Weekly Roundup: Supply in U.S. and NYC dwindles, rates keep falling, Oprah takes bath, hell is hoarder at home, Shiller’s glass half empty

Obama slept here, and so can you for $2,400 a month

Median price of new condos up 15.4 percent from year ago, inventory down 19.1 percent

Q2 prices in Brooklyn, Queens edge up as inventory plunges

With prices falling in the Hamptons, sales pick up

Boards only set policies and six other surprises that rookie members may confront

New rental units in the city undergoing shrinkage

New handful of properties set to come on market at $90 million or more

Retired detective names safest, riskiest units in apartment building

Sales volume, property values remain well below peak levels, says NYU’s Furman Center

Number of residential building permits skyrockets, especially in Manhattan

Super rich

Weekly Roundup: Manhattan sales pace up, condo prices rise, inventory is tight, rates hit another new low, consensus on recovery is developing

Townhouse where Weather Underground dwelling was destroyed in bomb explosion is listed for $10.9 million

Mystery buyer pays $90 million for Midtown penthouse at One57, breaking price record for an NYC condo

Entering a tall-buildings race, New York could have 6 of the 10 tallest buildings in the country by 2016

Majority of respondents prefer smoke-free living in the city

Madison Square’s commercial identity has in places ceded to residential character in recent years

Developers now show reluctance to offer incentives to purchasers of condos

Asking prices, sales zoom in

Weekly Roundup: SO much local and U.S. news

Prices up, sales volume almost flat measured against 2002

Condo prices edge up during last year as sales and inventory slip

And sales and supply

Weekly roundup of news you don’t want to miss

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 another of today’s three posts.

HE SCORES BIG AND HIGH IN HARLEM

SELF-STYLED OLD AND CRANKY FASHIONISTA LISTS

Home buyers tax credit is extended and expanded

A wonderful development occurred today for prospective home buyers in the form of legislation passed by both the House and the Senate.

Attached to a bill extending unemployment benefits, the measure is great news for both first-time and other home buyers. The White House says that President Obama will sign the legislation tomorrow.

The new law will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30 and closed by June 30. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence.

Individuals who already own a home can claim the $6,500 tax credit if they have been living in their principal residence for five consecutive years out of the last eight.

Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised from $75,000 to $125,000 for individuals and by $75,000 to $225,000 for married couples.

There will be much more information on the housing market tomorrow in the free bi-weekly e-newsletter that I write every two weeks.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
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