Hitting nine-year lows, prices of single-family homes in the region have held up better than elsewhere
Home prices in the New York area have hit their lowest level since the depths of the real estate downturn in mid-2009 and are now back to the averages of nine years ago, according to the latest data.
Since topping out in June 2006, home values in the metropolitan area have slid by more than 24 percent, according to the Standard & Poor’s Case-Shiller Home Price Index, which tracks the price of single-family homes.
Over the past year, through the end of March, prices continued to drop, falling 3.4 percent as weakness reentered the market in the wake of the expiration of the homebuyers’ tax credit.
“New York is still one of the healthier markets in the nation,” commented Maureen Maitland, who tracks housing for Standard & Poor’s. “The market is fairly compact, and there’s not much overbuilding, so the homes have retained some of their value.”
Summer rental market has begun, so rents are climbing in Manhattan
Rents for Manhattan apartments rose an average of 0.68 percent in May, according to the latest report from MNS, formerly the Real Estate Group of New York (TREGNY).
For doorman units, the increase was Continue reading
Construction activity rises, but new starts of residential building dip below previous two years
The value of construction projects commenced in New York City rose 15 percent in 2010 thanks to non-residential and public sector building, while new residential construction starts continued to slide, according to the New York Building Congress.
Residential projects worth $2.21 billion began last year, which was down from $6.03 billion in 2008, at the tail end of the construction boom, and $2.58 billion in 2009, according to the analysis.
Unsurprisingly, federal tax credit caused spike in last June’s sales
The U.S. tax credit for first-time homebuyers had more Continue reading
ALTHOUGH COMPLAINTS ARE UP 7 PERCENT, THEY’RE NOT MAKING A DENT IN BEDBUG INFESTATIONS
Statistics from the city’s Department of Housing Preservation and Development show that residential bedbug complaints in New York City climbed 7 percent during 2010, the Wall Street Journal is quoted as reporting in the Real Deal.
In 2010, there were 4,846 violations and 13,472 complaints, up from 4,811 and 12,594 in 2009. According to Louis Sorkin, an entomologist with the American Museum of Natural History, there are many more infestations than complaints.
“Tons of people that have infestations don’t say anything and, if they are in apartments, the people next door are the ones with a complaint finally,” he told the Journal. “They may not file a complaint, but they may go through the proper channels and tell the landlord or co-op board or condo owner.”
EXPERIENCE IS HARSH TEACHER FOR BUYERS IN A NEW DEVELOPMENT
“I would advise other people shopping for new condos to watch out for really low prices,” Continue reading
The inimitable Jonathan Miller prepared the above charts on the absorption rates of co-ops and condos in three areas of Manhattan.
The appraiser’s data, prepared by Miller Samuel for Prudential Douglas Elliman, tell an interesting story about the number of months it would take to sell the units at the rate they found buyers during March. Click on the chart to expand.
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Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022