The Real Deal New York

Posts Tagged ‘residential market’

  • Sam Zell

    Sam Zell

    Equity Group Investments Chairman and billionaire Sam Zell anticipates little dramatic change in 2014′s residential housing market, is eager to tap into the urban market he says appeals to Generation Xers — and says the 1 percent is being “pummeled because it’s politically convenient to do so.” Click here to see the video.

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  • From left:

    From left: Paula Del Nunzio, 21 Beekman Place and Melanie Lazenby

    From the January issue: With the New Year underway, it’s time for a post-mortem on last year’s residential market. And in an unusual twist, industry insiders who normally rely on statistics to understand the ins-and-outs of the market are saying that it’s best to avoid the numbers when gauging how the uppermost echelon did in 2013. [more]

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  • Windhoek, Namibia’s capital city

    Windhoek, Namibia’s capital city

    WEEKENDEDITION The home to the hottest housing market in the world might surprise you. It sounds like New York City: extreme competition and tight inventory driving up prices, often leading to bidding wars. But this isn’t NYC; it’s the southern African country of Namibia. [more]

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  • Multigenerational housing trend picks up

    December 14, 2013 11:00AM
    multi-generational-family_AfAm

    A multigenerational family

    WEEKENDEDITION Multigenerational housing has been a growing trend in New York City for some time, mainly within immigrant communities, especially the well to do. But it seems the trend is branching out into more demographics as economic pressure cracks down on families.

    These multigenerational households are being created by a variety of economic factors, be it a lack of employment opportunities after college, a lost job, a foreclosure or a sinking pension. [more]

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  • Park Avenue's white-glove buildings

    Park Avenue’s white-glove buildings

    Beneath the glitz and headlines generated by record prices and $100 million listings is the reality that many trophy homes in white-glove buildings struggle to find buyers. Some are even being forced to trade for as much as a 25 percent discount.

    While some have seen the phenomenon as the result of sellers looking at the market through rose-tinted lenses, many brokers feel they are simply being too ambitious with their pricing. [more]

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  • Multigenerational housing hits NYC

    September 28, 2013 12:00PM
    10 Madison West, a multigenerational family and 150 Charles

    From left: 10 Madison Square West, a multigenerational family and 150 Charles

    The newest New York real estate trend to buck the typical logic of city living is nothing short of multigenerational family complexes. A handful of wealthy families are piecing together Manhattan homes where grandparents can live down the hall from their grandchildren. [more]

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  • From the September issue: August is usually the slowest time of year for New York City real estate — a month when brokers and homeseekers alike leave town and head to the beach. The slump was even worse than normal this year, brokers said, thanks to the scarcity of new homes for sale. [more]

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  • Donna Olshan of Olshan Realty and Michael Graves of Elliman

    From left: Donna Olshan and Michael Graves

    From the August issue: In a city where only sellers’ brokers have exclusive contracts, representing a buyer is a tough job. And now it’s tougher than ever, thanks to the ongoing inventory shortage afflicting the New York City residential market.

    With few new properties on the market, buyers’ brokers are having difficulty finding apartments to show their clients, since many apartments get snapped up even before they are listed online. [more]

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  • From the June issue: With temperatures spiking and new college graduates looking for apartments, June marks the start of the busiest time of year for rental agents in New York City.

    This year, they’re even busier than normal. As the shortage of for-sale inventory keeps a stranglehold on the sales market, brokers said they’re seeing an unusually high number of “hybrid” customers — clients who are open to either buying or renting. That’s making an already tight rental market even more competitive. [more]

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  • Williamsburg

    Only 73 condominiums sold in Williamsburg during the first quarter, a post-financial crisis low for the Brooklyn neighborhood, according to a residential market report released today by the Real Estate Board of New York.

    The figure represents a 52 percent decrease from the same time last year, the report shows. The drop can be attributed to an historic lack of condos and co-ops in the area, where new developments are mostly rentals, REBNY said. [more]

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  • From the March issue: With a continued inventory shortage and interest rates still low, bidding wars have emerged as the new norm for increasingly desperate buyers, industry experts said. And while sellers rejoice as prices get bid up, brokers struggle to please frustrated clients. Bidding wars have been prevalent for some time. But lately, brokers said, multiple bids and “best and final” negotiations — in which all of the potential buyers simultaneously submit their final offer and the seller chooses between them — now take place in the majority of deals. [more]

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  • For brokers, an early spring

    February 07, 2013 04:30PM

    From the February issue: So much for a winter slowdown. Even as the mercury dipped in January, demand for apartments was high. Driving the fast-moving market, experts said, were plunging inventory and low-interest financing. Limited inventory options and increased demand will definitely push prices higher this winter,” said Lisa Strobing, an executive vice president at Bellmarc Realty, noting that January was as busy as springtime and saw “solid traffic.” [more]

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  • Click to enlarge

    In recent years, the Manhattan residential market has careened up and down like a roller coaster. But the number of transactions has largely remained on par from where they were in the early 2000s, even as prices have climbed, a report released today by Douglas Elliman shows. The report tracked the Manhattan condo and co-op market over the past decade beginning in 2003. [more]

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  • Eric Barron and Noah Rosenblatt

    Although many Manhattan home sellers rushed to close deals before the end of 2012 — when a package of tax rate hikes went into effect — it seems that a volume of closed sales are still heading down the pipeline. As of Jan. 1, 2013 there were 21 percent more pending sales of Manhattan condominiums, co-ops and townhouses than the same day last year, according to a report issued today by UrbanDigs and Keller Williams NYC. [more]

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  • Manhattan sales volume perks up

    January 04, 2013 03:30PM

    From the January issue: Winter is usually the slowest time of year for Manhattan real estate sales. This season, however, the continued strength of the luxury market — paired with the pending change in tax rates for capital gains — prompted a spike in sales activity. In the fourth quarter of 2012, there were 2,598 closed sales in Manhattan, according to Douglas Elliman’s latest market report, which was prepared by appraisal firm Miller Samuel. That’s up a dramatic 29.2 percent from the fourth quarter of 2011. Listing inventory, meanwhile, plummeted 34.2 percent to 4,749 from 7,221 at the same time last year. [more]

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  • From the January issue: Although the European debt crisis seems to be further from investors’ minds today than it was a year ago, fresh hurdles like the fiscal cliff standoff in Washington, prospective tax changes and a New York City mayoral election loom. And those are not the only questions that industry pros are pondering as 2013 gets underway. Also on their minds: Will the tech sector continue to prop up commercial leasing? What kinds of housing stock will move — and what will languish on the market? Where will the next wave of retail condo sales take place? And which overall sectors of the market will investors gravitate towards? This month, The Real Deal talked to New York City real estate insiders from several different sectors of the market to get their industry predictions for 2013. [more]

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  • Gregory Heym

    Building permits for new properties are on the upswing, meaning that new residential units will hit the market in the next several years. However, there won’t be enough apartments to meet demand, the New York Times reported. From January to October of this year, the Department of Buildings issued a total of 40 permits for new residential construction in Manhattan. These projects come with a total of 2,287 units, which is a 15 percent gain from the same period in 2011. Brooklyn saw a higher number: Permits were filed for a total of 2,756 units — up from 1,522 during the same period last year, the Times said. [more]

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  • Top residential agents of the week

    December 28, 2012 06:00PM

    From left: John Burger, Dolly Lenz, Kathryn Steinberg, Joshua Judge, Michael Quinn and Daniela Rivoir

    Sources: Streeteasy.com and The Real Deal. Footnotes: Data is for closed deals filed with the city this week through Friday. The chart only includes sellers’ brokers, because buyers’ brokers’ names are not available in city data or listings. The data does not include deals in contract. To obtain broker information, listing information was compared with sales records filed with the city. Only deals where an individual broker and address can be identified are included. As a result, private sales, listings where an address has not been provided and new development sales by a sales center are not included.

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  • Williamsburg waterfront residential developments, the Edge and Northside Piers

    Brooklyn’s gentrified and gentrifying neighborhoods have experienced price-per-square-foot gains, according to PropertyShark’s blog. Between 2004 to 2012, three neighborhoods in particular — Williamsburg, Prospect Lefferts Gardens and Gowanus — have had the most significant growth on a price-per-square-foot basis. [more]

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  • From left: Paula Del Nunzio, Michael Graves and Sherri Shang

    A slew of luxury listings that have languished on the market for several years have been scooped up in recent months, as a shortage of high-end residential inventory has brought so-called “stale” listings back into play. In the last several months, brokers said they’ve seen the pieces finally fall into place for a range of transactions – starting at around $3 million all the way up to $25 million — that have been absorbed long after they were first listed. [more]

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