Posts Tagged ‘employment’
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.
Even when looking at sales, New York has bucked the trend of declining home prices.
It’s a helluva town.
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.
Rents are rising across the United States, the result of a strengthening employment market, USA Today reported.
The top two gainers for the first quarter of 2011 are: San Jose, with rents increasing 4.6 percent there, and New York, up 4.4 percent for the year. Both cities outpace the national average of nearly 2 percent from the same period last year.
The news comes on the heels of a study predicting that New York rents will rise 5.7 percent to $3,790 per month in 2011.