It is not a new phenomenon, but Jhonna Robledo of New York magazine has uncovered some troubling information about co-op boards.
The boards seem — there is no way of knowing for sure — to be turning down buyers at a growing rate if they think an apartment’s price is too low. Says Robledo Continue reading
Condo prices rise 12 percent over May 2009, but pace seems to flag
The Radar Logic data firm reports that Manhattan condo prices went up 4.7 in January over a year earlier but that the rate of growth seems to be slowing.
Although prices have climbed 12 percent above the post-bust low in May 2009, the price recovery is “losing steam” or may simply reflect seasonal weakness in demand, according to the firm’s RPX Monthly report on Manhattan neighborhoods. The report said it was too early to know with any certainty what contributed to the increase.
Uptown neighborhoods fared better than downtown neighborhoods, with year-over-year increases caused by higher prices per unit as a result of a shortage in supply.
Apartments with a washer/dryer clean up when sold
One new value-enhancing amenity that’s catching on is allowing shareholders and unit-owners to install clothes washers and dryers in their apartments. Plumbing issues have been the usual reason for forbidding washing machines.
But one veteran real estate appraiser has estimated that a washer and dryer add approximately 5 percent to the value of any apartment, leading to the increasingly permissive attitude these days.
The rich are 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
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 early next week.