Blog

April 2010 Market Report – Sales Surge Across the Boards

Based on new development condominium sales, all sales figures have gone up across the boards (except lower inventory!). Should be noted prices have stabilized for the most part. Most telling about this report is that many of last year’s sales were holdovers from pre-construction contracts signed before the market downturn. Today’s sales reflect a shorter contract period as inventory was built and contracts signed within the last few months.

Spring Upswing!

Spring selling season is in fill swing. Quarter over quarter, new development condominium sales have more than doubled. Average price per square foot remains strong at $1300/sf.

For more information or stats to help to with your search, feel free to reach me for the latest market report.

January / February Corcoran Market Snapshot

High Floor, Two Bedroom Condominium at Worldwide Plaza

Sun blasted 2 bedroom / 2 bathroom condominium in the heart of Midtown! Located in the esteemed Worldwide Plaza, enjoy the conveniences of the neighborhood in a full-service building, while basking in loads of natural light. This home boasts hardwood herringbone floors throughout its split two bedroom layout. A separate kitchen houses the washer/dryer along with plenty of cabinet space. With a corner living room facing south and east, abundant closet space, washer/dryer and marble baths, this home is not to be missed. Located on the 16th floor of the 50th Street building, and available immediately. Shares Allowed.

Corcoran Sunshine Market Flash: January 2010

Newest Statistics for the NYC Real Estate Market

Wondering how the NYC real estate market is doing? Here are some statistics that may surprise you.

• The number of signed CONDO contracts for October 2009 is up 32% over September 2009, and is up 135% over October 2008.
• October boasted the most condominium signed contracts for 2009.
• The number of signed COOP contracts for October 2009 is up 30% over September 2009, and is up 160% over October 2008.
• At this point in November – a little more than halfway through the month – the number of signed contracts this month is already more than the total for November 2008.
• Co-op sales generally increase 5% in November; November co-op sales will most likely be higher than October if the pace of sales remains steady
• Available inventory is at its lowest in 21 months– down 24% from its peak in March 2009.
• Total available inventory is approximately 9,300 units (last at this level in March 2008).
• The average CONDO sale price is $1.95M in Q4 2009, 29% higher than Q3 2009 and 12% higher than Q4 2008
• Buyers are purchasing larger residences this quarter versus Q3 2009
• Price per square foot increased 15% versus Q3 2009 as the high-end of the market rebounded – more resales in trophy buildings around Central Park

New to the Market: Midtown Condominium

New to the Market: Midtown Condominium

Full service building with doorman / concierge services, garage in building, and a discount at the neighboring YMCA. Move right in to this convertible one bedroom outfitted with 3 closets, a dressing area and oversized windows. Entertain using the pass-through kitchen with dishwasher and microwave. This condominium also boasts a marble bathroom, and to top it off – high ceilings, and Southern views of the Chrysler Building. Laundry is two floors down. Near the United Nations, Grand Central Station (4,5,6,7,S subway lines), FDR Drive, and all the desirable Midtown shops and restaurants.

Third Quarter Corcoran Report – Hot Off the Press

Click Here for the 3rd Quarter Corcoran Report

New York Water Taxi Transforms Real Estate Marketing

It’s easy, convenient, and so much fun! Taking the Water Taxi to get from Manhattan to Brooklyn or Long Island City has never been easier, and developers are taking notice. In a recent tour of the Williamsburg neighborhood of Brooklyn, several condominium developments line the waterfront (The Edge, 80 Metropolitan, Northside Piers…etc). Although you will have to cross busy Kent Street to get to your front door, once on the water side of the building, the sales office is able to boast the many new additions to “Williamsburg Beach”: an esplanade, piers with seating, summer concerts, and of course, the water taxi. The NY Water Taxi service will extend from South 10th Street to Hunter’s Point, LI, DUMBO, Wall Street and East 34th Street. Once completed, the North 5th Street Pier will also host a NY Water Taxi stop, adding to the cache of North Williamsburg.

For more information on real estate in the area, please feel free to contact me.

For more information on the NY Water Taxi, visit http://www.nywatertaxi.com/.

What You Need to Know about the First-Time Homebuyer Credit

There has been a lot of discussion about the First Time Homebuyer’s Tax Credit, and although we do not know yet if the deadline will be extended, there is no doubt homebuyers are taking it into consideration as we near the expiration date of December 1, 2009.

With an $8,000 credit (for purchases made in 2009; and $7,500 credit for 2008 purchases), buyers are anxious to get as much information as possible so they can finalize their home purchase and close before the program ends.

Here is an overview of the incentive program:

-Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
-Applies only to homes used as a taxpayer’s principal residence.
-Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
-Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

If you have closed on your home and need to still get your credit, please visit this page on the IRS website to get the applicable forms. From the time you identify your new home to closing day, several months can pass by so don’t let time slip away without exploring this tax credit program. Feel free to contact me for more information.

Next Page »