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Archive For September, 2014

Manhattan Condo, Co-Op Frenzy Eases

September 30, 2014 · by Adam Ashkenas

Buying an Apartment Isn’t Getting Any Easier or Less Expensive

By

Josh Barbanel
Sept. 29, 2014 10:11 p.m. ET
Buying a Manhattan apartment isn’t getting any easier or less expensive.

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]

Weekly Interest Rate Overview

September 30, 2014 · by Adam Ashkenas

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%

An Upper West Side Boomlet

September 29, 2014 · by Adam Ashkenas

By C. J. HUGHESSEPT. 26, 2014

 Downtown may be enjoying more buzz. But the Upper West Side, that not-too-edgy, not-too-bland land of large parks and elegant prewar facades, is holding up its end of the conversation. [NYT]

New York City Mayor De Blasio Weighs Pied-à-Terre Tax

September 27, 2014 · by Adam Ashkenas

Proposed Tax Could Be as Much as 4%

By

Josh Barbanel
Sept. 23, 2014 9:12 p.m. ET
Mayor Bill de Blasio is evaluating a proposal to impose a steep property tax surcharge on expensive pied-à-terre residences owned by buyers from across the country and around the world.

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]

For Sale: 230 West End Ave #4A

September 25, 2014 · by Adam Ashkenas

SellMyNewYorkApartment230 West End Avenue, #4A

230WestEndAve.com

Upper West Side (get directions)

*In Contract
$225,000

230 WEA

Floorplan

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.

Property Details Building Details
Web ID: 612286
Bedroom: Studio
Bath: 1
Sq.Ft.: 300 (aprx)
Features: Dining Room
Type: Co-op
Maint/CC: $814/month
Financing: 75% allowed
Tax Deduct.: 47%
Style: High Rise
Amenities: Doorman
Elevator
Outdoor Space
Laundry Room
Garage
Adam Ashkenas
Licensed Real Estate Salesperson
Licensed as Adam Ashkenas
Adam Ashkenas - View My Agent Profile 157 Columbus Avenue, Suite 2W
New York NY 10023

C: 703-623-5959 D: 646-430-5534
O: 212-957-4100 F: 212-769-1270

aashkenas@citihabitats.com

Just Sold: 2360 Amsterdam Ave, #PH4

September 24, 2014 · by Adam Ashkenas

SellMyNewYorkApartment2360 AMSTERDAM AVE, #PH4

Sold

Washington Heights (get directions)

$870,000

2360 Low Res Read More →

Weekly Interest Rate Overview

September 23, 2014 · by Adam Ashkenas

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%

The August 2014 Manhattan & Brooklyn Sales Market Snapshot

September 22, 2014 · by Adam Ashkenas

image001

Contact me here for assistance with buying and/or selling a home in Manhattan

Manhattan

  • Market-wide: August showed a decline in average and median prices, however these are not believed to be indicative of a declining market. Year-over-year comparisons are misleading due to the strength of the previous year, showing some dramatic changes versus August 2013. Contracts signed market-wide decreased 12% year-over-year, but were just above their level in August 2012.
  • Condos: Prices in the condo market overall showed decreases, but this is not believed to indicate a declining market. The negotiability on condo units signed this month increased slightly, up to 1.6% off asking price on average. Days on market increased versus last month’s unusually low number to a still-low 76 days.
  •    Co-ops: Median price increased 8% versus August 2013, indicating price increases among the majority of sales while top-end deals have slowed. Negotiability remains nearly non-existent, with an average discount from last asking price to sale price of less than 1%.

image001

Brooklyn

  • The Brooklyn market continued the trend of year-over-year average price gains, up 22% from last August, making this the nineteenth consecutive month with year-over-year growth.
  • The increase can be attributed largely to the year-over-year price gains in one, two and three plus bedroom categories which increased 23%, 24% and 56%, respectively.
  • The length of time from list to sale continued to shrink, decreasing by 39% compared to last August, despite the 12% annual rise in available listings a majority of buyers continue to sign deals at or above list prices.
  •    Total available inventory in Brooklyn increased 12% versus a year ago while new listings increased 4% year-over-year.

Click on the images above to access the full reports

REBNY Chase Bank Washington Heights & Inwood Open House Expo

September 16, 2014 · by Adam Ashkenas

My new sales listing will be one of the featured properties in the REBNY Chase Washington Heights & Inwood Open House Expo

wahi-openhouse-blog2360 Amsterdam PH4 Show Sheet Web Image

August 2014 Manhattan Rental Market Report

September 11, 2014 · by Adam Ashkenas

image003Contact me to discuss any upcoming vacancies and/or pricing of your apartments. 

August 2014 Facts

  • In August 2014, the average monthly rental price for a Manhattan studio was $2,112. For one-bedroom homes, the average was $2,887.  For two-bedrooms, the average rent was $3,957.  Finally, the average three-bedroom apartment rented for $5,256.


  • Rents increased 2.0% for studio and one-bedroom homes, and 0.9% for two-bedroom units from August 2013 to August 2014.  In contrast, rents for three-bedroom apartments decreased by 1.8% during the same period.


  • As usual, the most expensive neighborhood for renters in August was SoHo/TriBeCa, with a median rent of $5,100.  The Financial District/Battery Park City was the second priciest area, with a median rent of $3,700.


  • The least expensive area for renters in Manhattan during August 2014 was Washington Heights, with a median rent of $1,900.  When examining neighborhoods below 96th Street, the Upper East Side’s median rent of $2,400 was the lowest of all areas in this section of the borough.


  • With a vacancy rate of 1.04%, Gramercy was the neighborhood with least inventory in August 2014, followed by Midtown West at 1.08%.  On the other end of the spectrum, the vacancy rate was highest in the East Village.  Last month, 2.08% of homes in the neighborhood were vacant.  The West Village also saw its vacancy rate rise to 1.58% in August, making it the area with second-highest percentage of available homes.


  • When comparing the borough’s vacancy rate year-over-year, there was still less inventory on the market in August 2014 than there was last August, despite the recent vacancy rate increases.  In August 2013, the Manhattan vacancy rate was 1.31%, slightly higher than July 2014’s rate of 1.27%.
DOWNTOWN DOWNTURN
Manhattan’s vacancy rate continues to climb, availability highest in the East and West Villages.


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.”

Click the image above to access the full report

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  • About Me

    New York State
    Licensed Real Estate Salesperson.
    157 Columbus Ave, Ste 2W
    New York, NY 10023
    212.957.4100 | aashkenas@citihabitats.com

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    Equal Housing Opportunity. This website is not the official website of Citi Habitats or its affiliated companies, and neither Citi Habitats nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any property or services offered for sale on this website shall not be considered an offer to sell such goods or services in any state other New York.
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