Harlem makes sense

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Harlem makes sense

Papers report that Jennifer Aniston has finally closed on her property purchase!
After visiting many buildings, from the Financial District to Chelsea, the famous actress fell in love with 229 W 12th Street, in the West Village.
She bought two apartments: a penthouse, for $4.95 million (roughly 16% below the asking price), and a one bedroom on the lower floor, for $2.1 million.
The celebrities are coming back to invest in top tier New York real estate, after the gloomy ...

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affordable TriBeCa

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affordable TriBeCa

Once upon a time there was the Great Recession, and many development companies had to change strategy. Instead of building new condos to sell the units immediately on the market, they switched to renting a good portion of these apartments out after the crisis hit.
This is the case of Olive Park, in Williamsburg, where 32 out of 87 units were rented right after the Lehman Brothers crash.
Lately instead, we witness the sale of these very same apartments. The ...

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record deal at The Plaza

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record deal at The Plaza

Recently the New York Post has reported a new mind boggling deal at The Plaza Residences: $48 million for an apartment of about 600SF.
This is the highest price ever paid for a condo unit in New York City.

appraisals
The newly found volume of sales is positively affecting the mortgage industry.
When the market basically stalled two years ago and prices went down, the benchmarks necessary to appraisers for a solid valuation of the apartment were scarce. Therefore sometimes the ...

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the ones that…show up again

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the ones that…show up again

In the mid 2000s, particularly the period between 2003 and 2008, the hurry to buy New York City real estate was almost comparable to the California Gold Rush of the mid 1800s. As we know, everything then changed at the end of the last decade; after the 2008 financial crisis the real estate market tanked.
Nowadays, after a period of stabilization, there are several trends to note: home values are not declining anymore and had a tendency to go up ...

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the new trend: bigger apartments

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the new trend: bigger apartments

New Yorkers are nicer these days. It seems everyone is smiling on the streets of the Big Apple; or their faces are just frozen in a joker-like grin?
Now seriously, I think this arctic weather has affected the market in the recent months. This chill is inviting no one to venture out in search of real estate deals.
One broker even recently tweeted: “canceled our open house at our new listing at 565 Park – will reschedule in spring when ...

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true only on Central Park West

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true only on Central Park West

Do you remember Nouriel Roubini?
He is the famous pessimist-economist that correctly predicted the 2007-2009 crisis.
Well, he recently bought a $5.45 East Village condo. Who knew there even are apartments that pricey in that neighborhood?
Given he looks at the glass cup half empty, he must think the market is going up. Good to know!

One World Trade Center is halfway up. Mazel tov!

looking back at 2010
It’s not easy to interpret the 2010 residential sales market.
The beginning of ...

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