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Posts Tagged ‘2011

Manhattan Rents Soar to Within $1 of Record Levels

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A Manhattan View: Getting More Expensive

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.



Written by Bruno

2012.01.14 at 10:16

Thinking About Your Home Over the Holidays

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Showing & Selling 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

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NYC Apartment Agent: 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

Housing prices rise in NYC area even as they fall nationwide.

Economic Outlook Emboldens NYC Buyers

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NYC Apartment Agent: 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

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NYC Apartment Agent: Manhattan Rents Climb, Vacancies Drop

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

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NYC Apartment Agent: The view from a Greenwich Village penthouse

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.

Written by Bruno

2011.09.28 at 09:07

To List or Not To List?

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A view of Washington Square Park from above.

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.”

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