Although brokers say some of the recent fervor in the Manhattan co-op and condo market is gone, prices and sales were strong during the third quarter. Median prices remained near a multiyear peak. [WSJ]
The Markets. Fixed rates eased back a bit in the past week after rising the previous week. Freddie Mac announced that for the week ending September 25, 30-year fixed rates eased to 4.20% from 4.23% the week before. The average for 15-year loans also decreased slightly to 3.36%. Adjustables were mixed, with the average for one-year adjustables remaining at 2.43% and five-year adjustables increasing to 3.08%. A year ago, 30-year fixed rates were at 4.32%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates on home loans were slightly changed with the rate on the 30-year fixed down three basis points. Meanwhile, existing home sales dropped 1.8 percent in August to a seasonally-adjusted annual rate of 5.05 million. Sales of new single-family homes surged 18.0 percent in August to an annual pace of 504,000 units. Also, the Federal Housing Finance Agency reported house prices rose just 0.1 percent on a seasonally-adjusted basis in July, and were up 4.4 percent over the past year.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated September 26, 2014
| Daily Value | Monthly Value | |
| Sept 25 | August | |
| 6-month Treasury Security | 0.03% | 0.05% |
| 1-year Treasury Security | 0.10% | 0.11% |
| 3-year Treasury Security | 1.03% | 0.93% |
| 5-year Treasury Security | 1.75% | 1.63% |
| 10-year Treasury Security | 2.52% | 2.42% |
| 12-month LIBOR | 0.559% (Aug) | |
| 12-month MTA | 0.115% (Aug) | |
| 11th District Cost of Funds | 0.668% (July) | |
| Prime Rate | 3.25% |
The tax of up to 4% a year would apply to all apartments and homes with a current market value of more than $5 million, and would exempt the primary residences of New Yorkers. [WSJ]
230 West End Avenue, #4A Upper West Side (get directions)
*In Contract
$225,000
Charming prewar studio in a well maintained Co-op building designed by famed architect Rosario Candela. This home has over-sized windows with tree-top views. The building amenities include a storage room, bike room, outdoor garden area, and a full-time doorman/elevator operator. There is a $144.98 per month assessment is in effect until end of 2014. Pets are not permitted.
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The Markets. Fixed rates rose in the past week ending several weeks of stability. Freddie Mac announced that for the week ending September 18, 30-year fixed rates rose to 4.23% from 4.12% the week before. The average for 15-year loans also increased to 3.37%. Adjustables were mixed, with the average for one-year adjustables moving down slightly to 2.43% and five-year adjustables increasing to 3.06%. A year ago 30-year fixed rates were at 4.50%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates on home loans rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance. Meanwhile, the Labor Department reported that its Consumer Price Index (CPI) declined 0.2 percent in August reflecting declines in energy prices. Excluding food and energy, the CPI was unchanged.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated September 19, 2014
| Daily Value | Monthly Value | |
| Sept 18 | August | |
| 6-month Treasury Security | 0.04% | 0.05% |
| 1-year Treasury Security | 0.12% | 0.11% |
| 3-year Treasury Security | 1.10% | 0.93% |
| 5-year Treasury Security | 1.85% | 1.63% |
| 10-year Treasury Security | 2.63% | 2.42% |
| 12-month LIBOR | 0.559% (Aug) | |
| 12-month MTA | 0.115% (Aug) | |
| 11th District Cost of Funds | 0.668% (July) | |
| Prime Rate | 3.25% |
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August 2014 Facts
New York, NY (September 11, 2014) – Leading Manhattan real estate brokerage Citi Habitats released its monthly rental market analysis for August 2014 today. While Manhattan rents are still slightly higher overall than they were a year ago, the data showed that the borough’s rental market continues to soften, with falling rents for most apartment categories and an increasing vacancy rate. During August, the East and West Villages topped the list of neighborhoods with available inventory. This is surprising, as these areas are typically in high-demand with apartment seekers.
The report found that when compared to July, average rents declined 3% for studio apartments. Rents for one-bedroom homes remained flat, while rents for two-bedroom homes fell by 2% on average. In contrast, average rents for three-bedroom units increased by 1%.
In August 2014, the borough-wide vacancy rose slightly to 1.27% from July’s rate of 1.25%. This is highest vacancy rate we have seen since April, when the rate was 1.36%. In addition, August marks two consecutive months of vacancy rate increases, which is relatively unusual for the summer season.
When examining incentives, 6% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants in August, unchanged from July.
“Tenants have been feeling the sting of high rents and are beginning to fight back,” commented Gary Malin, President of Citi Habitats. “During spring, landlords became aggressive with pricing, especially in the hot downtown neighborhoods. As an example, rents in the East and West Villages have reached a level that some tenants in these areas are seeking better values elsewhere – maybe even across the river. Many sections of Brooklyn and Queens are becoming viable options for people who would not have considered the outer boroughs in the past. Manhattan’s simply not the only game in town anymore.”
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