Next Weekly Roundup Jan. 4
Daylight Savings Time Ends Saturday Night
The city’s unemployment rate in June went to 8.7 percent from May’s 8.6 percent, the state Department of Labor reported.
The one-month rise was not itself a significant increase, but after falling consistently each month for nearly a year starting last spring, there have now been four consecutive months without a noticeable decline in the city’s jobless rate.
Most of the drop in the rate from its 10 percent peak has come not from significant job gains but as a result of discouraged job seekers leaving the work force.
The city added 51,400 private sector jobs in the 12 months ending in June. The 1.6 percent growth rate, “is pretty good by historical standards,” according to James Brown, principal economist at the labor department.
Rental rigmarole challenges prospective tenants
With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks. Good tenants are not that hard to find. On top of that, evicting problem tenants can be expensive and time-consuming.
So, as the New York Times observes, most landlords here require a lot of information.
They want to see a prospective tenant’s tax returns, pay stubs, bank statements, proof of employment, photo identification and, sometimes, reference letters from previous landlords.
Everyone will run a credit check (many Manhattan landlords look for a score above 700) and just about all, from big management firms to small-time landlords, want to know that your gross income is somewhere between 40 and 50 times the monthly rent.
Luxury sales in the East End Continue reading
Luxury markets pulls up Q2 average price, though volume declines
Overall sales volume of condominiums and cooperative apartments in Manhattan has been off about 11 percent so far in the second quarter compared with same period last year, according to a Wall Street Journal analysis of the city’s data.
A year ago, the market was bouncing back strongly from the after-effects of the financial crisis.
Prices have remained flat. Data on closings show that median prices in the second quarter were 1.2 percent below prices during the year-earlier period, while average prices rose by 1.5 percent.
The average price for a Manhattan apartment was about $1.39 million in the latest period. The figures are based on closings filed with the city as of 15 days before the end of each quarter.
Russians are invading Continue reading
Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out the other of today’s posts and look for Out and About, which I postponed to bloviate on pressing news, early next week.
Although Alicia Keys says in a new interview that she is no home wrecker, the contents of her 9,000-sf Long Island estate are headed for auction on May 22. Doesn’t that make the home into a mere house?
Virtually everything in the Syosset mansion — from a trampoline to a billiards table and the Grammy winner’s collection of dolls — is going on the block starting at noon. Attendees have to fork over a nonrefundable $100 to be admitted to the sale.
Among other items to be sold are sofas, rugs, lamps, fitness equipment, flower pots, coffee tables, electronics and a carved wooden wall unit with wine bar refrigerator.
The house itself has Continue reading