• Average rental price was $3,812, down 8% from $4,142 in the prior year quarter, but up 0.6% from $3,789 in the prior quarter.
• Listing inventory fell 30.8% to 5,204 units in the first quarter from 7,522 in the prior year quarter, but was essentially unchanged from the 5,225 units in the prior quarter.
• Lease renewals and rising rental activity has kept inventory stable year to date.
• There were 2,663 new rentals, up 16.3% from 2,290 in the same period last year and up 8.4% from 2,456 rentals in the prior quarter.
• The average rental listing took 86 days to lease, one day longer than the 87 days seen in the in same period last year, but was 10 days slower than the 76 days on market in the fourth quarter of 2009.

Faith Hope Consolo, Chairman, Retail Leasing and Sales Division
of Prudential Douglas Elliman recently published the shop ’til you drop Spring 2010 New York Retail Leasing Report

“Sales activity was elevated as purchasers sought to take advantage of improved affordability brought on by low mortgage rates, the federal tax credit and lower housing prices.”

• There were 2,093 sales in the fourth quarter, 13.4% higher than 1,846 units in the same period last year and 13.3% higher than 1,847 units in the prior quarter.
• As a result of increased sales activity, inventory declined over the same period. There were 5,439 listings available at the end of the fourth quarter, 10% below the 6,042 listings available at the end of the same period a year ago and 2.9% below the 5,600 units available at the end of the prior quarter.
• The median sales price of a Brooklyn property was $447,174 in the fourth quarter, down 8.7%
• from $490,000 in the prior year quarter and down 6.1% from $476,000 in the prior quarter.
• Days on market expanded by a month to 163 days, from 133 days in the same period last year, but was essentially unchanged from 165 days in the prior quarter.
• Listing discount—the percent spread between the list price at the time of contract and the contract price—was 6%, up from 4% in the prior year quarter and up from 5.6% in the prior quarter.

“The fourth quarter 2009 Queens market experienced a surge in sales activity, with 55.6% more sales than during the same period a year ago. Consumers took advantage of the federal tax credit, low mortgage rates and more affordable prices. As a result of the increase in sales, listing inventory has fallen 10.6% and is at its lowest level in three years.”

• There were 4,260 sales in the fourth quarter, 55.6% more than the 2,737 sales of the prior year quarter and 52.7% more than the 2,789 sales in the prior quarter.
• Listing inventory is at its lowest level in three years. There were 8,778 properties listed for sale at the end of the fourth quarter, 10.6% below the 9,822 units listed for sale in the prior year quarter and 10.4% below the 9,797 units listed in the prior quarter.
• Prices continue to slip. Median sale price was $350,000, 7.9% below the $380,000 median sales price of the prior year quarter and 3.3% below the $362,000 median sales price of the prior quarter.
• The average days on market was 104 days, or two weeks longer than the 90 days on market in the prior year quarter.
• Listing discount, the spread between the last list price and contract price, fell to 6.1% in the fourth quarter, down from 8.7% in the prior year quarter and unchanged from the prior quarter.

Recently the industry has reported data on  fourth quarter  rentals for the Manhattan residential market. The Q4 Manhattan Rental Market Overview reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

• Average rental price declined 4.3% to $3,789 from $3,958 the same period last year but up 0.8% from $3,759 the prior quarter.
• Rental price per square foot declined 4.6% to $47.02 per square foot from $49.30 per square foot during the same period last year, and down 1.7% from $47.84 per square foot in the prior quarter.
• Median rental price declined 9.4% to $2,900 from $3,200 in the same period last year and down 1.7% from $2,950 in the prior quarter.
• Number of rentals surged 47.5% to 2,456 units from 1,665 units in the prior year quarter.
• Listing inventory fell 21.3% to 5,225 units from 6,640 units in the prior year quarter.
• Days on market were 76 days, down from 97 days this time last year.
• Listing discount was 6.5%, down from 6.9% in the same period last year.

The reports do not account for the incentives (concessions) that tenants are frequently offered in the current market, like months of free rent or waived brokers’ fees. It is worth noting that that if those factors had been taken into consideration, rents could appear considerably lower. Perhaps as high as 10% lower.

Experts remain cautiously optimistic about this year as the unemployment rate, which has a huge impact on the rental market, remains high. ”We are looking for more of the same in the first half of 2010–stable activity and pricing,” Mr. Miller said.

Jonathan Miller’s pod cast discussing the Q4 Manhattan Market Overview can be heard here.

In addition, reporting and analysis of  the Q4 Rental Market Survey were consolidated on the Miller Samuel website and shown below.

01/14/2010 PR Newswire Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

01/14/2010 Earth Times Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

01/14/2010 Business Week Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount

01/14/2010 Bloomberg.com Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount

01/14/2010 TheStreet.com Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

01/14/2010 The Real Deal Manhattan rental deals up in 4Q: reports

01/14/2010 Yahoo Finance Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

01/14/2010 Fox Business Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

In addition to the Prudential Douglas Elliman report, some of the above articles refer to the Citi Habitats Q4 Market report.

As Boomers and DINKs, my wife and I have been fortunate enough to celebrate the holidays this year with my dad 84, my aunt who is 100 and my wife’s mom who is 94 years old.

But some things had changed. In early December 2009 my dad was diagnosed with pancreatic cancer and my aunt, although physically “healthy”, began having more difficulty walking, severe memory problems, and because caring for herself had become impossible she needed around-the-clock assistance.

Becoming a caregiver for our loved ones takes a lot of adjustment. Dealing with their doctors, Medicare, working with the pharmacies and the nurses’ aids is daunting and very time consuming. The emotional strain and the role reversal, if you will, as well as the financial aspects of getting old, made my wife and I look into ourselves, face our mortality and wonder what our lives will be like when we reach their age and have similar medical problems.

All this with the backdrop of the health care reform bill now coursing its way through congress. I must say, from what I understand, the bill does nothing to ease the financial and emotional strain of what millions of Boomers will be facing in the very near future. More on this when I actually get to read what the House/Senate reconciliation committees finally agree on — behind closed doors.

Well I’m back now. Back on the real estate market, so to speak. There is an order to things. My aunt’s nurses and Dad’s chemo therapy are scheduled. I give a wake up call to my father every day, bring him his breakfast, the morning newspaper and arrange his medication. And if he feels good that day perhaps we go for a short walk. I pick up my aunt’s mail give her a hug and hope she remembers who I am that day. Then I head to work.

Things make more sense now. Reading the New York Times blog The New Old Age has been very helpful. I feel less alone now. The support of the neighborhood and city infrastructure can be very reassuring. For example, The Lenox Hill Neighborhood House, only a half block from our apartment and where I was an after-school and day camp member over 50 years ago, was so helpful in assisting my dad and I in getting him Medicare drug coverage. They continue to offer invaluable help with assisted living ideas for my aunt and perhaps the eventual hospice care for both of them. And on good days, when both dad and aunt get out their apartments, they can visit with their friends at the senior center and have some lunch.

We’re lucky to live within four or five blocks of each other. We love our doormen who are an important part of our extended family. They show genuine concern,  hold the elevator when dad is walking a bit slow,  and even help us get a cab when the wind and snow make it difficult for even the sure footed to get around. They are just really nice! We love New York City because of the convenience, and yes, the small-own feel of the neighborhoods.  We’re thankful for Fresh Direct and the convenience of being steps away from almost anything you may ever need or want.

I’ll file this under Boomers and will continue to update this story from time to time. If any of you are having similar experience, or just need some support or someone to speak with, please don’t hesitate to contact me. I’ll be more than happy to help in anyway I can.

Yankees Win! NY Daily News photo

I’m not really a raving baseball fan but as long as Boston doesn’t win, I’m OK with whoever does.

John Massengale an architect and urban planner posted this brief  history:

“The boss of the Yankees, George Steinbrenner, complained about parking and a perception of crime, and said he might move his team if the city didn’t  build a new stadium for them. The then Mayor of the city, Rudolph Giuliani, proposed building a new stadium over a railyard on the west side of Manhattan, at a cost of $1,000,000,000.00.

The Bronx Borough President, the Honorable Fernando Ferrer, wanted to keep the Yankees in the Bronx by building what he called the Yankee Village.”

The rest is history as they say.

“The Yankees won. The world is right again,” team president Randy Levine said.

I was curious about how housing prices were doing in the Bronx since the construction of the new stadium so I visited Trulia’s  Bronx Real Estate Overview

Bronx Recently Sold Homes

Bronx Recently Sold Homes

Average price per square foot for Bronx NY was $201, a decrease of 9% compared to the same period last year. The median sales price for homes in Bronx NY for Jul 09 to Sep 09 was $390,000 based on 443 home sales. Compared to the same period one year ago, the median home sales price decreased 11.9%, or $52,500, and the number of home sales decreased 8.8%.

There are currently 3,048 resale and new homes in Bronx on Trulia, including 43 open houses, as well as 1,390 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Bronx NY was $463,916 for the week ending Oct 28, which represents an increase of 0.7%, or $3,009, compared to the prior week. Popular neighborhoods in Bronx include Riverdale and Throgs Neck – Edgewater Park, with average listing prices of $654,112 and $456,530.

Trulia’s Heat Map and neighborhood by neighborhood residential sales details here.

Yes, Halloween is Saturday, so it’s time to finalize your Trick-or-Treat plan if you are old enough to give out candy, under 13 or the parent of same.

Here are some tips for celebrating All Hallows Eve in the city:

• If you welcome visits from all the little superheroes, pirates, witches and bumble bees in the building, make sure you’re apartment number is included on the list that should be posted in the lobby of your building.

• If your building doesn’t have such a list, suggest one to the super.  It ensures that those who don’t welcome visitors won’t be disturbed.

• If you really don’t care how cute little Sara is going to be in her princess outfit, leave a supply of candy with your doorman with “Happy Halloween from 11A” taped to the side of the bowl.  He’ll hand them out – and enjoy a few of the mini Snickers himself.  (Be sure to mention it if you want your bowl back in the morning.)

• No doorman?  Want to participate but don’t want to spend the evening traipsing back and forth to the front door?  Leave a container of candy outside the door.  Remember to replenish the offering as needed as long as your budget allows.

• If you live in a walkup, take pity on the frustration this causes for kids and parents – put a sign on your door to announce whether you are a treater.  You might try to post a lobby list and let everyone add themselves at the appropriate spot, but messing with the list may be irresistible for kids between 13 and 30 (possibly 40 in some cases of arrested development – you know who you are).

• Make sure to give kids only store-bought, individually-wrapped candy, since wary parents will toss anything else.  Trick-or-Treaters’ faves include chocolate bars, Skittles, and Tootsie Roll Pops.  Kids today often are not fond of candy corn – yet another sign that times change.  No one but dentists gives sugarless gum.  It’s only once a year!

• In the process of shedding pounds or watching your weight?  Buy only treats you dislike enough that you really, really won’t eat them, and be sure all extras get dropped off in a child household or taken to work on Monday.

Parents, here is some more information on how to Trick or Treat in New York City.

Happy Halloween!

The end of a quarter brings a blizzard of Residential Sales and Rental Market Reports; followed by a spurt of press coverage spinning and analyzing the reports. But here’s a report that’s different.

New York Retail Leasing Activity Report created by Faith Consolo Chairman of  Prudential Douglas Elliman’s Leasing and Sales Division.

The Faith Report reads like a who’s who of luxury retailers.

Faith believes that “New York City luxury retail remains resilient, with new entries and expansions paving the way for a phenomenal fall.”

From Madison Avenue to 5th Avenue and the Upper East Side,  across Central Park on the Upper West Side down to Union Square, the West Village, Soho, Nolita, Tribeca and to the Lower East Side, the Faith Report alerts you to the newest digs for your favorite designers and other trend-setting retailers.

Miller Samuel, an independent appraisal firm,  and Prudential Douglas Elliman real estate today released the Manhattan Market Overview.

The report tracks the 2230 sales of coop and condo apartments that closed in the third quarter of 2009 and compares the data to second quarter sales of this year as well as the same quarter sales of 2008 thus adjusting for seasonality.

• There was a 45.6% jump in the number of sales this quarter to 2,230 sales from 1,532 sales in the prior quarter, which is well above seasonal trends. There were 16% fewer sales in the third quarter than the same period a year ago.

• The average price per square foot of a Manhattan apartment was $996, down 16.5% from the prior year quarter price per square foot of $1,193 and 5.7% below the price per square foot of $1,056 in the prior quarter.

• Listing inventory fell 4.6% to 8,389 units from 8,794 units in the prior year quarter and 10.5% from 9,378 in the prior quarter.

• The average time it took to sell a property was 167 days, more than a month longer than the 134 days on market in the prior year quarter, but up a modest 5 days from the 162 days on market of the prior quarter.

• Listing discount, which measures the spread between the listing price and the sales price at time of contract was 7.6% up from 2.6% in the prior year quarter, but down nominally from 7.8% in the prior quarter.

As the report indicates, “The number of sales tend to peak in the second quarter of each year. This is reflective of the spring selling season including demand generated from the early year Wall Street bonus season. However, the peak level of activity year to date occurred during the third quarter suggesting the seasonal housing cycle was pushed forward by three months. The unusually low level of sales activity in the first quarter of 2009 appeared to set the stage for a release of pentup demand later in the year”.

Turning the Corner Vs. Finding the bottom

“The summer surge in the number of sales was caused by a myriad of factors including mortgage rates at historic lows, the $8,000 first time buyer tax credit, increased affordability after the sharp correction in price levels, and continued evidence that the financial system was continuing to stabilize. In addition, a 24% jump in the Dow Jones Industrial Average over the past 6 months resulted in an improvement in consumer confidence. Still, unemployment remains elevated, employment in the financial services sector continues to decline and unusually restrictive mortgage underwriting remains in place. Therefore, this surge in the number of sales does not appear to indicate a housing market “bottom”, but rather provides some evidence that the housing market has “turned the corner.”