en-us http://www.perryroth.com/blog_rss.xml Manhattan Real Estate Tips by Perry Roth Sat Sep 4 12:25:29 2010 Real Estate http://www.perryroth.com/blog/2006/09/new-york-the-absolute-best-investment.htm Sat Sep 4 16:25:28 2010 Another summer has ended, but the Manhattan Real Estate market still remains the hot topic of conversation. Are we in a buyers or sellers market? Can apartment prices climb even higher? Will the creeping inventory levels lead to a pricing correction in the near term? Without a doubt, it is a challenging and vexing time to be a Manhattan homebuyer, particularly if you are dipping your toes into the market for the first time. This column hopes to clear up some of the confusion by looking back at the way things were five years ago. Heading into September 2001, the average ... http://www.perryroth.com/blog/2006/09/can-you-sell-on-your-own.htm Sat Sep 4 16:25:28 2010 This is what I tell potential sellers that do not want to pay a commission and are contemplating going the for-sale-by-owner route. Will they be able to complete a sale of their apartment on their own? Most likely, yes. They can also cut their own hair and represent themselves in court. Would this produce the most desirable outcome? I think we all know the answer to that one:) ... http://www.perryroth.com/blog/2006/10/prices-going-down-in-manhattan-not.htm Sat Sep 4 16:25:28 2010 Hoping to find a bargain in Manhattan? Unless you are willing to settle for a gut renovation, an apartment with no light or views, or maybe an estate or foreclosure sale, you better be prepared to open your wallet. Manhattan co-op and condominium prices retreated a bit in the third quarter of 2006, versus the June period, but they remain more than 10% higher than prices from a year ago, according to numerous marketing reports. Moreover, don't expect prices to drop anytime soon. The stock market is setting record highs, which means that bonus money on Wall Street will likely set ... http://www.perryroth.com/blog/2006/10/pet-friendly-pays-dividends.htm Sat Sep 4 16:25:28 2010 Even if dogs are not your cup of tea, buying into a building that is pet friendly will pay off nicely in the long run. A building that does not allow pets significantly reduces the potential pool of buyers for your apartment. Apartments that command premium prices appeal to a wide variety of buyers. Keep that in mind the next time Fifi snarls at you in the elevator! ... http://www.perryroth.com/blog/2006/10/the-right-combination.htm Sat Sep 4 16:25:28 2010 Need a bigger apartment and thinking of buying the one next door? If the price is right and your coop or condo allows it, go for it! A two- or three-bedroom apartment in Manhattan is almost always worth more per square foot than a one bedroom or studio. This is because there are far less two- and three-bedroom apartments available on the market (the law of supply and demand). Just remember that if you do combine two adjacent apartments, you have to register the combination with the city and remove a kitchen for it to be a legal combination ... http://www.perryroth.com/blog/2006/11/doormen-dont-come-cheap-but-they.htm Sat Sep 4 16:25:28 2010 Is your building considering hiring full-time doormen? The costs are considerable: $62,000 annually per unionized doorman. To cover all shifts, an average building needs at least four. Security guards cost less, but are also expected to do less. Full-time doormen certainly add value to an apartment building. Although some may regard doormen as intrusive, a sizable portion of buyers, particularly single women and couples with small children, will not even consider buildings that do not have doormen. Consequently, doormen could potentially add $50,000 to $100,000 to an apartment sale. This may make those exorbitant tips during holiday time a little ... http://www.perryroth.com/blog/2006/11/divided-governmentlower-interest-rates.htm Sat Sep 4 16:25:28 2010 The democrats sweep of congress has not only put a damper on President Bush, but also on interest rates. With gridlock expected in the government for the next two years, spending will likely be lower, which is a positive for the bond market. The slowing economy will also encourage the Federal Reserve to maintain a neutral stance on interest rates in the near term. Indeed, the Fed may even decide to lower rates in 2007. All told, the election was good news for potential home buyers! Now, if we can only solve our problems in Iraq ... http://www.perryroth.com/blog/2006/11/big-winners-manhattan-homeowners-who-sell.htm Sat Sep 4 16:25:28 2010 New York State officials estimate that between 2002 and 2005, reported income from capital gains nearly tripled. Capital gains in 2005 likely exceeded $70 billion, delivering more than $4 billion in tax revenue for the state. More importantly, nearly half of the increases over the past two years have been derived from the Manhattan real estate market. The state's budget division estimates that in 2004 and 2005, the real estate sector contributed a total of $1.4 billion in capital gains taxes. Consequently, there is a good reason why Manhattan homesellers are happy people! ... http://www.perryroth.com/blog/2006/12/you-want-to-know-what.htm Sat Sep 4 16:25:28 2010 You found the apartment of your dreams, and more importantly, you can afford it. You've run all the numbers, and you even feel that you have some breathing room. Unfortunately, the coop board may not be as equally optimistic. For example, if a large portion of your annual compensation is derived from a bonus, they may question your ability to maintain this high bonus amount. And, in the unfortunate event that your salary goes down one year, the board is going to want a detailed explanation for the shortfall. Don't want your significant other to bear financial responsibility for the ... http://www.perryroth.com/blog/2006/12/fearless-predictions-for-2007.htm Sat Sep 4 16:25:28 2010 Mirror Mirror on the wall, will Manhattan apartment prices soon begin to fall?. I say no. My fearless prediction: home prices in Manhattan will rise by 5% in 2007. Here are three reasons why: (1) Record bonuses on Wall Street. The money has to go somewhere, and a good portion should end up in the real estate market. Moreover, prognosticators are predicting another strong year for the stock market in 2007. (2) Interest rates starting to moderate. The slowing national economy will likely encourage the Federal Reserve to implement a rate decrease in the first quarter of 2007. Lower mortgage ... http://www.perryroth.com/blog/2007/01/manhattan-real-estate-market-heating-up.htm Sat Sep 4 16:25:28 2010 The surprising surge in buying activity during the last two weeks of 2006, usually quite slow due to the holidays, has carried over with a vengeance in early 2007. Open houses were packed with hungry buyers this past weekend. In the meantime, the fourth quarter sales numbers have been released. According to Miller Samuel, a leading independent appraisal firm, average sales prices in Manhattan increased by a respectable 3.2% in the fourth quarter of 2006, compared to the same period last year ... http://www.perryroth.com/blog/2007/01/bloomberg-contemplating-property-tax-cut.htm Sat Sep 4 16:25:28 2010 According to the New York Times, Mayor Michael R. Bloomberg is considering cutting property taxes by approximately 5 percent and eliminating the city sales tax on clothing and footwear. The property tax cuts would be good for at least a year, while the sales tax cuts would be permanent. This is another positive development for the Manhattan Real Estate Market in 2007! ... http://www.perryroth.com/blog/2007/02/manhattan-real-estate-market-continues-tosizzle.htm Sat Sep 4 16:25:28 2010 Freezing winter temperatures have done little to cool off the frenzy of buying activity in Manhattan of late. Properties are being snapped up at an incredibly rapid pace, often at ask or over-ask prices. Buyers looking for bargains better be prepared to look for properties that are in less than ideal condition, buildings, and/or neighborhoods. The price will also be somewhat more palatable if light and views are not a priority ... http://www.perryroth.com/blog/2007/02/new-york-times-finally-gets-themessage.htm Sat Sep 4 16:25:28 2010 After predicting doom and gloom for the Manhattan housing market throughout most of 2006, the New York Times has finally been forced to acknowledge the obvious. Rising prices, packed open houses, and hungry buyers all add up to one thing: A hot Manhattan Real Estate Market. Of course, brokers, including myself, have been working non-stop since early December. Hopefully, the Times coverage of the Iraq war is more timely and accurate! ... http://www.perryroth.com/blog/2007/03/tribute-to-a-great-man-peter.htm Sat Sep 4 16:25:28 2010 Magic Manager 1955-2007 I met Peter for the first time when I interviewed for a job at the Westside office at Douglas Elliman. I was brand new to real estate and interviews with other firms had not gone well. But I instantly felt a strong comfort level with Peter and Jeff Rothstein, and when Peter uttered the magic words ``we would love to hire you'' I knew I was in the right place. Peter was dedicated to making sure that Douglas Elliman rookies, like myself, got the strongest launching pad possible in this difficult business. You always knew where you ... http://www.perryroth.com/blog/2007/03/south-beach-condo-market-goes-south.htm Sat Sep 4 16:25:28 2010 The weakening Florida real estate market has even hit the high-end South Beach luxury condo arena. Wealthy homebuyers and investors are shying away from the once hot and trendy luxury condo market in South Beach. Several new luxury projects are having difficulty selling units at the present time. Buyers are particularly avoiding hotel units that are being converted into condos. Once again, it is a case of supply outstripping demand. The Manhattan market will always be protected to a certain degree because it is a tiny little island surrounded by water. Consequently, there will always be more people who want ... http://www.perryroth.com/blog/2007/04/manhattan-maybe-not-that-expensive.htm Sat Sep 4 16:25:28 2010 According to Business Week magazine, the 10 U.S. Zip codes with the greatest appreciation in median property surprisingly does not include the Upper East Side, Park Avenue, Central Park West, or Greenwich Village. Indeed, only one zip code from New York State makes the list: Glen Head. Prices listed are from the second quarter of 2006 and the percentage compares the median increase for the previous five years from the second quarter of 2001 to the second quarter of 2006. 1. Greenwich, Conn. (06831): $2,983,000, 49.3 percent 2. Newport Beach, Calif. (92661): $2,500,000, 132.2 percent 3. Paradise Valley, Ariz. (85253): $1,850,000, ... http://www.perryroth.com/blog/2007/04/getting-past-the-big-bad-coop.htm Sat Sep 4 16:25:28 2010 Congratulations, you just heard that you have been granted an interview to get into the coop of your dreams. In most cases, the coop board interview is just a formality and a rubber stamp. But, in a small percentage of cases, the coop board interview can actually make or break your application. In any event, proper preparation is in order. Here are ten important tips to help you pass the interview with flying colors. 1. Dress conservatively. Suit and tie for men. Suit and minimal jewelry for women. 2. Be on time, If not early. Let them be late! Often you ... http://www.perryroth.com/blog/2007/04/assessment-no-reason-to-panic.htm Sat Sep 4 16:25:28 2010 Having a bad day because your coop just socked you with a $3,000 assessment for building improvements? Don't be too depressed. Yes, nobody wants to be a hit with another bill, particularly in high-cost Manhattan. But, what if that $3,000 is being used to spruce up your lobby, which may be in sore need of sprucing up? A renovated lobby can add tens of thousands of dollars to the value of your apartment: not bad for a $3,000 investment ... http://www.perryroth.com/blog/2007/05/new-york-always-in-fashion.htm Sat Sep 4 16:25:28 2010 The national real estate market may be struggling, but Manhattan properties still remain in very high demand with the world's trendsetters. These high-end buyers work in all of the world's most glamorous cities from New York and San Francisco to Moscow and Shanghai. Roughly half of these mega-wealthy property owners are expatriates, according to the global property research firm Jones Lang LaSalle. They are largely immune to regional concerns and are flush with cash. This year has also been particularly good for bankers and traders who got huge bonuses earlier this year. All told, the demand for luxury housing in the ... http://www.perryroth.com/blog/2007/05/the-real-costs-of-renting-anapartment.htm Sat Sep 4 16:25:28 2010 Not yet ready, or have sufficient assets, to buy an apartment in Manhattan? Renting is certainly a viable option. But there are a lot of upfront costs to renting an apartment in New York City, and this Manhattan broker is going to be quite upfront in listing them! There are a bunch of fees associated with renting an apartment. Let's assume you rent an apartment for $2,500 a month. (1) Broker's Fee (15% of first year's rent)- $4,500 (2) Application Fee-can range from $100-$300 (3) Credit Check Fee-can range from $35-$75 (4) security and first month's rent- $5,000 All told, ... http://www.perryroth.com/blog/2007/06/how-to-depreciate-sea-side-real.htm Sat Sep 4 16:25:28 2010 Whyte Out-For the Best? Summer has arrived, which means that a large contingent of upscale gay New Yorkers, along with a tiny, but growing, minority of hip and happening straights, will be making their annual pilgrimage to that enchanted island paradise known as the Pines. No cars are allowed, encouraging and facilitating major drinking and revelry. For decades, more than 80% of the commercial space was owned by a single person: John Whtye. Mr. Whyte was a very cantankerous individual, resistant to change and new ideas. But that might not have been a bad thing. John Whyte, who died several ... http://www.perryroth.com/blog/2007/06/temperatures-and-interest-rates-going-up.htm Sat Sep 4 16:25:28 2010 As we approach July, mortgage rates are currently trending towards 5-year highs (roughly 7%). The Federal Reserve's Beige Book, which includes anecdotal data on regional economic conditions, found signs of continued business expansion and strength in labor markets throughout the nation. However, the report also noted that residential real estate markets "continued to cool across much of the country." Nevertheless, the Manhattan residential real estate market remains red hot despite rising interest rates ... http://www.perryroth.com/blog/2007/07/fire-island-update.htm Sat Sep 4 16:25:28 2010 Well, the Pavilion finally opened and the transformation of the Fire Island Pines into a South Beach Strip Mall is now complete! Tacky white walls, bad sound, and bright light certainly do not make for a magic night ... http://www.perryroth.com/blog/2007/07/manhattan-rentals-2000-does-not-buy.htm Sat Sep 4 16:25:28 2010 Studio apartments in Manhattan went for an average of $1,995 a month last year, according to a recent rental study. This is up from $1,659 in 2002, an increase of roughly 20%. The average rent for a one-bedroom apartment advanced to to $2,737, compared to $2,227 in 2002 (up 23%), and two-bedroom apartments climbed to $3,893, from $3,198 in 2002 (up 22%). Three-bedroom apartments saw the largest percentage increase: more than 36 percent, from $4,059 in 2002 to $5,534 last year. Despite the higher prices, demand for rentals continues to escalate. The overall rental vacancy rate for Manhattan is currently ... http://www.perryroth.com/blog/2007/08/renovate-renovate-renovate.htm Sat Sep 4 16:25:28 2010 Want to get top dollar for your apartment? The key to more cash is a savvy renovation. As I recently stated in the Real">http://www.therealdeal.net/issues/AUGUST_2007/1185903530.php>Real Deal, a lot of buyers don't have the guts for a gut renovation. Moreover, every dollar that you spend for the renovation can be deducted off your net profit. And nearly everyone with an apartment more than three years old is going to have a substantial profit margin. Don't have the slightest clue how to renovate smartly and inexpensively? Don't worry, I will be live blogging my own apartment renovation soon! ... http://www.perryroth.com/blog/2007/08/mortgage-mess-not-affecting-manhattan.htm Sat Sep 4 16:25:28 2010 Are you a bit spooked by what is happening across the country with the mortgage scandals? If you own or are looking to buy an apartment in New York City, you have nothing to worry about. To buy an apartment in Manhattan you either need to put at least 10% (condo) or 20% (coop) down to even sign a contract. More importantly, it is far more difficult to pass a Manhattan coop board than to qualify for a mortgage. There would be no mortgage scandal at all if other cities and states even closely approached the stringent New York City requirements ... http://www.perryroth.com/blog/2007/09/big-fed-rate-cut-buyers-rejoice.htm Sat Sep 4 16:25:28 2010 The Federal Reserve slashed U.S. interest rates by a hefty half-percentage point. The decision by the central bank's policy-makers took the benchmark federal funds rate, which governs overnight loans between banks, down to 4.75 percent, the lowest rate since May of last year. The Federal Reserve also cut the discount rate it charges for direct loans to banks by a half-point to 5.25 percent. It was the first cut in the federal funds rate,the Federal Reserve's main tool to influence the economy, since June 2003 and the first half-point cut since November 2002. The stock market rebounded sharply on news of ... http://www.perryroth.com/blog/2007/09/dont-let-newspapers-scare-you-from.htm Sat Sep 4 16:25:28 2010 Have the latest round of negative news articles on Manhattan real estate scared you from taking the plunge and owning your first apartment? Don't get caught into the dangerous mindtrap of thinking prices are too high, the market is too risky, and I'd be a fool to buy now. New Yorkers who bought their apartment two, five, or even ten years ago were all plagued by the same fears. But they have all profited from taking a small, calculated risk. As with most things in life: no risk, no reward. Please don't waste more valuable time playing it safe and having ... http://www.perryroth.com/blog/2007/10/mortgage-requirements-tightening.htm Sat Sep 4 16:25:28 2010 Paying your bills a bit late? Not a good move if you are looking to buy an apartment. Although the current mortgage crisis has not lowered prices in the Manhattan Real Estate Market, it has certainly made it more difficult to obtain financing, particularly if your credit scores are less than stellar. Credit scores have become a major determining factor in recent months if you want to get a low interest rate, or even being eligible for financing. Ideally, you want your credit score above 800. The low 700's are no longer acceptable for the best rates. So, please pay ... http://www.perryroth.com/blog/2007/10/more-mortgage-drama.htm Sat Sep 4 16:25:28 2010 The Grinch Who Hurt Real Estate? No, we are not talking about the $160 million golden parachute for Stan O'Neal, the former of CEO of Merill Lynch. All these banks betting on bad mortgages have sent the housing markets in most parts of the U.S. (not New York) into a tailspin despite healthy economic growth rates. Indeed, the U.S. economy grew by a robust 3.9% in the third quarter. The bad news for the Manhattan Real Estate Market is the increased difficulty for potential homebuyers seeking either 90% financing, non-interest-only loans, and non-income verification mortgages. Less financing opportunities equals less ... http://www.perryroth.com/blog/2007/11/you-go-girl.htm Sat Sep 4 16:25:28 2010 Star Performer Kudos to my fabulous partner, Marissa Saporta, who recently won the prestigious Real Estate Board of New York (REBNY) Rookie of the Year Award for 2007. I only work with the best, and Marissa is clearly the cream of the crop ... http://www.perryroth.com/blog/2007/11/a-good-time-to-sell.htm Sat Sep 4 16:25:28 2010 With inventory levels over the past year reduced by 31.7%, the time to sell is now. The decline in inventory levels has resulted in less days on market and reduced negotiability. A buyer in this market does not have many options. Consequently, when buyers see the apartment they want they are willing to pay a premium price rather then wait another few months for a comparable property. A simple economic equation: Less Supply=More Demand=Higher Prices! ... http://www.perryroth.com/blog/2007/11/renovation-the-before-pictures.htm Sat Sep 4 16:25:28 2010 I am in the process of renovating my entire apartment. Here are some before pictures ... http://www.perryroth.com/blog/2007/11/good-mortgage-news-lower-rates.htm Sat Sep 4 16:25:28 2010 Although banks are still reeling from the ongoing mortgage crisis, qualified buyers who can actually afford to take out a home loan should be in a brighter mood these days. Mortgage Rates have recently dropped to two-year lows. The 30-year fixed mortgage rate fell to a more than two-year low in the week ended Nov. 29, slipping to 6.1 percent from 6.2 percent the prior week. Freddie Mac also reported that the 15-year fixed loan rate fell to 5.73 percent from 5.83 percent over the same period, and that interest on five-year adjustable-rate mortgages dipped to 5.86 percent from 5.88 percent ... http://www.perryroth.com/blog/2007/12/fearless-predictions-for-2008.htm Sat Sep 4 16:25:28 2010 Will Manhattan real estate prices finally drop in 2008? They certainly remain on the decline in most other parts of the country. Housing starts fell 3.7 percent in November, with construction of single-family homes sliding to the lowest level in more than 16 years. Several leading economists believe that the housing slump has been weighing down the general economy, the economy, which some analysts fear is on the brink of recession. But here are three reasons why the housing slump and shaky U.S. economy may not lead to price decreases for Manhattan real estate in 2008. (1) Higher Wall Street ... http://www.perryroth.com/blog/2007/12/to-subzero-or-not-subzero.htm Sat Sep 4 16:25:28 2010 With the demolition of my apartment complete, it is now time for me to pick out new appliances for my new kitchen. I have decided to go with Bosch stainless appliances (refrigerator, stove, dishwasher, microwave). I was toying with the idea of getting a SubZero refrigerator, but the sticker shock brought me back down to earth! Price for Bosch: $2150.00 Price for SubZero: $6300.00 The SubZero name is great, but I can think of better ways to spend my money! ... http://www.perryroth.com/blog/2008/01/no-market-downturn-in-new-york.htm Sat Sep 4 16:25:28 2010 The average sales price for an apartment in Manhattan increased by a hefty 34% in the fourth quarter of 2007, compared to the same period last year according to Miller Samuel, a leading independent Manhattan appraisal firm. The majority of the gains were concentrated in the luxury market, apartments valued at more than $2.75 million. Despite some shaky U.S. economic conditions, the New York real estate market continues to benefit from wealthy foreign buyers and the increasing pool of Wall Street bonus money. Consequently, this is still no the market for buyers looking for a bargain ... http://www.perryroth.com/blog/2008/01/prices-in-queens-long-island-falling.htm Sat Sep 4 16:25:28 2010 Manhattan is truly an island to itself. The Long Island/Queens housing market showed weaker results in the 4th quarter as compared to the same period last year, by showing price erosion in certain market areas, as well as a decline in the number of sales and an increase in inventory. The three regions in the report: Queens, Nassau and Suffolk showed a 5.2%, 3% and 3.8% decline in median sales price respectively, compared to the fourth quarter of 2006 ... http://www.perryroth.com/blog/2008/02/mortgage-rates-will-continue-to-drop.htm Sat Sep 4 16:25:28 2010 The declining U.S. job market increases the odds that the Federal Reserve will cut interest rates another half point next month. Payrolls fell by 17,000 in January after an 82,000 gain in December that was larger than initially reported, according to the U.S. Labor Department. Employment is one of the indicators, along with wages, production and sales, that help determine the start of economic contractions. Lowering interest rates may avert a possible recession ... http://www.perryroth.com/blog/2008/02/more-good-mortgage-news.htm Sat Sep 4 16:25:28 2010 President Bush recently signed a major stimulus package that should provide some support to cash-strapped Manhattan homebuyers. The stimulus package temporarily raises the maximum size of mortgages that government-sponsored mortgage companies Fannie Mae and Freddie Mac can purchase and market as securities from $417,000 to as high as $729,750 in expensive parts of the country such as New York and California ... http://www.perryroth.com/blog/2008/02/the-expensive-pitfalls-of-new-construction.htm Sat Sep 4 16:25:28 2010 Want to buy, but not renovate? Like things shiny, bright and new? You are obviously a perfect candidate for new construction. But take a deep breath and be sure to have a good real estate broker and attorney by your side before you sign a contract for one of those new luxury condos. There are some drawbacks to purchasing a new construction. To begin with, the offering plans are almost always written to protect the developer and not the consumer. Closing dates may be extended indefinitely with no penalty by the developer. You might also be forced to close with ... http://www.perryroth.com/blog/2008/03/more-good-news-for-homebuyers.htm Sat Sep 4 16:25:28 2010 The Office of Federal Housing Enterprise Oversight recently reduced the amount of capital it requires Fannie Mae and Freddie Mac to maintain from 30 percent to 20 percent. That means the companies are being allowed to take about $200 billion that they were previously required to hold in reserve against losses and invest that money in home loans. ''Additional capital will enable the companies to help more homeowners and will strengthen the underlying fundamentals of the mortgage market,'' said Treasury Secretary Henry M. Paulson Jr ... http://www.perryroth.com/blog/2008/03/five-savvy-selling-tips.htm Sat Sep 4 16:25:28 2010 The Manhattan Real Estate Market remains relatively strong, despite all the doom and gloom being reported throughout most of the rest of the U.S. Nevertheless, sellers need to do their homework because the market is definitely more challenging. Here are five great tips to help you get started. (1) Paint the walls white and clean the windows Nothing makes an important look more cheerful and inviting than a fresh coat of paint. Light and views are also key selling points, and they should not be obscured by dirty windows. Darker apartments are harder to sell, so you might want to repaint ... http://www.perryroth.com/blog/2008/04/landlords-cant-say-no-to-little.htm Sat Sep 4 16:25:28 2010 Thinking of renting your space out? Better not discriminate against families. The federal Fair Housing Act outlaws doing anything to discourage someone from renting an apartment based on family status, whether by steering the potential renter away or by outright refusal to rent ... http://www.perryroth.com/blog/2008/06/renovation-completed.htm Wed Jun 11 11:25:23 2008 It took five months and nearly my sanity, but the gut renovation of my apartment has finally been finished. And, I am thrilled with the results! Stay tuned for the pictures ... http://www.perryroth.com/blog/2008/06/more-smart-selling-tips.htm Sat Sep 4 16:25:28 2010 Discouraged by all the negative housing news? Don't be: The Manhattan Real Estate market may have cooled down a bit, but apartments are still selling at a fairly brisk pace. The key to a successful sale is to be realistic about pricing and expectations. There is roughly four months worth of inventory currently on the market. The probability that your apartment will go under contract in any one month is approximately 25% percent. Want to increase these odds? It is important to know where your apartment ranks among the comparable apartments on the market. For example, if you price your one-bedroom ... http://www.perryroth.com/blog/2008/07/manhattan-market-still-strong.htm Sat Sep 4 16:25:28 2010 Rising gas prices, falling stock prices, Wall Street layoffs, foreclosures.... Apparently, the Manhattan Real Estate market has not received the message. The average selling price of a Manhattan apartment surpassed $1 million for the first time. Cautionary Note: inventory increased by more than 30% in the second quarter of 2008, versus the same period last year. Moreover, the number of sales dropped by more than 20%. Consequently, we may be seeing the market peak ... http://www.perryroth.com/blog/2008/07/manhattan-market-holds-it-ground.htm Tue Jul 29 18:16:50 2008 Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index. The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history. No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006. Home values have fallen 18.4 percent since the 20-city index's ... http://www.perryroth.com/blog/2008/08/bed-bugs-in-manhattan-unfortunately-yes.htm Sat Sep 4 16:25:28 2010 How do I detect a bed bug infestation in my home? You can look to see if you can identify the fecal stains, egg cases, and exuviae (shed skins) in crevices and cracks on or near beds. You should also look at other areas such as under wallpaper, behind picture frames, in couches and other furniture, in bed springs, and even in articles of clothing. While fecal stains and skin casts suggest that bed bugs have been present, these do not confirm that the infestation is still active. Observing the bed bugs themselves is definitively confirmation that your home is ... http://www.perryroth.com/blog/2008/08/49-million-coop-sale.htm Sat Sep 4 16:25:28 2010 Manhattan Sellers take heart! According to the New York Observer, a duplex penthouse at 1060 Park Avenue recently sold for around $48.9 million. The apartment was purchased for $46 million just this past January. Obviously, the sky is not falling in the Manhattan Real Estate market. Have a great Labor Day Weekend! ... http://www.perryroth.com/blog/2008/09/government-stepping-in-to-protect-mortgages.htm Sat Sep 6 14:47:56 2008 The government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the nation's mortgage debt. Some the details of the intervention, which could cost taxpayers billions, are expected to include the departure of Fannie Mae CEO Daniel Mudd and Freddie Mac CEO Richard Syron. Thankfully, it has always been significantly harder to get past a Manhattan coop board than to obtain a mortgage. Consequently, the New York Real Estate market ... http://www.perryroth.com/blog/2008/09/some-straight-talk-about-the-market.htm Sat Sep 4 16:25:28 2010 John McCain may believe that the U.S. economy is fundamentally sound, but I think it is time for a more candid assessment of the Manhattan Real Estate Market. Ignorance is unfortunately not bliss. The U.S. economy is in a very precarious position, with Lehman Brothers collapsing, AIG requiring a federal bailout, and Merill Lynch needing to be acquired. Apartment inventory in Manhattan is clearly on the rise, and with the number of unemployed in the city likely to swell, we anticipate further inventory increases over the next six months. In the meantime, nervous buyers are becoming more skittish to take ... http://www.perryroth.com/blog/2008/10/three-current-myths-about-the-nyc.htm Sat Sep 4 16:25:28 2010 1. The Market Is Crashing - Despite all the negative economic news, the Manhattan residential real estate market continues to outperform the rest of the country. The average sales price of a Manhattan apartment increased 8.1% in the third quarter of 2008, compared to the same period last year. However, with inventory up significantly as a result of the current economic news, we are seeing price reductions. However, don't get your hopes too high, there will be no $100,000 studios hitting the market anytime soon! 2. It's a bad time to sell - If you need to sell your apartment within ... http://www.perryroth.com/blog/2008/10/this-is-not-happening-in-new.htm Sat Sep 4 16:25:28 2010 HAPPY HALLOWEEN! ... http://www.perryroth.com/blog/2008/11/denial-is-not-just-a-river.htm Thu Nov 13 19:43:07 2008 Sorry to break it to you, Manhattan homeowners. But the economic slowdown and countrywide real estate collapse has hit the New York market. Sellers, what are your goals? Do you need to sell your home? The only way to be a successful seller in this market is to price your property just below the market, in other words, establish value right away from the day you list your apartment. Don't be just "another one, or two bedroom apartment" on the market priced in line with ALL the other one or two bedrooms on the market in your area that are ... http://www.perryroth.com/blog/2008/11/the-buyers-are-not-buying.htm Sat Sep 4 16:25:28 2010 Although the Manhattan Real Estate market is holding up better than markets in most of the rest of the country, it is still not healthy. Indeed, the patient is likely to get sicker in the near term. According to a recent study, just 1.9% of Americans plan to buy a home in the next six months, down from 2.6% a year ago. This percentage is probably much lower in Manhattan, mainly due to the fact that apartment prices have held up better. Los Angeles, Miami, San Diego and San Francisco all have seen annual declines of more than 26 percent. Prices ... http://www.perryroth.com/blog/2008/12/advice-for-the-scared.htm Sat Sep 4 16:25:28 2010 Most people spend their entire life waiting...waiting for the perfect time before they make their move. Buying and selling real estate is the perfect example of that. Sellers are always waiting for the perfect time...trying to time the peak. Buyers are always waiting for the perfect time...trying to time the bottom. Unfortunately we never know when the "perfect" time is at anything in life until after the "perfect" time has passed us by. And those who are always waiting...trying to time the perfect moment, do just that. They wait, sitting on the sidelines watching and never get in the game ... http://www.perryroth.com/blog/2008/12/fearless-predictions-for-2009.htm Sat Sep 4 16:25:28 2010 Not that it should come as too much of a surprise, but Manhattan apartment prices are headed south, and will likely continue to fall in early 2009. The U.S. economy shed over half a million jobs in November, the largest one-month loss in over thirty years. Moreover, a significant portion of these job losses have, and will continue, to take place in Manhattan. New York-based Citibank alone is slashing more than 50,000 employees. The increased Manhattan job losses will likely lead to an increased number of new apartments hitting the market, the first large wave set to take place right ... http://www.perryroth.com/blog/2008/12/not-a-good-sign-more-banking.htm Tue Dec 16 19:35:54 2008 Goldman Sachs Group Inc. on Tuesday reported its first quarterly loss since it went public in 1999, losing $2.29 billion during its fiscal fourth quarter. The loss proves the turmoil in the financial markets has tripped up even the best-run financial institutions. The New York-based bank has long been considered the premier investment bank on Wall Street, and in recent quarters, the sturdiest bank amid the market turmoil ... http://www.perryroth.com/blog/2009/01/welcome-to-the-2009-buyers-market.htm Sat Sep 4 16:25:28 2010 Have you been sitting on the sidelines in your expensive rental waiting for just the right time to buy your first Manhattan apartment? Well, ladies and gentleman, your time has arrived! There has probably not been a better time for buyers to purchase a Manhattan home since the immediate aftermath of September 11th, more than seven years ago! The average selling price of a Manhattan apartment has dropped by nearly 20% since the peak of the market in the second quarter of 2008. Moreover, since there is far more negotiating room between list price and price accepted, this percentage may be ... http://www.perryroth.com/blog/2009/01/welcome-to-2009-inventory-way-up.htm Sat Sep 4 16:25:28 2010 The Prudential Douglas Elliman fourth quarter market report, prepared by the independent appraisal firm Miller Samuel, contained two important statistic that should delight potential homebuyers and add a sense of urgency for sellers. One, Manhattan apartment inventory climbed nearly 40% in the fourth quarter of 2008, compared to the same period last year. Two, sales contract activity declined by 40% to 75%. The reduced sales activity, coupled with the hefty increases in inventory, will almost certainly lead to significant price reductions this year. Furthermore, the downward trend in prices is likely continue throughout at least the first half of 2009. Sellers ... http://www.perryroth.com/blog/2009/01/prices-down-to-2006-levels.htm Thu Jan 22 02:06:59 2009 Market conditions are just getting better and better for new Manhattan homebuyers in early 2009. Selling prices (actual contract prices as opposed to listing prices) have dropped to mid- 2006 levels, reversing all the pricing gains in late 2006, 2007, and the first half of 2008. In the meantime, mortgage interest rates are hovering near historic lows, around 5.0%. More importantly, the banks are actually starting to lend money again! All told, we are in a superlative buyer's market ... http://www.perryroth.com/blog/2009/02/the-exciting-new-buyer-math.htm Sat Sep 4 16:25:28 2010 It is becoming pretty well established that we are in a buyer's market in Manhattan, but what does this mean exactly in dollars and cents for a prospective home buyer in 2009? Time to do a little math! Let's say that Brenda Buyer was looking to purchase a $700,000 one-bedroom condo in early 2008. She was going to put $200,000 down, and take out a mortgage of $500,000. The common charges and taxes were roughly $800.00 a month. Mortgage interest rates in early 2008 were hovering around 6.5%. If she bought last year, Brenda's monthly carrying costs would have been around ... http://www.perryroth.com/blog/2009/02/avoid-land-lease-co-ops.htm Wed Feb 18 01:07:56 2009 Buying into a Manhattan cooperative that does not own its land can present a number of financial challanges. There are numerous co-op buildings in Manhatan where the co-op corportation operates the building under a long-term lease from another investor. Monthly maintenance payments for land lease coops are often significantly higher than for co-ops that own the underlying land. In addition, these land-lease buildings are riskier investments than standard co-ops because the land owner could choose to sell the land or not renew the lease. And, with mortgage lending tightening, procuring an attractive, low-interest rate mortgage for a land lease building ... http://www.perryroth.com/blog/2009/02/new-york-market-more-resilient.htm Sat Sep 4 16:25:28 2010 According to a recent article by CNN Money, U.S. home prices declined at a record pace around the nation in the final three months of 2008. The S&P Case-Shiller National Home Price Index reported that prices fell by a record 18.2% during the last three months of 2008, compared with the same period last year. All 20 metro areas in the 20-city index recorded declines, with home prices falling more than 20% in eight of those cities. National home prices have dropped 26.7% since they peaked during the second quarter of 2006. But New York held up the best of the ... http://www.perryroth.com/blog/2009/03/eligible-for-8000-homebuyer-tax-credit.htm Thu Mar 5 18:48:59 2009 Besides lower selling prices, another big incentive to buy an apartment in 2009 is the new $8,000 tax credit for first-time homebuyers. But, given the tight income restrictions, the tax credit will likely not help too many new Manhattan homebuyers. To qualify, the purchase has to be made between January 1st, 2009 and before November 30th, 2009 and you have to stay in your home for three years. This is a refundable tax credit, and it’s phased out for individuals with adjusted gross income of $75,000 or higher or couples with adjusted gross income of $150,000 or higher ... http://www.perryroth.com/blog/2009/03/mortgage-rates-fall-to-52-year.htm Wed Jul 1 02:28:36 2009 The 30-year fixed mortgage rate is currently hovering around 5.19% with no points. This an excellent time to refinance your existing higher-rate mortgage or purchase and finance a new home! Mortgage rates have dropped substantially over the past five months. The average 30-year fixed mortgage rate in late October was 6.77 percent, meaning a $200,000 loan would have carried a monthly payment of $1,299.86. With the average rate now at 5.19 percent, the monthly payment for the same size loan would be $1,096.99, a savings of more than $200 per month for a homeowner refinancing now ... http://www.perryroth.com/blog/2009/03/the-dog-knows-best.htm Sat Sep 4 16:25:28 2010 I think a little humor is in order during this tough real estate market. Selecting a real estate broker is usually a job best left to humans, particularly the human selling the house. However, Candy Spelling let her dog Madison, a soft-coated Wheaten Terrier, help pick out the best real estate to sell her $150 million house in Los Angeles. Candy had her security bring the dog into the room every time she met one of the candidate agents and watched how the dog reacted. If Madison didn't like them, Candy crossed them off the list. Somehow I get the ... http://www.perryroth.com/blog/2009/04/its-official-prices-down-more-than.htm Sat Sep 4 16:25:28 2010 The just released first-quarter 2009 market report confirms everyone's suspicions. Manhattan apartment prices are down more than 20%, inventory is up more than 30%, and buyers will be holding most of the winning cards this year. On the bright side, there was a noticeable increase in contract activity and attendance at open houses in March, a sign that first time qualified buyers are seeking to take advantage of improved affordability. Inventory levels are up 34.3% from this time last year, but not as much as expected because "casual sellers" are not in the market like they were in 2006 when inventory ... http://www.perryroth.com/blog/2009/04/arrivederci-balduccis.htm Wed Apr 22 22:55:52 2009 Another sign that the recession is not going going to pretty in Manhattan. The upscale gourmet grocery Balducci's is closing its two NYC locations. The West 66th location and the store on Eighth Avenue at 14th Street will be shutting it doors by the end of April. Living on West 66th and having enjoyed shopping at the store on numerous occassions, this is definitely a major disappointment ... http://www.perryroth.com/blog/2009/04/one-of-the-best-deals-innew.htm Sat Sep 4 16:25:28 2010 I have a studio at 67 east 11th street for sale at the unbeatable price of $350,000. It needs a fair amount of work to upgrade, but it is in an amazing building (Cast Iron) and location (steps from Union Square and New York University). It is currently featured in New York Magazine as one of the best deals in New York! ... http://www.perryroth.com/blog/2009/05/big-improvement-to-first-time-buyer.htm Sat Sep 4 16:25:28 2010 Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment. Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. The FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately ... http://www.perryroth.com/blog/2009/05/gourmet-garage-moving-in.htm Wed May 27 20:23:37 2009 Fortunately, for residents of West 66th Street like myself, Gourmet Garage has decided to fill the void of the dearly departed Balducci's. There is a home for overpriced jam after all! ... http://www.perryroth.com/blog/2009/06/is-the-tide-starting-to-turn.htm Tue Jun 2 17:56:11 2009 Sales activity has clearly picked up in the Manhattan real estate market in recent weeks. Prices have declined by more than 25% over the past year, and potential homebuyers are hungrily eyeing attractively priced properties. The stock market has also enjoyed a nice little surge over the past month, boosting confidence that the worst of the recession may be behind us. Nationally, the real estate market appears to be improving as well. The number of Americans signing contracts to buy previously owned homes climbed 6.7 percent in April, more than forecast and the fourth increase in five months, as lower ... http://www.perryroth.com/blog/2009/06/market-still-not-good-for-geithner.htm Sat Sep 4 16:25:28 2010 The U.S. Treasury Secretary has been unable to sell his five-bedroom English Tudor style home in Larchmont, New York. He will now be renting it out ... http://www.perryroth.com/blog/2009/06/beware-of-manhattan-rental-scams.htm Wed Jul 1 01:36:45 2009 If the rent or apartment seems to good to be true, it is likely a rental scam that could cost you hundreds or even thousands of dollars. According to the New York Times, one of the most effective con game involves collecting nonrefundable application fees from prospective renters. Fraudsters have the keys to a vacant apartment and hold an open house there, not intending to rent the unit to anyone. The rent seems ridiculously low, like a one-bedroom in the heart of Greenwich Village for $1,750 that should really be over $3,000. The fraudsters get dozens of application fees because everyone ... http://www.perryroth.com/blog/2009/07/buyers-dive-in-while-the-water.htm Thu Jul 2 14:09:30 2009 The just released second quarter 2009 Manhattan Real Estate Market reveals a lot of attractive statistics for prospective homebuyers. The average sales price of a coop or condo in New York fell by more than 25% in the second quarter, compared to the same period last year. In addition, listing inventory increased by close to 10%, although this was much less anticipated given the sluggish economy and sales activity. All told, there has never been a better time to purchase the Manhattan home of your dreams at a reduced price! Don't let this historic buying opportunity pass you by! For a ... http://www.perryroth.com/blog/2009/07/important-credit-information.htm Wed Jul 29 16:10:16 2009 What lenders need to know about your credit to give you a mortgage: (1) Banks require you have held at least three lines of credit for the past two years. (2) A credit score of 720 or higher indicates to lenders that you are responsible with credit, allowing you to be extended the best rate. (3) Lenders will typically obtain three credit reports from different bureaus and use the average of the highest and lowest scores to determine the applicant's credit. This number may be different from the one that you obtain through an online credit report. What you need to ... http://www.perryroth.com/blog/2009/08/new-york-governor-offers-new-tax.htm Tue Aug 18 13:46:48 2009 New York Governor David Paterson is suffering from record low approval ratings. This new tax credit may boost his image a few points. The governor announced that New York will offer a federal income tax credit to first-time homebuyers to encourage home sales in the State. The New York State Mortgage Credit Certificate (MCC) will enable first-time homebuyers to claim a tax credit equal to 20% of their annual mortgage interest costs, potentially saving the average homebuyer about $1,500 each year. The program will effectively extend, and in some cases improve upon the federal government's $8,000 First-Time Homebuyer Credit enacted ... http://www.perryroth.com/blog/2009/09/foreign-buyers-increasingly-pay-cash.htm Tue Sep 15 20:03:10 2009 The median price for a home in the U.S. paid by foreign buyers for the year ending in May 2009 was $247,100, higher than the overall national price of $198,100 in 2008. A significant number, 45.8 percent of foreign buyers, paid cash for their property, mainly due to the increased difficulty in obtaining a mortgage. U.S. laws do not restrict or scrutinize most property purchases by foreign nationals. There are few barriers to owning property here, unlike transactions in many other countries, although immigration laws prohibit foreigners from remaining in the U.S. continuously for more than six months without a special ... http://www.perryroth.com/blog/2009/10/great-time-to-buy1.htm Tue Oct 6 19:11:56 2009 The average price per square foot of a Manhattan apartment fell by more than 15% in the third quarter of 2009, compared to the same period last year. The average price per square foot has now dipped below $1,000 per square foot, down from $1,196 per square foot a year ago. Buyers are taking advantage of the lower prices, with sales activity increasing 45% from the second to the third quarter. Inventory levels also fell by more than 10% in the September period, a strong indicator that prices may be bottoming out soon. The stock market continues its strong rebound and ... http://www.perryroth.com/blog/2009/10/great-time-to-buy-part-2.htm Tue Oct 13 23:12:37 2009 Top 3 Reasons Why You Should Buy Real Estate Today 1) Increased Affordability The average price per square foot of a Manhattan apartment fell by more than 15% in the third quarter of 2009, compared to the same period last year. The average price per square foot is now hovering slightly below $1,000 per square foot, down from $1,196 per square foot a year ago. Buyers are taking advantage of the lower prices, with sales activity increased 45% from the second to the third quarter. An increasing number of buyers are feeling more confident to take advantage of the lower prices ... http://www.perryroth.com/blog/2009/10/us-homeowner-confidence-improves.htm Wed Oct 14 19:36:11 2009 Americans are more confident than they've been all year that housing values are going up and also are more likely to say their home is worth more than they owe on it. A new Rasmussen Reports national telephone survey finds that 27% of homeowners say the value of their home is likely to go up over the next year. That's an eight-point jump from August and the highest level of confidence measured this year. Just 19% say the value of their home is likely to go down in the next year, an eight-point drop from the previous survey. Unchanged is the ... http://www.perryroth.com/blog/2009/10/aspiring-rock-star-dont-try-tobuy.htm Sat Oct 17 16:33:05 2009 One of Madonna's New York neighbors on Central Park West recently filed a lawsuit against the building's co-op board. The lawsuit alleges that Madonna is using her apartment as a rehearsal studio, forcing neighbors to endure "blaring music, stomping and shaking walls," for up to three hours each day. The building's board says it has already threatened to evict Madonna. I am frankly amazed Madonna was able to pass the coop board to begin with. Did she offer board members free concert tickets? cash? Guy Ritchie's directorial services? ... http://www.perryroth.com/blog/2009/10/insurance-for-falling-home-prices.htm Mon Oct 19 19:19:24 2009 Would you pay an additional 1.5% percent to insure that your new Manhattan home purchase does not drop in price? You may soon be able to find out. Working Equity, www.equityprotection.com , a San franciso-based firm, is selling homebuyer insurance for declining real estate prices. The company takes a snapshot of the average home price in a customer's ZIP code, as tracked by First American CoreLogic of Santa Ana, Calif., a consulting firm that compiles a local housing index. For example, say you buy a $500,000 co-op apartment in Midtown Manhattan. If, after two years, the average property value in that ... http://www.perryroth.com/blog/2009/11/homebuyer-tax-credit-extended.htm Mon Nov 9 19:00:21 2009 President Obama and Congress have extended the first-time buyer tax credit until April 30, 2010. Qualified first-time homebuyers will receive a tax credit of $8,000, and the plan has been expanded to homeowners who have lived in their existing home for five years and are looking to relocate. These existing homeowners can receive a tax credit of $6,500. Unfortunately, homebuyers need to earn less than $125,000 ($225,000 for married couples) to get the full value of the tax credit. The tax credit phases out completely for those who earn over $145,000 ($245,000 for couples). In addition, the purchase price of the ... http://www.perryroth.com/blog/2009/11/bloomberg-nasty-holiday-surprise-property-taxes.htm Thu Nov 19 03:06:32 2009 New York City property taxes for coops and condos have just been raised by 10.3%. The average co-op resident's tax bill will go from $4,467 to $4,930 and condo owners from $6,422 to $6,874. This will certainly not be helpful for the Manhattan Real Estate Market in 2010. Mayor Bloomberg may well regret lobbying so heavily for another term in office. As a Manhattan coop owner myself, I am not a happy camper! ... http://www.perryroth.com/blog/2009/12/the-wealthy-still-betting-on-manhattan.htm Wed Dec 2 19:07:12 2009 The wealthier the investor, the more money they plan to put in real estate compared to the amount they have earmarked for stocks and bonds, according to Barclays Plc global survey. Investors believe real estate will yield better returns. Twice as many people with more than $800,000 to invest plan to increase their investment in commercial and residential property compared to those who plan to reduce it, Barclay's study reported. Overall, investment in real estate among wealthy individuals is set to rise to 30 percent of the average portfolio from 28 percent now, according to the survey. That excludes properties used ... http://www.perryroth.com/blog/2009/12/are-you-eligible-for-the-homebuyers.htm Thu Dec 10 21:30:58 2009 Are You Eligible for the Homebuyer's Tax Credit? President Obama and Congress have extended the first-time buyer tax credit until April 30, 2010. Qualified first-time homebuyers will receive a tax credit of $8,000, and the plan has been expanded to homeowners who have lived in their existing home for five years and are looking to relocate. These existing homeowners can receive a tax credit of $6,500. Homebuyers need to earn less than $125,000 ($225,000 for married couples) to get the full value of the tax credit. The tax credit phases out completely for those who earn over $145,000 ($245,000 for couples) ... http://www.perryroth.com/blog/2010/01/new-decade-new-manhattan-apartment.htm Tue Jan 12 01:26:49 2010 The median sales price of a Manhattan apartment hovered around $810,000 in the fourth quarter of 2009, down from $900,000 in the final period of 2008. This is also down about 5% from the third quarter of 2009. Interestingly, the number of apartments on the market fell by close to 25% in the fourth quarter, which may be an indication that prices may be bottoming out. In any event, 2010 will likely shape up to be an excellent year for aspiring Manhattan homebuyers. Interest rates remain near record lows, and the tax incentives for new homeownership have never been better ... http://www.perryroth.com/blog/2010/02/time-running-out-for-homebuyers-tax.htm Tue Feb 16 18:16:54 2010 Time may be running short for those who are wanting to use either the first-time homebuyer tax credit or repeat homebuyer tax credit on their purchase of a home. The program is requiring that both first-time homebuyers and repeat buyers who qualify for either tax credit are under contract for their home by the end of April and have closed on the home by the end of June. Many homes are available and interest rates are low thanks to the Federal Reserve. So, many people are buying homes at lower prices, with lower rates, and getting a tax credit on top ... http://www.perryroth.com/blog/2010/02/the-city-remains-on-sale.htm Wed Feb 17 17:46:14 2010 New York City ranked eighth among cities with the largest decreases in price-chopped listings, according to the real estate web site Trulia: 18 percent of citywide listings had experienced price cuts last month, down from 27 percent in November 2009. "Seeing lower levels of price reductions nationally is an early indicator that we may be getting closer to a healthier real estate market," said Pete Flint, co-founder and CEO of Trulia. Flint warned, however, that the impending expiration of the homebuyer tax credit could deflate prices as owners rush to get their properties sold before the deadline ... http://www.perryroth.com/blog/2010/03/tips-for-a-stress-free-coop.htm Wed Mar 3 04:10:23 2010 You have signed the contract, put down the deposit, secured a mortgage, and filled out the board package. The final hurdle remaining between you and the apartment of your dreams is the coop board interview. It is important to keep in mind that there is no one standard board interview. Some boards meet prospective buyers only have they have decided to approve the application, others will use the interview to further scrutinize both the financials and the candidates. Here are some hints for a successful and stress free board interview. (1) Dress conservatively. Suit and tie for men. Suit and minimal ... http://www.perryroth.com/blog/2010/04/manhattan-residential-market-holding-up-well.htm Thu Apr 8 18:31:05 2010 We are definitely still in a buyer's market, but the latest data suggests that prices for Manhattan apartments have held their ground thus far in 2010. According to Miller Samuel (the gold standard of real estate reports), sales in the first quarter of 2010 more than doubled, compared to the same period last year. Low mortgage rates, a surging stock market, tax credits, and a new affordability from the decline in property values significantly stimulated demand. The median sales price of a Manhattan apartment hovered around $870,000 in the first quarter of 2010, well below the $975,000 median sales price of ... http://www.perryroth.com/blog/2010/05/market-heating-up-but-still-abuyer.htm Wed May 5 20:28:25 2010 The spring selling season in Manhattan is off to the strongest start in two years. But it is still a buyer's market, and prices have not increased. Spring is traditionally the busiest selling season and sets the tone for the rest of the year. But in 2009, there was no spring season to speak up, and sales were the weakest in over ten years. High-end new condominium developments went months without ringing up a sale and when apartments did sell, they sold at a steep discount. But psychology has shifted this year as fears of recession fade. Nevertheless, there is certainly ... http://www.perryroth.com/blog/2010/05/housing-indicators-are-up.htm Mon May 24 16:18:42 2010 There is yet another why it is such a great time to be a homebuyer in Manhattan, in addition to low interest rates and lower prices. Housing prices are expected to increase 12.4 percent between 2010 and the end of 2014, according to MacroMarkets, which surveyed more than 100 analysts and market strategists. Even more bullish, Joseph LaVorgna, a economist at Deutsche Bank predicts that home prices will rise 37 percent by the end of 2014 ... http://www.perryroth.com/blog/2010/06/five-major-reasons-to-use-abroker.htm Tue Jun 15 17:53:20 2010 There are an increasing number of services that help homebuyers and sellers complete their own real estate transactions. While doing the work yourself can save you the significant commission rates many real estate agents command, for many, going it alone not be the way to go--and could end up being more costly than a broker's commission in the long run. Buying or selling a home is a major financial (and emotional) undertaking. Find out why you shouldn't discard the notion of hiring an agent just yet. 1. Better Access/More Convenience A real estate agent's full-time job is to act as a ... http://www.perryroth.com/blog/2010/07/manhattan-real-estate-market-strong-this.htm Thu Jul 29 17:03:48 2010 High unemployment rates and subpar consumer confidence have not put a dent in the robust Manhattan real estate market. The number of sales in the second quarter of 2010 increased by close to 80%, compared to the same period last year, according to Miller Samuel, one of the leading appraisal firms in Manhattan. In addition, the median sales price of a Manhattan apartment hovered around $900,000 in the second quarter, up more than 7% from the $835,000 recorded in the June quarter of 2009. It still remains a buyer's market in New York (prices are down more than 15% following the ... http://www.perryroth.com/blog/2010/08/no-big-surprise-closing-costs-innew.htm Wed Aug 18 16:25:46 2010 Everything is more expensive in Manhattan, so it does not comes as a huge shock that New York has the highest closest costs of all the states in the U.S. 10 States with Pricey Closing Costs Closing costs have risen an average of 36.6 percent compared to 2009, according to Bankrate.com. The big increased was caused by the U.S. government requiring lenders to provide accurate good faith estimates of closing costs. Previously, lenders weren't penalized for a bad estimate. On average, the origination and third party fees on a $200,000 purchase mortgage added up to $3,741. Here are the 10 highest ...