Publication: The New York Times
|Title: Residential Sales Around the Region|
Upper West Side… $720,000
155 West 68th St., Dorchester Towers
700-sq.-ft. condo in a postwar building; 24-hr. doormen, volcanic stone counters, renovated bath, parquet floors; common charge $458; taxes $5,976; listed at $749,000. Broker: Mitchell Hall, The Corcoran Group
Copyright © 2011 The New York Times Company. Reprinted with Permission. Photos should be credited as follows: The New York Times.
Apartments '08How to be the perfect candidate
TIPS FOR CO-OP BUYERS - by: Scot Meyer
Five tips for wanna-be co-op buyers
Although a co-op board member may say that the process of meeting applicants is just a formality, the building bigwigs can reject you without explanation. So it pays to take the meeting seriously.
1. Answer questions. "You may be asked things that seem personal and sometimes even invasive," says Circle Mortgage Group president Dale Siegel. "Don't be fazed, just answer politely."
2. But maybe not all questions. Mitchell Hall, associate broker with Coldwell Banker Previews International, notes that co-ops can't discriminate based on things such as race or national origin. The board is also not supposed to ask about sexual orientation, marital status or if children will be living with you.
3. Don't elaborate. Hall says major renovation plans might turn off board members.
4. Don't ask. Even innocent questions can offend. "You might ask when they're going to renovate the lobby," Hall says, "and it turns out they just did, and someone on the board was head of the lobby-renovation committee."
5. Don't tell. Beware of revealing too much-questions about sublet or pet policies are a bad idea, and if there are patios, don't ask if you can barbecue on them.
April 24, 2008,
by Prashant Gopal
For the time being, yes. But if Wall Street continues to struggle, that could changeIs Manhattan Immune from the Real Estate Bust?
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Many of the strictest buildings often insist that prospective buyers have liquid assets equaling as much as three times the apartment's asking price. So, if you're talking about a $5 million apartment, you need at least $15 million in the bank. Other real estate holdings don't count.
Subprime loans and foreclosures, as a result, are rare.
"Here you have to put skin in the game," said Mitchell Hall, associate broker with Coldwell Bankers Previews International. "It's not easy to buy a place in New York-you have to be really qualified." Translation: rich.
The fact that Manhattan has-at least so far-escaped the downturn doesn't mean it won't get hit. With a recession looming, plenty of job losses are expected this year on Wall Street, where bonuses are also expected to shrink.
The new condos being built-with ever increasing prices-could also create an oversupply of luxury real estate.
Even Spinola of the Real Estate Board concedes that the market could flatten in a recession.
New York real estate is by no means immune to dips. Prices dropped during the recession in the early 1990s and following the 1987 stock market crash. The biggest postwar decline came in the 1970s, when the city went bankrupt.
Jonathan Miller, president of New York appraiser Miller Samuel, said even though prices are rising, sales activity is off from last year's record levels.
The boroughs are doing worse. Expensive Brooklyn neighborhoods such as Brooklyn Heights, Cobble Hill, and Park Slope have mirrored Manhattan's strength. But middle-class communities farther out have been weakened by the subprime crisis and the credit crunch.
Median home prices in Queens fell 12% in the first quarter from a year earlier, according to the Real Estate Board. The median price dropped 9% in the Bronx, 2% in Staten Island, and 1% in Brooklyn.
"Look we've had a very brisk real estate market for the last four or five years," Miller said. "The New York region has held up better than virtually any market across the country. But we are not immune to situations on the national scale."
See the BusinessWeek.com slide show for the most expensive real estate listings in Manhattan.
Gopal writes about real estate for BusinessWeek.com in New York .
Relocation.com is roaming around the country revealing the best real estate blogs in each city.
Relocation.com’s Best New York City Real Estate Blogs
May 10th, 2010
By Serena Norr
On the beat of the real estate industry are some extraordinary NYC bloggers that are on top of the latest industry news and trends and whose sites feature in-depth articles ranging from tenant’s rights to real estate taxes. Here are some of Relocation.com’s favorites:
Covering all of Manhattan, NYC Blog Estate features current real estate listings, recent developments and informative articles about the industry. Users can also navigate their way through the site based on the neighborhood they are interested in. The site also has a buyer and seller section where interested parties can search their home or apartment direct.By Inman News, Wednesday, July 2, 2008.
Residential sales in Manhattan continued to slide in the second quarter, according to market reports released today, falling back from last year's lofty peaks. Mitchell Hall, an associate broker for Coldwell Banker Previews International in Manhattan, said, "I think the market has really turned to more of a buyer's market," and buyers seem to have more wiggle room these days in negotiating prices and other concessions with sellers.
"Everything's very negotiable right now," Hall said. "Where a year ago a buyer would ... insult a seller making a lowball offer, now everything is being considered." He cited the slow-moving economy among the factors contributing to slowing sales. "They are not grabbing things right away as they were previously. They are ... taking a wait-and-see attitude." Those buyers who purchased in the past year will likely lose money if they try to sell in the current market, he said.
While there are still first-time buyers in the market, Hall said that larger down-payment requirements are difficult for some buyers. "It's a little tougher getting mortgages right now."
The co-op market, he said, typically requires a 20 percent down payment and in some cases a 25 percent down payment, and for condos most lenders are requiring at least a 15 percent down payment, he said.
There are plenty of homes for buyers to choose from, he said, citing a couple who found 80 properties that matched their criteria.
Tue, Aug 21, 2007
This week we are excited to announce the Trulia Century Award winners - that is an award to everyone who has answered more than 100 questions in the first 100 days since the launch of Trulia Voices.
So, to Deborah, Pam, Bruce, Jeannette, Melissa, Bridgette, Carrie, Keith, Cindi, Roberta, Mitchell, Jim, Paul, Kristal, Mario, Brian, Ellen, Ted, Herman, Kaye, Chris, Irina, Maureen, Ruth, and Sylvia and all of the Trulia Voices community…thanks for helping us get through the first 100 and we look forward to many hundreds more!
The price tag for the penthouse? According to nyc BLOG estate site, Soho Mews' rentals range from $7,000 to $20,000 per month. Two years ago, Esquire’s Ultimate Bachelor Pad—Esquire North, located in Harlem cost $8.5 million.
6/22/2007 New York Sun Stalled Coop Bill Gains Backers