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Is New York Becoming a ‘Gated Suburb’?

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The Manhattan skyline as seen from Long Island City. (Photo by Bruno J. Navarro)

NEW YORK — The Big Apple is in danger of turning into a “gated suburb” by increasing gentrification and the loss of economic diversity among its inhabitants, University of Toronto professor Richard Florida said recently.

I look at New York City today — with warts and all, it does look more like a suburb. If you look at what people are living in on the Upper East Side, in these new towers, 3,500 square feet for a family of two, a parking spot in the garage or next to your unit … This morphing of what we used to think of as urban lifestyle and suburban lifestyle is really intriguing.

During an Oct. 13 panel at the New York University Schack Institute of Real Estate, Florida said that the same forces were at work in other popular cities, such as London, Los Angeles and San Francisco, Quartz reports..

Massachusetts Institute of Technology once called Florida the world’s most influential thinker. So there’s that.

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Written by Bruno

2016.10.14 at 10:28

Posted in New York, real estate

Tagged with ,

New York’s ‘Insane’ Real Estate Market

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View of Manhattan's skyline from the 7 train. (Photo by Bruno J. Navarro.)

Activity in New York’s real estate market has increased since the first quarter of 2012. (Photo by Bruno J. Navarro.)

NEW YORK — The real estate market in Manhattan, as well as in Brooklyn, is now firing on all cylinders and nearing pre-recession levels, according to a couple of recent reports.

“It’s really remarkable because January and February was just really crazy,” Streeteasy Vice President of Research  Sofia Song told New York Magazine’s S. Jhoanna Robledo. “That’s insane. This is the highest number of contracts in the first quarter and the second highest of any quarter since the meltdown of 2008.”

Properties that went into contract in the first quarter of 2013 jumped by 15 percent compared to the same period last year, according to Streeteasy.

Song called 2013 the “Year of the Frustrated Buyer.”

Anyone who has attended an open house in Manhattan, Brooklyn and parts of Queens would likely agree.

Also gone are the days of the low-ball offer.

One real estate agent told The Real Deal that bidding also had gotten “absolutely insane,” with three buyers making offers within the same open house.

A fellow agent at my firm, Bill Bone of BOND New York, was also quoted saying that his buyer lost out on a Williamsburg condo. “We had to compete with 45 other offers.”

(That’s why it pays, more than ever, for buyers to use an experienced real estate agent.)

Meanwhile, the median price of a Manhattan apartment rose 5.9 percent from the first quarter of 2012 to $820,555. The average price rose to $1.354 million, according to real estate appraisal firm Miller Samuel.

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‘A Great Time to Buy,’ Real Estate Mogul Corcoran Says

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Real estate mogul Barbara Corcoran says it's 'a great time to buy.'

Real estate mogul Barbara Corcoran says it’s ‘a great time to buy.’

NEW YORK — It’s so thrilling to hear an expert back up what you’ve been saying all along. In this case, it’s real estate mogul and reality TV star Barbara Corcoran weighing it on why it’s a great time to buy.

Appreciation in property values, she said Wednesday on CNBC, would be stronger than the numbers are suggesting.

“It’s going to go much higher than people anticipate,” she said.

Sure enough, the Case-Shiller home-price index has shown consistent growth over the past several months and an increase of 3 percent from last year — and that’s in a soft economy.

The Case-Shiller index is backward-looking, data-heavy and conservative gauge of what home prices have already done, so it’s not subject prone to wild speculation.

With mortgage rates this week around 3.4 percent for a 30-year loan and 2.84 percent for a 15-year, Corcoran is the latest expert to suggest buying real estate, joining the likes of billionaire investor Warren Buffett and Billy Procida, Donald Trump’s original apprentice.

In her interview, Corcoran was asked whether prospective buyers who are able to borrow should borrow as much as they can. She agreed.

“You have 30 percent reduction in sale price. You have cheap money around,” she said, adding that in nine out of 10 real estate markets, buyers are likely to be outbid on a housing purchase at least once.

Corcoran, who built a $5 billion New York real estate business with $1,000 and now stars in ABC’s “Shark Tank,” also said that homeowners looking to upgrade should take notice.

“Right now, if you’re upgrading to a bigger house, even if you’re selling at 10 percent off, you buy your new house at a 10 percent off,” she said.

Addressing the popularity of multi-family housing, Corcoran said buyers would do well to look at another segment of the market.

“I would first go out and buy a beachfront property,” she said. “Go out and buy a second home. It’s the last piece of the real estate market that has yet to hit bottom.”

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NYC Real Estate ‘Can’t Get Cheaper,’ Former Trump VP Says

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Owning a Home Regains Appeal (Photo by Bruno J. Navarro)

Owning a Home Regains Appeal (Photo by Bruno J. Navarro)

NEW YORK — Buying a home within 100 miles of the metropolitan New York area stands to be a strong investment that “can’t get cheaper,” a former apprentice of Donald Trump and real estate mogul Billy Procida said this week on CNBC.

“At the end of the day, all of the country’s wealth was made through homeownership. Now, of course, we have fallen as far as you can fall. It can’t get cheaper because we’re way below replacement costs,” he said in a televised interview. (Watch: Billy Procida Says Owning a Home Regains Appeal.)

Founder of Procida Advisors and Procida Funding, Procida has been called Trump’s “original apprentice” due to his 10-year letter-writing campaign for a job with the famous developer and reality-television star. He worked his way from an unpaid position to vice president with the Trump organization.

Procida had advice for those thinking about buying real estate.

“If I’m talking to a consumer, a first-time homebuyer, a couple looking to move, I say if you have 5 percent or 10 percent of the value of the home you’re looking to buy, you should be buying because you’re going to look back 10 years from now and go, ‘Thank god I did.’ When liquidity returns to the market you will see things shoot up, and that will happen in two or three years,” he said.

The developer and mogul also urged staying within one’s means when buying.

“Would I be trying to reach today? No,” he said. “Would I be going out to middle of nowhere to buy? No. If you are buying a house because it is near where you work and you are going to stay there for a while, there is nothing like homeownership to build wealth. That’s a fact.”

For those who don’t have a down payment, Procida advised renting something cheap to build up savings. “Too many young people, I see, graduating from college go for their lungs and get no savings and they will never be able to buy anything. If you can get the deposit, interest rates are at all-time lows.”

This week, the average rate for a 30-year mortgage rate was 3.59 percent, just slightly above its all-time low.

Based in the New York metropolitan area, Procida also said he had a new investment vehicle: “Our new fund is called the 100-Mile Fund because I want to be investing 100 miles from right here because there’s no more land. Everything’s built out.”

For the big picture, Procida struck an optimistic note.

“The good news about America and our banks is sooner or later they will flood the market with liquidity and things will go crazy again, and you will go, ‘You know what? I’m not going to refinance this time and take everything out of my house and go on vacation.’ That’s where everybody got in trouble. It wasn’t that the house is not a wealth creator. It is,” he said. “They have nowhere to go in my opinion but up from here.”

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It Takes Know-How to Win a Bidding War

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It Takes Know-How to Win a Bidding War

It Takes Know-How to Win a Bidding War

NEW YORK — The 2012 Olympics are in full swing in London and the frenzied pitch of the New York City market brings to mind its competitive spirit (not including badminton).

Buyers are feeling a sense of urgency as multiple bids and bidding wars are becoming increasingly common. Inventory is dwindling as the number of reported transactions soar.

Although mortgage rates remain at historic lows, home prices are beginning to rise.

In a heated market such as we currently find ourselves in, the slightest error can mean the difference between gold and going home. Using an experienced sales agent is more important than ever, and having all your paperwork in order may help catapult you to the top of the buyer’s line when putting in an offer.

There is no instant replay, do-over, or second chances when it comes to negotiating for that perfect home. Be smart and make sure you have the best representation there is.

A true Olympian never stops training for the gold and seasoned real estate professionals never stop perfecting their negotiating skills. The link below will give you a list of negotiating errors that buyers and their inexperienced brokers make.

Don’t let this happen to you.

When you are ready to buy or sell a property in the New York area, reach out to me and we can win gold together.

BrickUnderground: Top negotiating mistakes of buyers, and their brokers

Brooklyn Brownstones Drawing More Buyers

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Park Slope Brownstones (Photo by Bruno J. Navarro)

Park Slope Brownstones (Photo by Bruno J. Navarro)

NEW YORK — Along with the overall return of the real estate market throughout the New York metropolitan area, brownstones in Brooklyn have had a particularly strong recovery as buyers put an ever-increasing premium on square footage.

“It is amazing,” says one real estate broker quoted in the New York Times story, titled “Brooklyn’s Gold Rush.”

“It is a level of activity I have not seen since 2006-2007,” she adds. “There are so many people looking for brownstone buildings, and there is just no supply.”

Many brownstones are being purchased to be used as single-family residences, as well as multi-family homes, which have been on the rise in recent months.

The top Brooklyn neighborhoods, according to the article, were:

  • Boerum Hill, with a median price of $1.7 million, up 60 percent from last year.
  • Park Slope, with a median price at $1.45 million, almost 20 percent higher.
  • Red Hook, with a median price of $825,000, up 73 percent, although only a few properties were for sale.

As always, if you’re looking to buy, sell or rent a home in New York, especially in ManhattanBrooklyn or Queens, please let me know.

Bidding Wars Make a Comeback

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Bidding Wars Make a Comeback (Photo by Bruno J. Navarro)

Bidding Wars Make a Comeback (Photo by Bruno J. Navarro)

NEW YORK — Signs of a rebound in the real estate market were plentiful this week, but another element spoke volumes about how real it was: The return of the bidding war.

It was this detail in a Time magazine story, titled “Why This May Be the Ideal Time to Buy Real Estate,” that led me to reblog it almost immediately after reading it.

The blog entry covered much of the same ground I addressed in recent posts.

“If you were thinking about making a move on a piece of property, right now is possibly the best time. You can still take advantage of low prices in most places around the country, and mortgage rates are at once-in-a-lifetime record lows: 30- and 15-year fixed mortgages are around 4% and 3%, respectively,” wrote Martha C. White.

What caught my attention, however, is to see reporting on something that has been happening with increasing regularity.

“Many would-be homebuyers are surprised to find that one fixture of the bubble era is back: the bidding war,” according to White.

In Manhattan, Brooklyn and Queens, my colleagues and I have been seeing this often enough in condo and co-op sales — so much so that it isn’t surprising anymore.

Sales of investment properties and vacation homes have also been on the rise, which correspond to more affordable mortgage rates and a sense of confidence in the economy.

“For Americans who either have cash to buy or a credit score good enough to obtain a mortgage, there’s still time to get a killer deal on real estate, but that window may be closing,” the article concludes. “If your finances can support it, now appears to be a great time to buy.”

As always, if you’re looking to buy, sell or rent a home in New York, please let me know.

Written by Bruno

2012.05.23 at 23:35

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