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Archive For January, 2014
Weekly Interest Rate Overview
The Markets. Rates were lower again in the past week. Freddie Mac announced that for the week ending January 23, 30-year fixed rates decreased to 4.39% from 4.41% the week before. The average for 15-year loans fell slightly to 3.44%. Adjustable rates were mixed with the average for one-year adjustables falling slightly to 2.54% and five-year adjustables rising to 3.15%. A year ago 30-year fixed rates were at 3.42%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates were flat to down a little this week amid reports that inflation remains subdued. The Consumer Price Index was up to 0.3 percent in December after being unchanged in November. For the year as a whole, consumer prices rose just 1.5 percent in 2013.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated January 24, 2014
| Daily Value | Monthly Value | |
| Jan 23 | December | |
| 6-month Treasury Security | 0.05% | 0.10% |
| 1-year Treasury Security | 0.11% | 0.13% |
| 3-year Treasury Security | 0.77% | 0.69% |
| 5-year Treasury Security | 1.62% | 1.58% |
| 10-year Treasury Security | 2.79% | 2.90% |
| 12-month LIBOR | 0.579% (Dec) | |
| 12-month MTA | 0.132% (Dec) | |
| 11th District Cost of Funds | 0.783% (Nov) | |
| Prime Rate | 3.25% |
Just Rented In The Upper West Side
Representing the landlord I just rented another Upper West Side apartment. Contact me to discuss any upcoming vacancies and pricing of your units.
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Studio 
Bathrooms1.0 
Monthly Rent$1,850
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Weekly Interest Rate Overview
The Markets. Rates were significantly lower in the past week after the release of the disappointing employment report. Freddie Mac announced that for the week ending January 16, 30-year fixed rates decreased to 4.41% from 4.51% the week before. The average for 15-year loans fell to 3.45%. Adjustable rates were mixed with the average for one-year adjustables staying at 2.56% and five-year adjustables falling to 3.10%. A year ago 30-year fixed rates were at 3.38%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates drifted downward this week amid signs of a weakening economic recovery. The economy added 74,000 jobs in December, less than the market consensus forecast. Retail sales [PDF] rose 0.2 percent in December, which was nearly half of November’s 0.4 percent increase. Meanwhile, the unemployment rate fell to 6.7 percent which was the lowest since October 2008.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated January 17, 2014
| Daily Value | Monthly Value | |
| Jan 16 | December | |
| 6-month Treasury Security | 0.07% | 0.10% |
| 1-year Treasury Security | 0.11% | 0.13% |
| 3-year Treasury Security | 0.80% | 0.69% |
| 5-year Treasury Security | 1.66% | 1.58% |
| 10-year Treasury Security | 2.83% | 2.90% |
| 12-month LIBOR | 0.579% (Dec) | |
| 12-month MTA | 0.132% (Dec) | |
| 11th District Cost of Funds | 0.783% (Nov) | |
| Prime Rate | 3.25% |
Q4 2013 Manhattan Residential Sales Market Report
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Trends from last quarter:
- Manhattan sales market stayed strong in Q4.
There were 4,113 closed sales during the Fourth Quarter, an 11% increase year-over-year. - Short supply and high demand drove prices up.
The average price per square foot in Manhattan reached $1,197, a five-year high (just 5% off the all-time high of $1,261 in Q2 ‘08) - Aggressive competition among potential buyers.
Demand is on the rise; signed contracts were up 10% from the same time a year ago, a trend that has been ongoing for the past eight quarters. - Inventory remains low.
Available residences for sale in Manhattan decreased in number for the twelfth consecutive quarter. - New development properties are pumping up luxury sales resulting in dramatic price gains in the high end market.
Click the image above to access the full report
Weekly Interest Rate Overview
The Markets. Rates were stable in the past week. Freddie Mac announced that for the week ending January 9, 30-year fixed rates decreased to 4.51% from 4.53% the week before. The average for 15-year loans rose slightly to 3.56%. Adjustable rates were mixed with the average for one-year adjustables staying at 2.56% and five-year adjustables rising to 3.15%. A year ago 30-year fixed rates were at 3.40%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates were little changed amid a week of light economic reports. Of the few releases, the private sector added an estimated 238,000 jobs in December, which exceeded the market consensus and followed an upward revision of 14,000 jobs in November, according to the ADP Research Institute. Also, the Institute for Supply Management reported a greater slowing in growth in the non-manufacturing industry in December than the market consensus forecast.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated January 10, 2014
| Daily Value | Monthly Value | |
| Jan 9 | December | |
| 6-month Treasury Security | 0.06% | 0.10% |
| 1-year Treasury Security | 0.13% | 0.13% |
| 3-year Treasury Security | 0.86% | 0.69% |
| 5-year Treasury Security | 1.75% | 1.58% |
| 10-year Treasury Security | 2.97% | 2.90% |
| 12-month LIBOR | 0.579% (Dec) | |
| 12-month MTA | 0.132% (Dec) | |
| 11th District Cost of Funds | 0.783% (Nov) | |
| Prime Rate | 3.25% |
Just Rented In The Lower East Side
I just rented a 1 bed at 139 Norfolk St. Contact me to discuss any upcoming vacancies and pricing of your units
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1 Bathrooms1.0 Monthly Rent$2,100
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Q4 2013 Manhattan Rental Market Analysis
Contact me to discuss any upcoming vacancies and pricing of your apartments.
The Manhattan rental market shifted towards the tenant’s favor during the 4th quarter of 2013.
- Overall, rents declined, albeit slightly, from the 3rd quarter (from a quarterly average of $3440 to $3433). In addition, the average Manhattan apartment rented for $3384 during December 2013, down $28 from November.
- The borough’s vacancy rate also increased during the quarter, to 1.74% – a level not seen since Q4 2009.
- During the 4th quarter, 8% of transactions brokered by Citi Habitats included some form of move-in incentive (typically one month of free rent or payment of the broker’s fee), compared to 6% in the previous quarter.
Click the image above to download a PDF of the document.
Now’s the Time to Negotiate With Your Landlord
Are you a Manhattanite about to re-up your lease? You might be able to get a deal. According to a recent fourth-quarter survey of the rental market by Citi-Habitats, vacancy rates are edging up in the borough. The apartment vacancy rate is now 1.74 percent, up from 1.38 percent in the fourth quarter of 2012, and average prices have slid a bit to $3,433 a month.
You have other renters who pushed back to thank. “Over the course of the year, landlords kept their rents at very high levels and really had assumptions that the market would continue to absorb their properties at these price points,” says Citi-Habitats president Gary Malin. That didn’t happen. Instead, “prices started to soften and vacancies started to rise to the point where rents were something tenants were having issues with.”
You could always go to Brooklyn (as many have before), but you won’t get much of a discount. Prices there aren’t growing by leaps and bounds, but they’re still climbing. In fact, the average rent in December was $3,181, according to Douglas Elliman’s December report — not too far off from Manhattan’s and up 10.5 percent from 2012.
If you’ve managed to save a down payment, you could make your accountant happy and buy — it’s a tax deduction! — but as anyone who’s been on the open-house circuit in the last year knows, there aren’t that many properties on the market, causing competition and driving prices up. Besides, starting tomorrow, getting a mortgage will be even more onerous.
http://nymag.com/daily/intelligencer/2014/01/nows-the-time-to-negotiate-with-your-landlord.html
