Blog

Neighborhood Look: Morningside Heights

Located on one of the naturally highest points on Manhattan Island, Morningside Heights stretches from 110^th to 125^th Street, and is bound east to west by Morningside Park and Riverside Park. It took until the 1890s for most of Morningside Heights to go from farmland / private property to developed buildings. Home to 8 highly esteemed educational facilities (most commonly known are Columbia University and Barnard College), the area exudes a collegial atmosphere with a bookstore on every other block, and the campuses of the various institutions in the middle of residential blocks. Steeped in history, some landmarks to admire include St. John the Divine Cathedral and Grant’s Tomb.

With easy access to city parks, tennis courts, soccer fields, and basketball courts, Morningside Heights has become a favorite residential area, bringing people in from all over NYC who now call it home. For more information about real estate in this area, please feel free to contact me.

Remembering the Past, Looking to theFuture

Eight years ago today, the US experienced a terrible tragedy. As we still feel the hurt and loss of approximately 3,000 people, it is important to remember and honor our past. Here is a picture of the Twin Towers as they stood before the terror attack.

Looking to future plans for the area, here is a rendering of the proposed plans for the 16 acre site. Still under construction with a completion date several years out, we honor the fallen with a renewal of both building and of hope:

The complex will include a National September 11th Memorial and Museum, 5 newly built skyscrapers, a transportation hub, shops, and a performing arts center. For more information, visit www.wtc.com

NYC’s Very Own Railway to Trailway: The Highline

The newest addition to Far West Chelsea has been a city-wide hit: The Highline has finally arrived! This stretch of old Manhattan remnants was, as reported on abc.com an “elevated railroad …constructed to replace dangerous street-level train lines on a path nicknamed “Death Avenue.” Before the High Line was built, horsemen carrying lanterns would ride on the tracks to warn pedestrians of incoming trains.
(Author Unknown, 1934/ Courtesy of Friends of the Highline )”:

Read more

Central Park has seen better days…

Last week, NYC’s largest park was hit with two nights of severe thunderstorms. This view looking over 1136 Fifth shows the beginning of the onslaught.

Read more

2nd Quarter Corcoran Report

Q2 Corcoran Report

Interested in moving? Want to see where to get the best deals? The numbers are out, and we have them first. With a definite increase in traffic and more buyers in the market, take note of that latest statistics in your neighborhood.

Increased Activity Reported Across the Boards

With news outlets continuing to report record numbers of home foreclosures and bankrupt states (ahem, California), the NYC real estate market is showing an increase in traffic in both the sales and rental markets, up from just a few months ago. Open houses and weekly appointment data support the fact that buyers and renters are on the move and making more property visits. The traditional rental months of May-September are acting as they have in years past: good inventory is moving quickly. The difference this year is that saavy renters know that they may likely land a property that is larger or in a more desirable neighborhood for the same or less monthly rent than they paid in 2008. On the buy side, although not a lot of new inventory will likely make it to market before the Fall, customers can shop peacefully now to find the right home. Whether it is a condo, coop or rental, the great weather and better moods are making people hit the pavement.

New York City Residents prefer NY to Any Other: New York Times article today

New York City Sees Fewer Residents Leave for Other States

 

 

New NYC Trend – A Friendly Rental Market

It was a fairly quiet change because many renters weren’t looking for it: the NYC rental market has become increasingly tenant-friendly in the last few months. For years, renters were giving up on the hopes of a changing tide. But times have changed, and the market has turned.

Take this listing for instance:

Read more

What you may have missed this morning…

Warren Buffett spoke with his favorite CNBC correspondent, Becky Quick, this morning to discuss what America can’t stop thinking about: the current economic climate. See what he had to say below.

He’s a smart guy – and not terribly pessimistic. Another good reason to take a page from his book (but not without buying it first!).

What is a worse investment: stocks or real estate?

Most people are very concerned about where to put their money these days. Two of the most common options are real estate or stocks. This chart of the past 33 years in the stock market shows that the market is currently operating at levels from 1996.

If you purchased GE (General Electric) or Coca-Cola stock in 1996, and did not sell it, the value of those shares would be unchanged today. Stocks that seemed like a stable investment back then werejust that – stable and flat. Reflecting on the ups and downs in the housing market, the chart below shoes current housing prices equivalent to that of 2003.

 

 

If you purchased a $500,000 piece of property in 2003, with 20% down and a 30 year fixed-rate mortgage at 6%, the mortgage interest tax deductibility would have saved you $60,000 in 5 years. Combine that figure with real estate tax write-offs, depreciation, and the fact that you have a place to live. Not a bad deal.

« Previous Page — Next Page »