Inventory is dwindling for both Manhattan renters and buyers, according to two recent market analyses, and that’s pushing apartment rents and prices higher.

Citi Habitats figures cited by the Wall Street Journal show just 2,230 new rental units will arrive in Manhattan this year, as the construction slowdown during the recession starts to rear its head just as apartment demand is at its highest. Many people have turned to renting in the uncertain economy and the vacancy rate during the typically lax winter months currently sits at just 1.27 percent. [more]

Edward Herson, senior vice president at Halstead Property, hosted a spring “Halstead Private Brokerage Event” last night, offering potential buyers and sellers an opportunity to converse with real estate professionals (see photos above). The attendees had an opportunity to interact with Michael Vargas, co-founder of Vanderbilt Appraisal Company, banker Tom Hennessey and attorney Richard Tesler. The event was part on an ongoing informational series, started two years ago by Herson. “It’s about building my brand under the Halstead name,” he said. TRD

From left: Michael Vargas, a principal with Vanderbilt Appraisal Company, Kathryn Higgins, an associate broker with DJK Residential, and Melissa Cohn, president of Manhattan Mortgage

Late last month, Rep. Gary Miller offered an amendment to the House
Financial Services Committee’s “Consumer Financial Protection Act of
2009.” Miller’s amendment — which passed the committee but has yet to
be voted on by the House — stipulated that the Home Valuation Code of
Conduct would ultimately be sunsetted. According to one of the California congressman’s aides, Miller’s
amendment to the House Financial Services Committee’s act will likely
be bundled into a larger financial regulatory reform bill, and
Democrats hope to bring the bill to a vote in Congress sometime next
month. For many New York City-based appraisers and brokers, the end of HVCC cannot come quickly enough. HVCC, which went into effect May 1, requires that a third party with no
stake in a sale select appraisers. The code was designed to promote
appraiser independence and stop appraisers from inflating the value of
a property when it comes to mortgages backed by Fannie Mae and Freddie
Mac. Loan officers, mortgage brokers and agents are not allowed to
select appraisers under HVCC. “I think there are some good elements in the code,” Michael Vargas, a
principal with Vanderbilt Appraisal Company, said. “What was important
to get out there is that applying undue influence on an appraiser is
inappropriate. Promoting appraiser independence is very important.” [more]