co ops: Eight out of 10 Manhattan homes bought all with cash
- 05/16/14 12:34 AM
In Manhattan real estate, cash is king. While about four out of every 10 homes sold in the U.S. in the first quarter were paid for entirely in cash, Manhattan’s rate is much higher. In fact, eight out of 10 homes in the borough were bought with cash during the last three quarters, according to RealtyTrac. Darren Blomquist, vice president at RealtyTrac, told the Washington Post that the high rate of cash transactions might be fueled by foreign investors who are buying property in New York. Chinese buyers, especially, are increasingly active in the market. Tight credit, along with a low supply … (0 comments)
co ops: Manhattan rental market flat
- 02/24/10 01:13 AM
The Manhattan rental market showed little movement this past month, according to the Real Estate Group NY's mid-month February 2010 report, with rents climbing just .19 percent since last month (see the full report below). While the rate of vacancies continued to decrease, particularly among doorman units, which saw inventory drop 9.65 percent month-over-month, the report describes the market as sluggish. "Downward seasonal pressure combined with positive market trends to hold rents flat this month," the report explained. "Yet… landlords are finding that the bottom of the market is not the reprieve they were hoping for… the rebound is likely to … (3 comments)
co ops: Manhattan apartments see annual price decline for first time since 1996
- 02/04/10 04:51 AM
A Prudential Douglas Elliman report released today depicts the spectacular rise of home prices over the past decade, but also the sudden -- and definitive -- arrival of the real estate slump in Manhattan. In 2009, Manhattan co-ops and condos saw year-over-year declines for the first time since 1996, the report shows. The average 2009 apartment sold for $1.39 million, down 12.5 percent from the previous year. The median price dropped 11 percent to $850,000 from 2008, while the average price per square foot sank 14.2 percent to $1,073. Other areas of the country have seen real estate activity and prices … (0 comments)
The Manhattan office market overall and most submarkets continued to decline in February, but the pace of decline was slower than in January of this year, according to a February office market report released today by Newmark Knight Frank. The availability rate in February rose slightly to 12.4 percent from January's 12 percent in Manhattan. Year-over-year, the availability rate rose a sizable 4 percent from February 2008. The average asking rent dropped 1.5 percent, to $51.27 per square foot last month from $52.08 per square foot in January. Year-over-year in February, the average asking rent dropped 22 percent from … (0 comments)
770 Park Avenue, #14B The unit with the biggest price cut today in Manhattan is a two-bedroom, three-bath co-op at the Rosario Candela-designed 770 Park Avenue, according to Streeteasy.com. The apartment, unit #14B, was cut by $2.4 million and is now listed for $7.5 million, down from its $9.9 million listing. The apartment was originally put on the market at $10.95 million in May 2008, and cut to $9.9 million in September. Brown Harris Stevens' Nancy Elias and John Burger are listing the unit, which also has a 45-foot terrace. The $2.4 million cut from the unit is almost … (2 comments)
co ops: Homeowners face more foreclosures
- 01/08/09 02:03 AM
A quarterly report released by Property Shark today shows an optimistic, if misleading, decrease in foreclosures in New York City in the fourth quarter. Foreclosures in the fourth quarter of 2008 showed a steep 32 percent drop from the previous quarter, though they were up 25 percent compared to last year. There were 764 homes in some stage of foreclosure last quarter, compared to 611 in the final quarter of 2007."Even though we experienced a sharp decrease in the fourth quarter, I don't think we're out of the woods," said PropertyShark CEO Bill Staniford. He predicts an uptick in foreclosure … (0 comments)
co ops: Listings up, sales down in Manhattan
- 11/24/08 06:09 AM
The number of apartments that went into contract or had accepted offers in Manhattan in October fell 20 percent from September, and declined 62 percent compared to October 2007, according to the Corcoran Group. The number of listings in Manhattan rose 33 percent in October compared to the same time last year, according to Miller Samuel. Jonathan Miller, president of Miller Samuel, said because of the lag time between contract signings and apartment closings, about 45 days, sales figures won't reflect the price decline in the market until the first quarter of next year. … (0 comments)
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