Showing posts from August, 2011

In New York, a Sprinkling of Higher Prices

Great article about how different and ahead of rest of the Country the Real Estate market in New York City is. Prices going up... Multiple offers... Yap! It is real here!!

In New York, a Sprinkling of Higher Prices

In New York, a Sprinkling of Higher Prices Hiroko Masuike/The New York Times BEFORE the financial markets’ most recent drubbing, New York City’s real estate prices had been flat for the better part of a year. But over the spring and summer, prices in certain pockets of property sprinkled around Manhattan and Brooklynhad rebounded to or beyond pre-recession levels.

Read the article: In New York, a Sprinkling of Higher Prices

By VIVIAN S. TOY, New York Times Published: August 19, 2011

Brazil, Fourth Largest Holder Of U.S. Treasuries, Will Maintain Foreign Reserves In Dollar

Brazil has no plans to sell U.S. Treasuries or change its foreign currency reserves holdings as a result of Standard & Poor’s downgraded U.S.’s credit rating,according to Bloomberg. As of August 4th, Brazil holds $348 billion in foreign currency reserves, 35% more than in the same period in 2010. About 60% of this total, or $211 billion, is held in U.S. treasuries. Hence, Brazil is the US’s fourth largest creditor, only behind China, Japan, and the U.K. Since Brazil is such a large creditor, it is in Brazil’s interest to enforce the idea that even though U.S. treasuries are no longer “risk free”, they are and will still be perceived as safe havens. Therefore, Brazil will try to send the following message to the market: Standard & Poor’s downgrade of the US.’s credit rating is only an additional dramatic element but it doesn’t really have a large influence in the current global crisis. Guido Mantega is Brazil’s finance minister. Following the US's credit rating downgra…

Building permits see increase, construction resumes in city

Though still below 2008 levels, new construction permits in New York City are on the rise, an indication that developments may be back on track, the Wall Street Journal reported. 

Permits for new buildings, alterations and demolition rose by approximately 12 percent during the first half of 2011 compared with the same period last year, according to new data from the Department of Buildings. Demolitions -- normally a firm indicator of brand new projects -- jumped by 14 percent. 

"More construction permits mean more people are going to work," Buildings Commissioner Robert LiMandri said. 

Private developers are still experiencing difficulty when it comes to financing big projects, said Richard Anderson, president of the New York Building Congress, as lenders tighten their restrictions. 

The increase in construction permits is "certainly a positive sign," he said, but the improvement has been undercut by the number of stalled sites in the city[WSJ]

New development condo sales increase in Manhattan, Brooklyn

New development condominium sales are up year-over-year in both Manhattan and Brooklyn for the second quarter of 2011, according to a second-quarter new development report released today by residential real estate firm MNS. 

In Manhattan, condo sales prices were up 18 percent on an average compared to the second quarter of 2010, the report says.  

Compared with the first quarter of 2011, the average Manhattan new development price was virtually flat. Even though some condo sales are seeing strong sales, several real estate professionals told The Real Deal earlier this spring that many challenges lie ahead. 

The Flatiron District saw the most positive change in the second quarter, with the closings at 15 Union Square West  and the $13 million sale of the Cupola apartment at 141 Fifth Avenue forcing the neighborhood average up over 50 percent from the first quarter of 2011. 

On the Lower East Side, the Karl Fischer-designed seven-unit 263 Bowery condominium brought the neighborhood quarterl…

Despite improved quarterly figures, home prices still struggle to recover

Though national home prices posted 4.1 percent quarter-over-quarter gains on improved summer numbers, year-over-year declines reveal that markets are still trying to find their footing, according to July 2011 Home Data Index from Clear Capital, released today. 

The gains of 4.1 percent, the second consecutive month of positive price gains, represent an improvement over June's 0.9 percent rolling quarter uptick but they have not been enough to alter the broader housing picture, Alex Villacorta, director of research and analytics at Clear Capital, said. 

"Building off last month's minimal quarterly gains," he said, "prices continue to correct from winter's extended declines. Although this is encouraging, many markets are still near, or at record lows as [real estate-owned] saturation remains a significant proportion of all sales activity." 

Northeast markets bucked the trend of year-over-year price declines, the report shows, with the broader New York City a…

Onsite: Early Look at the 9/11 Memorial and Museum


ForSalebyOwner.Com Founder Gives Up On Own Listing, Hires Real Estate Broker

Former FSBO CEO Sells Home The Traditional Way

Founder and former CEO of, Colby Sambrotto listed his 2,000 square foot New York condominium on his own through online classified ads and FSBO sites, but after six months, he opted to hire a New York Realtor  who immediately advised a price change as the listing was not attracting the right buyer. After giving up on the DIY route, Sambrotto’s decision to hire a broker led to attracting multiple offers, closing for $150,000 over the original asking price. The reports show the listing sold for $2.15 million including a 6% commission. Many FSBOs Turn To Realtors