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
LUXURY SALES COLOR THE HOUSING MARKET, WHICH IS MOVING ‘SIDEWAYS’ AND PROMPTING CAUTIOUSLY OPTIMISTIC FORECASTS
Sales activity in the second half–as measured by number of sales, median sale prices, average number of days on market and the number of Manhattan apartments on the market–settled comfortably into historic 10-year ranges, according to two separate market reports in Crain’s New York.
- (via Prudential Douglas Elliman)
Despite a busy market for trophy properties, the pace of sales and median prices of Manhattan apartments slipped during the fourth quarter, the Wall Street Journal observed.
The number of sales fell by Continue reading
- The listing broker appealingly staged this UWS apartment himself.
When a property has been staged, you almost always know as soon as you walk in.
One way you can tell immediately is if the placed is overdressed–too much stylish furniture well placed and too many objéts that are exactly right for the space. There might be a gorgeous throw draped all too casually over the arm of a sofa, a dainty flower in a bud vase on the bathroom vanity, a bottle of wine flanked by crystal goblets. Continue reading
Flickr photo by Joriel "Joz" Jimenez
The resident of a co-op in Greenwich Village, Naomi Fein has had something more sinister than an educational experience. It has turned into acrimony between her and the building’s majority shareholder, a bitter lawsuit and revelations about real estate brokers whose self-serving manipulation of a sale enrage her. To follow her sad saga as it continues, visit her Web site.
By Naomi Fein
My residence is in a small 160-year-old townhouse in West Greenwich Village. It has been a co-op since 1988, when I purchased my beautiful studio apartment for $36,000.
In the 1990s, the original sponsors, two guys from Florida, began to buy back the apartments that they didn’t already own. (There are six studios and a charming garden duplex.) When they offered to buy me out for enough money so that I could easily purchase an ample West Village closet, I declined—graciously, in my opinion.
Then, one of the guys died, Continue reading