With the next section of the elevated Chelsea park known as the High Line poised to open next month, New York developers are gearing up numerous projects along the route in hopes of capitalizing on rising interest in the area.
The High Line has helped transform an area that remains a long walk from public transportation, offers less retail than other downtown neighborhoods, and until recently was associated with crime and industrial blight.
The second section, which is slated to open sometime in June and will run from 20th Street to 30th Street, is a less-developed area but has already attracted new construction.
Even with $60 million for adjoining apartments, not just anyone can assume board approval in famed building
Two adjoining duplex apartments at a legendary Park Avenue address are about to be put on the market for $60 million.
The grand apartments on the 12th and 13th floors of Continue reading
Weakness emerges in Manhattan market during first quarter
Reports issued today showed price declines as much as 23 percent from the same time last year, according to the New York Times.
One of the reports, prepared by the Miller Samuel appraisal firm, had the median sale price down by 9.9 percent to $782,071. According to that document, a new index of sales that have yet to close recorded a 7.1 percent increase over the same time last year, suggesting an upswing in the current quarter.
Explanations for the dip included the artificial bump caused last year by the federal homebuyer tax credit and a boost this year in the sales of co-ops, which are generally less expensive than condos, as the result of a crimp in condo inventory.
As Noah Rosenblatt, a blogger, broker and data provider, points out on UrbanDigs.com, the figures on which the reports are based are flawed because of the way they are gathered.
Says he: “. . . you MUST understand that you are seeing an incomplete report with a ton of Q1 sales not yet publicly released! Especially March, whose sales will continue roll in over the course of the next 4-8 weeks. . .”
Price of studios suggests it’s a good time to buy one
The studio market has gone soft again–just as it did in the last recession, says the New York Times.
Prices have dipped to 2005 levels, making it possible to find studios in Manhattan in the $200,000s–lots of them. And they don’t all face a brick wall or involve a lengthy hike to the subway.
The average price for studios dropped to $404,326 in 2010 from a high of $500,479 in 2008.
A recent search of Manhattan listings on the Times real estate site and on Streeteasy.com found close to 200 studios available for $300,000 or less. An article about studios in The Times in 2009, before the market had bottomed out, found only a handful of studios in that price range.
The Times provides Continue reading
Depending on news volume, this Friday feature may not–but probably will–return before Jan. 7. Please do check back between now and then for occasional posts.
Meantime, here’s your chance to catch up with real estate developments included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out another of today’s three posts.
A smaller share of Americans married, drove to work alone, owned their own home or moved to a new residence last year than the year before, reports the New York Times.
More lived in overcrowded housing. Property values declined. And fewer immigrants arrived, which meant that for the first time since the beginning of the decade, the total number of foreign-born people in the country did not grow.
Those were among the findings released in the Census Bureau’s annual American Community Survey, a wealth of data comparing the nation’s profile in 2008 with that of 2007.
For example, after rising steadily since 2000, median home values dropped in 2008, and the homeownership rate fell half a point, to 66.6 percent, the lowest since 2002. Among blacks, who have been disproportionately affected by foreclosures, home ownership fell a full point, to 45.6 percent.
Furthermore, in a country where people typically move to take advantage of better job opportunities, those who changed residences fell to 15 percent in 2008, from a recent peak of 16 percent in 2006.
Earlier private and government surveys suggested that immigration was slowing, but these were the first annual census figures showing it to be stagnant. Continue reading