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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Here are all of the articles quoting the BHS 2nd quarter report- handy dandy for you: New York Times: http://www.nytimes.com/2012/07/03/nyregion/manhattan-real-estate-market-holding-steady-in-2012-report-says.html?_r=1 Wall Street Journal: http://online.wsj.com/article/SB10001424052702304299704577502862447440428.html?mod=WSJ_NY_MIDDLESecondStories Bloomberg: http://www.bloomberg.com/news/2012-07-03/manhattan-first-time-apartment-buyers-grab-deals-in-slow-market.html Crain’s: http://www.crainsnewyork.com/article/20120703/REAL_ESTATE/120709985 The Real Deal: http://therealdeal.com/blog/2012/07/03/manhattan-inventory-falls-sharply-in-second-quarter/ Headlines seem to capture the flavor of what’s going on- The Times wants to harp on things holding steady, the Journal does much
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Over the last few weeks since our last market update, I’ve seen continued, consistent, significant action across all of my listings. Sellers are pleased, buyers seem quite happy. Rates are low, somehow getting lower- My economist client wrote me from China overnight, saying: “It seems that premium cities are hot while the rest of the
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Thought I’d write about the scarcity of property at the moment. take the following examples: Buyer with approximately $1mm budget looking for a 2bedroom, 1.5bath apartment on the Upper West Side. Looked for 6 weeks, really nothing over 1000 square feet to show them, ultimately they rented for another year. Buyer with a budget of
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I thought you might enjoy reading an email scam I received. This person has decided that purchasing a coop might be a fun way to escape the “war on terrorism” in Ghana. Enjoy: Hello , Thank you for your prompt response. It seem you are a sincere person. I want to inform you that I
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The Real Deal reported the following, which was bounced around internally. Very much worth sharing with you: In May 2012 the number of Brown Harris Stevens exclusive Manhattan listings increased 7% compared with May 2011. This speaks to the continued great strength of our brand. In May 2012 the total dollar volume of Brown Harris
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I was speaking to a French investor today about some of the different taxes in France, and some of the ways investors handle renters, different ideas floating around, what have you. Apparently there is a proposal to make it illegal to raise the rent when a new tenant is found for an apartment. That sounds
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