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Friday, March 9, 2007

the uptown download: west

320 west end avenuemarket reportthe uptown west report (338 kb .pdf)
upper west side: I had the recent pleasure of introducing one of its newest shareholders to this co-op building at 320 West End Avenue. It was designed by Rosario Candela, the Sicilian born immigrant, who's work defines the luxury of a by-gone era, still much sought after today by some of New York's wealthiest residents in the pre-war apartment buildings of Park Avenue, Fifth Avenue and West End Avenue. His work includes the famous 720 Park Avenue, The Stanhope Hotel, and 41 Fifth Avenue downtown, among many others in his prolific career. It is no surprise that our report for the Upper West Side, with many Candela and other classic buildings, saw appreciation in these highly sought after co-ops of +14% in 2006. The largest apartments in the luxury, three bedroom and larger category, increased by 23% on average.

continued+

Wednesday, March 7, 2007

the uptown download: east

270 parkmarket reportupper east & midtown east report (338 kb .pdf)
Upper East Side:
This part of Manhattan contains some of the most valuable luxury real estate in the world. It includes the neighborhoods of Carnegie Hill, the boluevard blocks of Park Avenue, Fifth Avenue along Central Park, Yorkville, and the Mayor's official residence at Gracie Mansion (although Mr. Bloomberg chooses to live elsewhere on the Upper East Side). It contains a suprisingly varied patch-work of different types of NYC housing stock including highly coveted pre-war apartment houses, town homes, mid-century modern apartment houses, newly developed condominium skyscrapers and tenaments. Who knows what might happen if the Second Avenue Subway actually starts running someday. In 2006, average co-op prices increased +14%, and price per square foot increasing by +12%. Larger condominium properties were sold too, resulting in a median price jump of +25%, while average prices and price per square foot, remained virtually flat. Median price is the amount that most people pay for an apartment in any given category.

continued+

Tuesday, March 6, 2007

the downtown download

Loft 66 Crosby Street 514 Broadway One Fifth Avenue meatpacking district

market reportthe downtown report (324 kb .pdf) Excerpted from the 2006 year end corcoran report, it shows a landscape of modestly increased value in homes of +5% on average. Individual results are somewhat mixed, depending on the size and type of property. New condo developments, a generally pricier product, help to boost the averages as high as +18% in that category.

continued+

Thursday, March 1, 2007

Follow the bouncing globe

marketLast Tuesday's global stock sell-off seemed to be settling down after reassuring remarks on Wednesday by fed chairman Ben Bernanke, until this morning. I've followed the news with great interest the past couple of days. What I'm being asked by my clients is, "how will this will affect the real estate market"? Well I haven't got the answer, and from what I've read neither do the "experts". My intuition says that the real estate market will react to fundamental economic changes, more so than dips and spikes. I've learned that the dips can sometimes be okay for real estate too, as they may have the effect of holding down mortgage rates, and drive stock market investors toward less liquid and less volatile brick and mortar, raising demand. The news story is indeed playing out by today as being one about stock market volatility, where waves of panic mutate into buying opportunities. The interesting underlying context, which many journalists noted, is about the great influence of remarks made by retired Fed Chairman Alan Greenspan, and transmitted to a conference in Hong Kong, where he said that he could not rule out a recession in the US later this year.

continued+

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