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Waiting for European buyers

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Waiting for European buyers

Foreign purchases of US residential real estate dropped in 2021 to $54.4 billion….$11 billion less than in 2010 and down from $77.9 billion in 2019….down from 2017 when $153 billion was sold! In 2016 $102.6 billion was sold and in 2015 it was $103.9 billion. The threat of more restrictive foreign ownership restrictions and curtailed visas for foreign buyers along with covid travel restrictions decimated this audience. I expect they’ll return now – especially European buyers – seeking a safe haven in the USA.

(source: Leonard Steinberg – Compass)

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NYC’s last batch of new condos with 421a tax abatements

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NYC’s last batch of new condos with 421a tax abatements

Condos built under the 421a tax abatement program, are starting to fade away to a point where there will eventually not be any more.

Created in 1971 to spur development in neglected neighborhoods of New York, the 421-a program allowed condo buildings to be exempted from millions of dollars in property taxes for 10 to 25 years, depending on location and other criteria. The program expired in 2016, but the tax breaks persist depending on when a building was built. Owners of 421-a apartments pay a fraction of the property’s full taxes during a period of ...

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Planet Hollywood returns to NYC with new Times Square location

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Planet Hollywood returns to NYC with new Times Square location

Since opening its original location on West 57th Street three decades ago, Planet Hollywood’s long-term success rate in its home city has proven spotty. But owner Robert Earl hopes the third time will be the charm.

Earl Enterprises, the restaurant chain’s parent company, has signed a lease for 17,500 square feet across four floors at 140 West 42nd Street; the restaurant will occupy the lowest floors of the building.

Planet Hollywood was a hot ticket in the early 1990s, when the likes of Arnold Schwarzenegger and Sylvester Stallone put a public ...

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Manhattan Luxury Reality Check

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There were 149 closings at $4 million and above in October 2021, 8 less than September. The Average Closing Price was $8,309,226 down -15.9%, meanwhile, the Median Closing Price was $5,885,500 down -2.9%. The Negotiability Factor, that is the average discount from the last asking price, was 6.27% down from -18.91% during the previous month. The pace of the market was a little faster since the Average Days On the Market were 153 compared to 183 for the properties that closed in September 2021.

If you ...

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NYC: more buyers than new listings, but ‘shortages’ are not imminent

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NYC: more buyers than new listings, but ‘shortages’ are not imminent

In 2021, new signed contracts for Manhattan and Brooklyn co-ops, condos, and townhouses outperformed last year, with new listings struggling to keep pace with demand.

As a result bidding wars are increasing, the Covid discount is shrinking, and prices are on the rise in NYC.

In November, for example, new signed contracts for Manhattan co-ops under $500,000 increased by 52.7 percent over November 2020, while new listings for the same price category fell by 15.3 percent, according to the latest edition of the Miller Samuel Report. Manhattan condos priced $500,000 to $999,000 saw new signed contracts increase ...

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The NYC neighborhoods to watch in 2022

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The NYC neighborhoods to watch in 2022

Soho, Dumbo, and Greenwich Village top a list of New York City neighborhoods to watch in 2022, according to a new report from StreetEasy that looked at areas with the biggest surge in interest among buyers, renters, and sellers.

After being hit very hard by the pandemic, Manhattan is now seeing renewed interest as shopping, nightlife, and cultural institutions reopen. There’s lots of housing buzz about Soho in particular, a result of proposals to rezone the area and add more apartments. The neighborhood saw a 48 percent increase in listing searches in 2021 over ...

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