Financial services sector is producing fewer buyers and renters
Some neighborhoods are much tighter than others
Not much relief anticipated for renters in tough market
You have options for a neighbor who drives you nuts
Foreclosures fall citywide, despite more co-ops for 4th straight month
Long Island City way past the tipping point
Grammy winner and wife buy Greenwich Village penthouse
Presidential relationship hardly helps sale of former Avedon townhouse
Before suing your co-op, it pays to get the facts right
Rents edge up again this month
But at least now you can find no-fee apartments on a cool map
Or check out a cool statistical infographic on our ‘city of renters’
Unless you have $1,600 to spare, think twice about renting out your apartment for less than a month
Seven tips for finding a great general contractor merit a look
In fraught market, buyers are still buying. . . with frayed nerves
Long Island mansion finally sells after high-profile owner hacks price
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.
Connecticut palace doesn’t suit owner of just a year
Late at night, he should encounter little traffic on the way to his new Hamptons home
Sale price of his duplex was good but not the greatest
Late director’s home in Pacific Palisades is on the market for $7.9 million
Year over year resales fall again, inventory climbs
What to make of those new existing-home sales anyway?
Shadow inventory continues to decline, remaining at five months’ supply
Prices for houses under Fannie and Freddie ceilings rose unexpectedly in April
Sales of new homes in May drift down again
Radar Logic index posts 5.1 percent decline in April from one year earlier
Hitting nine-year lows, prices of single-family homes in the region have held up better than elsewhere
Home prices in the New York area have hit their lowest level since the depths of the real estate downturn in mid-2009 and are now back to the averages of nine years ago, according to the latest data.
Since topping out in June 2006, home values in the metropolitan area have slid by more than 24 percent, according to the Standard & Poor’s Case-Shiller Home Price Index, which tracks the price of single-family homes.
Over the past year, through the end of March, prices continued to drop, falling 3.4 percent as weakness reentered the market in the wake of the expiration of the homebuyers’ tax credit.
“New York is still one of the healthier markets in the nation,” commented Maureen Maitland, who tracks housing for Standard & Poor’s. “The market is fairly compact, and there’s not much overbuilding, so the homes have retained some of their value.”
Summer rental market has begun, so rents are climbing in Manhattan
Rents for Manhattan apartments rose an average of 0.68 percent in May, according to the latest report from MNS, formerly the Real Estate Group of New York (TREGNY).
For doorman units, the increase was Continue reading
Eight to 17 years is an S&P projection for clearing shadow inventory in the five boroughs
It will take more than a decade to clear up all the shadow inventory in the residential real estate market in New York state, according to new report released by Standard & Poor’s Ratings Services.
That is more than three times longer than it will take the rest of the nation, a difference that the report largely attributes to the greater time it takes to foreclose on a property in New York.
According to the report, shadow inventory in Brooklyn will take the longest to unwind at more than 17 years. Bronx was close behind at 16.5 years, and Staten Island recorded 12 years. Manhattan fared the best, coming in at a little more than eight years.
Unlisted Upper East Side home finds buyer for. . . $47 million
A grand East Side townhouse that has been quietly shopped by its owners for three years is under contract for more than $47 million, further evidence that the top-end of the Manhattan market is soaring.
The 33-foot-wide townhouse on East 69th Street once belonged to 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.
Why did the comedian cross the park?
Some celebrities are the biggest losers
Austin is his new vantage point
Number of sales of new homes plunges to record low in February
Cities with inventory growth outnumber those with flat or falling supply
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.
RUTH FORD’S BUTLER BENEFICIARY CLEANS UP
PINK TOWNHOUSE WHERE NINA LIVED WITH MOM AND ARTISTIC DAD IS ON THE MARKET
LATE MAGAZINE MAGNATE’S TOWNHOUSE IS LISTED FOR $15.3 MILLION
HOME VALUES FALLING IN MANY REGIONS AT ACCELERATED RATES, ACCORDING TO JOURNAL ANALYSIS
SHADOW INVENTORY CONTINUES TO FALL, BUT AT A PROGRESSIVELY SLOWER RATE
CLEAR CAPITAL REPORTS THAT PRICES IN Q4 WERE DOWN BUT UP
Housing recovery will depend on bitter medicine. (Flickr photo by aussiegall)
Experts cannot agree on how long housing’s crisis will continue or how to fix the problem.
You may have noticed my characterization of the situation as a “crisis,” and certainly everything that has happened in housing in the last three years has been tragically dislocating to millions of families and profoundly harmful to the economy. No one knows when it all will end or even how bad things will be when it’s finally over.
The effects of the bursting bubble have thrown lives into chaos and helped make a shamble of the economy, and that’s where the word “crisis” comes in. Whether ameliorating the crisis means that the nation will–or should–return to 68-69 percent home ownership is another matter on which I have written and will consider again below
Meantime, allow me to quote some of the sources in the Bloomberg piece that I mentioned in my post yesterday. For example:
Morgan Stanley housing strategist Oliver Chang:
Whether it’s the sidelined, shadow or current inventory, the issue is Continue reading
As of September 2009, says First American CoreLogic, there was an estimated 1.7‐million‐unit pending supply of residential housing inventory, up from 1.1 million a year earlier.
Sometimes referred to as “shadow” inventory, the pending supply is 3.3 months, up from 2.4 months a year ago.
The “visible” supply of unsold inventory was 3.8 million units in September 2009, down from 4.7 million a year earlier. It fell to 7.8 months in September 2009, down from 10.1 months a year earlier. Continue reading
I, on Cambodia 