On the 13th, the Federal Reserve announced that they would continue buying Mortgage-Backed Securities in the amount of $40 BILLION per month. This policy apparently will be in place for some time to come. This policy directly impacts development, the condo market in NYC, and what’s available to buyers in terms of mortgage rates. Without
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I’ll recount a short conversation with a top-producing broker in my office this week, after seeing his gorgeous apartment listing on Riverside Drive. “Are you having trouble convincing owners to sell their larger apartments?” “Well, there’s nowhere for them to move into, so yes. There are not enough huge apartments.” The conversation continued talking about
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Thank you for stopping by! I visited a few new developments this past month, excited to see what new inventory is to offer discerning buyers interested in owning in Manhattan. Certainly it’s timely to discuss both what is showing now, and what is on the horizon. Specifically, I’m interested in whether buyers are paying more
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Here is the link to this report: The main takeaways are that jobs have been added (even though some were lost in different places), and that construction permits have been picking up steam. We should see many new projects breaking ground over the next 6-12 months.
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So we were discussing the possible motivators at the high end. Clearly, the sales which have recently recorded, or units gone into contract have motivated some sellers to list. For example, we have a combination at 502 Park; an absurd price at 50 Central Park South, given the Steve Wynn purchase recently; Lots of great
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Something I wrote a few days ago- If I were to sum up the Real Estate Market in few words, I would say “Summer? What Summer?” I meant that despite this being the hottest summer on record, the market seems to have continued apace. Now that we’re in August, I’m not sure that’s exactly true,
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I’ve been spending some time speaking to those with different viewpoints on the impacts of Dodd-Frank legislation. Impacts? Are there actually impacts of Dodd-Frank on the housing market? Of course. The legislation directly impacts underwriting, disclosures, etc. with mortgages, but I didn’t give it that much thought at the time it was passed in mid-2010-
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There was a great article yesterday in the NYTimes about the unfinished projects coming back to market, finally getting built, etc - all across New York City. I have a great deal of respect for real estate developers. There is so much risk involved, not only in terms of a specific property. The entire economy
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Writing about mortage rates being historically low could seem incredibly boring after so long. Yes, rates are low and have been for many years. I’ve enjoyed feigning boredom in these posts. But these rates are incredibly exciting. How many people are taking advantage of lowering their monthly payments? I guess on some level I’m like
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I’ve been meeting with sellers over the last few weeks who are facing the reality of selling their apartment. They have outgrown their home, they need to downsize, divorce, kids, windfall event- all the life-event drivers of the market. At the same time, my buyers, across the city, are scratching their heads- where is the
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