The major brokers all released market data this week. Third Quarter 2011 recorded the highest number of transactions since Second Quarter 2008 â€“ before the downturn. The number of market-wide sales increased 15% from Third Quarter 2010 and 6% from Second Quarter 2011. The growth in sales was propelled by the strength of certain market segments, including studios and one-bedrooms borough-wide, Downtown resales and Upper West Side new developments.
Mitchell Hall, Associate Broker
The Corcoran Group
Licensed Real Estate Salesperson
Prudential Douglas Elliman RE
1995 Broadway New York, NY 10023
(646) 312-9873 (cell)
In general, doorman buildings are often not as in demand as they once were.
I have noticed a trend with more people going for simple elevator buildings with laundry as it cuts the premium rental price a bit.
All the best with your search to invest!
Here's the link: http://media.halstead.com/pdf/Halstead_QuarterlyReport_3Q11.pdf
Halstead Property, LLC
As for rent, which is an important factor here, please check out this Manhattan rental market report.
Best of luck with your plans!
Our rental report will be available in a few days.
I hope you are able to learn from the stats. Should you need help with a purchase and subsequently, rental, please don't hesitate to contact me. I'd be glad to answer your questions and walk you through a successful real estate closing.
Zita Alvarez Lo
Licensed Associate Real Estate Broker
PRUDENTIAL DOUGLAS ELLIMAN
205 East 42nd Street, 6th floor
New York, NY 10017
917 776 2977
Overall you are looking at flat pricing, but in the studio and 1 bedroom range, the prices are better than the 2 and 3 bedroom range, meaning that there is better value right now in that price point. The folks in the below $1mm range are a bit more nervous and have extended their rentals (hence the historically low vacancy rate of 1%). There are a number of benefits of this range, you are renting to individual people generally or couples which will keep your costs of tenant acquisition low as well as wear and tear on your apartment. The historically low interest rates also generally enable an investor to purchase an apartment and the rents (more or less) will cover mortgage and maintenance at 20% down) assuming no vacancy. Like the other agent before me indicated if you are aware of the Manhattan market you know that you will need to purchase a condo if your intention is rental. I have been a landlord for 10 years, and understand the considerations taken to do what you are going to do. I wish you luck and feel free to call if you have any questions.
Bond New York, Columbus Circle Office
You will want to figure out which areas in Manhattan you can afford.
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