If you’re finding it difficult to rent an apartment in New York now it could be because there is little inventory and rents are expected to rise.
Last year landlords offered a free month of rent, paid broker’s fees and did whatever it took to rent their apartments. Those days are over. The apartment vacancy rate in New York fell in the first quarter, dropping to just 2.8%.
Last year the median rent for a Manhattan apartment with landlord concessions $2,808, up 7.4%. Renters grabbed the apartments as soon as they saw them. On average, units stayed on the market for 40 days, down from 86 a year ago. Listings fell 25.6% from last year to 3,874 apartments.
Manhattan's rental market is rebounding faster than its sales market. While lower unemployment has boosted demand for rentals. Today if a renter sees an apartment they love, there’s no time to think about it. Take it or lose it because the market is definitely tightening.
Leases are being signed in several of the pricey new rental buildings where studios start at $2,700.
With less apartments vacant and new reports showing that the rental market is hot, renters can expect competition and prices to start heating up again very soon.
Showing posts with label new york city real estate. Show all posts
Showing posts with label new york city real estate. Show all posts
Thursday, April 7, 2011
Wednesday, April 6, 2011
3 of top 10 most expensive U.S. homes sold in Manhattan
Billionaires are keeping the real estate world very busy across the country. Three of those expensive deals happened right here in Manhattan.
Coming in at number 6 on the list is a single-family townhouse sitting approximately 20,000 square feet on East 75th Street. Reportedly sold to private equity investor J. Christopher Flowers fro $53 million.
Coming in at No. 7 on the list is developer Harry Macklowe, who bought a Plaza Hotel condo for $51.5 million. The 13,000 square foot condo was bought by developer Harry Macklowe in 2007 for a cool $51.5 million.
Lastly coming in at No. 8, Russian oil man Len Blavatnik bought an upper East Side townhouse on East 64th Street in 2007 for a cool $50 million. The person who sold the townhouse to him apparently paid only $4.375 million for it in 1994
What kind of home would you buy if you could spend $50 million or more?
Coming in at number 6 on the list is a single-family townhouse sitting approximately 20,000 square feet on East 75th Street. Reportedly sold to private equity investor J. Christopher Flowers fro $53 million.
Coming in at No. 7 on the list is developer Harry Macklowe, who bought a Plaza Hotel condo for $51.5 million. The 13,000 square foot condo was bought by developer Harry Macklowe in 2007 for a cool $51.5 million.
Lastly coming in at No. 8, Russian oil man Len Blavatnik bought an upper East Side townhouse on East 64th Street in 2007 for a cool $50 million. The person who sold the townhouse to him apparently paid only $4.375 million for it in 1994
What kind of home would you buy if you could spend $50 million or more?
Saturday, March 7, 2009
Buying A Home
It occurred to me after speaking to someone who recently bought an apartment on their own, that many people do not know what a Buyer’s Broker is.
Had she had a Buyer’s Broker representing her she would have saved approximately $60,000.00 and it would not have cost her a penny. Yet she had no idea that she could have her own broker represent her.
Working with a Buyer’s Broker offers buyers every advantage. The Buyer’s Broker works solely for the buyer, yet they work with ALL of the Seller’s Brokers -- especially in Manhattan. This means that buyers can preview apartments from any brokerage firm in Manhattan through their Buyer Broker.
It’s the best of both worlds. A Buyer’s Broker will determine a buyer’s real estate needs and financially pre-qualify them for apartments that they may be interested in.
The Buyer’s Broker will then schedule appointments for the buyer to preview apartments from any and all firms that represent apartments of interest to the buyer.
Once a buyer sees an apartment they want to purchase, the Buyer’s Broker makes the offer to the Sellers’ Broker on behalf of the buyer, negotiates price, closing dates and other matters. Once the offer is accepted, it is up to the Buyer’s Broker to guide their customer and work closely with their attorney on any and all issues that may arise.
For a foreign buyer this is particularly important as the Buyer’s Broker is based in elsewhere … in my case Manhattan, and can handle any issue with great ease. The Buyer’s Broker can easily recommend the appropriate real estate and tax attorneys (albeit condo or coop), accountants, decorators, and any services the buyer will need.
Buyers DO NOT PAY A FEE. There is absolutely no cost to them. The Seller pays the fee and the fee is split between the Buyer’s and the Seller’s Brokers.
Your broker will be present at the closing. This broker was responsible for saving her client a few thousand dollars at the closing because the closing documents contained the wrong information.
So when buying a new home – even if you are the best negotiator – it is to your advantage to work with a Buyer’s Broker.
Feel free to contact Ross Ellis at Halstead Property for a consultation or for any questions you may have at 212-317-7828 or by email
Had she had a Buyer’s Broker representing her she would have saved approximately $60,000.00 and it would not have cost her a penny. Yet she had no idea that she could have her own broker represent her.
Working with a Buyer’s Broker offers buyers every advantage. The Buyer’s Broker works solely for the buyer, yet they work with ALL of the Seller’s Brokers -- especially in Manhattan. This means that buyers can preview apartments from any brokerage firm in Manhattan through their Buyer Broker.
It’s the best of both worlds. A Buyer’s Broker will determine a buyer’s real estate needs and financially pre-qualify them for apartments that they may be interested in.
The Buyer’s Broker will then schedule appointments for the buyer to preview apartments from any and all firms that represent apartments of interest to the buyer.
Once a buyer sees an apartment they want to purchase, the Buyer’s Broker makes the offer to the Sellers’ Broker on behalf of the buyer, negotiates price, closing dates and other matters. Once the offer is accepted, it is up to the Buyer’s Broker to guide their customer and work closely with their attorney on any and all issues that may arise.
For a foreign buyer this is particularly important as the Buyer’s Broker is based in elsewhere … in my case Manhattan, and can handle any issue with great ease. The Buyer’s Broker can easily recommend the appropriate real estate and tax attorneys (albeit condo or coop), accountants, decorators, and any services the buyer will need.
Buyers DO NOT PAY A FEE. There is absolutely no cost to them. The Seller pays the fee and the fee is split between the Buyer’s and the Seller’s Brokers.
Your broker will be present at the closing. This broker was responsible for saving her client a few thousand dollars at the closing because the closing documents contained the wrong information.
So when buying a new home – even if you are the best negotiator – it is to your advantage to work with a Buyer’s Broker.
Feel free to contact Ross Ellis at Halstead Property for a consultation or for any questions you may have at 212-317-7828 or by email
Sunday, June 15, 2008
Is The Manhattan Real Estate Market Holding Steady?
As a real estate agent in Manhattan, people often tell me they are sorry that things are so bad in real estate.
While I agree with that sentiment for many of my fellow brokers in hard hit areas across the country, the first quarter of 2008 in Manhattan did not show an ailing market at all. To the contrary, Manhattan real estate actually dramatically increased in value during that time.
The luxury market played a large role in increasing the value of the real estate market. The sales from those apartments have continued to aide the market, even as the national business media focuses on the ailing national economy.
Condo sales have slowed and inventory has grown, leaving developers to negotiate but not slash prices.
The Upper East Side has seen fewer increases compared to more popular and trendy neighborhoods.
Those who want to live on the Upper West Side are being priced out and looking farther north.
The greatest price cuts were in the West Village, where three changes brought the average net price change to $2.2 million.
While there is still ample concern over the future of the national market, it is doubtful that the Manhattan market will share the fate that markets across the country are enduring.
While I agree with that sentiment for many of my fellow brokers in hard hit areas across the country, the first quarter of 2008 in Manhattan did not show an ailing market at all. To the contrary, Manhattan real estate actually dramatically increased in value during that time.
The luxury market played a large role in increasing the value of the real estate market. The sales from those apartments have continued to aide the market, even as the national business media focuses on the ailing national economy.
Condo sales have slowed and inventory has grown, leaving developers to negotiate but not slash prices.
The Upper East Side has seen fewer increases compared to more popular and trendy neighborhoods.
Those who want to live on the Upper West Side are being priced out and looking farther north.
The greatest price cuts were in the West Village, where three changes brought the average net price change to $2.2 million.
While there is still ample concern over the future of the national market, it is doubtful that the Manhattan market will share the fate that markets across the country are enduring.
Saturday, June 14, 2008
Working With Your Real Estate Agent
Finding the right home in Manhattan can take time and a lot of work. At times it can be overwhelming ...after all it's the most important decision you will make.
A licensed and professional Real Estate Agent can help navigate the process from beginning to end --- and even after your closing --- applying their expertise to your search to get you the results you deserve.
Using the right Agent can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.
Look for an Agent, not a property since you'll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.
Share all requested information. Letting your agent know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.
When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good agent will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your agent, they will get to know how they can best assist you.
Be Open. Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your agent is there to help you and the more they know, the better off you are.
Pick one agent to assist you. In Manhattan, every agent has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.
Whether you're a buyer or seller, pick the agent who is right for you and work exclusively with them. Your agent works for you and if you choose the right agent for your needs, you'll find that the process of buying or selling a home is not nearly as daunting as you think -- because your agent will do all of the work. A good real estate agent is worth their weight in gold!
A licensed and professional Real Estate Agent can help navigate the process from beginning to end --- and even after your closing --- applying their expertise to your search to get you the results you deserve.
Using the right Agent can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.
Look for an Agent, not a property since you'll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.
Share all requested information. Letting your agent know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.
When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good agent will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your agent, they will get to know how they can best assist you.
Be Open. Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your agent is there to help you and the more they know, the better off you are.
Pick one agent to assist you. In Manhattan, every agent has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.
Whether you're a buyer or seller, pick the agent who is right for you and work exclusively with them. Your agent works for you and if you choose the right agent for your needs, you'll find that the process of buying or selling a home is not nearly as daunting as you think -- because your agent will do all of the work. A good real estate agent is worth their weight in gold!
15 Tips For Packing Like A Pro When Moving To Your New Home
1. Plan ahead by organizing and budgeting. Develop a master "to do" list so you won't forget something critical. To estimate costs, get quotes from two or three reputable movers.
2. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle.
3. Don't throw out everything. If you're inclined to toss it, you're probably right. But one can go overboard in the heat of the moment. Ask yourself how frequently you use an item and how you'd feel if you no longer had it. That will eliminate regrets after your move.
4. Pack like items together. Put toys with toys, kitchen utensils with kitchen utensils. Your life will be easier when it's time to unpack.
5. Decide what, if anything, you plan to move yourself. Precious items such as family photos, valuable breakables, or must-haves during the move should probably stay with you. Don't forget to keep a "necessities" bag with tissues, snacks, and other items you'll need that day.
6. Use the right box for the item. Loose items are prone to breakage.
7. Put heavy items in small boxes so they're easier to lift. Keep weight of each box under 50 pounds, if possible.
8. Don't over-pack boxes. That will increase the chances that items inside the box will break.
9. Wrap every fragile item separately and pad bottom and sides of boxes.
10. Label every box on all sides. You never know how they'll be stacked and you don't want to have to move other boxes aside to find out what's there.
11. Use color-coded labels to indicate which room each item should go in. Color-code a floor plan for your new house to help movers.
12. Keep your moving documents together in a file. Including important phone numbers, driver's name, and moving van number. Also keep your address book handy.
13. Back up your computer files before moving your computer.
14. Remember, most movers won't take plants. If you don't want to leave them behind, plan on moving them yourself.
15. Inspect each box and all furniture for damage as soon as it arrives.
2. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle.
3. Don't throw out everything. If you're inclined to toss it, you're probably right. But one can go overboard in the heat of the moment. Ask yourself how frequently you use an item and how you'd feel if you no longer had it. That will eliminate regrets after your move.
4. Pack like items together. Put toys with toys, kitchen utensils with kitchen utensils. Your life will be easier when it's time to unpack.
5. Decide what, if anything, you plan to move yourself. Precious items such as family photos, valuable breakables, or must-haves during the move should probably stay with you. Don't forget to keep a "necessities" bag with tissues, snacks, and other items you'll need that day.
6. Use the right box for the item. Loose items are prone to breakage.
7. Put heavy items in small boxes so they're easier to lift. Keep weight of each box under 50 pounds, if possible.
8. Don't over-pack boxes. That will increase the chances that items inside the box will break.
9. Wrap every fragile item separately and pad bottom and sides of boxes.
10. Label every box on all sides. You never know how they'll be stacked and you don't want to have to move other boxes aside to find out what's there.
11. Use color-coded labels to indicate which room each item should go in. Color-code a floor plan for your new house to help movers.
12. Keep your moving documents together in a file. Including important phone numbers, driver's name, and moving van number. Also keep your address book handy.
13. Back up your computer files before moving your computer.
14. Remember, most movers won't take plants. If you don't want to leave them behind, plan on moving them yourself.
15. Inspect each box and all furniture for damage as soon as it arrives.
7 Ecohealth Home Principles
According to Michelle A. Roberts, founder and Creator of Ecohealth Homes Inspired By Caroline McKennasm there are 7 Ecohealth home principles to live by:
To read more about living green click here.
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