Archive for Regions & Neighborhoods

Mar
10

How’s the Market – February 2014

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come.  Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

AV_MSP_DOM_Feb_2014

DISC_AP_Feb_2014

Sales_Region_Feb_2014

The Elliman 2004-2013 Decade Survey for Manhattan Co-op and Condo Sales was released recently at Elliman.com  and summarized below was prepared by Miller Samuel for Douglas Elliman.

 “The number of sales reached second highest level in 25 years as listing inventory fell to a 14-year low.”

Manhattan Decade Report

  •  After 4 remarkably stable years with activity hovering just over the 10,000 sale threshold, the number of sales jumped 21.2% to 12,735 from the prior year level to the second highest total in 25 years. A record of 13,430 sales was set in 2007.
  • Median sales price edged up 2.4% to $855,000 from the prior year.
  • Average sales price increased 1.9% to $1,443,753 and average price per square foot rose 4.6% to $1,136 respectively year-over-year.
  • Listing inventory fell 12.3% to 4,164, from prior year levels to a 14-year low.
  • Days on market, the number of days from the last price change to the contract date, fell 29.7% to 121 from the prior year.
  • Listing discount, the percentage difference between the list price at time of contract and the sales price, fell to 3% from 5.6% in 2012.

Feb
06

How’s the Market – January 2014

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come.  Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

A&M_SP_DOM_Jan-14

DISC_AP_Jan_14

Sales_Region_Jan-14

Feb
02

In the News – February 2, 2014

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1/30/14  Douglas Elliman Releases Decade Report for Manhattan Townhouse Sales 2004-2013:  Like the apartment market, Manhattan townhouse sales jumped and prices edged higher over the past year. Inventory continued to fall, resulting in the fastest paced market in 17 years. There were noticeable gains in market share of 3-5 unit/family sales, as more consumers looked to convert them to single family homes. We anticipate additional improvements in the townhouse market over the coming year.  See the full report at Elliman.com

 

 

Jan
26

In the News – January 26, 2014

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1/23/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Long Island Sales:  The Long Island housing market had a strong finish with the most 4th quarter sales in seven years and the lowest inventory levels in twelve years. In addition, median sales price reached the highest fourth quarter level in four years. Rising mortgage rates pulled many people into the market who have been on the sidelines for the past several years. Over the past decade, the luxury market outperformed the overall market, although this past quarter, the luxury market was in sync with the entire marketplace. As the regional economy slowly improves, we anticipate more improvement over the coming quarters.  See the full report at Elliman.com

1/23/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Hamptons Residential Sales:  The housing market in the Hamptons finished 2013 showing stability, after adjusting for the impact of last year’s “fiscal cliff” rush of buyers at the upper end. The current market has returned to a more normal mix of sales, as housing prices remained stable. The number of days to sell a property and the negotiability between buyers and sellers fell reflecting the tightness of the current market. Our “Decade” report showed that luxury market price trends outpaced the overall market. Given the high sales activity in New York City and reported rise of Wall Street bonuses, we look forward to a busy 2014 market.  See the full report at Elliman.com  

1/23/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 North Fork Sales:  The North Fork housing market closed out the year with the highest quarterly sales total in five years. Inventory fell slightly from last year. Like the Hamptons market to the south, the North Fork also saw the rush of high-end buyers at the end of 2012, which caused prices to show a decline in the most recent quarter. Both days on market and listing discount fell, as market conditions remained “tight.” We look to an improving market over the next several quarters.  See the full report at Elliman.com

1/23/14 Douglas Elliman Releases 2004-2013 Hamptons and North Fork Decade Report:  See extensive Charts and Graphs for various sales data for the Hamptons and North Fork markets with comparisons over the past decade at Elliman.com.

1/23/14:  Douglas Elliman Releases 2004-2013 Long Island Decade Report:  See Extensive Charts and Graphs for various sales data for the Long Island Residential Sales Market with comparisons over the past decade at Elliman.com 

Jan
12

In the News January 12, 2014

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1/9/14:  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Brooklyn Sales:  Brooklyn’s housing market continued to be one of the strongest in New York City with rising prices and sales as well as a large decline of inventory. It is also the only borough to see the median sales price exceed the levels set during the previous boom. The combination of rising sales and falling supply made the market move at the second fastest rate in 5 years. We expect this momentum to carry into 2014 as the economy improves.  See the full report at Elliman.com

1/9/14:  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Queens Sales:  The Queens housing market had a large increase in sales to help the year finish on a high note. Sales price trends remained fairly stable year-to-date, but choices for buyers were limited as inventory fell to the lowest level on record. Like much of the region, the decline in sales and rise in supply made the market pace unusually fast. With the economy expected to improve, we anticipate an active housing market in the first half of 2014.  See the full report at Elliman.com

1/9/14:  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Westchester and Putnam Sales:  The housing market in Westchester had many of the same trends as those we observed in the city: rising sales, falling supply and rising prices. Median sales price and the total number of sales reached an eight-year high. Falling inventory kept pressure on prices throughout 2013 that resulted in modest year-to-date increases in housing prices. With an unusually high number of signed contracts in the fourth quarter, we expect this momentum to continue into the new year. Putnam’s housing market experienced falling inventory but not to the same extent as Westchester did. The number of sales jumped above last year¹s totals, but housing prices were generally stable. The decline in supply and the increase in sales caused the market to move faster than last year, but not at the same rapid pace as Westchester. We anticipate similar conditions over the next several quarters.  See the full report at Elliman.com

Nov
12

How’s the Market – October 2013

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come.  Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

AV&Med_SP_DOM_10-2013

DISC_AP_10-2013

 

Sales_-by_region_10-2013

 

 

 

 

Oct
19

In the News – October 19, 2013

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10/17/13:  Douglas Elliman Releases Elliman Report for Miami Sales 3Q 2013:  Miami housing prices pressed to five-year highs and sales reached their second most quarterly total since 2006. Over the past three years, the market share of distressed sales has fallen by half, something unimaginable a few years ago as the market continues to recover. Despite the rise in non-distressed sales, cash remains king in nearly two thirds of all sales. Inventory continued to fall and properties sold at their fastest pace in more than seven years. Based on the current key drivers of an improving regional economy and the international consumer, we anticipate an active market over the coming quarters.  See the full report at Elliman.com,  in Spanish, in Portuguese

10/17/13:  Douglas Elliman Releases Elliman Report for Boca Raton Sales 3Q 2013:  The Boca Raton housing market saw some gains in overall inventory although supply fell at the top of the market. The pace of sales activity remained brisk, especially within the condo market. The time it took to sell a property fell sharply as low inventory continued to keep the pressure on the market. More buyers used mortgages than at any other time in the past several years, but cash purchases still dominated activity. We look forward to a continuation of these conditions in the coming months.  See the full report at Elliman.com

10/17/13:  Douglas Elliman Releases Elliman Report for Fort Lauderdale Sales 3Q 2013:  Sales volume and prices for the Fort Lauderdale housing market jumped above last year’s levels. Inventory trends were mixed with a drop in condo listings and an increase in single family listings. The pace of the market remained fast as listings were sold more quickly than last year. Cash remains the favorite choice of buyers, but we are seeing more purchases made with mortgages. We anticipate an active market for the final quarter of the year.  See the full report at Elliman.com

Oct
12

In the News – October 12, 2013

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10/10/13  Douglas Elliman Releases Elliman Report for Brooklyn Sales – 3Q 2013:  The Brooklyn housing market has shown the most strength compared to any other borough. Housing prices have set 10-year records and inventory fell to the lowest levels seen in five years. We expect the rising mortgage rates to take some of the edge off of the market frenzy in the coming months. Perhaps the biggest change in the market going forward is the buyers outside of the borough who sought out Brooklyn as a destination rather than as a more affordable alternative to Manhattan.  See the full report at Elliman.com

10/10/13:  Douglas Elliman Releases Elliman Report for Queens Sales – 3Q 2013:  Queens has continued to benefit from the strength of the Brooklyn market and still low mortgage rates. The borough had more sales this quarter than any time in the past three years and inventory fell to an eight-year low. Although buyers have had less inventory to choose from, housing prices have remained steady over the past year and we anticipate this trend to continue over the coming quarters.  See the full report at Elliman.com

10/10/13:  Douglas Elliman Releases Elliman Report for Westchester and Putnam Sales 3Q 2013:  The Westchester housing market continues to improve. Listing inventory continued to fall consistent with the rest of the metro area, but the number of sales reached their highest point in over 30-years. However, the rising mortgage rates will make this new record hard to beat. Housing prices increased somewhat last year and properties sold more quickly. We expect more of the same over the coming quarters but without records. Like its neighbor to the south, the Putnam housing market had a lot more sales this quarter than last year and buyers had fewer properties to choose from. Although properties took a little longer to sell, housing prices remained stable, which is what we anticipate in the coming quarters.  See the full report at Elliman.com 

Sep
22

How’s the Market – August 2013

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come.  Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

Av&Med_DOM_SP-Aug_2013

Dis_AP_Aug-2013

Sales_Region_Aug-2013

Sep
02

Co-op & Condo Tax Abatement – New Rules

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In New York City, real estate taxes are an important part of the value, and it seems the rules are about the change.

According to Jerry Feeney, Residential Real Estate Attorney   the following is a summary of the changes.  As always, it is important to see qualified advice when dealing with legal and tax matters.

 

  • Primary Residence:  The apartment must be the owner’s primary residence to be eligible for the abatement, and parking spaces and storage units are excluded.  This important change is effective July 1, 2014.  Non-residents who received the abatement in 2011/2012 will see the abatement phase out in 2012/2013 and 2013/2014.  By 2014/2015 the abatement will be completely phased out for non-residents.
  • Multiple unit ownership:  Ownership of 4 or more units in the same building disqualifies the owner from any abatement, regardless of whether one of them is a primary residence.   If one owner owns 3 or fewer units, and one is the primary residence, the abatement will apply to all of the units.  If none of the three units are owner occupied, none will get the abatement.
  • Other Exemption/Abatement programs:  This change in the law will not affect other real estate tax relief programs, but recipients of certain relief programs are ineligible for the co-op/condo abatement, without regarding primary residence status.  These programs are (a) J51, (b) 420c and 421a, b, and g. (c) HFDC, (d) DAMP, (e) Mitchell-Lama, and (e) clergy.  Personal exemptions, however, will have no impact on the receipt of the co-op/condo abatement.  Examples of these programs are:  (a) STAR, (b) disabled homeowner, (c) senior citizen, and (d) veterans
  • Trusts:  In determining principal residence for a unit owned by a trust, NYC Finance requires that the unit is the principal residence of the beneficiary of the trust, trustee, or in the case of a life estate, the life estate holder.

 

This post is provided as informational purposes only and should not be construed as legal, accounting or tax advice by the RealEstateGeezer. You should seek advice from a qualified professional.

 

Information provided by Jerry M Feeney, Residential Real Estate Law 

 

Douglas Elliman released the August 2013 report for Manhattan & Brooklyn Residential Rental Markets.  The August 2013 Elliman Report for the Manhattan & Brooklyn Rental Markets reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

“The Manhattan rental market has not seen a decline in rents for 26 consecutive months.”Aug_2013_M&B_Rental

  • The Manhattan median rental price increased by 1.8%, to $3,150 from the same month last year. The last time this metric posted a decline was in June 2011, an unprecedented 26-month run. Concessions from landlords continue to be rare with only 2.5% of all new rentals offering some sort of special rewards, averaging the equivalent of 1 month of free rent.
  • Over the past several months, rents in Manhattan continued to rise, but at a much slower rate than we experienced earlier in the year. The number of rentals jumped this month as tenants sought greater affordability at the time of lease renewal. Negotiability and marketing times were low as the use of concessions by landlords remained rare. The tight mortgage lending and improving economic conditions are both helping to keep rents near record levels.
  • Median rental price in Brooklyn increased 4.6% to $2,850 from the same month last year, reaching a 5-year high. Average rental price and average rental price per square foot increased by 3.6% and 6.9% respectively from the same period last year
  • The number of new rentals in Brooklyn surged from this time last year as tenants sought relief from the rising rental prices. More potential tenants did this by seeking new places to rent in lieu of renewing existing leases. The price of a rental reached the highest level seen in over five years. Properties have been renting at a faster pace as negotiability continued to decline, consistent with the tight market.

Aug
20

In the News August 18, 2013

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8/7/13 TV Star Ortiz lands at Elliman after KWNYC firing:  Luis D. Ortiz, the newest star of “Million Dollar Listing New York,” has officially signed on to work at Douglas Elliman, he told The Real Deal exclusively today.  See the full article at The Real Deal 

8/15/13  Bloomberg’s “affordable” micro-apartments don’t come with micro prices:  New York City’s micro-apartments aren’t really all that affordable, and in reality are geared toward the upper-middle class, the New York Observer reported  See the full article at The Real Deal 

Aug
08

How’s the Market – July 2013

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come.  Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

AV&MED_SP_DOM_07-2013

DISC_AP_07-2013

Sales_Region_07-2013

 

The proposed 91st Street Marine Transfer Station continues to draw protests as neighbors fear noxious fumes and dangerous heavy traffic through their neighborhood.  Pledge2Protect produced this video describing some of the dangers facing the neighbors of this transfer station.

 

Excerpted from Curbed NY article

 

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