October 18, 2008
New York City is called the city that never sleeps for good reason. On a recent business trip to the Big Apple, I had the opportunity to take in the city and view a few New York City condos. Jersey Boys was a fantastic show and highly suggested for all NY visitors, but that is a topic for another blog. Even with Wall Street being the center of the country’s financial situation, the city is as vibrant as ever. There are many real estate projects in New York that are still showing strength such as Loft 25 at 420 West 25th Street.
With units from $825,000, this may seem high for the rest of the country, but New York Real Estate doesn’t sleep just like the entertainment options. As I made my way from Manhattan Condos to Brooklyn Condos, I was pleased to see new construction all around me. Who knows what the near future holds as the lending institutions in New York go through major challenges, but the real estate looks strong as the capital markets correct themselves.
Stay tuned with many New York City Condos coming on board with New Condos Online in the next few weeks. Some wise scholars would even say that the New Condos Online site never sleeps as it continues to be a wonderful showcase of New York Condos for interested buyers, investors and agents.
July 10, 2008
Summertime seems to be season where most developers and marketing agents want to cut back on their advertising because it’s rumored that many sales don’t happen in the off season. While sales may see a decline in these months I can’t understand why someone would pull their internet advertising program, to put it on hold or to canceling it to later revamp it in the next quarter. The whole goal here is to make a new homebuyers aware of your development and as far as I know, no one is turning their attention away from the net for three months in the summer. New Condos Online is has seen a recent pickup in new clients due to this way of thinking, the logic that their project maintains a status online as a brand and when they list with New Condos Online their listing is further optimized within the specific city and state — That’s like a scaled down version of an SEO campaign for your developments website! we have been brining on new developments all over New York City as the season heats up.
Take The Revere of example –This 30 story dark brown brick tower on the southeast corner of First Avenue and 54th street has an impressive and elegant entrance in a small plaza that is raised a few steps above the sidewalk. The 229 unit was built in 1970 and converted to a condominium project about 10 years later — It has recently gone under some major renovations and makes a definite .Summertime seems to be season where most developers and marketing agents want to cut back on their advertising because it’s rumored that many sales don’t happen in the off season. While sales may see a decline in these months I can’t understand why someone would pull their internet advertising program, to put it on hold or to canceling it to later revamp it in the next quarter.
Riverwalk Court Condos is another breathtaking development in New York and boasts a very modern and sophisticated touch to it’s facade. Take a look at our new additions to this strong market to see how the skyline is changing and take note that the season isn’t the only thing heating up in this market.
June 1, 2008
We just returned from a fantastic trip to New York City to meet with major sales and markreting firms such as Corcoran, Prudential Douglas Elliman, Core Group Marketing, and Halstead. New Condos Online is in the process of formalizing new partnerships in New York as it is the most successful and yet undamaged condo market in the country.
The first quarter of 2008 showed amazing stats with home prices having increased and sales still going strong. Average and median prices for New York City condos (mainly in the Manhattan area) are well over $1 million, a 13.2% increase as compared to the same quarter in 2007. In comparison to 2007, sales have decreased a bit but only because 2007 was a record market for closings of New York condos. The amount of supply is still high but this is of course do to heavy construction of new condo developments. As many probably saw on the news last week, a high-rise construction crane collapsed and fell into a building!
The same forces are keeping the markret healthy that played a role last year: foreign buyers, out of state buyers, and affluent consumers. Actually, many buyers in New York are coming from the West Coast, specifically California. I guess our ridiculous prices in California aren’t enough for some consumers!
For those of you keeping an eye on new developments in the New York and New Jersey area, we just added Riverwalk Court and The Thread in Union City, New Jersey. Through some new partnerships we will be adding about 20 new developments or more over the next couple weeks. Stay tuned!
March 20, 2008
New Condos Online, in affiliation with Matzel and Mumford and Sherman advertising bring you the elegant residences titled Bayport On Lake’s Bay, consisting of 131 new luxury townhomes. Each three-story house will contain two bedrooms, 3.5 bathrooms and a single-car garage. Taking advantage of the stunning waterfront views and situated just feet from the shore, the development has the master bedroom of each unit facing toward the bay. In addition to providing much-needed area housing, this project started out as a reclamation of the beautiful seaside where volunteers and the town of Atlantic City got together to clean up the site — it resulted in a fresh terraformation and set the stage for a clean working palette where Bayport On Lake’s Bay now sites.
Bayport on Lake’s Bay sits near the entrance to Atlantic City’s condos and offers a great blend of bayside living while having the convenience of a resort amenities at the press of a button, or a walk down the street. Atlantic City boasts a bustling and exciting nightlife, Being this close to Atlantic City offers an exciting lifestyle, with the beaches and boardwalks nearby the intertwining nightlife and relaxation benefits are a just one factor to this appealing development.
Matzel and Mumford are also offering another project in New York City dubbed “Crescent Court“. My next NCO blog will feature and indepth look into the details and design of this building. Tune in next time!
December 29, 2007
The streets of Manhattan, New York are packed with European tourists and foreign travelers shopping for gifts and valuables of all kinds. The dollar is the weaker currency so foreign consumers are buying up products right and left and getting amazing deals. Holiday gifts are not all they are buying. New York condos are at the top of their wish lists as well!
While the rest of us are worried about market conditions, year end bonuses, and interest rates, foreign investors are keeping New York real estate agents busy and are buying up mid level to high end luxury condos.
For what has been a very slow month for real estate, even in New York which has been the strongest housing and condo market in the country, agents are now increasingly busy and waking up early to talk to European buyers oversees. Everyone is taking advantage of the exchange rate and purchasing multi-million dollar New York condos for investment purchases.
In the last two years, the number of foreign condo buyers has doubled and they have purchased up to one third of the inventory during that time. In other words, while other markets in the country have suffered, foreign investors are keeping the New York real estate market alive and well. With all the new development continuing to permeate the market, the absorption rates would be way down if it were not for our friends from overseas.
Foreign buyers have been keeping the condo market afloat in Manhattan and love the amenities and flexibility in buying. Co-ops are not a great investment for foreign buyers as it would be difficult to even qualify. Rules for renting the unit are much more strict in co-ops as well. Many of these buyers use this as an investment vehicle so renting flexibility is key.
During 2007, foreign buyers have made up 20% of sales for major real estate sales and marketing firms whereas a few years ago there were none. This is mainly because all the new inventory is new condos rather than co-op apartments that don’t allow foreign buyers/investors. This phenomenon is not expected to slow down and real estate agents are happy about that!
These foreign buyers are not necessarily sophisticate investors, but at the moment they really don’t have to be. They plan to keep these assets for a long time and generally make their purchase decisions very quickly.
As far as New York agents are concerned…they say, “keep them coming!!”
Mccann Development is currently advertising two great new projects with www.newcondosonline.com. McCann Development is a New York based, fully integrated real estate development company. McCann is currently under development with over fourteen hundred residential homes in three Florida developments which including NCO’s Palmetto Cove, The Oasis, and Windsor Lake Estates. In additionon, Mccann is building Hunter’s Chase at Litchfield, a new condo project just outside of New York City, due to be completed in 2010.
Hunter’s Chase at Litchfield is the first new town-house project to be built in Litchfield County, Conn., in more than 20 years! The new residential community combines classic New England charm, a maintenance-free lifestyle, state-of-the-art amenities and a unique country setting. Units start as low as $400,000 and range in size up to 3000 sq. ft.
Palmetto Cove is a private, gated condominium community in Ft. Meyers, Florida, featuring garden homes surrounded by lush landscaping and preserves with lake views. Located near beaches, golf courses, public marinas and a variety of upscale shopping, dining and entertainment venues, Palmetto Cove offers an environment that is close to everything yet feels away from it all. Units start in the $200s and are in the 1500 sq. ft. range.
Check out these fantastic new projects and thousands more on www.newcondosonline.com today!
We have seen the New York luxury condo market make impressive gains in 2007 while the rest of the country struggles. The high end luxury condo market continues to hold strong as prices and demand continue to be through the roof. Major metropolitan cities have the benefit of being a great investment target for international investors, but the fact remains in the luxury market that affluent people are still willing to buy regardless of “national” market trends.
Banks are taking the opportunity to lend on $10 million mortgages because they can then bundle and sell those high end mortgages to the open market to make up for all the defaults and foreclosures on the lower end. San Francisco condos in the luxury sector seem to be following the same trend. Sales for the 4th quarter have outpaced the 3rd quarter in the high end market by almost double. Average price per square foot keeps going up and is now at $1,200 while time on market has gone down to an average of 45 days!
Buyers in the high end San Francisco condo market want great views and 24 hour concierges. And they are getting it all! In most of the other markets across the country regardless of how many incentives and amenities are thrown at the buyers, values continue to fall. Many experts say 2008 will be no different for most of the country. The real naysayers think 2008 may not even be the bottom, be we won’t get into that! Most of us are hoping for a turn-around towards the end of 2008.
Seeing condo markets like San Francisco and New York excel the way they have in the current conditions gives us all hope. I live in San Diego and just went into escrow on a home. Buyers need to understand that there are great deals out there, especially if the buyer is thinking long term. Now through next year will be a great time to buy condos!
Manhattan Residential Unfazed By Subprime Woes
By Paul Bubny
Although news reports throughout the summer pointed to a slump in the US housing market due to a credit crunch brought on by the subprime crisis, experts say it doesn’t appear to have made much of an impact in Manhattan.
“In the New York City marketplace, we’re not feeling it at all,” says Bob Scaglion, director of residential leasing at Rose Associates Inc. “There’s still a tremendous need for rental housing, and obviously the developers who are planning future developments are aware of the situation, but I haven’t seen any slowdown or hesitation in planning of future developments for the rental market.”
He calls the rental market right now is at an all-time high in terms of values, and demand’s extremely high. Everybody’s full. When something turns over it doesn’t take very long to fill it up. It’s about as healthy a rental market as we’ve ever seen.
Scaglion adds that “if the crunch continues and it affects jobs and income at Wall Street, the first place that’ll ever feel it will be the sales market. The rental market will be the last place to feel it. We really don’t anticipate that happening.”
Brent Gleeson, president of NewCondosOnline, an online advertiser of new and pre-construction condo developments, agrees that it would take a round of layoffs in the financial sector to make a dent in sales. He adds that if any softening were to occur, it would be at the lower end of the price spectrum. “In the high end market, units are being snapped up as fast as they ever were,” Gleeson says.
Gleeson, whose company is involved in several markets across the US, notes the ways in which the New York City area is “much different than a lot of the other markets. Because of the subprime crisis, a lot of the loan products that were interest-only have gone up drastically, and we’re not seeing that as much here in New York. Also, that directly affects the mortgage-backed securities market, where the value of those securities, and the interest in purchasing them, has dropped. But in New York, you’re seeing much larger mortgages. Lenders are much more apt to lend to wealthier individuals.”
Accordingly, notes Gleeson, “Prices are much higher in New York, with $5 million to $10 million mortgages being taken out. People don’t mind borrowing the money; it leaves them liquidity to invest in other things. The mortgage market loves it, because it helps them catch up from all of the fallout in the mid- to lower-price range.”
There is a new star on the map in the New York Condos scene. The South Star, claimed to be Downtown’s smartest buy, is over 85% sold and offering newly released one, two, and three bedroom condos. Located in the center of New York City’s Financial District, The South Star is just steps away from many of Manhattan’s pleasures – dining at Delmonico’s, shopping at Hermes, or relaxing at the South Street Seaport, just to name a few.
The South Star Features a 24-hour Attended Lobby, Architect Designed Lobby and Corridors, Hotel Gansevoort Privileges (including access to Gansevoort Concierge, Roof Desk Sky Bar, and Ono), Two 1-year Memberships to the Complete Body Development On-Site Fitness Center, 24-hour Attended Public Garage with Direct Elevator Access, Laundry Rooms on Floors 2-17, Valet in building, and a Live-in Superintendent
*The Garage is available at additional cost – which is huge if you know what the average New Yorker pays to house their vehicle. Check out South Star and other new condo communities in Manhattan on www.NewCondosOnline.com.
We all know that builders have offered some pretty wild incentives in the recent months and years. Apparently, builders are not the only ones offering the incentives to buyers…the city of Buffalo,
New York is offering buyers in a new lakefront condo development a 10 year tax break equating to approximately $100,000 in savings. Is this fair to other residents paying taxes?
Waterfront Place project — 15 red brick town houses and a 13- story, 48-unit condominium tower — is already under way in one of the last remaining parcels of undeveloped land at
Village. The strange thing is that this is one of the hottest neighborhoods in the city and condo sales are doing quite well. The buyers are qualified and affluent. The city though is apparently willing to do anything to help developers of high-end projects like these get the shovel in the ground. Luxury
New York condos
such as these offer great benefits to the city as well. The city can justify the use of tax abatements because of the added value of tax and investment income the city will receive as a result of the luxury condos
The tax breaks offered are said to be crucial and a deciding factor in whether the project generates a profit or a loss. The development will obviously have high construction costs and have an asking price well above anything else in the area.
So I guess the question is “who is really benefiting…the developer and the city, or the buyers?”
Other condo owners in the area feel that it is unfair to offer tax breaks to future luxury home owners. The tax breaks really just seem like a strategy to bring in more wealthy buyers to the area. Once the city is involved though, what’s done is done!