welcome condos, we missed you

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welcome condos, we missed you

The median price for a new construction condo in Manhattan went up 10% from May 2011 to May 2012.
Several elements point to a new wave of condominiums construction in NYC. A project that reopened the gates of positive thinking is One57. Especially for its size (the condo is the tallest residential structure in the Manhattan), One57 has had a significant psychological impact pushing people to believe that, even in less than favorable economies, big projects can be brought to ...

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housing passes a milestone

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housing passes a milestone

The housing bust is finally over after nearly seven years. The numbers and trends are now convincing to prove the market has turned. So what are they?
We finally saw some rising home prices in the slow-moving S&P/Case-Shiller house-price data after seven months of consecutive declines.
Nearly 10% more existing homes were sold in May 2012 versus May 2011 – many purchased by investors who plan to rent them for now and sell them later.
The inventory of existing homes ...

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teeny-tiny apartments -&- steady residential market

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teeny-tiny apartments -&- steady residential market

Could apartments in New York City get any smaller? I guess so… Mayor Bloomberg recently announced a competition for architects to submit designs for mini-apartments measuring just 275 to 300 square feet (25.5 to 28 square meters or half the size of subway cars in Manhattan) to address the surge of demand for studio and one-bedroom rentals. As part of Bloomberg’s “New Housing Marketplace Plan,” a program to finance 165,000 new and renovated units of below-market affordable housing by the ...

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China buys U.S. Real Estate

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China buys U.S. Real Estate

A new wave of buyers from China is snapping up luxury properties across the U.S., injecting billions of dollars into the country’s residential-real-estate market. Buyers from China and Hong Kong accounted for $9 billion of U.S. home sales in the 12 months ending in March – up 89% from 2010, making them the second-largest group of foreign buyers of U.S. homes behind Canadians, according to data from the National Association of Realtors.

As a result, the industry is scrambling to woo ...

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cities vs. suburbs

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cities vs. suburbs

For the first time in decades, many U.S. cities are outpacing their suburbs in growth. According to recent Census data, 27 of the nation’s 51 largest metropolitan areas are outpacing their suburbs in growth between July 2010 and July 2011. By contrast, from 2000 to 2010 only five metro areas saw their cores grow faster than the surrounding suburbs. This underscores not only changing attitudes about urban living but also the impact of the housing bust and the recession.
Since ...

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Bushwick and Nordstrom

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Bushwick and Nordstrom

Brooklyn’s real estate – particularly in Bushwick – lights up
Bushwick, Williamsburg’s neighbor to the East, has become an increasingly desirable area, as artists looking for cheap, large space found solace in the embrace of the neighborhood’s commercial loft spaces. Another factor contributing to Bushwick’s appeal is the influx of art galleries and pop-ups that have recently moved into the rows of warehouse spaces. Both occurrences are the seeds for residential real estate investment, but the shift is not bound ...

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