Category: New York
US home prices have soared 47% since 2020 – New York Post
A recent analysis by ResiClub of the Case-Shiller National Home Price Index has unveiled a jaw-dropping surge in US home prices, soaring a lofty 47.1% since the dawn of this decade. The boom witnessed in the early years of the 2020s has outpaced not only the growth of the 1990s and 2010s — but is now threatening to surpass the entirety of the 2000s. Even the dizzying heights reached before the 2007 housing market meltdown are within striking distance. NY Post composite A combination of factors that include inflation and…
Read MoreMultiple Upstate NY places among hottest real estate markets in US – syracuse.com
Multiple locations in Upstate New York were among the hottest real estate markets in the U.S. in April, including one spot that made the top five, according to data from the National Association of Realtors. The 14626 ZIP code located outside Rochester in the town of Greece was the hottest New York location for real estate in April, according to the association’s data. The ZIP code was No. 5 nationwide in monthly hotness rankings on the association’s website. The association ranked over 11,000 ZIP codes for hotness nationwide in April.…
Read MoreA New Rent-Versus-Buy Calculator – The New York Times
Does it make sense for you to buy a home right now? It is the biggest financial decision for many younger adults: Should I rent a home or buy one? The decision is especially difficult these days, with both interest rates and rents having risen in the past few years. To help people understand the trade-offs, The Times has just relaunched its popular rent-versus-buy calculator. Even if you already own your home — or are a committed renter — you may enjoy playing with the calculator and learning a few…
Read MoreAssumable Mortgages Are Making a Comeback in a High-Rate Market – The New York Times
Assumable mortgages — or low-rate mortgages that home buyers can take over from home sellers — are making a comeback. The process can be challenging. Home prices were already high when Ellen Harper, a software architect living in Atlanta, started searching for a house in 2021. But she couldn’t have anticipated the quick surge in interest rates the next year, and, even with a large down payment, the new math made her uneasy. This year, however, she stumbled upon what felt like a portal to the not-so-distant past: listings of…
Read MoreNew York City’s Rent-Stabilized Real Estate Market Faces Seismic Shift – openPR
Image: https://www.abnewswire.com/uploads/8fda513ae3d3e28a3ed41372ea773857.png New York, NY – May 9, 2024 – For decades, the playbook for landlords in New York City has been straightforward and profitable: acquire rent-stabilized buildings, renovate them, pass renovation costs to tenants through rent increases, and capitalize on rising market rates. However, recent regulatory changes have upended this traditional model, leading to a seismic shift in the city’s rental landscape. In 2019, New York state lawmakers implemented significant reforms to rent stabilization laws, curtailing landlords’ ability to raise rents post-renovation and preventing apartments from exiting the program…
Read MoreNew York City Executives Discuss Future Of Office Leasing – The Real Deal
At TRD’s Real Estate Forum, Jed Walentas says demand from smaller tenants is rising From left: TRD Editor-in-Chief Stuart Elliot, Eastdil Secured’s William Silverman, Stijn Van Nieuwerburgh, Two Trees Management’s Jed Walentas and Related Office Development’s Philippe Visser (Photos by Alive Coverage) Two Trees’ Jed Walentas believes the narrative around New York City’s office market is not quite accurate. Yes, rising interest rates and hybrid work have led to challenges, but Walentas argues some of the sector’s struggles were caused by lazy corporate executives who allowed middle managers to continually…
Read MoreHomes for Sale in Manhattan and the Bronx – The New York Times
This week’s properties are on Riverside Drive, in Chelsea and in the South Bronx. Brown Harris Stevens Brown Harris Stevens Brown Harris Stevens Brown Harris Stevens Brown Harris Stevens Manhattan | 360 Riverside Drive, No. 7C Upper West Side Co-op $915,000 A one-bedroom, one-bath, roughly 800-square-foot apartment with an entry foyer, a renovated eat-in kitchen, a living room, a large bedroom with two closets, a windowed marble bathroom, and window-unit air-conditioning, on the seventh floor of a 13-story prewar building with a virtual intercom, a live-in super, bike storage, shared…
Read MoreReal Estate Report: New York City Wages Not Increasing Proportionally To Property Market Rental Costs – Crowdfund Insider
Rent prices have surged in recent years, and wages have not kept pace, according to an update from real estate tech firm Zillow (Nasdaq: Z and ZG). While last year was a bright spot — wages grew faster than rents nationally and in almost half of major U.S. metro areas — “the opposite was true in New York City, where the nation’s largest gap emerged,” the team at Zillow noted in an update. Since 2019, U.S. rents have “grown 1.5 times faster than wages, according to a new analysis of…
Read MoreCan ‘fractional home ownership’ fix real estate’s woes? – Quartz
There’s more than one way to own a house these days. Sites including real estate startup Pacaso are opening up a new market for people looking to own just a fraction of a house — for a fraction of its total price. Instead of laying claim to an entire single-family home, Pacaso sells luxury single-family homes to groups of buyers, a practice known as fractional home ownership. Someone could, for example, own one-eighth of a multi-million dollar mansion in Florida’s coveted Marco Island for just $736,000. Robinhood denies SEC claim…
Read MoreThe Blackstone Fund BREIT Faces Big Questions – The New York Times
Wall Street has been debating how the investment giant’s $59 billion real estate fund has managed to outperform virtually all its rivals. Wall Street has been awash with whispers about how Blackstone’s blockbuster real estate fund values its assets.Jeenah Moon/Reuters The numbers behind a big fund On Wall Street, one mystery has been whispered about for months: How accurate is the valuation of Blackstone’s flagship real estate fund? The speculation has arisen because the fund, the $59 billion Blackstone Real Estate Income Trust — more commonly known as BREIT —…
Read MoreHere’s the eerie reason why no one dares to inhabit this deserted $2.4M LA mansion after 60 years – New York Post
This once-stately house at 2475 Glendower Place in the Los Angeles neighborhood of Los Feliz has long held a haunting presence in the real estate market. Despite its grandeur, the property, boasting five bedrooms and spread over 5,000 square feet, has failed to find permanent residents in 60 years due to its sordid history and bad vibes for anyone who dares to call it home, The Post has learned. Changing hands repeatedly over several decades, each new owner has left the property vacant, unable to shake off the shadows of…
Read MoreWhen Buying a Home Is Treated as a National Security Threat – The New York Times
A new Florida law prohibits many Chinese citizens from buying homes because of national security concerns. Critics say it has fueled discrimination and chilled the local property market. After years of living in dorms and subpar apartments, Lisa Li could not wait to close on her new home. The one-bedroom condo in Miami’s financial district had a view of the river, was in a safe neighborhood and, Ms. Li heard, had neighbors who were much like her — less party, more chill. So Ms. Li, a 28-year-old who came to…
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