Soba dish

Soba noodles as appeared in Broth of Life  Says a thousand words about the international lifestyle in Manhattan where Japanese is one of the favorite cuisines.

3 Things To Know About The Manhattan Residential Market

1.  Average rent at $3,418 is a new record and has exceeded the pre-recession peak.
2.  Q1 2012 condo price per square foot was $1,317, up 8.3% compared to prior year.
3.  Spike in buyer demand in March and April, as if all buyers, local and foreign, have decided now is the time to get off the fence.  

Tribeca, chic property investment destination

Tribeca as a chic address in Manhattan in today's New York Times.  Picture of Bubby's above which has a Holstein cow outside the restaurant.  One of my favorite neighborhoods and where many clients have purchased investment property yielding great returns.

Manhattan rental rates sky high

New York Times article on Manhattan rental rates sky high.  Already exceeding the peak of 2007, the high rental rates this time around is driven by tight credit, low inventory and few new construction.  More people are sharing or downsizing.

Buyer confidence UP

300 people at open house, 14 offers, 20% above asking price.  NY Times article about the Manhattan market coming back strong, buyers and bidding wars.

Manhattan property deals

The Manhattan property market is the most efficient in the world because all data is public and real estate is a local hobby to anyone who owns property.  Given the amount of money involved and the amount of time buyers devote to analyzing a purchase, I would argue Manhattan real estate is  even more efficient than the blue chip stock market.

"Get me a good deal," "I only want a great deal" are famous buyer demands.  Didn't I mention it's the most efficient market?  Then how does one expect to buy something priced 20% below market?  This is not Detroit.

Manhattan New York rents reach record

Wall Street Journal reported the average rent in Manhattan in March at $3,418, topping pre-recession levels.  Citywide, rents increased by 7% in the first quarter of 2012.  Vacancy rates remain a very low 1.22% as Manhattan's sky high property prices make buying a home out of reach for many residents.

Floor premium with Manhattan apartments

Analysis on floor premium in Manhattan residential buildings from New York Magazine and Miller Samuel.  Shows 1-1.5% premium per floor.  Increases to 2% per floor at the higher floors.  This uses 301 W 57 as example.

Condos with library, a nice amenity

New York Times article on buildings with libraries, a soft spoken amenity.  The library at 88 Greenwich (above) is one of my favorites.

Toren library

New York cab with USB charger, sunroof unveiled

Today is the unveiling of the new New York City cab which will include cell phone charger, sunroof and odor absorbing seats to deal with smells a passenger may have to deal with in the backseat.

The new cab by Nissan will also be brighter with a flat floor to make it easier to get in and out.

Manhattan condos up 8.3% in Q1 2012

Just released Q1 2012 Manhattan market report shows Manhattan condo average price per SF at $1,317, up 8.3% vs last year. Average price was at $1.86m, up 9.2%.

In the luxury market, defined as the top 10% of sales, average price was $5.56m, up 8.7% while average price per SF was $2,073, up 9.2%.