We’re just past the 10-year anniversary of Lehman’s 2008 collapse and into the 9th year of U.S. economic recovery which trumpets at least three robust measures: a 3.7% unemployment rate that’s the lowest in nearly 70 years, a 20% rise in GDP, and a bull stock market that’s up more than 50% from 2007 even after the last two-day downward slide.... The current housing slowdown which began in NYC at the upper end of the market is now palpable in every market category... Since 2009, there's never been a better time to purchase a home, despite spiking interest rates and tax reform concerns.
Last week I was interviewed by a reporter from an online lifestyle blog who was writing a story on building a dream team for home buyers. She referred to her own “miserable” recent experience of…
So, you’re thinking of putting out a For Sale By Owner sign. It’s understandable you want to save money and skip the brokerage fees. But are you doing yourself a disservice?
Numbers tell only part of the story. At the end of each quarter, we’re showered with statistical reports that require us to consider the macro and the micro of our market. Yet each neighborhood and even each building has its own contextual history. To best serve buyers and sellers, agents need to dig deeply into quarterly reports and then plough even deeper into individual comps, examining both sold and current properties to scrutinize every factor that influences a sale including condition, staging, monthly carrying charges, price drops, time on the market and extenuating circumstances.
Buying a home for the first time in New York City, one of the nation’s most complex and competitive real estate markets, can be a daunting and overwhelming experience. But it doesn't have to be. Real estate novices are advised to collaborate with an experienced professional who will narrow the multitude of choices, minimize the stresses and streamline the process from start to closing.
As the number of condominium products grows, there’s mounting pressure among condo boards to operate their buildings efficiently and to maintain the character of their residences in the best interests of unit owners. Increasingly condos are trying to exert more control over resales, imposing conditions for granting waivers and even implementing new policies—behaving very much like their co-op cousins.
November 24, 2013. The year 2013 is sure to go down in the annals of NYC real estateas a stellar time. What were some of the dominant trends? Let’s take a look.
(1) Housing stock shrinks further.An overriding and ongoing lack of inventory defines the 2013 market. All analytics point to the lowest level of supply in more than a decade. The shortage has heightened competition among buyers and driven up price levels. Demand has remained consistently strong and is expected to be sustained.