- (Flickr photo by wvholst)
As wintry as it is, this is the time of year when we expect the housing market to begin to warm up. When it comes to real estate, the spring thaw starts early, especially after the Super Bowl.
According to the superb data provided on my friend Noah Rosenblatt’s Web site, UrbanDigs.com, inventory in Manhattan is up from a year ago. But sales are lower–and trending lower at this moment.
The number of actively listed apartments fell to 6,427 on Jan. 22, 2010 as opposed to 7,211 on the same date this year. As for the volume of sales at some stage prior to closing, there were 2,056 on Jan. 22, 2010 versus 1,881 this year.
The decline in sales activity largely seems to explain Continue reading
The Real Estate Board of New York (REBNY) released its latest survey results today, unwittingly providing insight into why they don’t merit your attention.
As a member, I’m sure I got an e-mail asking for my participation. I may even have responded, though I don’t recall. But any survey that depends on self-selected responses is not worth the bytes it consumes.
What was the methodology? I have no idea. What I do know from today’s press release is only this:
The Broker Survey is conducted quarterly and was sent to REBNY Residential Division members in July after the close of the second quarter.
The release begins with the insupportable conclusion Continue reading
Data analysis firm Radar Logic says in its newest RPX report that Manhattan condo prices were 6.7 percent higher in May than one year earlier but 16 percent lower than the peak in late 2008.
Referring to a gradual upward trend, the company said month-to-month growth in condo prices in was “de minimis,” suggesting “a relatively moribund Manhattan condo market at a time of year when prices typically rise.”
In May 2009, Manhattan condominium sales dropped to their lowest rate since the beginning of Radar Logic’s 10-year data history. Since then, the RPX Manhattan Condominium Transaction Count has doubled while remaining below its 10-year average. The firm declared: Continue reading
The city’s estate auction of five Manhattan condos and a co-op produced winning bids totaling $1.355 million.
However, three of the units went unsold at the event, which took place in the Surrogate Court’s building (left) starting at 11:30 a.m.
Following are the results, which I obtained (while supposedly on vacation) by telephone from Patricia Brown in the office of Public Administrator Ethel J. Griffin of New York County:
- 570 Grand St., #H1305, co-op, 1,350 square feet, three bedrooms, one and a half baths with monthly maintenance of $1,009. Minimum bid: $540,000, reduced by $40,000. Winning bid: $540,000.
- 116 Pinehurst Ave., #F53, co-op, 1,094 square feet, two bedrooms, maintenance of $1,138.36 and assessment of $142.74 monthly. Minimum bid: $620,000, a $60,000 reduction. Did not sell for second time and will be assigned to a broker.
- 204-206 W. 10th St., Apt. 3, co-op, 345 square feet, one bedroom, $634 maintenance per month. Minimum: $325,000. Did not sell and will go on the block one more time at a date to be set.
- 270 W. 17th St., Apt. 3H, condo, 552 square feet, three rooms, monthly common charges of $550 and annual taxes of $6,300. Minimum: $475,000. Winning bid: $555,000.
- 550 Grand St., Apt. G12E, co-op, 780 square feet, three bedrooms, one and a half baths, $719 monthly maintenance. Minimum: $260,000. Winning bid: $260,000.
- 3 Hanover Sq., Apt. 9B, co-op, 562 square feet, $774 maintenance. Minimum: $310,000. Did not sell and will be auctioned again.
The sales of the co-ops are subject to approval by their boards of directors. If they reject the purchaser, deposits are returned and there is no penalty.
As for the turnout, Ms. Brown said there was an “adequate” number of bidders.
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Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022
Everyone knows that the deposit for the purchase of real estate will be returned to the buyer if the transaction falls apart for reasons specified in the contract.
But the fine print in the boiler-plate language in a typical contract of sale for real estate in New York is well worth reading. Continue reading
240 E. 76th St. in Manhattan
Advertised as a one-bedroom, one-bath 500-sf co-op, apartment No. 5A at 240 E. 76th St. is headed for a foreclosure auction on Monday, July 26 with a $50,000 minimum bid.
But photographs of the unit on the Williams & Williams auction site suggest that it’s really a studio, at least in Manhattan nomenclature, with monthly maintenance of $725.
The "one-bedroom" unit is to be auctioned subject to owner's approval.
This is not an absolute auction, so the winning bid is subject to the owner’s approval. That would be the lender. Other requirements: Continue reading
The studio in question does have a $1 million view.
Consider a Central Park West studio that was listed in March of 2009 at an asking price of $985,000 with monthly maintenance of $1,204.
Unsold, the co-op was taken off the in August and re-listed with the current broker in September for $950,000. In January, the maintenance climbed to $2,200.
Last month, the price actually went up, to $1 million. Continue reading