City enjoys strong growth in exciting neighborhoods.The pace of the 2004 real estate market was extraordinary. While the rate of increase in prices slowed during the second half of the year, inventory remained low.
Trading in all markets maintained a brisk pace with prices reaching record levels from brownstones in Fort Greene and Boerum Hill Boerum Hill is a small neighborhood in the northwestern portion of the New York City borough of Brooklyn that occupies 36 blocks bounded by State Street to the north, 4th Avenue to the east, Court Street to the west, and Warren Street to the south. in Brooklyn to condominiums in Harlem and lofts in TriBeCa.
Throughout the City, mint condition
Mint condition is an expression used in the description of pre-owned goods. Originally, the phrase comes from the way collectors describe the condition of coins. properties were still strong sellers, as busy professionals and families shied shied 1
Past tense and past participle of shy1.
the past of shy1 or shy2 away from construction projects, unless strongly motivated by price differentials. Tight pricing remains the best approach to foster competitive bidding Competitive bidding
A securities offering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell.
1. , while overpriced o·ver·price
tr.v. o·ver·priced, o·ver·pric·ing, o·ver·pric·es
To put too high a price or value on.
costing more than it is thought to be worth
Adj. units continue to languish on the market for months. Some of the biggest news has been the record sale numbers achieved in areas strongly impacted by the expanding housing boom moving deeper into Harlem, Brooklyn, Long Island City, Washington Heights and Inwood.
Small apartments continued to be a driving force behind the strength of the sales market. In spite of apprehensions to the contrary, the cost of borrowing remains at record lows. Buying thus remains a more attractive option than renting for people entering the marketplace at all price points.
Of course, with alcove studios costing over $300,000 in many parts of the vity, buying is not an option for everyone. Consequently, the rental market has picked up a bit, although it remains weaker than in past years. For those able to put together a down payment, mortgage payments and common or maintenance charges are still a better after tax deal than rentals.
New Yorkers are more enthusiastic than ever about owning their homes. Each blip in the stock market, which has been circling just above 10,000 for months now, makes real estate seem a more stable and attractive investment.
Even the many reports and news about a "real estate bubble This article is about the general phenomenon of housing bubbles. For housing bubbles in various countries, see below.
A real estate bubble or property bubble (or housing bubble " have not deterred most buyers. After all, Fortune Magazine listed New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of as 22nd on its list of America's most inflated cities, and many economists argue with money so cheap, housing is actually at its most inexpensive level relative to income in a quarter century.
Another interesting phenomenon for families seeking two- or three-bedrooms is the resurgence of the Upper East Side as a viable option. Increasingly, postwar apartments east of Third Avenue offer better value than their counterparts on the Upper West Side or Downtown.
Warburg recently sold an apartment in the East 60s to a family who realized they were getting a better value there than in Washington Heights, where they had been looking for Looking for
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. months without finding a suitable property in their price range.
Brownstones, large apartments, large lofts: all have been highly saleable sale·a·ble
Variant of salable.
saleable or US salable
fit for selling or capable of being sold
saleability or US
provided the pricing and condition were right.
In this market we see another interesting phenomenon: as awareness of the actual impact of the 1996 change in the capital gains tax laws has grown, more and more expanding families are considering combining their current unit with an adjacent one. Although this generally requires that the family move to a hotel for six months, the potential savings are enormous when compared to the cost of selling an enormously appreciated six or seven room unit, paying 27% in Federal, state, and city capital gains taxes to the government, and then starting over to locate a larger space. Increasingly, one of the most likely buyers for any apartment is the neighbor.
Everywhere you look, New York is on the move.
Bruce Ratner's proposed revitalization of Downtown Brooklyn
Downtown Brooklyn is the third largest central business district in New York City (following Midtown Manhattan and Lower Manhattan), and is located in the will make the borough even more of a destination for upscale New Yorkers seeking a more intimate neighborhood experience. Similarly, the boom on 125th Street and throughout Harlem, with luxury rental and condominium condominium
In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. units appearing from Broadway as far east as First and Second Avenues, has made that neighborhood a beautiful residential area with a family feel, more and more sought after by Manhattanites of every type.
Now the election is behind us, job creation nationwide is on the rise and the economy is stable and growing moderately.
While demand continues to outstrip out·strip
tr.v. out·stripped, out·strip·ping, out·strips
1. To leave behind; outrun.
2. To exceed or surpass: "Material development outstripped human development" supply we expect a strong 2005, with modest price growth in an unhurried selling atmosphere.
FREDERICK W. PETERS
WARBURG REALTY PARTNERSHIP