This month, I am combining a market check-in with my new development updates. Some main market views: Two bedroom / One-bath units are just about back to 2008 numbers. They should surpass them by end of the Spring. Cooperative One bedroom pricing has vastly improved, but still has a way to go overall. Downtown pricing
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I recommend to my buyers to assemble their team and organize their finances completely before they set out to find an apartment. This includes creating an updated balance sheet, getting as specific as possible on the ideal apartment with me and my team at Brown Harris Stevens, speaking to a real estate attorney so he/she
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What a thrill to see new inventory coming to the market! I’ve gotten to preview and/or view with customers a number of properties. Here are a few to throw on your radar: 150 Charles Street is peeking images out today, so it’s apropos to discuss it. With only 91 units, the sub-100 unit trend continues.
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As of today, mortgage rates are nearing 4% again for 30-year fixed rates. That is, rates are at their highest in months. This reflects a strong stock market and a climbing 10-year Treasury pricing. A mortgage broker at Citibank, Michael Most, gives me a good read on his current borrowers. He tells me that he
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I promised our Chief Economist, Greg Heym, that I wouldn’t quote him in my monthly newsletter, at least as it related to a long conversation we had last week, off the record. We had discussed thoughts about the stock market, how correlated it is or isn’t to the real estate market, and what other factors
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Too many metaphors seem apt at the moment to describe this property market. I wouldn’t need to look back on previous posts, as I am fairly certain I have not seen the market like this before, even having experienced 2006 and 2007 a broker. There has been a frenzy as I have not seen it.
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The new year is still very new, without a new development to rave about, per se. I have been busy viewing “busted” new developments, leftover units in Upper East Side buildings that were not properly renovated (I won’t name names), and resales in recent new buildings. It has me thinking of the warts on current
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Stop me if you’ve heard this one: “Banks are lending at nearly zero percent. After my deductions, money cost less than 1.5%. Why wouldn’t I borrow as much as I could?” This is the conversation I’m having with buyers right now. They understand that their buying power has doubled since the time of 6% rates.
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For any of you who follow me on Twitter, you may see my running triumphs and travails. This April 15th (3 months from today!!) I’ll be running the Boston Marathon. While this will be my 13th marathon, running Boston will be one of many firsts for me: 1) My first Spring marathon 2) My first
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Happy New Year! Dear clients, friends, and readers: I have loved consistently delivering a newsletter mid-month for all these many months and years, as it gives my voice a little more room to resonate, when I’m not competing with quarterly reports, and the noise of beginning-month missives. With the beginning of 2013 a few days
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