4th Quarter Results
There were 2,473 apartment sales during the fourth quarter of 2009, which is an 8.4% increase over a year ago, and a 10.9% increase over third quarter. The encouraging number is that it was also an increase over the 10-year quarterly average of 2,297 transactions.
Median prices were down to $810,000 from the fourth quarter of last year, which is a 10% decrease. Inventory is down approximately 24.6% from last year.
The demand should continue through the first quarter, however, there are fewer apartments to choose from. Now we need the sellers who have been waiting to step up and put their properties on the market. Bonus season is upon us, and I'm willing to bet that we see even more buyers in the near future. |
4 c Dried black beans
2 T Cumin seed
2 T Oregano, dried
1/2 c Olive oil
2 Onions, large, chopped
4 1/2 t Hungarian paprika
1 1/2 c Green peppers, finely diced
3 T Garlic, minced
Warm flour tortillas
Place Beans in large pot and cover with cold water. Bring to a boil. Remove from heat and let stand 2 hours.
Drain Beans and return to pot. Add enough cold water to cover by two inches. Cover and bring to a boil. Reduce heat and simmer
until Beans are tender but not mushy, about 2 hours. Add water as necessary.
Drain Beans, reserving 3 cups liquid. Return Beans to pot along with 1 cup of the cooking liquid.
Meanwhile, preheat the oven to 325 degrees. Place Cumin and Oregano in small baking pan. Roast until fragrant, shaking occasionally, about 10 minutes.
Heat oil in heavy skillet. Add onions, green pepper and garlic. Stir over medium high heat for 3 minutes. Add Cumin and Oregano
mixture, Paprika, cayenne, and Salt. Cook until onions are soft, about 10 minutes. Mix in Tomatoes and jalapenos. Bring to a
boil. Gently stir into the Beans. If necessary, thin with reserved liquid.
Char and peel the red bell pepper. Dice into 1/4 pieces. Place 1 oz goat cheese in each bowl. Top with chili. Garnish with sour cream and diced red bell pepper. Pass warm tortillas separately.
Bill Pfeiffer's 1980 World Champion Chili |
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Greetings!
Hello. Welcome to the email version of my Real Estate Newsletter. I will do my best to make it informative and fun. Please feel free to give me feedback, or requests for future articles.
There is a lot going on in the real estate world, and I hope to be able to help you separate the hype from the truth.  Sincerely,
Louis Snitkin
Bellmarc Realty
681 Lexington Avenue
New York, NY 10022
(212) 688-8530 x294
(914) 589-2394 Cell
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Market Dynamics
New York is one of the most dynamic cities in the world, and in 2009 we saw the dynamics change several times. The first half of the year was steeped in uncertainty. Many people stood on the sidelines, waiting for an indication that we had hit bottom, hoping that things would turn in a positive direction. The traditionally busy spring season saw only a glimmer of hope. Buyers came out of hiding to take advantage of reduced prices as confidence returned to the market, and we had a busy summer.
The tide seemed to turn again in the fourth quarter, and the buyers' market began to fade. Well priced properties brought buyers back into the market, and competition over those apartments increased over the last few months. I was recently involved in yet another episode of competitive bidding, and ultimately was asked to have my customer submit their "final - best" offer.
I am sensing another shift as we enter the New Year. We came out of Summer 2009 with an inventory level of almost 11,000 listings in Manhattan, and that now stands 30% lower at about 7,800. The current number reflects a combination of sales, apartments taken off the market, and relatively few new listings. Bargain hunting first-time buyers are trying to take advantage of the $8,000 tax credit before it expires at the end of April (assuming that the government doesn't extend it again), but are finding that sellers are no longer willing to entertain "low ball" offers. Fairly priced apartments that are coming on the market are selling well.
How will these dynamics effect prices in Manhattan? For those of you who haven't been watching, we hit the "bottom" a few months ago. While I don't think we will see prices rise in the near future, I do feel that they will stabilize. As supply diminishes, and pent-up demand brings more buyers into the market, prices will solidify. That's when we may see sellers who have been sitting on the sidelines decide that it's time to sell.
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Boomers Become Buyers
The Real Deal recently reported that Manhattan's population of people aged 65 and older is expected to surge nearly 60 percent by 2030, as the baby boom generation ages. although boomers had largely disappeared from the city's real estate market in the wake of the financial crisis, this all-important demographic is now becoming active again.
With prices stabilizing, many of the city's boomers are now putting their large apartments on the market, as they look to downsize to one and two bedroom apartments. Suburban empty nesters are also reentering the market with an eye toward eventually retiring in the city, exchanging large labor-intensive houses for apartments that have services and amenities.
The term 'baby boomers' refers to anyone born between 1946 and 1964, during the explosion of more than 77 million births following World War II. As the oldest people of this generation approaches retirement, the number of people over 65 in Manhattan is projected to rise to 295,000 by 2030, up 57.9 percent from 2000, according to city data.
"Boomers are looking to move back into an urban setting after years in the suburbs," according to Paul Bishop, VP at the National Association of Realtors. He noted that cities like new York are attractive because they offer easy access to public transportation, health care, culture, and restaurants. Despite these factors, boomers seemed to disappear from the New York City real estate market after the financial crisis of 2008. |
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Closets Galore!
Murray Hill Large 2 Bedroom
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