The Big Apple: Whither our housing market. More!

MAYBE YOU CAN SEE NEW JERSEY FROM A CONDO FACING AUCTION AND MAYBE EVEN RUSSIA

If you head to Edgewater, N.J. Nov. 17, you can start the bidding with $50,000 on a one-bedroom condo in Battery Park City.

Unit 333 at 21 South End Ave. is the only real estate in New York City among numerous other properties in New York State, New Jersey and Pennsylvania to be auctioned by the Williams & Williams company.

The Regatta

Seventeen units in the Regatta are now on the market, including one with a signed contract, at prices ranging from $385,000 for another third-floor unit described as a junior one-bedroom to $2.7 million for a two-bedroom apartment on the sixth floor.

WHITHER THE HOUSING MARKET? IT DEPENDS, SAY VARIOUS PROGNOSTICATORS

When it comes to the housing market, predictions are perilous business, notes the New York Times. A market that looked as if it was verging on a renaissance Continue reading

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Out and About: Before buying, fall in love with the nabe

 

A Central Park block in the mid 90s.

An extraordinarily wise and experienced real estate professional–okay, Paul Purcell is a founder of Charles Rutenberg Realty, with which I’m affiliated–once said this to a seller whose apartment we were pricing:

You’ve got to like the apartment, but you’ve got to love the neighborhood.

Honestly, I’d never considered that criterion with quite so much emphasis.  When I think of it, however, the notion of which part of the city appeals to a buyer naturally has to come first.  (With me, it was one factor on which I have been willing to compromise, having lived in neighborhoods as diverse as Washington Heights and Gramercy Park, among several others.)

But I get it.

We all know that there are Continue reading

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 Continue reading

Why not become a part-time real estate broker?

Being a real estate broker is a glamorous and leisurely pursuit. Right! (Photo by loungerie on Flickr.)

Someone told me a few days ago that she was thinking of becoming a real estate broker part-time.

“Don’t,” I said unhesitatingly.

Even if she has a wide social network, there is no way she can succeed.  Continue reading