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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Thought I would cover two additional developments this month, one which I had seen about six weeks ago and forgot to write about (!), The Schumacher, and 71 Laight Street, The Sterling Mason. They have a good bit in common, beyond both being downtown. First, the Schumacher. I’ll quote the website: “A historic Romanesque Revival-style
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When my customers are emailing and calling right now, they all want to know about 10 Madison Square West. Naturally, when the inbox has an invite from the sales office to preview the units before they hit the market, I make sure to be there! Finally, we are seeing some inventory beyond the very large.
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While it has been about four years since the lows of the market in 2009, that time for me seems both far, far away, and still strongly memorable. Empty open houses, few bids, few inquiries, few buyers who wanted to move forward. The busy days of 2005-2008 seemed incredibly far away for that year. As
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At this stage, while the market is so strong, perhaps it’s better to look at what is still not selling, where the gaps are in the marketplace, the holes where things aren’t trading. Given the activity in the marketplace, I completely understand why some sellers would be furious that their property isn’t selling. The article
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As I expected, I was able to see a few new developments this past month, and review them I shall. These buildings might be considered the “bread and butter” type of properties that are sorely lacking in the marketplace. They have been incredibly successful to date. Apart from 22 Renwick, what they share is that
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I thought I would post this again as my May newsletter goes out. I had written this in late April. Thought you might like to read it. _______________________________________________________________________________ Dear Friends: It’s taken me a week to process all the goings-on from last week. I still can’t believe that the one year I chose to run
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