The month has been busy in terms of new development properties hitting the market, delayed or stalled out projects from even 2007-2008 coming back to life (at higher prices), and yet… The total number of housing permits in Manhattan in 2013 stands at 1700 through nearly 3/4 of the year. The vast majority of the
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Onto the exciting and “if you have to ask” pricing of 737 Park! Harry Macklowe threw a special Brown Harris Stevens brokers event last night, thanking us for being the most active brokerage in the so-far $250mm in sales in the building. This is, technically a pre-war building, built in 1941, which Harry told us
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From Record Flooding to Record Pricing I hate to be the bearer of bad news, but based on what I’m seeing,there is not going to be much relief in the way of new inventory in September. I’ve covered much of the why in recent posts. For those up-sizing, there is very little to move to.
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Mortgage rates are at a two-year high, as the stock market sorts out how to deal with QE3 tapering. There is consensus about the direction of rates from the mortgage brokers I work with, anticipating rates on 30-yr fixed mortgages approaching 5% by year’s end. Most do not see rates over 5%, though. And importantly,
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Currently there are 4,538 units on the market as of August 2013, which is 4.2 months of inventory. In July 2012, there were 6,426 units on the market, which was 6.4 months of inventory. This represents a drop of inventory of approximately 34%. Here is it, in black and white. Not enough inventory, not by
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It’s interesting to read what Fannie Mae has to say about mortgage rates. You may read about it here. “The question arises whether the recent increase in interest rates will stall the housing recovery, a relative bright spot in the economy during the first half of 2013.” Well, yeah. Rates on 30-year fixed mortgages are
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The report which I find most enlightening and which I give the most weight when discussing the strength/weakness of NYC’s housing market is the Absorption Report, which shows how quickly apartments are selling, and overall how much inventory is on the market. In recent months I’ve spoken about the market being in crisis. Despite rates
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This month, I’m finding it a bit hard to get away from the sense that the market remains schizophrenic, or that perhaps the market is driving people crazy! I’ve already covered what’s happening out in condo-land, but what about cooperatives? What about 1-2bedroom units? What does the future hold? Trying to be contrarian, I’ve been
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