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 ...
Tuesday, November 12, 2019 / by Vanessa Saunders
Last September we reported on a newly passed law in New York requiring all LLC's purchasing real estate property to reveal the names and addresses of everyone associated with the corporation. The move was intended to root out absentee landlords and owners of one to four family homes whose properties had code violations and other violations.
We wrote a second blog in mid-October reporting how the new law had caused an uproar among NYC real estate brokerages involved in condo sales. (Which is pretty much all of them.)
Celebrities wanting to hide and criminals wanting to hide money would no longer be able to do either. Brokers predicted the end of real estate condo sales in New York City as we know them.
Well, the brokers got their way. On Monday, the Wall Street Journal reported that condo buyers in New York are NOT required to report the names of LLC associates. Somehow, the state dropped the mention of condos on its website explaining the law.
James Gazzale, a state . ...
Tuesday, October 22, 2019 / by Vanessa Saunders
Like finding money in an old wallet, hearing good news, however minor, is always a pleasure. This week, the Hudson Gateway Association of Realtors announced that instead of the predicted softening of housing sales in the third quarter, Hudson Valley home sales are up overall.
The only county flagging the field was Westchester. According to HGAR President Ron Garafalo, the main reason for Westchester's numbers was a decline in co-op sales. Said Garafalo, "A closer look at the Westchester County data showed that single-family home sales in the third quarter rose 1.0% and condominium sales ratcheted up by 3.2%. The drag on overall sales came from the cooperative sector, which saw a 16.5% decline in sales."
He said that sales activity and prices were up in most of the region, while the lack of available for-sale inventory remained an issue. Garafalo pointed to continued low interest rates as perhaps the key driver to the consistent strong buyer demand the region has seen this y; ...
Wednesday, October 16, 2019 / by Vanessa Saunders
A bill passed in early September by the NY Assembly which was intended to identify owners of crumbling single family rental units in Upstate New York has had a surprising affect on condo ownership in NYC. And boy, are the condo investors and realtors hopping mad!
The bill, which we reported on here, requires all LLC owners to identify themselves in transactions involving one- to four-unit buildings. The bill was designed to tackle an issue that had little to do with New York City. It was passed after a six-month investigation into code enforcement that focused on cities and towns including Albany, Newburgh, Mount Vernon and Ramapo. The investigation found that problems posed by abandoned homes owned by anonymous LLC corporations were amplified when the owners were unknown.
Apparently lawmakers and real estate investors thought it would simply codify measures already in place in New York City and apply them statewide. But they were surprised to see it interpreted to . ...
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 ...