Apr 30, 2010
Apr 29, 2010
New Development: Griffin Court - 800 10th Avenue
Sales are underway at Griffin Court, a 95 unit luxury condo at 800 10th Avenue between West 53rd and West 54th Street in Clinton.The Alchemy Properties development includes two eight story towers connected by a lobby.
Full service building amenities include a courtyard, garden, fitness room, private storage and high-speed internet access.
Prices range from $735,000 for a 681 square foot studio to $3.86M for a 1911 square foor 3 bedroom 3.5 bath penthouse.
The first 15 to buy in the building will have their mansion tax, as well as city and state transfer taxes paid for by the developer.
Griffin Court Available listings
Apr 28, 2010
Pomander Walk: An Upper West Side Secret
One of the Upper West Side's best-kept secrets is a tiny Tudor village tucked between Broadway and West End Avenue. Pomander Walk was built in 1921 to resemble the London set of a hit play of that era called Pomander Walk.The Pomander Walk enclave of European-styled townhouses runs a full block on the Upper West Side. The townhomes align a narrow block which stretches from 94th to 95th Street between West End Avenue and Broadway. There are 27 Tudor-styled townhomes, with 63 co-operative apartments behind the exclusive gated enclave.
An urban oasis with English gardens, Pomander Walk has attracted famous residents like Humphrey Bogart, Rosalind Russel, and Lilian Gish. In 1986 Woody Allen exposed this enchanting Manhattan hideaway in Hannah and Her Sisters.
Currently there are no available co-op apartments for sale. The most recent sale last year was a 1500 square foot home that sold for $1.5M. Apartments range from 1 bedroom to 3 bedroom + townhouse cottages.
Apr 23, 2010
Why New York May be Headed for a Real Estate Shortage
By G. Brian Davis
There are plenty of discouraged homeowners and real estate professionals in America these days, after a painful few years for real estate markets everywhere. But despite high foreclosure rates, large numbers of vacant homes nationwide, and the only slowly warming economy, there are plenty of reasons for hope, and some economists are even forecasting a real estate shortage to arise within the next few years.
Taken as a raw number, the 14.2 million vacant homes in America seems a daunting figure to overcome. How could we possibly experience a housing shortage, with 14.2 million vacant homes?
The answer is beguilingly simple: the vacant homes aren’t necessarily where the demand will be.
Consider that a large percentage of the vacant homes in America sit in rural or fringe suburban areas, or in parts of Ohio and Michigan with permanently decaying economies. Residents are leaving these areas in droves, primarily in search of one thing: employment.
Cities like New York, with diverse economies and fundamentally strong foundations, will experience job recovery and growth first, and with jobs, renewed demand for real estate. In the last few years, as the economy has contracted, the demand for housing has artificially shrunk, while the supply of available housing has artificially expanded, depressing real estate values, but both of these pressures are strongly correlated to employment.
As jobs disappear and salaries are slashed, the total number of independent households decreases, as households consolidate. The scenarios are visible everywhere: recent college graduates deciding to move back in with Mom and Dad for a year or two, young professionals leaving their studios in favor of sharing an apartment with a friend, couples moving in together before they would normally, people with extra space deciding to lease it out in order to generate more monthly income; the bottom line is that more people are living together to save money, and this reduces the total number of households.
The effects caused by foreclosures are now understood by even the most casual observer: local real estate markets become flooded with under-priced inventory, simultaneously driving up supply and driving down market prices.
Further, consider the effect caused by new job creation in one relatively small area, while elsewhere jobs remain scarce. In addition to existing residents re-entering the real estate market, new residents will flood the region, in search of work.
And it doesn’t stop with jobs. A quick look at demographics in this country reveals several telling trends: baby boomers, coupled with Generation Y in their 20’s and early 30’s, make up the overwhelming majority of household heads at the moment, and these groups tend to shift away from outlying areas and gather in cities and suburban centers. The traditional occupants of outlying suburban and rural areas range from their early 30’s up to roughly 50 (Generation X and late boomers), and this is an uncharacteristically small population at the moment, and will remain so for some time. Finally, it’s worth pointing out that immigration remains the fastest vector for population growth, and cities like New York are hotbeds of immigration activity.
In short, New York City real estate has nowhere to go but up. Sure, it may not happen tomorrow, as job creation will likely be slow and steady, and demographic shifts don’t take place overnight, but cities like New York simply can’t sustain housing depressions for long. With little room for increased housing supply, and plenty of causes for increased demand, there’s a good chance that New York, New York may in fact be headed towards a housing shortage in a few short years.
Brian Davis is a real estate investor, landlord, and former private lender, with a particular love for renovating historic and older residences. Currently he manages EZ Landlord Forms, an online resource for landlords and investors that provides a customizable New York lease, New York eviction notices, a summary of New York's landlord-tenant laws, and other tools for real estate investors. E-mail: gbdavis@ezlandlordforms.com.
There are plenty of discouraged homeowners and real estate professionals in America these days, after a painful few years for real estate markets everywhere. But despite high foreclosure rates, large numbers of vacant homes nationwide, and the only slowly warming economy, there are plenty of reasons for hope, and some economists are even forecasting a real estate shortage to arise within the next few years.
Taken as a raw number, the 14.2 million vacant homes in America seems a daunting figure to overcome. How could we possibly experience a housing shortage, with 14.2 million vacant homes?
The answer is beguilingly simple: the vacant homes aren’t necessarily where the demand will be.
Consider that a large percentage of the vacant homes in America sit in rural or fringe suburban areas, or in parts of Ohio and Michigan with permanently decaying economies. Residents are leaving these areas in droves, primarily in search of one thing: employment.
Cities like New York, with diverse economies and fundamentally strong foundations, will experience job recovery and growth first, and with jobs, renewed demand for real estate. In the last few years, as the economy has contracted, the demand for housing has artificially shrunk, while the supply of available housing has artificially expanded, depressing real estate values, but both of these pressures are strongly correlated to employment.
As jobs disappear and salaries are slashed, the total number of independent households decreases, as households consolidate. The scenarios are visible everywhere: recent college graduates deciding to move back in with Mom and Dad for a year or two, young professionals leaving their studios in favor of sharing an apartment with a friend, couples moving in together before they would normally, people with extra space deciding to lease it out in order to generate more monthly income; the bottom line is that more people are living together to save money, and this reduces the total number of households.
The effects caused by foreclosures are now understood by even the most casual observer: local real estate markets become flooded with under-priced inventory, simultaneously driving up supply and driving down market prices.
Further, consider the effect caused by new job creation in one relatively small area, while elsewhere jobs remain scarce. In addition to existing residents re-entering the real estate market, new residents will flood the region, in search of work.
And it doesn’t stop with jobs. A quick look at demographics in this country reveals several telling trends: baby boomers, coupled with Generation Y in their 20’s and early 30’s, make up the overwhelming majority of household heads at the moment, and these groups tend to shift away from outlying areas and gather in cities and suburban centers. The traditional occupants of outlying suburban and rural areas range from their early 30’s up to roughly 50 (Generation X and late boomers), and this is an uncharacteristically small population at the moment, and will remain so for some time. Finally, it’s worth pointing out that immigration remains the fastest vector for population growth, and cities like New York are hotbeds of immigration activity.
In short, New York City real estate has nowhere to go but up. Sure, it may not happen tomorrow, as job creation will likely be slow and steady, and demographic shifts don’t take place overnight, but cities like New York simply can’t sustain housing depressions for long. With little room for increased housing supply, and plenty of causes for increased demand, there’s a good chance that New York, New York may in fact be headed towards a housing shortage in a few short years.
Brian Davis is a real estate investor, landlord, and former private lender, with a particular love for renovating historic and older residences. Currently he manages EZ Landlord Forms, an online resource for landlords and investors that provides a customizable New York lease, New York eviction notices, a summary of New York's landlord-tenant laws, and other tools for real estate investors. E-mail: gbdavis@ezlandlordforms.com.
Apr 20, 2010
Doorman Building Strike Deadline Tonight
Buildings throughout NYC are preparing for a doorman building strike. Residents are being issued security passes and strike packages and signing up for volunteer building duties.
Negotiations between the Realty Advisory Board and local 32BJ have resumed this morning. The contract covering 30,000 building workers expires tonight at 11:59 pm.
The union has been running ads featuring doormen with Headline copy: "Its Hard Getting by in New York.....and Only Getting Harder"
They have also been sending Robocalls featuring actress Cynthia Nixon to apartment residents urging them to stand with building workers.
The following statement can be attributed to Matt Nerzig 32BJ Chief Spokesman:
"The time has come for the $587 billion real estate industry to recognize that workers making $40,000 a year need wage increases to make end meet in New York City"
New Yorkers who live in condos and coops receive their building financials annually. The building financials include operating budgets and staff salaries. Most shareholders and condo owners are aware of what the building staff gets paid excluding tips and perks.
The last strike by building workers was in 1991 also during a recession.
Negotiations between the Realty Advisory Board and local 32BJ have resumed this morning. The contract covering 30,000 building workers expires tonight at 11:59 pm.
The union has been running ads featuring doormen with Headline copy: "Its Hard Getting by in New York.....and Only Getting Harder"
They have also been sending Robocalls featuring actress Cynthia Nixon to apartment residents urging them to stand with building workers.
The following statement can be attributed to Matt Nerzig 32BJ Chief Spokesman:
"The time has come for the $587 billion real estate industry to recognize that workers making $40,000 a year need wage increases to make end meet in New York City"
New Yorkers who live in condos and coops receive their building financials annually. The building financials include operating budgets and staff salaries. Most shareholders and condo owners are aware of what the building staff gets paid excluding tips and perks.
The last strike by building workers was in 1991 also during a recession.
Apr 17, 2010
Historic Neighborhood Tours
Celebrate New York City's irreplacable historic architecture -- and the laudable homeowners who preserve them for the benefit of all -- on house tours sponsored by historic preservation advocates:
Tours highlight the hidden-in-plain-sight beauty of New York City's diverse neighborhoods, and tickets sell out quickly! - May 2nd, 2010, with the Greenwich Village Society for Historic Preservation (GVSHP)
- May 8th, 2010, with the Brooklyn Heights Association (BHA)
- June 13th, 2010, with the Murray Hill Neighborhood Association
Apr 6, 2010
New 96th/Broadway Subway Station Opens
Still under construction, the Futuristic 96th Street Subway Headhouse opened.
Located in the middle of Broadway on the south side of 96th Street
The headhouse is scheduled to be completed by SeptemberThe entire station is supposed to be completed next year.
(iPhone photos by Mitchell Hall)
Apr 2, 2010
First Quarter 2010 Manhattan Market Report
The First Quarter Corcoran Report
Corcoran Group Real estate in collabaration with Property Shark released it's Manhattan residential real estate market report utilizing market-wide data based on deals that closed in the First Quarter of 2010 (January 1 through March 31) and compares it to closings that took place last quarter and during the same quarter one year ago.
Closings usually occur eight to twelve weeks after a contract is signed (in new development, the wait can be as long as two years); for that reason, the sales activity charted here trails actual market conditions.
The First Quarter 2010 saw a healthy return of buyers to the market. Twenty-three percent more properties sold in the First Quarter of 2010 than in the same quarter one year ago.
Favorable market conditions such as price stabilization, low mortgage rates, renewed confidence in the economy and the extension and expansion of the home buyer tax credit made this an ideal time to purchase property.
Buyers have begun to realize that, from here on out, prices will more likely go up than down. As a result of buyers’ increased activity, the price reductions that characterized the post-Lehman
market (from September 2008 through the Third Quarter of 2009) ended in the Fourth Quarter of 2009 and stabilized in the First Quarter of 2010.
Market-wide, the average sale price and the average price per square foot of an apartment were up 2 percent versus last quarter; for resales only, these metrics were up 3 percent.
Manhattan Market Trends - Market Wide.
Sales increased strongly versus a year ago. While prices are generally lower than First Quarter 2009, market-wide median prices are up versus Fourth Quarter 2009.
Uptown new development median price increased 12% from Fourth Quarter 2009 while average price per square foot inched up slightly by 1%. Median price for one-bedroom residences increased 30%
Buyers have recognized that now is a great time to purchase property. As of this writing, the number of market-wide closed sales in First Quarter 2010 is 23% higher than First Quarter 2009.
Once all First Quarter 2010 sales are tallied (due to the lag time between a closing and its recording not all sales are able to be included in this report), we estimate that the number of sales could be as much as 70% higher than a year ago.
Resale activity was strongly improved with increased activity in both co-ops and condominiums and in all neighborhoods compared to a year ago.
Manhattan Market Trends Coops and Condos
One aspect of the current recession is how quickly price corrections occurred. Over the course of only a year, median co-op sales price declined 14% from peak to trough (Third Quarter 2008 to Third Quarter 2009).
In a year-and-a-half, co-op price per square foot declined 19%. Condo median price declined 22% between Fourth Quarter 2008 and Fourth Quarter 2009 and price per square foot declined 17% between Fourth Quarter 2008 and Second Quarter 2009.
All of these metrics are now higher than they were at their 2009 troughs. Co-op Historical Sales Prices (Four Years)
For the complete: First Quarter Corcoran Report
Corcoran Group Real estate in collabaration with Property Shark released it's Manhattan residential real estate market report utilizing market-wide data based on deals that closed in the First Quarter of 2010 (January 1 through March 31) and compares it to closings that took place last quarter and during the same quarter one year ago.
Closings usually occur eight to twelve weeks after a contract is signed (in new development, the wait can be as long as two years); for that reason, the sales activity charted here trails actual market conditions.
The First Quarter 2010 saw a healthy return of buyers to the market. Twenty-three percent more properties sold in the First Quarter of 2010 than in the same quarter one year ago.
Favorable market conditions such as price stabilization, low mortgage rates, renewed confidence in the economy and the extension and expansion of the home buyer tax credit made this an ideal time to purchase property.
Buyers have begun to realize that, from here on out, prices will more likely go up than down. As a result of buyers’ increased activity, the price reductions that characterized the post-Lehman
market (from September 2008 through the Third Quarter of 2009) ended in the Fourth Quarter of 2009 and stabilized in the First Quarter of 2010.
Market-wide, the average sale price and the average price per square foot of an apartment were up 2 percent versus last quarter; for resales only, these metrics were up 3 percent.
Manhattan Market Trends - Market Wide.
Sales increased strongly versus a year ago. While prices are generally lower than First Quarter 2009, market-wide median prices are up versus Fourth Quarter 2009.
Uptown new development median price increased 12% from Fourth Quarter 2009 while average price per square foot inched up slightly by 1%. Median price for one-bedroom residences increased 30%
Buyers have recognized that now is a great time to purchase property. As of this writing, the number of market-wide closed sales in First Quarter 2010 is 23% higher than First Quarter 2009.
Once all First Quarter 2010 sales are tallied (due to the lag time between a closing and its recording not all sales are able to be included in this report), we estimate that the number of sales could be as much as 70% higher than a year ago.
Resale activity was strongly improved with increased activity in both co-ops and condominiums and in all neighborhoods compared to a year ago.
Manhattan Market Trends Coops and Condos
One aspect of the current recession is how quickly price corrections occurred. Over the course of only a year, median co-op sales price declined 14% from peak to trough (Third Quarter 2008 to Third Quarter 2009).
In a year-and-a-half, co-op price per square foot declined 19%. Condo median price declined 22% between Fourth Quarter 2008 and Fourth Quarter 2009 and price per square foot declined 17% between Fourth Quarter 2008 and Second Quarter 2009.
All of these metrics are now higher than they were at their 2009 troughs. Co-op Historical Sales Prices (Four Years)
For the complete: First Quarter Corcoran Report
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