Canadians love NYC

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Canadians love NYC

The third quarter 2011 market report compiled by appraiser Miller Samuel shows how the sales activity has increased 16.7% over the same period 2010.
Prices have been mainly stable. The dollar amount paid per square foot went up 3.2%.
International buyers continue to regard Manhattan as a special market, where foreign investments prop up demand and diminish volatility.
The rebound in the rental market is, without a doubt, an attractive point for investors that look for steady returns.

untied we win
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condos are shrinking

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condos are shrinking

The Real Deal magazine recently described the situation of future new condominium developments planned in New York City.
The office of the Attorney General of the State of New York has received, year to date, 89 requests for new condo constructions, which is a total of 1,903 apartments. The estimate for year end 2011 is about 2,850 new units to hit the market in the next 6 to 9 months. This number is way lower than the 4,870 units filed ...

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New York City is no vacation resort

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New York City is no vacation resort

The positive trend in the rental market continues, in some cases we are witnessing prices that are higher than the pre-crash period.
For example, a studio in a West Village doorman building was rented at $3,100 last month. The same apartment went for $2,950 in the summer of 2007.

Governor Andrew Cuomo has approved the first historical law that puts a limit on real estate tax increases. Taxes will be allowed to go up to 2% or the rate of inflation.
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a healthy hiccup

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a healthy hiccup

The last market report produced by the appraisal firm Miller Samuel, on the second quarter 2011, tells us that Manhattan is “hiccupping” but overall trending positively.
This is true especially if we consider some areas of the city that achieved the status of “evergreen”, meaning they reached their full splendor and are growing steadily. An example is the Upper West Side.
The sales volume is more or less the same as last year, but there was indeed a 10.7% increase ...

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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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