Many condo projects that started during the real estate boom are just being completed, and developers must begin repaying construction loans taken out before the market turned. If buyers do not close, and developers struggle, lenders like may be left holding the bag.
It's not a decision to be taken lightly. Prospective homebuyers who aren't likely to be in their homes long enough to weather the downturn could end up "under water" -- owing more on a mortgage than a home's market value.
Opponents of the $4 billion Atlantic Yards project in Brooklyn will argue before a federal appeals court tomorrow in one of their few remaining attempts to challenge the use of eminent domain for the project.
Evidence of downtown changing is seen in a host of new luxury apartments are adding new life to downtown, allowing for stores such as Hermès and Tiffany to rely on a more steady flow of foot traffic than the previous population of office workers and tourists allowed for.
With $39 million in tax-exempt Liberty Bonds awarded after 9/11, Robert De Niro will soon unveil his latest project, an 83-room hotel, The Greenwich. Good Jobs New York, a watchdog group that tracks subsidies, questions the logic of providing a hefty taxpayer subsidy for a luxury hotel.
Price cuts work. For more evidence, one need look no further than the “Deal of the Century” promotion put on for three days last month by the New Jersey-based national home builder Hovnanian Enterprises. When it lowered prices by as much as 30 percent, the company said, the pace of sales kicked into overdrive.
Even after paying top dollar for a luxury apartment, most buyers see the need for more work. They often embark on costly and lengthy renovations intended to reflect not only their own taste, but also their ambitions to find a perch in the social and economic ladder.
Fellow NYC real estate blogger Doug Heddings of TrueGotham launched TGTV on his site today. Exploring the methodology of measuring square footage. Guests include Jonathan Miller from RadarLogic , Yungie Hahn from H2 Architects, and Don Meade from Quality Floor Plans who share their methods for calculating, and their thoughts on square footage inaccuracies.
According to four quarterly reports by the city's top real-estate companies, condominiums in the city's wealthiest borough have reached a record average price of over $1.6 million.
A combination of lower inventory, new condos coming onto the market and the borough's strong economy have led to a record-setting year, according to data released by The Corcoran Group, Prudential Douglas Elliman and Brown Harris Stevens.
Manhattan apartment prices rose 2.3 percent in the third quarter to a median of $864,400 as wealthy buyers swept up large, multimillion-dollar luxury condominiums.
Declining prices, rising inventory and increasing foreclosure rates may have hobbled many of the nation’s housing markets, but they have not yet reached Manhattan and brownstone Brooklyn.
Two reports released Tuesday show that the Manhattan real estate market continues to perform significantly better than the rest of the nation.
Despite a housing slump across the rest of the nation, home sellers in New York City are selling houses faster with the number of listings reaching a two-year low, according to data released Tuesday.
Stock markets rallied into record territory today as investors bought back into the banking and housing sectors, a sign that Wall Street could see an end to the summer’s subprime housing woes and a lower risk of recession.
Lenders, government officials and loan servicers, who take in borrowers’ monthly mortgage payments, contend that troubled borrowers everywhere are being helped to stay in their homes by those overseeing their loans. But neither data nor anecdotal evidence supports this view.
Foxtons, a discount Realtor that brokered home sales for a 3 percent commission, shut its U.S. operations and may file for bankruptcy, becoming another casualty of the national housing slump. Foxtons proved to be an unsustainable business model that added little value to the process of selling a home. Not able to ride the coat tails of a booming market anymore, their weakness as a service provider finally caught up with them.
So far, Liev Schreiber and Naomi Watts and Tim Robbins and Susan Sarandon are buying condos in the 60-story skyscraper at 23 E. 22nd St.