In the first quarter of this year, the median price for a Manhattan home rocketed up 18%, to $872,000, compared with the same period last year, according to an Apr. 17 report by ResidentialNYC.com, a Web portal operated by the Real Estate Board of New York. The median price for all of New York City, which includes much weaker middle-class neighborhoods in the Bronx, Brooklyn, Queens, and Staten Island, rose 4% in the first quarter, to $535,000, the real estate industry group reported.
"The numbers continue to amaze me," said Steven Spinola, president of the Real Estate Board. "What's driving the prices up is the closing of high-end condos."
Tuesday, April 29, 2008
Friday, April 25, 2008
Real estate slump sets Brooklyn back
A rise in foreclosures and gloom about the economy could stop up-and-coming Brooklyn neighborhoods in their tracks. As the real estate market cools, fears grow that professionals will lose interest in such areas as Bedford-Stuyvesant, East New York and Brownsville.
“When there’s a pullback in the marketplace, the ‘newer’ neighborhoods are often harder hit,” said Frank Percesepe, Brooklyn VP for Corcoran.
These neighborhoods are among the top 10 Brooklyn areas with foreclosures, according to a 2006 list from NYU’s Furman Center for Real Estate and Urban Policy.
“When there’s a pullback in the marketplace, the ‘newer’ neighborhoods are often harder hit,” said Frank Percesepe, Brooklyn VP for Corcoran.
These neighborhoods are among the top 10 Brooklyn areas with foreclosures, according to a 2006 list from NYU’s Furman Center for Real Estate and Urban Policy.
Monday, April 21, 2008
Property prices in Manhattan have soared 41%
Despite belt-tightening and record losses at Wall Street banks, demand for luxury dwellings was strong, said the association of New York estate agents.
On average a Manhattan home costs $1.6m (£0.8m), up from $1.1m a year ago.
However in other parts of New York City property prices are on the slide, with Queens and Staten Island down 5% and the Bronx slipping 1%.
On average a Manhattan home costs $1.6m (£0.8m), up from $1.1m a year ago.
However in other parts of New York City property prices are on the slide, with Queens and Staten Island down 5% and the Bronx slipping 1%.
Thursday, April 17, 2008
New York real estate: Financial District
Manhattan real estate - Since last year, three new rental buildings and various condominiums projects have also started leasing and selling apartments so that number is probably higher now. The anticipated population is 51,930 by 2009.
"When I first started out as an agent 3 ½ years ago I couldn't put 'Financial District' on listings -- I had to put 'downtown,'" said Sang Oh, director of sales and marketing for Platinum Properties on Wall Street, "but now people want to live here."
Oh is himself one of those people, having relocated to the Financial District a year ago. "Seeing the neighborhood progress made me want to move downtown," said Oh, "And now I just get up and walk across the street to work. I spend all day down here."
"When I first started out as an agent 3 ½ years ago I couldn't put 'Financial District' on listings -- I had to put 'downtown,'" said Sang Oh, director of sales and marketing for Platinum Properties on Wall Street, "but now people want to live here."
Oh is himself one of those people, having relocated to the Financial District a year ago. "Seeing the neighborhood progress made me want to move downtown," said Oh, "And now I just get up and walk across the street to work. I spend all day down here."
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New York City 2010
