Out and About: Units occupying a nouveau niche

The Aldyn, 60 Riverside Blvd.

New developments possess an undeniable allure.

Those condos — invariably condos — seduce us with their gleam, their gloss, their glamor.

You can count on the windows being huge and the views from higher floors being incomparable.  In the more expensive ones, the style will be high; the amenities, impressive and comprehensive; and the service, white-glove.

To some folks, the idea that no one has lived in the new home of their choice is an attraction that can’t be beat.  A friend once confessed that she’d never buy a “used” house.  “Why,” she asked rhetorically, “would I want want to live in someone else’s place?”

If that’s the case, that pretty well rules out hotel rooms when traveling, no?

Although new developments lack Continue reading

The Big Apple: Will there be too FEW condos? More!

WITH NEW CONSTRUCTION AT ITS NADIR, LOOK FOR HIGHER CONDO PRICES BY 2012

As the market plods along in a slow but steady recovery, brokers and developers are saying the city will soon face a shortage of new development projects.

Last year, through November, the city issued permits for only 10 new residential buildings, for a total of 505 new units. That’s 95 percent fewer apartments, either condo or rental, than for the same period in 2008, when permits were filed for 9,448 units in 147 buildings, according to census data. (The number of units had dropped to 1,203 in 31 buildings in 2009.)

Starting in 2012, after most or all the new projects that were stalled or delayed have finally sold out, the supply of new apartments will take a decided dip, and prices for all apartments could start to rise significantly again.

“Once we work through the existing inventory and there’s nothing new coming on line,” President Kelly Mack of the Corcoran Sunshine Marketing Group told the New York Times, “there’s going to be a major shift in the market. Prices may start going up significantly in 2012 in anticipation of the shift in inventory.”

THAT OTHER INEVITABLE FACT OF LIFE IS GOING UP

Co-op and condo owners Continue reading

The Big Apple: Apartments are not moving swiftly

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