Thursday, April 24, 2014

Brooklyn is becoming the new Manhattan because everyone wants to move to Brooklyn....


I have clients who ask if Brooklyn is still cheaper than Manhattan and for years the answer was yes. People moved to Brooklyn for better prices and more space but now due to everyone finding Brooklyn desirable, the price gap between apartments in Brooklyn and Manhattan barely exists and the "it" neighborhoods in Brooklyn are becoming as expensive as Manhattan. The most expensive NYC apartments can now be found in neighborhoods like DUMBO and Williamsburg.

According to Stephen J. Smith of NextCity, rents grew the fastest in Brooklyn. Average monthly rent rose by 77% during the Bloomberg years, besting the 65% growth in Manhattan and the Bronx.

Below is a graph with showing the rents over the years. (Courtesy of Quartz)



Saturday, April 5, 2014

Q1 Manhattan Sales Report: Low Inventory, Higher Prices and Higher Absorption Rates

A Quick Look at Manhattan Market 
Q1 Report:

The sales inventory in Manhattan dropped to a 6 year low in the first quarter of 2014 leading to price surges with higher absorption rates*. Some quick facts courtesy of Streeteasy:

Median Recorded Sale Price increased to $900,000 in Q1 2014, up 6.5% since last quarter and 16.9% year-over-year.

Total Inventory fell 13.0% since Q1 2013 and by 1.0% compared to the previous quarter. This is the lowest inventory level since Q4 2007.

Contract Activity decreased by 9.3 percent since Q4 2013, and 15.2 percent year-over-year.

Time on Market was 89 days on average in Q1 2014, a 35.2% decrease compared to 137 days last year and the lowest average since StreetEasy began tracking this data in 1995.

StreetEasy Condo Market Index for February 2014 increased by 2.6% since January and by 16.3% since February 2013. The index is currently at its all-time high.

For a detailed report, please visit: Q1 Streeteasy Manhattan Market Report

*The rate at which homes sell in an area; the higher the absorption rate, the faster homes are selling


Thursday, April 3, 2014

A Spring Cleaning Checklist to help you get started

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A Comprehensive Spring Cleaning Checklist

Spring is finally here! This is the perfect time of year to give your home a thorough, top-to-bottom cleaning. Use this checklist to get you started:
Often overlooked tasks:
  • Wash walls and switch plates.
  • Clean window coverings and screens.
  • Thoroughly clean kitchen appliances.
  • Wash and repair children’s toys.
Get organized:
  • Empty coat closets of out-of-season clothing and gear.
  • Purge the pantry, remembering to check expiration dates.
  • Sort through storage areas.
  • Put family photos into albums or frames.
  • Sort through DVDs, books and magazines.
  • Declutter bedroom closets.
  • Get rid of ill-fitting or out-of-style clothing.
  • Check the bathroom cabinet for expired medicine, sunscreen or cosmetics.
Dusting do’s:
  • Wipe down electronics.
  • Clean computer and TV screens.
  • Dust or wash light fixtures.
  • Clean ceiling fan blades.
  • Vacuum floor registers and vent covers.
Laundry and soft surfaces:
  • Wash bedding, including duvets, pillows and mattress covers.
  • Spot clean upholstery.
  • Launder throw pillows and blankets.
  • Shampoo carpets and area rugs.
Pay attention to these details:
  • Polish wood furniture.
  • Sharpen knives and polish silverware.
  • Reseal grout lines.
  • Change smoke detector batteries.
Finish with the great outdoors:
  • Wash outdoor furniture and patio decks.
  • Clean windows and siding.
  • Do a thorough yard and garden cleanup.
  • Clear gutters and downspouts of debris.
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