Tuesday, November 30, 2010

New York Property Agent

Weimin Tan, New York property agent, brings client See Chan to view 2BR condos.  Featured on Manhattan's #1 real estate show, Open House NYC.  Weimin is originally from Asia and speaks English, Cantonese Chinese, Malay and conversational Mandarin Chinese.  He is a specialist with high net worth foreign / international investors  interested in Manhattan property.

New York Housing Statistics

Manhattan New York Housing Statistics

Chart below summarizes the historical performance of Manhattan, New York property.  From 1997 through 3Q'10, Manhattan residential housing prices increased from $328 per square foot to $1095psf.  This is an average of about 10 percent per year.  Compared to the Dow Jones which appreciated an average 2% per year during the same period.

New York Property Market

Manhattan, New York Property Market 3Q'10

If you are still looking to get a "deal," the market bottom for Manhattan, New York property is over.  About one year too late.  We're in the midst of an upwave.  Manhattan, New York's 3Q'10 average price per square foot is still lower than in 2007 and the peak of 2008.  But it has recovered from the low in 2009.  

Thursday, November 25, 2010

Manhattan #1 city for renting

MSNBC ranks Manhattan as the #1 city to continue renting.  At average apartment price of $1.8 million, it takes 35 years of renting to cover homeownership expenses.

Supply vs demand

Jonathan Miller, analytical guru and CNBC regular, says that looking at sales transactions is only half the story of a market's performance.  One should look at the absorption rate because it tells the whole supply vs demand story.

Saturday, November 20, 2010

Foreclosure and Manhattan

1.  In Manhattan, residential foreclosure rate is almost non existent.  Even if there are foreclosures, the properties would still get close to market price because of demand and market efficiency.  

Thursday, November 4, 2010

Real Deal reports on Hotel Azure for sale at $29 million

Real Deal reports on Hotel Azure for sale at $29 million

The Real Deal, New York's top real estate magazine, reported on our listing, $29 million Hotel Azure.  The property includes a 28 room hotel and 10 retail spaces.