market Archives - Page 8 of 11

Mortgage rates notch new low

The average rate for a 30-year fixed-rate mortgage dropped .07 percentage points for the week ending Sept. 10, reaching 2.86 percent — anew low since Freddie Mac began conducting the survey in 1971. This time last year, the mortgage rates averaged 3.56 percent. Fifteen-year mortgages declined, too, to an average of 2.37, while five-year mortgages were up 18 percentage points to 3.11.

Sam Khater, Freddie Mac’s chief economist, said a late summer slowdown in the economic recovery was to thank ...

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23
SEP
2020

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buy, coronavirus, covid19, low, manhattan, market, mortgage, new york, new york city, pandemic, rates, real estate, record, sell, USA

Home sales plunged across South Florida in Q2

Posted by: Riccardo Ravasini

Coronavirus took its toll on South Florida’s residential markets in the second quarter, with double-digit declines in Miami-Dade, Broward and Palm Beach counties.

Miami-Dade condo sales fared the worst, with sales dollar volume and closings falling by nearly half. Single-family home sales dropped by more than 30 percent in each county, year-over-year, according to the Miami Association of Realtors.

Luxury brokers have pointed to an increase in home sales in waterfront markets such as Miami Beach ...

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31
AUG
2020

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broward, coronavirus, covid19, dade, florida, home, market, Miami, palm beach, plunge, real estate, report, sales, south florida

Manhattan is Cold, the Suburbs and Brooklyn are Hot! Here’s what the resi market looked like in July

Posted by: Riccardo Ravasini

In Manhattan, the drops were stunning. July contracts for co-ops priced between $4 million and $5 million were down 94 percent from the same month last year. No contracts were signed for condos above $20 million. Across all price brackets, condo and co-op contracts were down 56 percent.

But in Brooklyn — where New Yorkers often migrate to in search of bigger homes and more open space — the numbers surged: 178 new condo contracts in July, up from 147 last ...

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28
AUG
2020

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analysis, brookyln, buy, city, condo, coronavirus, covid, covid19, long island, manhattan, market, new york, NYC, real estate, rent, report, residential, sell, suburbs

School’s back on. Will the NYC resi market follow suit?

Posted by: Riccardo Ravasini

As the city shut down this spring, New York’s wealthiest neighborhoods saw an exodus of residents, many of whom headed to second homes or rentals in the Hamptons and other parts of the Tri-State.

Now that Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide, will those who fled return?

According to Petersheim who founded Hudson Valley-based development and real estate company Catskill Farms “The idea that they may shut down again really closes the door to ...

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24
AUG
2020

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buyers, coronavirus, covid19, exodus, landlords, manhattan, market, new york, new york city, NYC, parents, real estate, reopen, reponings, school, sellers

NYC Rental Market: what’s the true story?

Posted by: Riccardo Ravasini

Sensationalism helps sell news, garner headlines and win clicks. And sensationalism has reached real estate these days. Yes, we have an evolving real estate market as we went through the lockdown and emerged from it; so it is easy for some news outlets to publish partial information to make it look like the end of the world is looming.

Bloomberg reported that a quarter of the city’s apartment renters haven’t paid since March, according to the Community Housing Improvement Program (CHIP). ...

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23
JUL
2020

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19, brooklyn, coronavirus, covid, crisis, fake news, landllords, manhattan, market, new york, new york city, queens, real estate, rent, rental, story, tenant, true, truth