Tuesday, January 14, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
You know all those ultra-slender, ultra-fancy tower condominiums that have been popping up out of the Manhattan concrete since 2015? Next time you look at one, bear in mind that half the condos in them are empty. Surprise! No buyers, according to Nancy Packes Data Services. The other half are probably Starbucks that have gone vertical.
The reason for all the empty rooms over Manhattan: a combination of overly aggressive pricing and a growing public disdain for the skyline-disrupting mansions in the clouds. But really, it's all about pricing.
Comparing the prices of new development units to resale units over the last decade tells the story. In 2012, new units sold for a 22% higher prices than resale units. At the end of last year, the premium was 118%.
Nancy Packes lists three reasons for the “extraordinary oddity of the current cycle. ”
According to Packes, buildings comp ...
Monday, November 18, 2019 / by Vanessa Saunders
There's a growing trend among the homeless in New York City. According to Jacquelyn Simone, policy director of Coalition for the Homeless, over the last few years, more and more of the people who come to her agency for help are working New Yorkers who simply can’t keep up with booming rental prices topping nearly $3,000 per month. As a result, she said the city is facing it’s worst homelessness crisis since The Great Depression. Simone added that the length of stay for people in the shelter system has steadily risen as the the supply of affordable apartments has declined. “About a third of families in shelter have someone who is working and just can’t afford an apartment.”
The Joint Center for Housing Studies’ 2019 State of the Nation’s Housing report confirmed that the stock of low-cost units priced below $800 per month has actually declined 17 percent (4 million) since 2011.
Inman News reported recently that the problems seen in. ...
Friday, October 11, 2019 / by Vanessa Saunders
The massive income inequality in the U.S. and globally is a topic that everyone from political candidates to billionaires are talking about. Bernie Sanders said recently that "billionnaires should not exist." Good old Bernie. Mark Zuckerberg, who, with a net worth of $69.8 billion, according to Bloomberg, recently stated “I don’t know if I have an exact threshold on what amount of money someone should have but at some level no one deserves to have that much money.”
Bloomberg Businessweek developed a chart that shows the breakdown of wealth in the world, and gives ranking of wealth from the poorest (-2) to the richest (11) . Everyone in the world therefore has a “wealth number.” The chart makes it very clear just how extremely one sided the world's the distribution of wealth is.
Scoring an 11 are just two multi-billionaires in the world: Jeff Bezos and Bill Gates. That Businessweek ranking means they have $100 billion or more. In case you didn't ...
Thursday, June 20, 2019 / by Vanessa Saunders
Pre-war charmer in a quaint & very unique English Tudor style building designed by Fred F.French in 1917. Enjoy a wonderful lifestyle in a prime Upper West Side neighborhood. 370 CPW is a pet friendly building with a 24 hour doorman & live-in super. There is also a new gym, a central courtyard garden, handy central laundry room, & bike storage room. This 3rd floor unit has 2 bedrooms with excellent closet space in the sizable master bedroom, marble foyer & hardwood floors throughout. Open airy feel with a seasonal sliver view of Central Park. Incredible storage in the built in bookcases. The smaller second bedroom makes for an excellent children’s bedroom or a guest room/home office. Bring your contractor to update your kitchen & bath to enjoy the splendors of CPW! With just steps to the wonders of Central Park & one block to the UWS Whole Foods Complex. Subway & bus transportation is at your doorstep.
Click the Virtual Tour for more and click b ...