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Market Conditions in New York : Real Estate Advice

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  • Local Info439
  • Home Buying1K
  • Home Selling232
  • Market Conditions94

Activity 142
Tue Apr 10, 2012
Jenet Levy answered:
If you are a broker and you are asking this, I suggest you start reading sales data, read market reports, attend meetings at your company, and speak with you Sales Director. This is what you clients should be asking you and you should have answers and reasons why. I would say get out there and do your homework. Learn the market. Manhattan is many mini-markets and very nuanced. ... more
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Sat Jan 28, 2012
Anna M Brocco answered:
Average square foot does vary by exact location, the type of space, market, etc.; therefore you may wish to consider working with an agent of your own...
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Sun Jan 29, 2012
Abu Musa answered:
Sun Jan 29, 2012
Elena Ravich, Esq. answered:
it is important to lay out your criteria of what is important in your new home: location, proximity to parks, stores, work; type of the building, new development or an older building, level of amenities; size of the apartment, light, level of appliances, etc. and then narrow down your search by the most desirable locations, etc... Also, the type of ownership, the budget and allowable amount of financing should be the first things to determine when looking for a home.
Where to start looking - all of the above should work but on line is probably the most efficient way these days.
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Thu Oct 27, 2011
Christopher Pagli answered:
Hi, you should get an email anytime somebody responds, otherwise you can go into Trulia and click on your question. Your profile should have a section for all your questions and answers.

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Wed Oct 26, 2011
Annette Levinson answered:
The question Ninatulia should be do I need a home to live in? If the answer is yes and East Harlem is your target area go for it.
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Wed Aug 31, 2011
Thomas Sourasis answered:
Mortgage rates are near an all time low. New and existing home sales have continuted to decline july over june and year over year, however, prices have held steady, could be an indication that housing market prices seemingly have bottomed out. Housing may finally be a safe place to park capital once again. Many americans are still very weary about the housing bust, rental properties seem like an attractive option. Now may be the best opportunity to buy. Call me or email me if you need help finding residential or investment properties. ... more
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Wed Jun 29, 2011
Carlyn Chappelle answered:
The apartments are not very large (subjective) but it' is a great area. If you decide to move you can hold on to the property as an investment property and rent it out. It is especially great because of it's proximity to the UN.

Carolyn Chappelle
Bond New York
347 777-8674
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Fri Jan 13, 2012
Brittney Gooden answered:
It really varies. Many buyers are under the impression that co-op maintenance fees are exorbitant, but here are just some of the expenses and services co-op maintenance payments cover that justifies the cost, for example heat, hot water, cooking gas, garbage pick up, maintenance workers salaries, pest control, building cosmetic up keep etc. ... more
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Sun Jun 17, 2012
Eric Rosen answered:
You can of course convert the living room but of course that is not the ideal suitutation. The answer really becomes one of finances and your ability to purchase a true 2 bedroom. If you have the financial means I would suggest purchasing a 2 bedroom apartment. I can tell you from experience that 2 bedrooms are one of the "hottest selling" apartments right now.

The market for 1 bedroom apartments is slower than 2 bedrooms. Of course, any apartment listed with a realistic price will sell quicker than one listed "above market".

Best suggestion, speak with a mortgage professional and see what you can afford. Then contact a real estate agent and discuss what your true options are.
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Wed Mar 30, 2011
Jenet Levy answered:
You have narrowed in on some of the best value around. These areas might be a little bit of a commute but offer quite a lot of value and thriving communities that just keep developing.
Good choices!

Jenet Levy
Halstead Property, LLC
212 381-4268
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Tue Mar 29, 2011
Joseph Runfola answered:
There is no standard figure, you need to be specific, a 2 Bedroom in Staten Island is very different from a 2 Bedroom in Manhattan.
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Sat Mar 12, 2011
First Last answered:
I was in a class recently where the instructor asked a room full of experienced NYC brokers, nearly all Manhattan based, how many of them had ever handled an FHA loan deal in their entire careers. No one raised their hands.

That obviously doesn't prove it never happens, but it does suggest that we do things differently here.

NYC area is a unique market and one of the many reasons is that there is just a lot of wealth here, spread out among a very large number of people. Sure there are wealthy enclaves in Texas and Beverly Hills, but the number of affluent people involved in those places is much smaller.

The proposed changes to Fannie, Freddie and the FHA may affect NYC, however. I think the most likely effect we'll see here is that the 30 year fixed interest rate mortgage will become harder or impossible to obtain from the name brand, street corner banks, or it will come with a hefty prepayment penalty. I think there will always be other lenders who will make fixed rate loans in NYC, but those loans are going to cost more. The typical mortgage from banks will become an adjustable rate mortgage (ARM).

The 30 year fixed rate mortgage, especially without a pre payment penalty, has always been a lousy deal for banks. (See the book "All the Devils Are Here" for an extended discussion of why this is so.) Because banks could sell those loans to Fannie/Freddie/GNMA, they were more willing to make them.

Potentially, if permitted by a law, new wholly private entities could step in to take on some of the functions of Fannie et al. After all, their stocks did well for a long time. The thing that was sick about Fannie and Freddie is that they carried an implied government guarantee of solvency, a halo, as they sold their stock, but not enough regulation to keep them out of toxic assets and responsible to the taxpayers--the ultimate source of that implied government guarantee. So we taxpayers are paying the price for that. A truly private equivalent making bad decisions would just go bankrupt and take their stockholders down with them, which is how the game is supposed to be played.

Karla Harby VP
Rutenberg Realty NYC
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Wed Feb 23, 2011
Ralph Windschuh answered:
Much depends on your long and short term goals. Buying anything with cash, unless you get a great deal, might not be the best strategy. If you purchase, your interest and property taxes, if you itemize, could help to lower your income tax exposure. You should consult with your tax preparer about the best strategy regarding whether to use cash or how much of a mortgage would be the most beneficial to you. If you're paying rent, it's almost always better to buy than rent. That's money right out the window with no hope of a return - you only take your furniture when you leave. Even if prices continue to decline, they almost certainly won't decline more than the rent you'll be paying over the next five years. Just do the math!

Good luck!

Ralph Windschuh
Century 21 Princeton Properties
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Thu May 26, 2011
Phil Rotondo answered:
I think it's very important for a Real Estate Professional to know exactly who to turn to if your client needs this information. Part of being "full service" to the client. ... more
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Tue Feb 8, 2011
Jeff Brenner, MBA answered:
Hi Niki,

Many have been touting the financial district's "up and coming" residential status for years, and with recent conversions and new rentals, there is definitely a growing residential presence attracting more residentially-oriented businesses (e.g. like those essential late night delis, supermarkets, dry cleaners, etc.). However FiDi as it's now called simply can't yet come anywhere near matching the offerings of other neighborhoods that are far more residential in nature. For example, at nighttime, the financial district still effectively "shuts down," with only the occasional bar open and little foot traffic.

Such pending residential development has been promised for years, and the reality is that it can take many years if not decades for a residential neighborhood to fully evolve. If you investment horizon is long-term (e.g. 10 years or more) you'll likely see appreciation related to the growing residential occupancy of the neighborhood.

More immediately, the areas valuations are driven by those who work in the area and want to walk to work, and are therefore tied to the fate of Wall Street itself. With a financial recovery seemingly under way, economic conditions likely bode well for the area as an investment in the medium-term as well.

Average prices really don't tell you much with regard to investment potential or return. Since you're looking for an investment opportunity, it would be best to evaluate condos by looking at the return on investment: e.g. not only the cost of the condo, but the likely rent you'll receive, as well as the trend in rents. A financial district condo may be less expensive than a comparable UWS condo, but remember the rent will be lower, and it will be far easier and faster to get a tenant for the UWS condo when offered at market rent. The residential demand for UWS rental units is substantially greater. I'd be happy to provide you with more specific information on both rents and rent trends if you message me with a rough idea of the amount you're considering to invest.

Important note: pay attention to "Land Lease" buildings downtown. These are buildings that do not actually own their own land, and there are separate rent payments (essentially rent on land) that are paid along with maintenance. The higher monthly costs of land lease buildings, as well as other factors such as risks of increasing land rents, typically drive down valuations, so you'll want to keep an eye out for those when you're comparing prices among buildings. While others have various feelings about it, I generally do not recommend land lease buildings for my clients who want "true ownership." On the flip side, some do reap benefits from a land lease building in that they may be able to purchase an apartment they would not be able to afford in a building with owned versus leased land.

Jeff Brenner, MBA
Senior Associate - CitiHabitats | CitiSales
Apartments | Townhouses | Multifamily
Rentals, Sales and Investments
By Referral Only
"Platinum Production Award - 2009" | "Top Rental Production"
"Top Overall Production (Sales + Rentals) Award - 2008"
Mobile 646-496-5333
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Fri Feb 4, 2011
Fern Hamberger answered:
I ran a search on all the 2br/ 2ba (type of ownership) in Murray Hill and that is what I found:
On average in Murray Hill
These are the current asking price for 2br / 2bathrooms
Condo : $1195 per square foot
CoOp : $843 per square foot
On average in Murray Hill
These are the sold and contract signed price for 2 br / 2 bath
Condo: $1081
CoOP: $725
Of course yuo may have to take in consideration, the condition of the apartment, the view, the floor and the amenities, a fluctuation of up to a $0 to $200k depending on the actual apartment leaving room for negotiation
Good luck and if you have any questions, please do not hesitate to ask
Fern HAmberger
Sr. Associate Broker
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Wed Apr 27, 2011
Michael Davis answered:
That's simple. YES. The outlying areas were hit the hardest over the last 2 years and they are still the best places to by and also have the more upside.

Here are two sites you should looke at.:

Best to you,

Michael Davis

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Fri Jan 21, 2011
Jenet Levy answered:
I would say you've got to talk to a bank. They would have that historical data. If you have a preferred lender that you refer your buyers to, they should be able to get you that information. ... more
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Mon Oct 18, 2010
David Bess answered:
Check the lease contract and contact an attorney. This could go either way depending on what you signed.
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