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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.

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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:

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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.

NYC will always be a good long-term investment

Well, this title says it all. I am not saying this because I am in the business of brokering real estate sales. I am saying this because I am a real estate investor.

History: it does repeat itself. Even when it seems history absolutely will not repeat, can not repeat…it does. Every time NYC real estate (specifically, Manhattan) has gone down in value by a significant amount (10%+), people who buy have come out ahead. In fact, when NYC real estate goes up by a significant amount (200%+), people who buy have come out ahead.

Is there a trend here? Absolutely, and it is not hard to recognize.

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