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461 West 44th Street
Midtown West Studio Co-op
$340,000
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160 West 85th St. Apt. 5H
Upper West Side 2Bd 2Ba Co-op
$1,149,000 |
165 West 18th St. Apt. 1B
Chelsea 1Bd 2Ba Condo Duplex
$1,280,000
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Any good real estate agent knows that "staging" a property on sale is crucial; little touches such as flowers and candles can trigger the desired interest from the buyer. In turn, the right finishes - marble, granite, stainless steel - drive prices exponentially higher because a property with such details is simply more appealing to the average consumer. A smart buyer, however, is not only objective about the space, not fooled by first impressions, but also looks for the potential.
Given that sales prices in Manhattan have leveled off, more and more buyers are seeing the opportunity to reap the benefits. If in the past most buyers settled for what they saw upfront, now buyers are looking to add their unique vision to their purchased properties. Unfortunately not all buyers are savvy in construction or know where to begin on such a task. There are, however, full-service contracting companies that help clients with everything from budget planning, to design, to finishes. MyHome, LLC is currently the number one comprehensive contractor in the Tri-State Area. They enable their clients to truly create their dream home - a home they love to live in, a home they can afford to live in, and furthermore a home that serves as an investment.
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Paula McDonald
Design/Build/Project Management
MyHome
Work: 212-666-2888 x333
Fax: 212-586-8199
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Winter months always bring a certain degree of stagnancy to the real estate market, while the arrival of spring normally reinvigorates buyers and sellers alike. Will warm weather melt the city's icy attitude towards the future of the market? Perhaps not, but the Manhattan economy works in mysterious ways.
As the national economy seemingly looms downwards, even Manhattanites are beginning to worry. Yet Manhattan has always been, and continues to be, a beacon of economic resilience. Mark Weinstock of Kurland Realty, for instance, anticipates a very strong selling season, and firmly adds, "It is a buyer's market." He explains that landlords and homeowners fear a market decline and are looking to sell while the market is stable. Though sales prices have not been increasing at the same epic rate as they have been over the last five years, prices have not dropped, and, not surprisingly, neither has the interest in Manhattan property.
As a result, we can expect more inventory on the sales market this season. Furthermore, it is unlikely that these upcoming properties will stay on the market for long. Sellers are no longer high-balling the asking prices as they have in past years and buyers can't help but take notice of the reasonable prices. Kevin Kurland, himself, can attest to the strength of the market, having recently sold his own home on the Lower East Side, as well as several neighboring units, at well above asking price.
In this battle of wits, perhaps it is the buyers who will cash out. Though some fear the worst, others see the current economic uncertainty as merely a temporary delay to the economic boom of the future.
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| Today's Mortgage Rates
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Loan Type Rates |
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5/1 Interest Only |
5.875% Jumbo | 5.875% Conforming |
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7/1 Interest Only |
6.25%Jumbo| 6.25%Conforming |
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30 Year Fixed |
6.625%Jumbo| 6.50%Conforming |
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Eric Stam
Senior Loan Consultant
Blackstone Mortgage Corporation
Office: 516-364-7700 Ext. 230
Cell: 917-846-2459
Fax: 516-706-1246
estam@blackstonemortgagecorp.com |
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If in years past more and more New Yorkers opted to purchase a home, we are now seeing a return to the olden days of true urbanism - pervasiveness of renting. The number of high-end luxury rentals, or clients who could potentially buy but choose to rent, continues to increase. Fearing recession, New Yorkers seem to be diffident in making life-changing decisions. Many first-time home-owners are hesitant to jump in, and those who are in fact ready, face the mounting obstacle of credit-approval.
The current overarching distrust pertaining to both the national and NYC economy has most people caught in a "wait-and-see" mentality. What many mid-range renters overlook, however, is that advantages of moving at this time. Rent prices throughout the city are no longer increasing exponentially. In fact, studio and 1-bedroom apartments are showing a slight decrease in price. Furthermore, landlords are giving more incentives for tenants than ever before. Rich Canzano of Kurland Realty says, "Now is the time to lock into a two-year lease." Fewer people are moving to the city. Inventory is gradually rising, pulling down prices. Inevitably, demand will increase.
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Upper East Side
2 Bed 2 Bath $13,000/mo
Garden terrace
Floor-to-ceiling windows
Cathedral ceilings
Wood burning fireplace
Skylights
Marble baths
State-of-the-art kitchens |
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Midtown West
1 Bd 1 Ba w/ Balcony
$2,800/mo
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Upper West Side
1 Bd 1 Ba w/ Balcony
$3,850/mo
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Chelsea
Junior-4 w/ Terrace
$5, 695/mo
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In recent times, the Manhattan retail market has been painted to look rather bleak. Yet anecdotal experience at Kurland Realty suggests that while there is a nominal decrease in transactions, stabilized high rent prices and continued low vacancy rates spur abounding business. An established name in the industry, Kurland Realty continues to benefit from alliances with premiere brokerage houses in the city, which provide substantial deep-pocketed referrals. Prime high-end sales transactions include luxury hotels and convertible buildings, while rental clients such as Starbucks, Ricky's, and most recently Berrywild - an up-and-coming frozen yogurt chain - continue to be the bread-and-butter.
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290 Fifth Ave
Btw 30th & 31st Sts
Retail/Office
Entire 1st Fl
2,800 SF +
1900 SF basement
Ask: $85 per SF/yr
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Kurland Realty - NYC apartments, NYC rentals, NYC sales, NYC homes for sale,
NYC condos, NYC co-ops, NYC townhouses, NYC open houses and NYCrealtors.
Find luxury New York real estate in Manhattan, Brooklyn & Long Island City plus many exclusive properties.
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20 W 23RD St, 5th Fl • NY, NY 10010 • (212) 370-0898 Ph • (212) 686-3220 Fax
Copyright © 2007 Kurland Realty, Inc. E-mail Webmaster
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