The Big Apple: Will investors drive up prices?

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

A land lease building should be your last resort

This bargain-priced apartment has been on the market for 67 weeks. Why?

The phrase “land lease” often strikes terror in the hearts of co-op and condo buyers and brokers alike.

It should.

That’s because a land lease means that the building sits on land it doesn’t own.  Someone else holds title to the property and rents it to the building.