From the category archives:

Investors

Q3 Breakdown: Third quarter home sales data for Manhattan

by Honeycrisp October 27, 2009

Third quarter data is hot off the press with not too much hoopla surrounding it. Here are the overall takeaways, courtesy of Streeteasy: Co-op price declines: The $575k median price of co-op resales decreased 2% from Q2 and 12% from last year, on the market for 120 days on average (up 19% from last year) [...]

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Moving away from the sub-prime crisis into the prime crisis

by Honeycrisp August 25, 2009

As we anticipated, the prime market is beginning to show material signs of stress.  Although sub-prime delinquency rates still hover in the mid-20% range, their growth was only 1.8% as compared to 5.8% in the second quarter.  (Keep in mind that prime loans represent almost 80% of bank exposures.) How does this relate to Manhattan?  [...]

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A look at the real rate of Foreclosures in NYC: going once, twice

by Honeycrisp August 6, 2009

With 318 new foreclosures scheduled in the five boroughs in July, New York City saw a 7% decrease from July 2008 (341) and an 8% decrease from June 2009 (344). Queens made up a good 63% of these numbers. How many of those were in Manhattan, you ask? All of four: F-O-U-R. 7 in June, [...]

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Shooting the Green Shoots: Has the housing market stabilized?

by Red Delicious July 5, 2009

Have we reached a bottom? Is the housing market on its way toward recovering? Recent top headlines would certainly make you think so: “US home price hints at stability” in the Financial Times; “Home Prices Rise Across US” in the WSJ. Never mind that the data was not seasonally adjusted (see below for data-crunching tips), [...]

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Inflation: For and Against

by Red Delicious June 25, 2009

The hot topic du jour is inflation, when it will rear its ugly head and to what extent we should be concerned.  We have therefore put together the argument for and against inflation, along with some food for thought in conclusion. The argument for significant inflation: Let’s start with the fact that the budget deficit [...]

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Owning the Rent

by Red Delicious June 19, 2009

With many buyers still gun-shy and credit continuing to be tight, some developers are offering rent-to-own options (75 Wall comes to mind, among others).  Developers are offering to apply 100% of rents toward the purchase prices with no up-front fees, giving “buyers” the opportunity to experience homes and neighborhoods without the commitment of a purchase [...]

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Who’re Ya Gonna Call?

by Red Delicious June 17, 2009

Ghost towers are slowly increasing in number in the city, so we thought we’d take a look at the reasons behind their growth: Those with fewer than 70% of units sold do not meet most lenders’ financing criterion; Buyers have dried up due to rising unemployment and tightening credit markets; Developers’ funds have dried up [...]

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Taxing the Mind

by Red Delicious June 7, 2009

The projects of many developers hit by the credit crisis are at risk for missing the 36 month window allowed to fulfill the new 421a completion requirement. What is a 421a Tax Abatement , you ask?  It is an incentive to developers offered by the city to stimulate development and keep housing costs reasonable by [...]

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Bulking up

by Red Delicious March 31, 2009

“Multiple package options” have begun in new buildings in desperate need of buyers: Harlem’s Kalahari, Savoy West, Hell’s Kitchen’s The 505 and Long Island City’s Fifth Street Lofts, Bridges NYC and The Lore.  As per our previous post, these bundled units are offered at a steep discount in hopes of attracting large-scale investors with the [...]

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