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Monday, July 12, 2010

Downtown Manhattan sells most in Q2 2010

report-icon.jpgManhattan real estate market reportOne of the graphs that I find informative is this one from the Second Quarter 2010 Corcoran Report on the Manhattan Real Estate Market. Downtown Manhattan, comprised of neighborhoods below 34th Street, accumulated the largest percentage of sales this quarter with 35%, a small increase in market share from First Quarter 2010. The West Side accounted for 21% of sales while the East Side accrued 24%. One-bedroom residences accounted for the highest percentage of sales during Second Quarter 2010, with 35%. neigborhoods_q2_2010.gifIf you've been holding out from selling, you might want to take another look right now. Mortgages hit 50 year lows recently, so conditions haven't been this good to trade in a while.

Downtown Manhattan is the market that's moving first. From the report: "Resale coops increased 7% in median price as average price per square foot increased 5% versus Second Quarter 2009. One and three bedroom co-ops increased by 11% and 18%, respectively, from a year ago. Versus First Quarter 2010, condo median price increased 11% while average price per square foot increased by 4%." Download a copy of the complete second quarter report for the city's complete picture. Feel free to write me with your questions.

download the Q2 report (3.5 mb) »

Tuesday, June 29, 2010

Housing Help For Homeless Veterans

As the Fourth of July approaches we have a post from guest writer Brandon Fischer of the VA Mortgage Center and, on a subject not covered before on this blog. I thought it was an appropriate theme as we celebrate the day our country was founded, and consider the priceless quality our freedom.

fireworksheadroomAs we honor those who have sacrificed in service to our country this July 4, here’s a sobering statistic to consider: Veterans account for nearly a quarter of the country’s homeless population.

The federal government took a big step forward last month to help those who served get back on their feet. About 8,000 homeless vets will receive permanent housing assistance from the U.S. Department of Housing and Urban Development and the Department of Veterans Affairs, agency officials announced last month. Public housing agencies across the country will receive almost $60 million in rental assistance to help get veterans off the streets.

Homeless veterans can take advantage of the funding through HUD’s rental assistance program, which partners with Veterans Affairs Medical Centers to get vets into local public housing units. The agencies plan to introduce even more funding for housing vouchers as the summer continues. “Though they served and sacrificed so much for our country, too many of our veterans find themselves on the streets and in homeless shelters,” HUD Secretary Shaun Donovan said in a news release. “Thankfully, these vouchers will provide a more permanent solution to housing and services these veterans need.”

The housing program funding is part of a greater, $75 million commitment to helping homeless veterans nationwide. VA Medical Centers already work with veterans to provide support and case management. Case managers there will work with local housing agencies to find veterans who might be eligible for the housing benefits.

Veterans who utilize the program live in private housing and typically spend no more than 30 percent of their income on rent. To learn more about local opportunities, HUD provides individual state information for your use. “The Departments of Veterans Affairs (VA) and HUD are making a critical, long-term investment toward ending homelessness among veterans,” VA Secretary Eric K. Shinseki said in a news release. “We owe every man and woman who has worn our nation's military uniforms a level of courage and determination that matches theirs as we work to end veteran homelessness.”

Saturday, June 19, 2010

Coney Island Mermaid Parade 2010

coney island mermaid parade 2010

headroomWho could have said it better than this Mermaid who washed ashore at today's annual Coney Island Mermaid Parade. Those of us who enjoyed a day at the beach, were appropriately reminded about BP's oil spill in the Gulf, as Brooklyn's homegrown annual celebration of summertime, took on an oily layer of protest by many of the Mermaid and sea life costumed marchers.

Saturday, May 1, 2010

Manhattan sees dramatically increased home sales

corcoran_report_image.jpgManhattan real estate market report The big news is that so far this year, sales volume could be as much as 70% higher than last year by current estimates. I've been personally involved in a couple of bidding wars in recent weeks. Correctly priced and marketed properties are meeting buyers, who are acting now without hesitation. Renewed confidence in the market, and a rapid absorption of the outstanding inventory of apartments, has leveled the market off, and many neighborhoods have started to recover off their lows. In my office, we had 20% of deals that went to contract last month, at or above asking prices. Incredible! I'll be posting more analysis soon, but for an overview of the first quarter of 2010, please download the latest Corcoran Report. I'd be glad to discuss any findings and how they might affect the value of your home.

download the latest Manhattan market report (1.4 mb) »

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