Wednesday, August 31, 2011

World Trade Center development

Computer visualization of World Trade Center development.  A lot of construction is being done below ground.

Visit us at Castle Avenue Partners - New York investment property

Sunday, August 21, 2011

US housing to rebound stronger than expected

Seeking Alpha:  Housing To Rebound Stronger Than Expected (click for actual article)
A rather long writeup published in SeekingAlpha regarding US housing.  Here my summary for your convenience.

Saturday, August 13, 2011

China's wealthy buying New York luxury condo apartments

Wealthy buyers from mainland China buying New York luxury condos.  New York Times article in which I was interviewed.

The boxy glass 15 Union Square West appeals to Chinese buyers, brokers say.

Wednesday, August 10, 2011

New York apartment rent increase 8%


Manhattan New York July 2011 average monthly apartment rent increased 8% to $3,358 compared to a year ago.  This is just $36 shy of the record of May 2007.  The vacancy rate was at 0.86%, the lowest in the nation.

Manhattan Real Estate Prices Continue Growth, Fueled by Foreign Buyers

Best-performing cities, from left: Hong Kong, St. Petersburg and Paris

Luxury residential real estate prices begin to slow but Manhattan continues to post gains, driven by
(i) Spring buying season
(ii) influx of foreign buyers capitalizing on the weak dollar

2Q'11 Manhattan real estate prices increased 6.8% compared to a year ago and a solid 3.6% vs last quarter.  Full article below.

Tuesday, August 9, 2011

New York City a technology hub to reduce reliance on Wall Street

The Bloomberg administration is pursuing an initiative to make New York City the next Silicon Valley by creating an applied science center in the City.  Locations include Roosevelt Island, Governors Island and Brooklyn Navy Yard.  The technology initiative is expected to create 22,000 jobs over the next decades.

Saturday, August 6, 2011

Manhattan is America's Most Walkable City

Manhattan New York is the nation's most walkable city.  Only 2% of New Yorkers live in a neighborhood  that require owning a car.  Read full report America's Most Walkable Cities

Manhattan vs Case Schiller / CNN market reports

New York City market reports published by CNN, Case Schiller, Census etc all refer to the greater New York City area.  This means they include all 5 boroughs of New York City, northern New Jersey and certain areas of Long Island.  These reports should not be taken as a measure for Manhattan real estate performance.

Manhattan - the most efficient real estate market

Manhattan, New York is the most efficient and transparent real estate market in the world.  Reasons are:

1.  Closed transactions are public record
In Manhattan, data is openly available on all units that closed within each building.  For example, if recent transactions all closed at around $1500 per square foot, there is a good certainty that the next transaction will close around that.  Not $2000 and not $1000 per square foot unless there is some extraordinary variable such as being a penthouse unit or a unit needing heavy renovation.