Cheaper to Buy Than to Rent

OCT. 23, 2014

Credit The New York Times

Mortgages

By LISA PREVOST

New research from the real estate website Trulia finds that homeownership is less expensive than renting in all of the country’s 100 largest metropolitan areas. The advantage narrows considerably, however, when the home buyer uses a low-down-payment loan insured by the Federal Housing Administration. [NYT]

The September 2014 Manhattan & Brooklyn Sales Market Snapshot

Contact me here for assistance with buying or selling a home in Manhattan

Manhattan Market-wide Trends:

• Following a lower-performing August than expected, pricing in the Manhattan market came back strong in September.  The increase in prices is largely due to an increase in the number of sales over $3M, which more than doubled compared to last month and was up 40% versus last year.
• For the first time since January, September saw year-over-year gains in contracts signed in both the condo and the co-op markets.
• Inventory continues to replenish with the largest number of new listings since May 2012 and the largest annual increase in total listings in over five years.
• Average discount from asking price is up slightly for both condos and co-ops, but smaller than the discounts given a year ago.

Brooklyn Market-wide Trends:

• Average price and median price experienced strong year-over-year gains in Brooklyn this September with 17% and 21% increases, respectively.
• The length of time from list to sale continued to shrink, decreasing by 21% compared to last September. 74% of buyers paid at or above asking price in September.
• Total available inventory in Brooklyn increased 18% versus a year ago while new listings increased 46% year-over-year. September 2014 had the highest amount of newly listed inventory since August 2011.
• 38% of sales in September were townhouses, a majority of which were in South Brooklyn.

Q3 2014 RENTAL MARKET REPORT

Contact me to discuss any upcoming vacancies and/or pricing of your apartments.

September 2014 Facts:

• Rents remained stable across the board.  Average pricing for studios increased slightly, but rents from one, two and three bedroom units all declined.

• The Manhattan vacancy rate increased – from 1.27% in August, to 1.42% in September.  However, the borough’s vacancy rate is down year-over-year.  In September 2013, the rate was 1.48%.

• During September 2014, 6% of leases signed included a landlord concession, unchanged from the month prior.

 Q3 2014 Facts:

• The borough’s rental market was in a state of flux during this most recent quarter. Some aspects of the market favored landlords, while others were more advantageous to tenants.

• While rents have been on the decline during the 3^rd quarter, they are still higher when compared to quarter that preceded it.  Quarter-over-quarter, average rents for one-bedroom apartments increased the most, by 3.5%. Rents for studios rose 1.7% on average, and two- and three-bedroom units both increased in price by an average of approximately 1%.

• When examining vacancy rates, we found 1.35% of apartments to be vacant during Q3 2014, up from 1.25% during Q2.

• During Q3 2014, 6% of transactions brokered by Citi Habitats included an owner-paid incentive, down slightly from 7% during Q2.** Generally, during the third quarter, we saw incentives used in newly constructed properties where the concession was part of the overall marketing plan, or in more expensive apartments where the owner wanted to drive traffic to the unit without lowering the asking rent.

** Typically these concessions take the form of one month of free rent or payment of the broker’s fee. 

Click the image above to access the full report

Chic New Hotels, Cafes Liven Up Ludlow Street Area

Change Comes to Lower East Side Neighborhood

By

Kaya Laterman

Oct. 9, 2014 9:44 p.m. ET

The price of a pastrami on rye at Katz’s Delicatessen may have inched higher over the years, but not much else has changed at this Lower East Side institution. You still get a paper ticket when you push through the turnstile and you can still send a salami to your boy in the Army.

Change, however, is all around Katz’s. New condominiums, many which stalled during the financial crisis, have been restarted and are nearing completion. New restaurants, hotels and retail stores are opening, replacing longtime bars and cafes that had been mainstays in the neighborhood for the last two to three decades. [WSJ]

Third Quarter (Q3) 2014 Manhattan Sales Market Report

Contact me here for assistance with buying or selling a home in Manhattan

Trends from last quarter:

• Inventory Grows & Skews Toward High-End.
  For the third quarter in a row, the number of available listings grew.  Inventory growth is almost entirely condominiums and there is a concentration on luxury properties.  Properties offered above $3M represented 28% of available listings (up 3% from last year), 11% of sales (up 2%).
• Price Per Square Foot Sets Another Record.
  The value of real estate in Manhattan reached $1305.  This is the eleventh consecutive quarter of increases in this metric.
• Less New Development Sales This Quarter.
  Just 6% of sales closed were new development sponsor units.  Most new developments today are still under construction and will reach the market in 2015.

Click the image above to access the full report

 

Homeowners Jettison Whirlpool Tubs

The high-profile bathroom fixture is losing its charm in new home construction, according to a survey; meanwhile, tricked-out shower stalls are hot.

By

Stefanos Chen

Oct. 2, 2014 10:17 a.m. ET What’s the greatest thing since indoor plumbing? His-and-hers shower stalls. But say bye-bye to the bidet.

Luxury bathrooms have undergone some notable changes since 2008, considered the peak of the real-estate bubble, according to a survey by the Home Innovation Research Labs (HIRL). The biggest casualties are whirlpool bathtubs and stand-alone bidets, down 9.4% and 34.9%, respectively, over the six-year period. [WSJ]

230 West End Ave

230WestEndAve.com
Co-op building designed by famed architect Rosario Candela

Upper West Side (get directions)

 Amenities:
Elevator Courtyard, Garden, Common storage, Private storage, Central laundry room, Video security, Cable TV ready, Bicycle Storage, Live-In Super, Full-time doorman.

For Sale            For Rent

 

 

Featured Listing:  Unit 4A

*In Contract
$225,000

Floorplan

Charming prewar studio in a well maintained Co-op building designed by famed architect Rosario Candela. This home has over-sized windows with tree-top views. The building amenities include a storage room, bike room, outdoor garden area, and a full-time doorman/elevator operator. There is a $144.98 per month assessment is in effect until end of 2014. Pets are not permitted.

Property Details Building Details

Web ID: 612286 Bedroom: Studio Bath: 1 Sq.Ft.: 300 (aprx) Features: Dining Room Type: Co-op Maint/CC: $814/month Financing: 75% allowed Tax Deduct.: 47% Style: High Rise Amenities: Doorman Elevator Outdoor Space Laundry Room Garage

Adam Ashkenas Licensed Real Estate Salesperson Licensed as Adam Ashkenas

157 Columbus Avenue, Suite 2W New York NY 10023 C: 703-623-5959 D: 646-430-5534 O: 212-957-4100 F: 212-769-1270 aashkenas@citihabitats.com