Tag Archive | "New York"

New York State Housing Market Experiences Slowdown

The residential real estate market in New York declined slightly in 2011, as overall sales dropped nearly four percent from the previous year. Although housing sales were down for the year in 2011, there were positive signs of growth in the fourth quarter.

With sales having improved in the fourth quarter, residential real estate analysts believe that sales and prices will rebound in 2012. Housing prices are starting to show signs of stabilization. With record-low mortgage rates making houses more affordable than ever, it is likely that housing sales and average home prices receive a boost in the next twelve months.

While the prime market of NYC has performed up to expectations for the most part over the last few years, the areas outside of the city continue to face declines in both prices and sales. However, the majority of the areas will see those declines reversed in the next year, as demand in the residential real estate market will increase among potential buyers.

In an effort to boost the market even further, the New York State Governor is looking to pass a legislation that would help the state combat its foreclosure issue. Foreclosures had a significant impact on the housing market in 2011, and will likely continue to affect the market throughout the next year.

Roughly one in four homes in New York State are in foreclosure, and there have been few signs of that number improving in the near future. The state is hoping that a Foreclosure Prevention Services Program will be able to prevent further foreclosures from taking place.

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Luxury Housing Market in Manhattan Experiences Increased Demand

Demand for luxury real estate properties in Manhattan has shot up in recent months. As demand continues to rise, the overall supply has become incredibly limited.

As a result of the limited supply of luxury residential properties, those interested in purchasing one have resorted to contacting current owners in order to find one interested in selling their property. International and wealthy domestic buyers make up the majority of those interested in the luxury market. Many of them are looking to take advantage of reduced prices before the market experiences a positive turnaround.

Sales volume for super-luxury apartments in Manhattan is up by seventeen percent from last year. With over three hundred sales, the market is the strongest its been since the crash. Nearly ten percent of those sales were for residential real estate properties that cost over ten million dollars.

While prices have not yet reached their previous peak levels, they are expected to continue rising to that point in the near future. As the supply continues to decline, more and more buyers are looking to enter the market. That has caused prices to steadily rise at an unprecedented pace.

Despite the declining supply and recent gains in demand, analysts believe that the high-end luxury real estate market will actually experience a slight decline in the upcoming months. The decline will likely be due the change in seasons, and the most recent decline of the United States economy.

Analysts remain overly positive, though, about Manhattan’s luxury residential property market. They believe that the market even with a potential downturn in the fourth quarter, the market will rebound strongly during the next year.

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West Side Neighborhoods in Manhattan Growing Popular Amongst Global Elite

Condominiums on Manhattan’s West Side continue to be a top option for the nation’s and world’s most wealthy homebuyers. Some of the condominiums being sold are going for more than ten million dollars. Overall sales of such condominiums has increased seventeen percent in the last year, and looks to continue growing in 2012.

The West Side apartments, predominantly in areas such as the West Village and Tribeca, have become a popular choice for international investors from around the world, those from Eastern Europe, Latin America, and Asia. Units closest to Central Park have been the most popular, and thus, have command the highest price tag.

Not only have sale prices of high-end apartments and condominiums increased, but so, too, have rents of such apartments. Rents are up as much as five percent from last year.

The increase in desirability and prices has led to apartments just outside the West Village and Tribeca to grow substantially as well. Both the financial district, and the Upper West Side have seen strong growth.

While New York City has always been a melting pot of residents and businesses, the most recent influx of tenants may work to change the face of Manhattan. The financial district has started to see media companies and others outside the financial industry setting up shop in the district. Some property developers and analysts believe that the financial district may soon lose its name in the next decade as it diversifies with its new tenants.

The growth in Manhattan’s West Side is definitely welcome, as it has bucked the trend of poor real estate performance that continues to plague the rest of the nation.

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Home Sales in New York See Strong Increase in Third Quarter

The residential real estate market in New York performed very strongly during the third quarter, increasing more than fifteen percent when compared to the second quarter. However, the residential property market is still down when compared to the numbers from 2010.

The significant increase in property sales definitely helped the New York market make up ground when compared to the previous year, though it wasn’t nearly enough to even up the overall pace. Residential home prices were also down from the previous year.

Despite the strong quarterly increase, real estate analysts are growing increasingly worried that the New York market will continue to fall behind the pace of the previous year. They believe that the negative outlook on the economy, and the high unemployment figures in the state are taking a significant toll on the residential real estate market. Even with rates at historic lows, the overall outlook on New York’s property market as a whole is rather dim.

While international investors are driving New York City’s market, the rest of the state has been garnered nearly as much interest. The total number of sales statewide is down by more than four thousand homes from one year earlier. Furthermore, the average sales price has by more than seven thousand dollars.

While New York City’s big business opportunities have made it a prime market for investors, the rest of the state does not carry the same attraction. The more rural areas of New York have faced the sharpest declines in sales and prices, and that trend will likely continue into the next year.

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New York Becomes Number One for Commercial Property Investment

New York’s commercial property market is enjoying a highly successful year, and as such, earned the distinction of having the strongest commercial real estate market across the globe.

In the most recent report from commercial property experts, New York was identified as being the top investment choice with respect to commercial real estate. New York came in ahead of London, Tokyo, and other growing cities across Europe and Asia.

London has been named the number one option for overseas commercial property investors, which significantly contributed to its number two ranking. Despite suffering the effects of the major earthquake that ravaged the nation of Japan, Tokyo has demonstrated strong gains. It remains number three on the list compiled by experts, and has shown very impressive growth in recent months.

In what should be considered good news to the government and real estate agents alike, the United States showed the most impressive growth in the most recent report. Chicago had the biggest increase with respect to the amount of capital involved in the city’s sales.

Europe also showed some strong gains, with Frankfurt coming in as the fastest growing city in the continent.

Analysis of the various commercial real estate sectors shows that London has had the strongest commercial office property sales, whereas Hong Kong has the best performing retail sector. New York is in second place in each of the two categories.

Only five cities fell out of the top twenty-five commercial properties list from last year, and none of those cities are located in the United States. In fact, three of the cities that replaced those five are cites in the United States.

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Home Prices Increase in Manhattan Due To Foreign Demand

Prime residential real estate markets in the United States continue to reap the benefits of foreign buyers. Manhattan is the latest prime city to experience a housing price increase, as foreign demand in the city continues to rise. Prices in the city have improved three percent since the last quarter.

The average selling price of a condo in Manhattan is now at around one and a half million dollars. According to data collected from real estate agents, roughly thirty-five percent of those that purchased a new home or condo in Manhattan were foreign buyers. The trend is expected to continue, as international investors look to capitalize off the weakened state of the United States dollar.

Miami has experienced similar growth due to foreign investment. Foreign buyers are purchasing homes of all sizes, ranging from one-bedroom condos to mega mansions in the prime cities. The foreign investors buying homes in New York are mostly coming from Europe, Russia, and South America.

With lending standards becoming more stringent daily, many sellers are welcoming foreign investors with open arms. Many foreign buyers are purchasing homes in cash, which makes it possible to expedite each sale. Because prospective homebuyers in the United States are finding it to be almost impossible to secure a housing loan, they are unable to compete with foreign investors that have access to liquid money.

The most recent sales to foreign investors helped boost overall sales volume levels to numbers not seen since before the real estate market crash. The increased interest from foreign investors has also help reduce the average amount of time that a house stays on the market for sake.

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New York’s Biggest Landlord Expands Its Portfolio

New York’s largest office landlord, SL Green Realty Corp., has come together with Stonehenge Partners to add to its real estate portfolio. The two companies purchased eight properties in Manhattan for more than four hundred million dollars. The properties consist of both multifamily and retail properties, and include the building on Fifth Avenue that houses the retail store for the designer brand Prada.

While SL Green has been the biggest office landlord for quite some time, this was the first time that they added multifamily apartments to their portfolio. However, with the rental market continuing to show signs of growth as a proven profitable form of investment, it is likely that SL Green may add a few more to their portfolio in the near future.

With that said, retail properties will continue to make up the majority of investments made by SL Green. Analysts believe that SL Green is actually looking to convert the ground floor of some of the acquired apartment buildings into retail storefronts.

SL Green continues to focus its investments in the prime area of New York, where the commercial and rental real estate markets continue to remain relatively strong. As a result of this transaction, Stonehenge Partners has also bolstered its multifamily rental property portfolio. It now owns over two thousand five hundred apartments in New York.

Demand within the rental market continues to gain strength, which has leader to decreasing vacancy rates, and increasing rent prices in the past few months. Both figures are expected to improve even further as the housing market continues to experience greater struggles.

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New York Condominium Building Acquired by Prudential

Real estate properties in New York City have become quite popular among international investors. With prices lower than they have been in years, many international investors are looking at now as the ideal time to purchase property in such major United States cities as New York City, Miami, and Los Angeles. In the most recent New York City transaction, Prudential Real Estate Investors acted on behalf of a German client, purchased the Laurel, which is a major condominium complex.

The Laurel is one of the city’s newest buildings, and is located at Sixty-seventh Street and First Avenue. Aside from the high-end condominiums within the building, there are also a number of offices, all of which are leased to tenants. It is thirty-one stories high, and its tenants include Cornell’s medical research facility, as well as a TD Bank.

The Laurel building is one that has been a top target for many international investors due to the high quality of tenants with long-term leases. It has been viewed as a commercial property investment that will be profitable from the start, and still will have opportunity for growth. The German client, for whom Prudential Real Estate Investors are working, has high hopes for strong returns on their investment. Prudential Real Estate Investors have stated that the acquisition of the building will serve to help strengthen New York’s real estate market.

Prudential Real Estate Investors operate across the globe, with investments in the United States, Europe, Asia, Latin America, and Australia. The main Prudential headquarters is located in New Jersey, but they have offices around the world.

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Ratings for New York Real Estate Brokers Added to StreetEasy

In an effort to help those in New York that are looking to rent or buy a new home, the popular real estate website, StreetEasy, has added a new and innovative feature to their already highly regarded service. The new feature is designed to help both buyers and sellers identify the best real estate agents in their area to make the home buying, renting, and selling processes much easier than ever before.

While other websites, such as Trulia, offer a variety of different services that are similar to StreetEasy, none of them have real estate broker ratings as detailed as StreetEasy’s new addition. Not only does the new service provide rankings for every real estate broker in Manhattan and Brooklyn, but it also gives such information as the broker’s previous sales, and what listings they have available. Finally, the service also offers a comparison chart that provides details on which real estate brokers are the best at retaining a home’s value against its actual initial asking price.

StreetEasy’s paid premium service, which includes the new ratings feature, carries a monthly cost of $10, and has single-handedly saved past, present, and future homeowners, and renters a significant amount of time and money. With the new feature, the information that was once only available to brokers is now available to every member of StreetEasy, thus putting the power in the hands of consumers instead of brokers. StreetEasy certainly adds a new element to the real estate market, and many potential homebuyers and real estate brokers alike are hopeful that it will provide at least a minimal boost to the residential real estate market in New York City.

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Christakis Shiamili and the Real Estate group

Christakis Shiamili and the Real Estate group

The founder of Ardor New York Real Estates, Mr. Christakis Shiamili. was accused of mistreatment of his employees, Semitism and domestic violence by one of the websites which is now shut down. The web site was believed to report on abusive landlord behavior, bad broker behavior and run down apartments but then it quickly turned into a forum section.

Mr. Shiamili filed a case against this website and took it to highest court for justice. The operator of the site Ryan McCann was sued for posting such accusations on the website. He was then found to be a competitor of the New York Real Estate Group. Mr. Shiamili also said that the accusations were not limited to him but were also involving his managers.

The accusations against Mr. Shiamili such as mistreatment of the workers were taken seriously and the reputation of the managers was also affected. However the case was dismissed as the co-defendant of Mr. McCann, Daniel Baum used the facts from Communications Decency Act which mentioned that the web site operators are liable to publish and edit anything that they did not create.

Mr. Shiamili’s claim is that the company’s reputation is being spoiled on purpose by negative comments published on the website and that these comments are false statements. He also claims that Mr. McCann changed the comments into proper statements and posted them in the forum. The forum has discussion about the case and opinions on the statements.

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