Remember
when ‘not so bad’ didn’t seem like a positive? Welcome to 2012.
The New Year brings some pretty good New York City real estate news, and some same old not-so-great stuff. Long story short: while things are generally picking up, the recovery’s pace is maddeningly slow.
That’s the take-away from the Fourth Quarter Manhattan Real Estate Sales summary from Prudential Douglas Elliman. The report documents a modest increase in offering prices for properties in NYC when, as compared to the same period during 2010. Even better, sellers only had to shave 4.9 per cent off the original listing during the final days of 2011, an impressive change from the 8 percent drop they faced during the previous year. Overall, properties remained on the selling block for a mere five more days than in 2010.
At the same time, the number of New York City properties available for purchase is fairly steady, while apartments are becoming scarcer and pricier. Last year, Manhattan rents rose a staggering 9.5 per cent, driven by would-be homeowners who opted to sit out the uncertain economy. The current numbers point to an equation that’s beginning to tip the argument back towards buying, rather than leasing.
The New Year brings some pretty good New York City real estate news, and some same old not-so-great stuff. Long story short: while things are generally picking up, the recovery’s pace is maddeningly slow.
That’s the take-away from the Fourth Quarter Manhattan Real Estate Sales summary from Prudential Douglas Elliman. The report documents a modest increase in offering prices for properties in NYC when, as compared to the same period during 2010. Even better, sellers only had to shave 4.9 per cent off the original listing during the final days of 2011, an impressive change from the 8 percent drop they faced during the previous year. Overall, properties remained on the selling block for a mere five more days than in 2010.
At the same time, the number of New York City properties available for purchase is fairly steady, while apartments are becoming scarcer and pricier. Last year, Manhattan rents rose a staggering 9.5 per cent, driven by would-be homeowners who opted to sit out the uncertain economy. The current numbers point to an equation that’s beginning to tip the argument back towards buying, rather than leasing.
Home orders up
Just last week, major national home builder Lennar Corp reported an astonishing 20 percent hike in orders for new houses 2010’s final months, an upturn nobody would have dared to forecast a year earlier. On Bloomberg.com, a company spokesman credited soaring rents for the climb. At the same time, the number of National Association of Home Builders Improving Markets nearly doubled from 41 to 76.
To be sure, problems are still aplenty. Chief among them – on the national level - is an inventory of well over a million homes in foreclosure with several million more bound for the auction block. Although a relative few are in Manhattan, it’s definitely not time to do a victory lap.
Just last week, major national home builder Lennar Corp reported an astonishing 20 percent hike in orders for new houses 2010’s final months, an upturn nobody would have dared to forecast a year earlier. On Bloomberg.com, a company spokesman credited soaring rents for the climb. At the same time, the number of National Association of Home Builders Improving Markets nearly doubled from 41 to 76.
To be sure, problems are still aplenty. Chief among them – on the national level - is an inventory of well over a million homes in foreclosure with several million more bound for the auction block. Although a relative few are in Manhattan, it’s definitely not time to do a victory lap.
The key for those on both sides of a purchase is to proceed with care – and knowledge. Choose a capable broker, price the property well, offer a reasonable bid and be clear about your must-haves. Something is out there for everyone.
Excellent General Assessment of Manhattan Real Estate Market. Useful both for buyers and sellers.
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