While the statistics are improving for Manhattan home sales, brokers are still expressing some fear about the health of the island’s market, according to the Wall Street Journal. Sales in the second quarter were up 7 percent year-over-year and the median sales price was $850,000, 3 percent higher than it was during the prior-year quarter. [more]
Posts Tagged ‘noah rosenblatt’
Low mortgage rates together with an influx of foreign capital have boosted New York City residential real estate sales in the past year or so, especially at the “super-high end” of the market. But that trend may create some unintended consequences.
Today’s Real Estate Trends panel, hosted by Citibank, shed light on the possible longer-term impact of the frothy market — for instance, buyers reluctant to sell when rates eventually do rise, and brokers’ reliance on European buyers, whose cash could dry up fast if the debt crisis on their home continent intensifies. [more]
The number of signed sales contracts for Manhattan condominiums and co-ops has declined every month since July, forecasting a drop in closed sales volume for the fourth quarter of 2011 and the first quarter of 2012, according to Jeffrey Jackson, chairman of appraisal firm Mitchell, Maxwell & Jackson.
The most widly publicized figures from recent Manhattan market reports indicate an increase in sales activity in the third quarter compared to the previous quarter. Prudential Douglas Elliman, for example, said that sales transactions rose 17.2 percent over the previous quarter, while the Corcoran Group found a 6 percent quarter-over-quarter increase. … [more]
San Francisco-based online rental management company RentJuice, which launched in 2009 and expanded to New York earlier this year, has launched a new Facebook-inspired feature.
The RentJuice Directory offers real estate pros the ability to browse and search for other real estate companies in their area, establish new partnerships, and send and receive a continual stream of rental listings, via one dashboard, the company said.
Sharing rental listings has always been tricky, with new property listings coming from various different sources, including big-money brokerages as well small, independent real estate firms. Sites such as listings and real estate information site Streeteasy.com and Brooklyn’s Multiple Listings Service,have made strides in bringing all the listings to one place, but the battle is never completely won.
While the majority of brokers say they embrace the market’s ever-growing transparency, some have responded by becoming less willing to share information than before. Hoping to give themselves an advantage in the market, some brokers hang on to listings and keep stum. … [more]
Noah Rosenblatt, founder of Manhattan market trends analytics site UrbanDigs, launched a new flat fee buyer consulting service today. He said the service aims to help home seekers find properties’ true market value, and will then guide them through the buying and negotiating process, starting with the opening bid. Rosenblatt said the service is aimed at buyers who don’t trust brokers and want an independent advisor. “There’s a perception that there should be a little bit less conflict of interest, a little less incentive for the buyer’s broker to get the buyer to bid as high as possible and get the deal done and collect commission,” said Rosenblatt, who has continued to serve as a traditional buyer’s broker since leaving Halstead Property in 2009. “There’s a need for an independent consulting service.” … [more]
Most industry insiders recognize that residential market reports can be deceptive — but few would assume that city records could be to blame for skewed sales data. According to Noah Rosenblatt, head of real estate tracking site UrbanDigs.com, the lag time between when a residential sale is filed with the city and when it’s recorded on public record is great enough to distort monthly and quarterly reports. “We all know that when a transaction closes the deal is done and should be available for use as a comparable sale,” Rosenblatt said. “But when it gets recorded as public record is another story.”… [more]
On Monday, March 15, visitors to the real … [more]
While the first-time homebuyer tax credit program is set to expire April 30, it could end up affecting housing statistics for weeks to come. That’s because homebuyers have until June to close on properties if they sign contracts by next Friday. The program, extended from last fall, offers $8,000 to first-time buyers and $6,500 to repeat buyers. The credit could result in a continued, artificial rise in the rate of mortgage application filings, which showed a 13.6 percent uptick for the week ending April 16 according to seasonally adjusted week-over-week data released today from the Mortgage Bankers Association. The average 30-year mortgage rate, meanwhile, dipped to 5.07 percent from 5.17 percent, according to the MBA’s report…. [more]
From left: Faith Hope Consolo of Prudential Douglas Elliman, Noah Rosenblatt of UrbanDigs.com, Pamela Liebman of the Corcoran Group
As part of its 2010 “Neighborhoods Issue,” New York Magazine asked 10 real estate experts about their picks for the New York City nabes that will offer buyers the most bang for their buck by 2014. Pam Liebman, president and CEO of the Corcoran Group said West Harlem, while Streeteasy.com’s Sofia Song chose Morningside Heights. Melissa Cohn, president of Manhattan Mortgage, said that while southern Yorkville “hasn’t been popular in years,” it’s likely to appreciate in price over the next five years with the advent of the Second Avenue subway line. Retail veteran Faith Hope Consolo of Prudential Douglas Elliman picked the Garment District, where storefront leases are being snapped up west of Penn Station and there are plenty of new condominiums to house their customers. Noah Rosenblatt of UrbanDigs.com chose the Financial District and Jed Walentas of Two Trees Management chose the Far West Side, in the 50s. Other experts had their eyes on the outer boroughs’ Flushing, Bushwick and Prospect Heights neighborhoods. [NY Mag]… [more]
UrbanDigs.com is about a month away from launching a real-time Manhattan residential market analytics platform, a data service that reports market trends and figures.
Noah Rosenblatt, founder of brokerage and real estate research Web site UrbanDigs, said that the analytics program will run through a partnership with real estate database service RealPlus, and will feature a suite of user-friendly analytical tools. The program will be free, with an option to pay an approximately $15-per-month subscription fee for additional features.
Rosenblatt said that “the desire for more transparency” motivated him to pursue the analytics platform. While he wouldn’t say what specific market indicators will be analyzed until the platform goes live in the first week of May, he said that the platform will look at “every metric worth following in this market.”… [more]
Well-known blogger Noah Rosenblatt has left his post as an associate
broker at Halstead Property to focus more attention on his popular real
estate analysis Web site, UrbanDigs.com, and launch a new consulting
business. Rosenblatt will continue to work as a real estate agent for now, but
his license is now being held by the newly founded company associated
with his Web site, UrbanDigs Analytics and Consulting. Over the next six to eight months, Rosenblatt and his partner, Jeff
Bernstein, will also redesign the Web site “to make it more social and
interactive,” and add a suite of analytical tools to help buyers and
sellers assess the state of the real estate market, Rosenblatt said. … [more]
Is the real estate downturn over already? Some brokers are suggesting exactly that — for New York City at least. Brokers
are reporting that contract signings and closings are picking up, in a
decided change from this past winter’s near total lack of activity.
While that market is nowhere near the stratospheric highs of 2007 and
2008, some are predicting that the worst of the downturn has passed. “I
think we bottomed out a few months back, maybe January or February,”
said Richard Hamilton, a senior vice president at Halstead Property,
who said he recently closed on a one-bedroom with a terrace for
$515,000, as well as a 1,600-square-foot apartment in Prospect Heights
– with competing bids — for $800,000…. [more]