Market continues to rise on strength on booming economy

As demand rises while the supply is tight, prices will trend upward.

As demand rises while the supply is tight, prices will trend upward.

Market continues to rise on strength on booming economy

“The strength of the housing market and robust demand for housing is citywide, in every borough and across every housing type,” said John Banks, REBNY President.

“This uniform improvement across the board is both a by-product of and a contributor to New York City’s vibrant economy, which continues to experience positive population and job growth.”

The entire NYC market saw increases in total consideration, sales volume, and average sales prices in the second quarter of 2015, according to the Real Estate Board of New York’s (REBNY) Second Quarter Residential Sales Report.

In Manhattan, total consideration for residential sales surged 20 percent year-over-year to $5.96 billion, while in Brooklyn, total consideration for residential sales increased 10 percent to $2.16 billion.

The total consideration for residential sales in Queens also rose 15 percent to $1.6 billion year-over-year.

The average sales price of a home in New York City increased 12 percent to $923,000 from $826,000 in the second quarter of 2014.

This rise was driven by a substantial uptick in average prices in all boroughs and particularly large average price increases in Manhattan.

Similar to the results in the last two consecutive quarterly reports, Manhattan condos again had the largest effect on the overall average sales price for a home in New York City this quarter.

The average price of a Manhattan condo increased 31 percent year-over-year to $2,353,000 while the number of sales increased 2 percent.

This large average price increase was partly attributable to more closings at 157 West 57th Street where six sales over $20 million dollars were recorded during the quarter, including one over $90 million.

Excluding the 157 West 57th Street sales, the average sales price for a Manhattan condo was $2,143,000, a 19 percent increase year-over-year.

The home sales markets in Brooklyn and Queens saw sizable average price increases of 9 percent year-over-year, while the Bronx and Staten Island saw average price increases of 7 and 6 percent respectively.

The total number of homes sales in New York City increased by five percent year-over-year to 11,262.
Year-over-year sales volume in: Queens rose 5 percent to 3,409 sales; Brooklyn increased 1 percent to 2,782 sales; and the Bronx rose 11 percent to 728 sales in the second quarter of 2015.

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The Pain of Fixture Feuds – When Buyers and Sellers bicker over what stays.

This article appeared in the June issue of Realtor Magazine.

You are just about at the end of negotiations and out of the blue the parties to the sale are having a standoff over the bathroom faucet. Sounds petty? Read on to find out how you can avoid this situation in the future…

>>>The Pain of Fixture Feuds | Realtor Magazine.<<<

BUY, SELL, RENT. WHAT SHOULD YOU DO?

BUY. SELL. RENT. Choices, choices, choices.

Let’s take a look at who has the wind at their back in this market.

Landlords/Investors After the recession homeowners who were forced to sell are still unable to get back into the housing market, either because of credit issues or because they are being priced out of the market by the competition. There is a shortage of inventory, and there are many cash buyers with deep pockets swooping in, especially in the single family housing market. Investors make up a large portion of these cash buyers, and they turning the homes into rental properties, taking advantage of the current shortage. Rental rates are rising and occupancy is high.

Sellers If ever there was a time to sell, this is it. With the shortage of inventory, if a home is well-priced, it is going to go into multiple offers and selling quickly, most probably over the asking price. However, the downside here is that if a seller is thinking of selling and buying another home in Los Angeles, then they will put themselves in the pool with all the other buyers competing for the same homes. A seller cannot make their offer contingent on the sale of their own property as it will not be accepted, so unless they don’t have to rely on the sale of their own property to buy then they should think carefully. However, don’t worry about buying at the top of market because you are also selling at the top of the market.

Buyers If you are sick of paying someone else’s mortgage and have decided that it makes more sense to buy than rent, just be strong and stick with the market. Keep making offers until yours is the successful one. Yes it could be near the top of the market right now, but real estate will always be a good investment, and whenever you buy you will look back and be glad you did. Your alternative is to remain in the ranks below.

Renters Sometimes it just does not make sense to buy. Your rent is so cheap. You love the area in which you live and would not be able to afford to buy there. You don’t have the down payment or your credit is not good. You are nervous about committing yourself to a mortgage. These are all valid reasons not to buy. But, the rental market is a fickle one. Right now rents are on the rise, vacancies are down , and competition is high, making buying a home look more and more attractive. Do the math and see what makes more sense long term.

Staten Island Real Estate Update

Staten Island Real Estate Update.

Do You Need a Lender with an Office in Staten Island?

Do You Need a Lender with an Office in Staten Island?
 
No, you really don’t. Your lender doesn’t need an office here in Staten Island, as long as he or she is licensed to work in New York state.
 
What’s important is that your lender gives you personal service – and that can easily be done via phone, email, and Fax. Electronic signatures are now recognized as legal, so most of the time you don’t even need paper documents.
 
A non-local lender can sometimes give you better interest rates, access to more loan programs with terms that suit your personal situation, and lower fees. So before you decide you have to choose a local bank or mortgage company, compare their service to other independent Mortgage companies that serve borrowers in Staten Island, New York.
 
What does giving “Personal service” mean? It means a lender who:
  • Is prompt in getting you pre-approved (NOT just pre-qualified) and who will put your approval in writing.
  • Answers the phone or returns your calls and emails promptly.
  • Takes the time to answer your questions and explain anything that seems unclear.
  • Takes personal responsibility for helping you – and doesn’t shuffle you off to someone else every time you call.

You DO need a local real estate agent, so when you’re ready to purchase or sell a home here in Staten Island give me a call. I know the territory, and I promise to give you the personal service you need and deserve.

 

John Martelotti

917-202-8309

Staten Island Real Estate Update for July 18th

Welcome! Feel free to browse and have a look around. I have condensed multiple sources of news and data into one compact resource for you. Read more>> Staten Island Real Estate Update.

Despite fewer millennials in the marketplace, Staten Island home sales are up | SILive.com

STATEN ISLAND, N.Y. — While housing sales are reportedly down 7 percent nationally due to fewer millennials having the ability to buy homes, local Realtors say Staten Island’s real estate marketplace is up at least 3 percent over last year.

Read more>>>>Despite fewer millennials in the marketplace, Staten Island home sales are up | SILive.com.

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