new report this week found that home sale prices nationwide dropped for the second month in a row and were down from last year.
“Even with low interest rates, demand for houses remains muted. Home sales are down in September and the inventory of homes for sale remains elevated,” said Mark Fleming, chief economist for CoreLogic.
But not in New York.
For single-family homes in the area, which include New York City, White Plains, N.Y., and Wayne, N.J., prices actually rose 2.9 percent. Taking into account the sale of distressed sales, prices were still up 2.2 percent.
Those might not seem like great gains, but in light of negative growth, the New York market shows it is well-positioned to capitalize on a strengthening economy.
Also, the report supports the trend of serious New York buyers remaining undeterred in forging ahead, especially as interest rates are low and still feeling downward pressure.
The full report is available for download from research firm CoreLogic.
- Housing prices rise in NYC area even as they fall nationwide.
Economic Outlook Emboldens NYC Buyers
NYC Apartment Agent: Economic Outlook Emboldens NYC Buyers
While September was characterized by fear over the economic fluctuations, brokers said, buyers in the last few weeks have started to make decisions faster (although foreign buyers reeling from the debt crisis continue to wait on the sidelines). Brokers also noted that lowball offers gained little traction and bidding wars started anew at some properties. — “Volatile, shmolatile: Serious buyers not deterred by market’s ups and downs,” The Real Deal, Nov. 1, 2011
NEW YORK — First of all, many of us are still dealing with the remains of the Nor’easter that hit the East Coast this Halloween weekend, and I wish you all the best and hope you are warm and safe.
As we all know, the real estate market is a moving target reacting to the perception that buyers and sellers have of the economy. When the evening news talks about the S&P downgrade and the jobless reports shows little growth, there is a sense on the street that now is not the time to buy. When sales get slow, rentals get busy.
So, in August and September, this negative news meant that the rental market sizzled.
Since then, the news from Wall Street has been positive, the markets are up, October was a strong month for stocks, interest rates are still at historic lows and the perception on the street is that now is a good time to buy.
For us at Bond New York, October was a strong month for our sales division, and we remain highly optimistic of continued growth in November.
Below is an interesting article speaking more about the perception of buyers and sellers. I hope you enjoy it as much as I did.
And, as always, if you or anyone you know is thinking about buying, selling or renting property in New York, please let me know.
Manhattan Vacancy Rate At Five-Year Low
NYC Apartment Agent: Manhattan Rents Climb, Vacancies Drop
NEW YORK — If you think rental apartments are becoming scarce and more expensive, you’re right.
Nationwide, apartment vacancies dropped to a 5-year low last quarter to 5.6 percent, according to research firm Reis.
In Manhattan, it’s less than 1 percent.
Research also showed a corresponding rise in effective rents, or what tenants pay after landlord concessions are included, year over year in 81 out of the 82 metropolitan areas.
Bloomberg reported: “San Jose, California, led with 5.5 percent growth in effective rents from a year earlier, followed by San Francisco at 4.5 percent and New York at 3.7 percent, Reis said. Only Las Vegas experienced a decline in rents.”
Of course, that figure represents all five boroughs: Manhattan, Brooklyn, Queens, Staten Island and the Bronx.
In May, Manhattan saw rent increases of 9 percent for studios, 10 percent for one-bedrooms and 11 percent for two-bedroom apartments. July’s year-over-year increases were similar.
Forecasts of record-high rents earlier this year have largely been realized.
“There’s also concern more consumers will take on roommates to cut costs, something last seen following the financial crisis. Should that increase the vacancy rate, landlords could be forced to bring back profit-eroding freebies such as a month or two of free rent,” wrote The Wall Street Journal.
Those “freebies” include no-fee apartments, which means the landlord pays the 15 percent broker’s fee.
Such concessions are becoming increasingly rare since apartment vacancy rates hit a 22-year high — back in July 2009.
Dates Set For Open House New York
NYC Apartment Agent: The view from a Greenwich Village penthouse
NEW YORK — Are you jonesing for a look into some of the city’s most unique, usually inaccessible spaces? If so, mark your calendars for the Open House New York weekend.
The annual event, which provides a look at architecture and design throughout the five boroughs, has been scheduled for Oct. 15 and 16. (A similar, favorite event of mine was the Clinton Hill House Tour in Brooklyn earlier this year.)
Formerly free, OHNY will now institute $5 fees for events that require advance registration, Gothamist reported Tuesday. The popular New York blog also features photo highlights from past events.
The organization describes its programs as “built on the foundation that urban development and the built-environment have a tremendous impact on society and our daily lives. OHNY’s six core programs address New York City’s architecture and design and showcase access to spaces typically removed from the public realm. “
The full list of programs will be announced Oct. 5.
Stay tuned.
To List or Not To List?
A view of Washington Square Park from above.
While interest rates are still close to historic lows … they are likely to rise in the coming year as the economy improves — a point many in real estate have stressed in the last few years. — “To List or Not to List: Brokers weigh in on putting new properties up for sale in the summer,” The Real Deal, Aug. 1, 2011.
NEW YORK — Ask 10 brokers if the summer is a good time to list your property and you will get 10 different opinions.
Some feel the summer slows down as many potential buyers and sellers are on vacation. Others feel that with a reduced number of listings on the market, there is less competition and therefore more activity.
It’s an interesting debate and one that really has no correct answer. My personal opinion has always been that there is never a bad time to list a property. This is especially true in Manhattan where the market seems to be less cyclical.
Sales occur 12 months a year and factors such as weather, holidays and vacations tend to be of less importance when it comes to the New York market.
If you or someone you know has been considering putting their home up for sale but are concerned about listing it at just the right time, give me a call. I would be happy to address your concerns and answer any questions you may have about the current market value of your home.
In the meantime please enjoy the article below which continues this discussion in greater detail.
“To List or Not to List: Brokers weigh in on putting new properties up for sale in the summer.”
Summer, New York Style
Summer, New York Style
New Yorkers abound with creativity when it comes to enjoying summer.
Of course, there’s always the Hamptons. But closer to home, there are a variety of ways to soak up sun — and sometimes surf — even without a rooftop cabana.
As a native New Yorker, I am always amazed — yet never surprised — by the city and its denizens. Most recently, I learned of the Timeshare Backyard on the Lower East Side.
Gothamist writes: ”The organizers tell us the yard is $50/hour, and renters can bring up to 30 friends — but add ons can get pricey, with a Slip ‘n’ Slide costing $100, a kiddie pool $200, a grill with all the works for 10 people is an extra $150, and a live band starting at $5,000!”
For those looking for something a little beachy, there is also Coney Island and the newly hip Rockaways, pictured above and at Gothamist, brought to you by the Ramones and home of the donation-based Boggsville Boatel.
Manhattan Rents Rise As Vacancy Rate Drops
NYC Apartment Agent: Manhattan Rents Rise As Vacancy Rate Drops
NEW YORK — Manhattan rents, as predicted, have experienced a 10 percent increase from a year ago — with inventory tightening, as well.
One-bedroom apartments averaged $2,672 and two-bedroom units were $3,757 per month, according to The Real Deal. Those dollar figures represent a rise of 9.2 percent and 10.8 percent, respectively compared to the second quarter of last year. The article also finds:
The most expensive area was the West Village where one-bedroom rents reached $3,457, followed by Soho and Tribeca where one-bedrooms netted $3,454 on average. The least expensive areas were Upper Manhattan and the Upper East Side, where rents averaged $2,621 for a one-bedroom apartment.
Meanwhile, the borough’s vacancy rate was 0.72 percent for the quarter, the lowest rate since the firm began tracking the statistic in 2002. Last quarter’s vacancy rate was 1.08 percent, and the rate stood at 0.97 during the same period a year ago.
Earlier forecasts of rising rents in New York and across the United States hinged on increased hiring.
Rebirth of the Cabana, New York Style
NYC Apartment Agent: Summer in the City
New Yorkers are not just shopping for apartments this summer. They’re also increasingly buying their own private pads on the roofs of their buildings. — “Cabana craze: Sales of rooftop space on the rise as economy improves, weather warms,” The Real Deal, July 1, 2011.
NEW YORK — As you can tell by the near-record temperatures on the subway platforms, summer has arrived.
Many of you are fortunate enough to be able to escape the city on the weekends. When I hear the word “cabana,” my mind is instantly transformed to the beach. I think of that classic movie “The Flamingo Kid,” I picture the waves and the card games, the men with way too much jewelry, the women wearing bathing suits that are way too small and children running around and playing everywhere you look. Often these cabanas were shared by two or three families so as to offset the cost of approximately $10,000 for the summer.
No surprise: In typical Manhattan fashion, the cabana has been reborn.
Luxury, high-rise condominiums all over the city are now selling cabanas on the roof of their buildings. These small oases in the sky over Manhattan often come with running water, gas and barbecues … everything you need to enjoy the summer without ever leaving the city.
One small detail, however: Cabana prices begin at $50,000 and can be as much as $200,000.
No, that was not a typo.
Below is a fun article that goes into a bit more detail. I hope you enjoy it as much as I did. And, as always, if you or someone you know is thinking about buying, selling or renting property in the city, please let me know.
“Cabana craze: Sales of rooftop space on the rise as economy improves, weather warms.”
