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group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
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Each month AR runs numerous contests as a way for our members to engage in activities
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Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
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Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
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Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
New York City’s vacancy rate continued to fall in May, going below 1% for the first time in 2.5 years, (to .98% from ~3.5% in 2009). National vacancy rates however average ~7%, according the National Multi-Housing Council.
Economics could explain the shift:
What’s behind the uptick? Locally, the Manhattan economy seems to be recovering, evidenced by improvement in technology & healthcare hiring reported by the NYS Budget Office. The city’s unemployment rate fell to 9.8% from 10% in April, though many expect more financial sector job losses.
Manhattan renters not only face monthly rate increases, but many of the big landlords including Lefrak, Related Cos. & Rockrose are no longer picking up brokers’ fees, which can amount to ~1 month’s rent.
Resale prices could follow suit:
Average rents for 1 bedrooms (about 40% of the NY rental inventory) are in the $2,600-$3,100 range, and posting ~2%-3% monthly increases.
On the resale side, a recent Wall St. Journal article reported that median prices of Manhattan co-ops & condos rose 13%-14% in May, vs. spring season in 2009- recognized as one of the worst market bottoms in 15 years.
Bottom line: Is the uptick sustainable?
Here’s why we skeptics abound:
-average price gains didn’t occur for all apartments types;
- there’s still a glut of unsold condo units (“shadow inventory”) that still hasn’t been absorbed;
- we lack a broad-based employment recovery;
-the risk of a stronger dollar putting-off foreign buyers (caused byEuropean market instability) is higher than ever;
- interest rates are near historical lows but financing requirementshaven’t yet returned to rational levels, which could temper demand.
That said, the Manhattan market tends to tends to be the last major U.S. submarket to fall and the first to rebound after a recession. So we’ll be looking really closely at Q2 numbers to see if the trend is our friend!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.