The Big Apple: Q3 reports suggest stabilization

PRICES ARE UP AND SALES ACTIVITY IS DOWN IN THIRD QUARTER

After two years of unpredictable sales trends, the Manhattan real estate market seems to have settled into a more typical and seasonal pattern, with prices rising slightly and sales volume dipping in the recent summer months, according to third-quarter market reports, says the New York Times.

Prices increased for the fifth straight quarter, with the average sales price hovering around $1.43 million and the median price around $910,000, according to data provided by the city’s four largest brokerage firms. But prices are still well below the market’s height a couple of years ago, when the average was higher than $1.7 million and the median was close to $1 million.

Inventory has declined, reports the Real Deal, and the Wall Street Journal says Manhattan is a star in the apartment market.

But my post (below) on Wednesday questions whether September has evolved into a healthier market.

FIVE NEW YORK NEIGHBORHOODS ARE AMONG NATION’S MOST COSTLY

The West Village’s 10014 placed fifth on Forbes’ annual list of America’s most expensive zip codes based on home prices, down from third place last year, according to Forbes; the median prices was calculated at $3.8 million.

The Upper East Side’s 10065 came in at number seven, with the median at $3.7 million.  SoHo’s 10012 ranked in the top 10 this year, coming in at number 9, moving up from 18th place last year; the median rose 22 percent to $3.2 million.

CASE-SHILLER HAS REGION’S PRICES FLAT SINCE JULY 2009

Home prices in the New York MS (Metropolitan Statistical Area) remained relatively unchanged in July, according to the S&P/Case-Shiller Home Price Index, which ignores apartment sales.

Home prices climbed 1.3 percent between June and July, up just 0.6 percent from July 2009’s index level.

SOME KIDS ARE THE ONES ON WHOM PARENTS RELY WHEN DECIDING ON A NEW HOME

The helicopter parent who plans and hovers over all of a child’s activities has kin in the real estate world: children who find themselves helping their parents, involved in a process that even adults find daunting.

Whether including children in real estate decisions is nurturing or stressful is a question with no absolute answer.

WOMEN STRIKES FEAR IN CROSS-DRESSING PORTER WHO INVADED HER APARTMENT

A alleged cross-dressing porter thought he’d hit the jackpot with a resident who owns a trendy lingerie line–until she caught him with his pants down in her Murray Hill pad, the traumatized tenant tells the New York Post.

BodyRock Sport owner Kelly Dooley, 28, said she was stunned to find building worker Hector Solano half-naked –and crouching over one of her black, nylon, thong bodysuits–inside her luxury loft.

“He said he likes to wear women’s clothes,” she relates, stating the obvious.

WHEN IT COMES TO RENT, THIS REGION IS NOT EVEN IN THE TOP THREE

A new report from the U.S. Census Bureau shows that the greater San Jose and San Francisco markets have the first- and second-priciest rental rates, respectively.

The New York City metro area’s median gross rent was at $1,125, making it sixth in the nation. The report lumps New York City, Northern New Jersey and Long Island into one market, and notes that the region barely beats the seventh-priciest market, Boston, which had median gross rent of $1,123.

THE NEED FOR DUE DILIGENCE KIND OF FORCES BOARDS TO PERMIT BUYER ACCESS TO THEIR MINUTES

Habitat magazine wades into the prickly thicket of board activities when it asked a lawyer why buyers always are allowed access to minutes and shareholders only sometimes.

If they will not allow purchasers to review board minutes, purchasers’ suspicions are piqued. “This will either lower sales prices or kill deals altogether,” writes Robert D. Tiernan. He adds:

Consequently, boards bite the bullet and allow access, although usually under controlled circumstances at their property manager’s office, with copying not allowed. To balance privacy concerns, disciplined boards keep their minutes sparse, with little if any reports of discussions, and only the text of actual resolutions voted upon and the voting results themselves.

CITY APPROVES PRESERVATION OF THREE NEIGHBORHOODS, TWO IN MANHATTAN AND ONE IN QUEENS

The City Planning Commission has unanimously approved one Queens and two Manhattan rezoning measures, each of which is intended to preserve the residential character of the neighborhoods they cover.

The first Manhattan proposal covers six blocks of historic buildings on Washington and Greenwich streets, while the second extends protections along Third Avenue in the East Village by establishing height limits and encouraging affordable housing creation.

NEW YORK ISN’T EVEN IN TOP THREE MOST TAXING STATES

New Jersey residents pay the highest annual tax bill of any state – a median $6,579 per year, according to the Tax Foundation, which calculated the tally using new U.S. Census Bureau.

Connecticut comes in second place ($4,738), followed by New Hampshire ($4,636) and New York ($3,755).

CHARACTERISTICALLY RUNNING AGAINST NATION’S TIDE, FORECLOSURE SALES ARE OFF

New York City homes in foreclosure are selling at as much as 43 percent off of the average sale price, according to a new second-quarter foreclosure sales report by RealtyTrac.

But with inventory levels low, foreclosure sales activity in the city is nonetheless defying the upward nationwide trend, with a 10 percent drop from the first quarter of 2010.

STUDY FINDS THAT NEW YORK CITY IS AMONG TOP 10 SAFEST FOR YOUNG CHILDREN

The results of a new study by Underwriters Laboratories (UL) showed that 10 cities lead the way in helping reduce risk of fire deaths, pedestrian accidents and other mishaps that contribute to the estimated 14 million potentially disabling, unintentional injuries that children sustain each year.

In alphabetical order, they are: Boston; Columbus, Ohio; Louisville; Minneapolis; New York; Portland, Ore.; San Francisco; Seattle; Tampa; and Virginia Beach.

The 25 criteria encompassed child-focused and safety-oriented behaviors as well as regulatory best practices.

IF YOU WANT THE BEST FROM AN ARCHITECT, BE NICE

A good client is someone who knows the difference between stating a concept and dictating a solution, architect David Katz advises readers of the BrickUnderground.com blog.

“It is one thing to say, ‘I would like the apartment renovated to contain a new kitchen, three bedrooms and a lot of light,'” he observes. “It is another thing entirely to hand your architect a layout with marching orders that it be carried out precisely as drawn.”

Katz offers a number of wise renovation suggestions.

WHAT IF YOU WANT TO BREAK YOUR LEASE?

The answer, says lawyer Ron Gitter, depends on the particulars of your lease, market conditions, the reasonableness of your landlord and a host of other factors.  He goes into considerable detail for those of you who want or need to escape your landlord.

WHEN DECIDING ON A NEW HOME, FOLLOW THIS ADVICE TO FIND OUT ABOUT THOSE %!&*# BEDBUGS

Assessing an apartment’s bedbug status is a peculiar mixture of tactful interviewing, sleuthing and trusting your gut.

A new law requires landlords to volunteer the previous year’s bedbug history. Apartment hunters also can consult websites such as the Bedbug Registry, check for complaints filed with Housing Preservation Department (HPD) and get an apartment inspected before signing anything. And that’s not all.

Note: In the column on the right, you’ll find recent posts that may well interest you.

Subscribe by Email

Malcolm Carter

Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s