Blog

The 1st quarter of 2019 was a big dud. Though prices increased on average in the first quarter, it was “solely due to a jump in luxury new development closings, including a record-setting $240 million sale. The average price for just resale apartments was 3% lower than a year ago, as price adjustments continue atRead more

I think Heraclitus wrote: “The only constant is change.” Much better than I would put it, and apropos of what’s shifting in the NYC housing market. As I experience and watch the housing market in Manhattan and Brooklyn, travel from neighborhood to neighborhood, I realize the challenge that even I face to be able toRead more

As I wrote about last month, Streeteasy rolled out a customized version of a program for real estate agents, similar to what they are doing branded as Zillow or Trulia across the country. March 1st, agents were able to “purchase” zip codes. Actually, they were able to purchase a percentage of the time that theirRead more

Happy Summer! Perhaps any or all of these three mortgage-related items/risks may on your mind … We’ll try to help you answer them right now. 1) How do I feel comfortable submitting a non-contingent offer on a property when I need a mortgage, and do not have the cash to buy the property outright? 2)Read more

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/sheRead more

What most excites me about 2013? The election is behind us. If we’re all still here on Saturday, the Mayans were wrong. The Hobbit and Les Miserables are in theatres. What else is there, really? Well, New Development. We will see more and more in 2013, thank goodness. While much will be made of theRead more

There is no better way to understand your clients’ adventures with lenders than to be a borrower yourself. I took that to heart this month as I closed a refinance on an investment property. My learnings, especially compared to the perspective of purchasing investment property in 2006-2007, were as interesting as they were frustrating. ThisRead more

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. WithoutRead more

Well, I’ll comment on my experience over the last few weeks with one-bedrooms. People are out, buyers are buying. Lenders are lending, and coops, on the whole, are approving. While I have seen two board turndowns in the last 4 months, both had their reasons. 1st turndown- coop board decided that they didn’t want aRead more

The mortgage rates are again at super duper lows. This is surely driving refinances. As the market inventory sags, it appears that low rates will be the second big driver of price increases. Yet with no real indication of rate increases beyond normal fluctuations, and various indications that the pain in Europe will cross theRead more