Weekly Roundup: Rates near bottom, wealthy foreigners buoy market, steam showers are hot

We top another list, not that there’s anything good about that

A plague of boarded-up buildings visits East Harlem, which brims with new condos as well

How do co-op, condo monthly costs compare?

There are 14 ways for a co-op board to reject you even before an interview

With your truly horrible story about renting, Curbed could pay your rent for a month

Global buyers of super-luxury residences show us the money

Among the 10 most expensive distressed properties in the Hamptons is one listed at $9.45 million

Manhattan jury convicts 70-year-old lawyer of bank fraud, money laundering in scheme involving Westchester real estate

In housing court, Faye’s a no-say and must pay with no delay

October’s 2.8 percent decrease marks 13th straight month of lower prices from year to year

They’re buying high and selling much higher in Beverly Hills

First-timers seem undeterred by housing market’s vagaries, lenders’ strictures

Single mothers Continue reading

The Big Apple: Rentals hot, Hamptons too. More!

Employment posts gain in June, but jobless rate continues to stall

The city’s unemployment rate in June went to 8.7 percent from May’s 8.6 percent, the state Department of Labor reported.

The one-month rise was not itself a significant increase, but after falling consistently each month for nearly a year starting last spring, there have now been four consecutive months without a noticeable decline in the city’s jobless rate.

Most of the drop in the rate from its 10 percent peak has come not from significant job gains but as a result of discouraged job seekers leaving the work force.

The city added 51,400 private sector jobs in the 12 months ending in June. The 1.6 percent growth rate, “is pretty good by historical standards,” according to James Brown, principal economist at the labor department.

Rental rigmarole challenges prospective tenants

With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks. Good tenants are not that hard to find. On top of that, evicting problem tenants can be expensive and time-consuming.

So, as the New York Times observes, most landlords here require a lot of information.

They want to see a prospective tenant’s tax returns, pay stubs, bank statements, proof of employment, photo identification and, sometimes, reference letters from previous landlords.

Everyone will run a credit check (many Manhattan landlords look for a score above 700) and just about all, from big management firms to small-time landlords, want to know that your gross income is somewhere between 40 and 50 times the monthly rent.

Luxury sales in the East End Continue reading