I remember fondly back in 2006 or 2007 when the $1000 per square foot barrier was being broken again and again all around Manhattan in the condominium market. Fast forward a decade, we are seeing a range of prices for resale condominiums in the range of $1300, $1400, $1600 per square foot for run-of-the-mill renovated
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Over the last few weeks, I have been asked from time time to sum up my thoughts on the market. One recent morning I responded, “I think we’ve seen the end of aspirational pricing for some time.” Something about that comment seemed to resonate with me. What do I mean? First, I do not intend
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I spent a few weekends this past winter heading out to Bushwick, Bed Stuy, Stuyvesant Heights trying to understand the investment upside. I was seeing townhouses with asking prices of $1-2mm, all renovated, with promised returns of 5-6%. That is, a net return of $50,000-60,000 per year on a purchase price of roughly $1,000,000. I
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Heading for the exits already? As I write this, the stock market is in a bit of freefall. We’re on the other side of a surprising result in the UK (not sure how United it will remain, however), which seems, in my view, to be an excuse for markets to sell off. Global weakness did
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I give a lot of credit to real estate developers. They take on big risks and reap large rewards when enough things go right. 100 Barrow in the West Village In some cases, buildings are designed with the thinking that they will become rental apartments. In that case, it would be no surprise to see
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Jonathan Miller, one of my favorite NYC real estate thinkers (and appraisers) put together a piece showing the end of a “tight market” in NYC with an increase of resale apartments, both condominiums and cooperative units. Given that inventory has come up 15% year over year, this is an accurate call. I’ve been thinking about
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Internet – Have I told you lately that I loved you? The last few years of the internet have been so empowering. So much information at your fingertips. Order apps with apps. Or scones by drones. Ushering in the blessings of the current iteration of the internet, for real estate, was Streeteasy in 2005. Streeteasy,
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There is a ton of mixed messages regarding the NYC housing market. There’s much “good news” in the press right now, and sellers are perplexed that their apartments or townhouses aren’t selling. Rates are at historic lows, inventory is still very low, population in NYC is growing, job growth is historically high, and many signs
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I spend a little bit of each day seeing if I can read the Real Estate tea leaves. How’s the market? Any trend? Is there some idea pushing the market forward or pushing it off a cliff? New Development is endlessly fascinating to me, because so much of it takes the themes and trends of
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There has been an awful lot of noise about the Real Estate market in New York in the past few weeks labore et dolore magnam aliquam quaerat voluptatem...
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