real estate news

Shelley O’Keefe and Seema Aggarwal in Brokers Weekly

real estate news

Market Watch

Corcoran Report: 1st Quarter 2011

The Corcoran Group has recently published their first quarterly report on the state of the market. With statistics for Manhattan and Brooklyn, The Corcoran Report is a great resource outlining market trends in rentals, condominiums, cooperatives and townhouses. Please click the link at the top for a copy of the report.

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How to Write a Winning Recommendation Letter

In the New York City real estate market, it is not uncommon for a building to require letters of recommendation for prospective renters or buyers. In a city so large, your building and your neighbors often comprise most of your community. Being a productive, thoughtful and responsible member of your community is particularly important when you live on top of each other!

When you ask your friends and colleagues for letters, it is not always easy to guide them on how to write a stellar rec. Here are some quick tips you can pass on to your references;

1. Address the letter correctly. Whether it is Dear Mrs. Landlord or Dear Members of the Board, it is important to acknowledge your audience (and skip the urge to begin “To whom it may concern” as that will make them no longer concerned with you!).

2. Use letterhead. Whether it is a personal or professional recommendation, use your name, address and phone number to comprise the letterhead (no completely white headers, please).

3. Mention characteristics that would make your applicant a good neighbor. For example, “having shared an office with Ben as junior associates, I always appreciated his efforts to keep the space tidy and his coversational tone low.” Just remember to describe behaviors that may carry over to condominium or cooperative living.

4. Proof read the letter. Make sure there are no spelling or grammatical errors.

5. Be straightforward. This is not an essay writing contest. Using flowery descriptions or being verbose in text wastes time and dilutes the message.

Happy Applying!

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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

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Third Quarter Corcoran Report – Hot Off the Press

Click Here for the 3rd Quarter Corcoran Report

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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.

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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.