Real estate nyc report noise,homes for rent in far rockaway queens,moore county foreclosures records - Good Point

25.01.2014
Inside access to New York's most exciting real estate, from Douglas Elliman's top real estate agent.
The condominium market remained stable with price changes under 5% in either direction this month. According to the latest batch of New York City market reports, Manhattan had fewer closed residential sales in the second quarter, although new development deals picked up. Fewer deals closed in the second quarter compared to the first three months and year-over-year.
The three most expensive sales in June were in 432 Park Avenue and new development prices were 3 percent higher last month compared to a year ago.
All rights reserved © 2016 The Real Deal is a registered Trademark of Korangy Publishing Inc. The High Line's "Halo Effect" has caused resale prices for apartments near the High Line to jump more than 100 percent than property just a few blocks away. In its Q2 market report, the Real Estate Board of New York (REBNY) found that while the number of condo sales increased from the same time frame last year, the average prices experienced a drop.
If you thought that buyers in Brooklyn and Queens might catch a break, we’ve got some bad news. Q2 numbers are out and they show that Manhattan's price per square foot has hit an all time high. Sunset Park is among the 15 coolest neighborhoods in America — yet another pointer to the neighborhood’s rapidly changing landscape after the New York Times named "Sunset Park West," the most up and coming neighborhood in the city back in February.
The numbers show that you’re getting more bang for your buck in popular neighborhoods of San Francisco compared to those in New York. With all of the new buildings rising in Manhattan right now, it can be difficult to imagine what the skyline will look like in five years, let alone 25 or 50.
For instance, the cheapest property in Cobble Hill is going for $932 per square foot, which is around the same as the most expensive property in Sunset Park at $963 per square foot. The New York City real estate market is one of the hottest in the country, if not the hottest. The second quarter of this year saw an unprecedented increase in all residential home sales in the New York City real estate market. Not surprisingly, the average sales price in the New York City real estate market increased significantly in one year’s time.
In continuing with the trend, Manhattan condos again had the largest impact on overall sales prices in the greater New York City real estate market.
The New York City real estate market is so massive, and covers such a wide spectrum of demographics, that we have decided to cover each borough individually.
No more than a few months removed from the first quarter of this year, prices in the Manhattan housing market have resumed their upward trend after a short period of stagnation. The Manhattan real estate market has benefited immensely from several key indicators: a strong local economy, employment gains, a booming tech center, tight credit conditions, low inventory and low mortgage rates. Buyers continue to be challenged by a distinct lack of inventory and the speed in which the market is moving. The Brooklyn real estate market, much like its neighboring boroughs, saw housing prices surpass previous records.
It wouldn’t be right to discuss the state of the New York City real estate market without crediting Queens for its most recent contributions.
If you haven’t noticed the trend by now, New York City is one of the hottest housing markets in the country. Despite being separated from the rest of New York by a sizeable bay, Staten Island has seen an uptick in real estate activity on par with the other boroughs. Small-Town Feel:While Staten Island is itself a big city, it has inherited a small-town feel.
Affordability: Rental prices on Staten Island are noticeably less than in other popular areas of the city, which would explain the recent influx of young renters. Location: There is no denying that Staten Island’s close proximity to Manhattan has made it a desirable place to live. Selective Development: Staten Island real estate investing has seen a renewed interest in selective areas. The boroughs of New York have experienced a real estate boom as of lately, and the Bronx is no exception.
The Bronx has captured the attention of the entire New York City real estate investing community, as both commercial and real estate investors have taken a keen interest in the area.
Today, the Bronx is hot on the heels of Brooklyn and Queens in today’s real estate boom, and shows no signs of slowing down.
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In terms of pricing, the co- op market responded to the still falling supply and continuously strong demand with significant price gains. While average price and average price per square foot continued to increase, median price decreased by 4% relative to April 2014. All prices increased by double digits, with a 22% increase in average price versus April 2014. Co-ops average discount decreased to 0.1%, meaning on average buyers paid a bit higher than the last asking price.
Office leasing activity remained slow, and in the Financial District, residential sales prices took a hit last quarter.
Downtown Manhattan continued to see the most activity and nearly 40 percent of all new listings in the borough were priced over $5 million. The average price for a Manhattan home was $2.1 million, down less than 2 percent from the previous quarter. According to the latest batch of market reports, prices in those boroughs just keep trending upwards. Manhattan's average sales price again surpasses $2M, but it’s affected by closings for luxury apartments that happened more than a year ago. Prospective buyers in the new billionaire building are reportedly personally vetted by Vornado CEO Steven Roth in what has become the make-or-break of the upper upper crust. Supported by a strong economy and even stronger fundamentals, New York continues to make improvements to its housing sector. At $10.4 billion, home sales in all five boroughs increased an impressive 17 percent over the course of a year. As recently as the second quarter of 2014, the average sales price in all the five boroughs was $826,000. Over the course of one year, the sales price of the average Manhattan condo increased 31 percent to $2,353,000. The increase may be attributed to a stall in inventory growth, as bidding wars have raised prices.
For these reasons, and many more, Manhattan saw increases in every housing indicator over the previous year. Today’s sales price represents the highest it has been since the market peaked in the second quarter of 2008, when sales prices reached $1,025,000.
Nonetheless, sales activity is higher than the long-term average, and experts expect conditions to improve for buyers in the coming months. The rate in which prices have appreciated served to place more homes on the market, as owners were more inclined to sell for higher profits.
However, that record was short lived, as this last quarter saw sales prices raise even higher. During the second quarter, 2,539 homes were sold, which represents a 1.1 percent decrease from the previous quarter.
The northeast section of Staten Island has seen a lot of money put into development of waterfront neighborhoods. Younger generations, in particular have begun to move to Staten Island for many of the reasons listed above. Not to be outdone by its neighboring boroughs, the Bronx has positioned itself to receive a steady flow of commercial and residential activity. Individual investors and huge developers have migrated their attention towards the Bronx and its promising future.
The condo market did not see the same annual price gains, due to a decrease in three+ bedroom sales, increasing supply, and high current asking prices. Three+ bedrooms represented a smaller market share this April compared to last April, down from 29% of sales to 23%.
This is the highest we have seen buyers pay relative to asking prices on co-ops since we began tracking this figure in 2009. This month a significant 2,459 new listings were added to the market, 14% more than were added in April 2014. Midtown had a modest rent increase, while rents in Midtown South and Downtown dropped over last quarter.
Positive gains were seen in all five of New York’s boroughs, and it looks as if the trend will continue.
Sales in Manhattan saw the biggest increase, as they proceeded to surge 20 percent in the last year to $5.96 billion. Even in the face of steep gains, the number of sales in the same area increased a modest 2 percent. As a result, there are few markets across the country that can rival the housing activity witnessed in Manhattan.


The average price per square foot went up 5.7 percent from the previous quarter, and is now about $1,340. At this point, Manhattan should contribute immensely to New York City real estate investing, or at least to those looking at higher-end flips. Increases in the Brooklyn real estate market are directly correlated to improving economic conditions and low, but ever-increasing inventory numbers. No more than four months ago, homes were on the market for an average of 112 days, or 34.8 percent longer. Perhaps even more importantly, however, are the proactive steps towards building a better housing sector the new mayor has taken. Over the course of a year, home values in the Bronx real estate market increased by as much as 7 percent. Over the last decade, the Bronx has experienced increasing demand for housing but unfortunately did not have the supply to meet it.
The decrease in three+ bedroom sales is the main driver of the median price decrease and suggests average prices may have had stronger gains. Condo average discount increased to just over 1% off asking price, still representing a very tight market. Due to the large number of new listings, total inventory increased 14% since last month and a 3% increase versus April 2014. New York City real estate investing, both commercial and residential, looks as if it will see a lot of activity in the coming months. Total considerations for residential sales in Brooklyn jumped 10 percent, and are now approximately $2.16 billion. Recent data suggests that sales prices recently rose an additional 0.7 percent to $788,529. Over the course of a year, the amount of time a home spent on the market declined by 36 days.
Perhaps even more importantly, sales volume continued to rise in the face of falling inventory. Bill de Blasio has launched a massive affordable housing construction campaign to contribute to the growth of New York City. Home sales in the Bronx are highlighted by several promising areas: Riverdale, Fieldston, Parkchester, Westchester Square, and Castle Hill, Soundview.
Negotiability remains low in both markets, however this month co-ops saw a very tight market with an average sale price a fraction above the last asking price. Indeed, within bedroom categories all but one bedrooms showed price per square foot increases compared to last year. Data highlighted by the Real Estate Board of New York’s (REBNY) Second Quarter Residential Sales Report suggests that all five boroughs saw increases in total consideration, sales volume, and average sales prices in the second quarter of 2015. Not surprisingly, larger apartments saw prices increase at a faster rate, outpacing their smaller counterparts. However, the number of sales remains 2.1 percent above the 2,619 ten-year quarterly average. Demand in Brooklyn should catch the attention of the New York City real estate investing community. The Queens borough is just one example of why New York City real estate investing is such an attractive option for investors. Despite fewer sales, three bedrooms saw the largest price gain, up 15% to $2,446 per square foot.
Within the co-op market, inventory remains at historic lows, with annual listing decreases every month. Despite a 3% increase in total inventory, buyers may be hesitant to list their units because replacement options are limited at affordable price points. Inventory continues to increase in the condo market and the listings are still skewing significantly more expensive than condo sales. Buyer negotiability in the co-op market has been very small for quite a while but it disappeared entirely in April, with the average unit selling 0.1% above its last asking price. Co-ops continue to represent a smaller share of inventory than of sales; just 48% of listings are co-ops compared to 56% of sales.
While sales under $2M represent 72% of the market, listings under $2M make up just 57% of inventory. Supply is constrained while demand remains strong; inventory decreased, year-over- year by 3% but contracts signed are up 4% versus April 2014.



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