Articles on the New York City real estate market. Read short, insightful news about both residential and commercial real estate in NYC, foreclosures and pre-foreclosures, big-ticket transactions, trends, stats and more.
The most anticipated moment of our contest has finally arrived! It’s time to announce the final winners of both the lifetime subscription to PropertyShark services and of our big prize, the iPad Mini.
The good news is that, once again, there are 2 people who won subscriptions. Votes were pouring in on the last minute for Gabe Chitzlifs and we were so impressed of his friends’ support that we decided to give away a second subscription this week.
Kamla Jaikaran! She shared her PropertyShark story with us on Facebook and won a lifetime subscription. Here is her story:
“I started using propertyshark to complete my BPOs and what a difference; it has facilitated the whole process. So much better that the local MLS. There are properties that closed and agents haven’t update the MLS or it just was not listed. How many of you can say you can come about this, I know it is quite a few of us. I also use it to get information from the owners, alternative address and the history of the properties. There is nothing better than this site. Geodata has nothing on PROPERTYSHARK!! You can search and compare properties. You can build your own property list, you can search foreclosures, see when they are going for auction. The forums help you when you need to connect with others. You can even list your properties on propertyshark. This is a true “One Stop Shop” per say. This site is the world to me!!What would we do without propertyshark?!!”
The second round of our Facebook contest is over, thank you all for your submissions and for your nice words. Joshua Haller is this week’s lucky winner of a lifetime subscription.
Selling a property can take a long time, and in NYC the average selling time can last even longer than in many other parts of the nation. One of the things that agents can do to speed up a sale is to work on the listing description carefully.
And if you ever wondered what those “magical” words that might help sell an NYC home faster are, a recent study made by real estate listings portal Point2Homes (PropertyShark’s sister company) might give you some answers.
One of the (very) early signs that new construction is about to start is that old buildings are being demolished. In New York City, the total number of demolition permits issued in all boroughs has been on an upward trend, although it’s a slow rise.
The surprise came from Brooklyn last year: the borough managed to register a 5-year record in commercial transactions due to the sale of the Kings Plaza Mall, which raked in $751,000,000.
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Last year’s waves of sales at Williamsburg’s splashiest development The Edge crowned the building as the top selling NYC building for the second year in a row.
With 167 units sold in 2012 at a median price of $804,418, added to the 272 sold in 2011, The Edge has all its 565 units now sold.
If in 2011 Dumbo took everyone by surprise, ranking 4th in the top 10 neighborhoods, in 2012 another Brooklyn neighborhood grabbed the spotlight. Boerum Hill climbed to 6th place with a median sale price of $950,000, surpassing well known upper class neighborhoods like the Upper East Side, West Village and ultimately Dumbo.
Real estate in the Bronx might not be on every home buyer’s tour these days as closed sales in 2012 hit a 5-year low. 2,339 homes in this borough found a new owner last year, a 4% drop compared to both 2011 and 2009 and a larger drop compared to 2008 and 2010.
The median sale price was $288,990, inching up by only 1% year-over-year, but still down compared to 2009 ($296,976) and 2010 ($320,000).
