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Wordless Wednesday | Location. Location. Location.

By Mitchell J Hall

Real Estate Agent

April 23, 2013 10:22 PM

Buyers are buying. Sellers are selling. Landlord/owners are leasing. Renters are renting. I need inventory to sell and to rent.

March proved to be a strong month for condo and coop contract activity. Condo sales increased 16% compared to March 2012 despite a 26% decline in inventory. Average sale price for condos was also up 18% compared to last year.

The co-op market also had a strong month with an 11% gain in average price over last year. Co-op contract activity increased 10% compared to last month, and 4% compared to last year despite a 28% year-over-year drop in inventory

Broadway between 81st & 82nd Street

2013 so far is having a very strong Spring selling season

Corcoran Westside Gallery -2253 Broadway

For Manhattan property owners thinking of selling, there has never been a better more advantageous time since before the financial collapse of 2008.

Give me a call. Email me. Stop by my office. I'll customize a marketing plan. Start packing.

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Mitchell J Hall

Manhattan, NY

Lic Associate RE Broker - Manhattan & Brooklyn

Hi Gabrielle, There is such little inventory every property whether for sale or rent is in play.

Fernando, Thanks, This marke is filled with agnst. So many bidding wars.

Lenn, All of those reasons except perhaps low prices but I suppose "low prices" is relative. The low interest rates make prices less important than being able to afford the real estate with low monthly payments.

Jill. I know, I need listings.

Roger, Once a New Yorker always a New Yorker. You can take the boy man out of the city...but you can't take the city out of the boy man,-)

Apr 23, 2013 11:23 PM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Mitchell, your posts always make me homesick for New York. Like Roger, I grew up in the midwest, but I really grew up in New York.

Apr 23, 2013 11:35 PM

Ed Silva, 203-206-0754

Mapleridge Realty, CT 203-206-0754 - Waterbury, CT

Central CT Real Estate Broker Serving all equally

Mitchell, it is showing signs of improvement, and long pent up frustrations are starting to melt and the buyers are out

Apr 23, 2013 11:45 PM

Mitchell J Hall

Manhattan, NY

Lic Associate RE Broker - Manhattan & Brooklyn

Pat, I know you're not in Kansas anymore,-) Hope you had a great Birthday.

Hi Ed, Pent up frustrations have turned into pent up demand.

Apr 23, 2013 11:55 PM

Richie Alan Naggar

people first...then business Ran Right Realty - Riverside, CA

agent & author

Lenn brings up a good point...An interest rate that stays below 4% is going drive purchases....Unheard rates that allow large sums to be affordable....When I was entering into Real Estate, that magic number was 6%....

Apr 24, 2013 12:06 AM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Mitchell

It's certainly a different market than at this time last year. The message seems to be much the same in many places around the country. It's always encouraging to hear good news - let's hope it continues.

Jeff

Apr 24, 2013 12:16 AM

Jeanne Gregory

RE/MAX Southwest - Sugar Land, TX

The most important home I sell is YOURS!

In 25 years, I have NEVER seen a market like this. Multiple offers on properties that wouldn't have sold AT ALL two years ago. Houston is booming!

Apr 24, 2013 12:33 AM

Mike Yeo

3:16 team REALTY - Frisco, TX

It has been a crazy market here in Texas too. It's crazy good though

Apr 24, 2013 02:29 AM

Kerrie La Guardia

ActiveRain, Community Manager - Kirkland, WA

Let it Rain!

Next time I am in NY I am stopping by your office. And if I could live in Manhattan I'd want to be just like you!

Apr 24, 2013 02:31 AM

Maria Morton

Platinum Realty - Kansas City, MO

Kansas City Real Estate 816-560-3758

Mitchell, it is a good time in real estate for both buyers and sellers what with the low interest rates and still reasonable prices. Who wouldn't love to own a condo or co-op in Manhattan?

Apr 24, 2013 02:45 AM

Mitchell J Hall

Manhattan, NY

Lic Associate RE Broker - Manhattan & Brooklyn

Richie, It is not the price but the affordability factor. I bought in 1989 when interest rate was 9.25% (Good thing I took an ARM that went down over time) but at today's rate I could have bought a home priced 3x the price I paid.

Jeff, Lets hope it continues around the country. It should continue here at least until the 4th of July. Then everyone is pre-occupied with their vacations and weekends at the beach or country.

Jeanne, It reminds me of 2005. Everything was selling. Plenty bidding wars. Everything is selling now but I think there was more inventory back then.

Mike, Yes crazy good. Good for sellers and for buyers that act swift and are aggressive.

Kerrie, You better! I will take you to lunch or dinner some place really fun in the hood. Flattery will get you everywhere,-)

Apr 24, 2013 02:59 AM

Maureen Bray Portland OR Home Stager ~ Room Solutions Staging

Room Solutions Staging, Portland OR - Portland, OR

"Staging Consultations that Sell Portland Homes"

Mitchell ~ talk about LOCATION -- your office certainly has a great one! Continued success to you for a banner year.

Apr 24, 2013 03:20 AM

Bryan Robertson

Los Altos, CA

I really like the look of that office location. It's very much what I envision some of my offices looking like (if we can find the space).

Apr 24, 2013 05:27 AM

Roger D. Mucci

Shaken...with a Twist 216.633.2092 - Euclid, OH

Lets shake things up at your home today!

So true Mitchell.............glad to see this with a Gold Star on it too.

Apr 24, 2013 05:50 AM

Hannah Williams

HomeStarr Realty - Philadelphia, PA

Expertise NE Philadelphia & Bucks 215-820-3376

Mitchell Great Post and I agree with you ..although I have noticed a slight slow down in sales

Apr 24, 2013 06:53 AM

Carla Muss-Jacobs, RETIRED

RETIRED / State License is Inactive - Portland, OR

It's the same here, Michael . . . low inventory. Wish we had more. I did a search for a client and I would normally send 40 listings, now after weeding through the ones that weren't suitable, 7.

Apr 24, 2013 01:01 PM

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

Mitchell, this is one of the best times for 'selling' - and hope it does not duplicate 2005 in a short period only!

(And was New York market ever down as much as other part of the country? I don't think so.)

Apr 24, 2013 01:24 PM

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

I'm not sure in NYC ever will have a down real estate season. If it should, we're probably all in trouble.

Apr 24, 2013 09:53 PM

Mitchell J Hall

Manhattan, NY

Lic Associate RE Broker - Manhattan & Brooklyn

Maria, Thanks it really is a great time to buy and sell.

Maureen, Thank you. Not only is my office in a great location, I live only blocks away,-) Hope you have a great year too.

Bryan, I hope you find a great office. I love a storefront office on a busy shopping street.

Carla, it is not easy finding properties for buyers.

Paraful, I think becauase the financial secrtor is in NY we're last to decline and first to rebound during national recessions. We were never down as much as other parts of country because we never had the mortgage meltdown and foreclosure problem. It wasn't a slow decline here either but when Lehman Bros. went under we were hit hard almost overnight prices declined 20%

Gene, Thanks, Real estate goes in cycles but over the long haul there is no better investment than Manhattan real estate.

LOL, David, Good to see you. An agent in my office sold a hoarder's apartment. No de-cluttering or staging needed.

Apr 26, 2013 09:11 AM

Christine Donovan

Donovan Blatt Realty - Costa Mesa, CA

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Mitchell - Like NYC, there is so little inventory here in the OC as location is so important.

May 04, 2013 01:45 PM