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Posts Tagged ‘The Real Deal

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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Brooklyn Rents Follow Manhattan’s Upward Trend

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Brooklyn rents on the rise. (Photo by Bruno J. Navarro)

Brooklyn rents on the rise.

NEW YORK — Mirroring the trend of rising rents in Manhattan, Brooklyn apartments have also been getting more expensive.

There are two areas in which rents have actually declined, on average: Studio apartments and flats in Cobble Hill.

The Real Deal writes: “The average rent for a Brooklyn studio was $1,686 last month, one-bedrooms’ monthly cost averaged $2,294 and two-bedroom prices settled at $2,950, according to the report. Dumbo remained the priciest neighborhood for all unit sizes, charging price premiums of nearly $1,000 for studios and more than $2,000 above the borough’s average for two-bedrooms. The least expensive neighborhood was Bay Ridge.”

(via Brooklyn Rents | February 2012 | Studio Prices Decline.)

Written by Bruno

2012.03.15 at 16:37

NYC Condo Buyers’ Wish Lists Shifting

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A bird's-eye view of Manhattan. - Photo by Bruno J. Navarro

A bird's-eye view of Manhattan.

During the flush times of the mid-2000s, new condo buyers sought out brand-name, high-end appliances, along with jaw-dropping amenities and niche details. Now, they are much more intent on making sure fixtures actually work the way they’re supposed to. And because today’s buyers are more educated than ever, they can easily spot the difference between flash and substance. — “Pickier purchasers: Today’s condo amenities are less sexy, more functional,” The Real Deal, March 1, 2012.

NEW YORK — You have often heard me speak about how the real estate market, like so many other financial markets, is cyclical. Recently we have learned that the amenities apartment buyers look for while searching for a new home are also cyclical.

It wasn’t so long ago that buyers had an all-that-glitters-is-gold mentality. Brand-name appliances, everything automated and computerized, and no matter what your friends bought, you needed to have better. Wall Street was booming and it seemed as though new millionaires were being created daily.

Well, things change.

Life is cyclical, and today’s buyers are looking for more functionality and less fanciness, more simplicity and less glitz. As a result, developers have taken on a different mindset: New is good, but make it simple, functional and durable.

The article below goes into more depth about buyers’ changing desires of buyers. 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 New York, please let me know.

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Is This the Best NYC Apartment Deal?

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Is This the Best NYC Apartment Deal? (Photo by Bruno J. Navarro)

Once a low-cost neighborhood, the East Village now commands high rents. (Photo by Bruno J. Navarro)

With 11-foot ceilings, exposed brick walls, piles of hardcover books and views of chimneys and water towers, Arnold Warwick’s apartment is a 1,200-square-foot monument to the Greenwich Village of our fantasies. — “A Piece of the Manhattan Dream, Only $331.76 a Month,” The New York Times, January 23, 2012.

NEW YORK — Like finding a needle in a haystack, a cheap apartment in Manhattan is a rarity most people marvel over the way they would a winning lottery jackpot. But there are a few of ways to find one.

If you’re willing to live in a 90-square-foot apartment, New York living can be yours relatively on the cheap.  It comes with some trade-offs, though, like not having a kitchen and sleeping in a lofted bed.

The other way is to have lucked into a rent-controlled apartment, as did the subject of a New York Times article.

A confluence of factors, not the least of which were a charitable landlord and good timing, means that at least one apartment in a hot neighborhood cost its tenant just $331.76 per month for a 4-bedroom apartment.

Having approached a record high in January, Manhattan rents continued their upward trend in February, making the average price of an apartment $3,376, or just 1 percent off its historic peak.

The bright side? It would be more expensive to live in Hong Kong, Tokyo or Moscow.

Everyone wants a great apartment deal, but it is getting increasingly difficult to find without an experienced real estate agent.

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Benefits of an Experienced Real Estate Agent

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Benefits of an Experienced Real Estate Agent

Benefits of an Experienced Real Estate Agent

“I’ve definitely been seeing a more mature group entering the business,” said Michael Signet, executive director of sales for Bond New York. “It’s been a boon for us. Older brokers come with a work ethic that you don’t get from 20-year-olds.” — “Brokers get grayer: NYC firms see unexpected benefits from older agent pool,” The Real Deal,  Dec. 28, 2011

NEW YORK — The real estate industry is a business of trends and cycles.

We actually spend very little time in a “buyer’s market” or a “seller’s market,” most of the time we are on our way from one to the other. Mortgage interest rates are also cyclical bouncing around based on the perceptions of how Wall Street is fending.

One trend that has gone mostly unnoticed until now is that the average age of a real estate broker in New York is getting older. Due in large part to corporations having to downsize during the economic meltdown, there are a large number of new sales agents entering the real estate business bringing with them many years of experience and a strong work ethic learned in Corporate America.

The article below discusses this phenomenon in further 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 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.

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