Author: Dena driver
New! Fort Green Listing, 168 Lafayette Avenue, 2 | $7,975
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Exquisite 4BR 2.5Bth Triplex
This fabulous 4BR – 2.5Bths triplex is approx. 2700 sq ft. This generous layout has been completely restored to an incredibly high standard with level five finishes. Soaring ceilings let fantastic light pour into the large rooms through original shuttered windows. Stainless steel appliances and high end light fixtures abound in the beautiful contemporary kitchen. Four huge bedrooms will all fit a king bed and have original mantel pieces and restored moldings. Fifteen large closets, including three walk ins and built in book shelves provide plenty of storage. The baths have lovely claw foot tubs with Carrara marble counter tops and sparkling new subway tile. The apartment boasts a laundry room with full size washer and dryer. These top three floors have a private entrance and tree lined street views. Split System Air. Heat is included. This large Brooklyn townhouse allows for a sweeping staircase that rises slowly and leads up to a sun filled skylight, an elegant entry into your new home. All electrical has been upgraded, CAT5 and an alarm system is also available. Pets upon approval. Close to all transport, great restaurants like Olea and Fort Greene park. Nestled in cultural center of Brooklyn including BAM, the Harvey Theatre and Mark Morris.
168 Lafayette Avenue, 2 | $7,975
Key Details Fort Greene, New York
New Listing
Rental $7,975 | Date listed: 5/13/2020 | ID: 20142719
Residence Information
Type: Triplex | Rooms: 8.0 | Bedrooms: 4 | Full Bathrooms: 2 | Half Bathrooms: 1.0
Windowed kitchen: Yes | Air conditioning: Central Air | Washer and dryer: Yes
Building Information Period: Post-War | Building Type: Brownstone | Pets allowed: Yes
Call today or send me a message on my contact me page today.
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Center for Disease Control and Prevention (CDC)
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Brooklyn Comedy Festival
Coronavirus fears cause mortgage rates to plunge to 8-year low
- The average rate on the popular 30-year fixed mortgage hit 3.34% on Monday, according to Mortgage News Daily. That is for borrowers with strong financials and credit scores.
- “Aggressive lenders will be at 3.25% today, and 3.375% will be the new going rate for the average lender,” said Matthew Graham, chief operating officer at Mortgage News Daily.
- Applications to refinance a home loan are up around 165% annually, according to the Mortgage Bankers Association.
As coronavirus fears hit financial markets, U.S. bond yields are tanking, pushing mortgage rates that loosely follow the 10-year Treasury yield toward an eight-year low. They could sink even lower.
The average rate on the popular 30-year fixed mortgage hit 3.34% on Monday, according to Mortgage News Daily. That is for borrowers with strong financials and credit scores.
“Aggressive lenders will be at 3.25% today, and 3.375% will be the new going rate for the average lender,” said Matthew Graham, chief operating officer at Mortgage News Daily.That rate hit 3.34% for one day in the summer of 2016, before spiking much higher that fall. Before that, rates were this low in 2012. While rates generally follow the 10-year yield, there are certain market factors that keep rates above a certain level.
And those payoffs, or refinances, are surging right now. Applications to refinance a home loan are up around 165% annually, according to the Mortgage Bankers Association.
Mortgage applications to purchase a home have not been as strong, due to the severe shortage of homes for sale. Builders, however, may be getting a boost, especially those putting up more affordable homes.
Another barrier to entry for some buyers is still-tight lending standards. Sean Dobson, CEO of Amherst Holdings, which does have a mortgage arm, said tight lending is why his company got into the single-family rental business.
“Unless you have a large down payment or unless you have a very solid amount of free cash flow that’s underwritable, and we forget about this because the Uber driver might not have income that is fungible from a mortgage lenders perspective, or the people working 3 or 4 jobs, or the contributors to CNBC who contribute to a few places, they may literally have trouble qualifying for a mortgage,” said Dobson.
New Listing! 401 Eighth Avenue, 43 Park Slope
BY APPOINTMENT ONLY
This park block, large and elegant co-op is located on 8th Avenue and 4th Street in Park Slope. 401 8th Ave, Apt 43 represents the rare opportunity of owning a four-bedroom home zoned for PS 321 with Prospect Park as your backyard. Located on the 4th floor of a lovely six story pre-war elevator building, this apartment boasts gorgeous parquet wood floors and decorative molding throughout, with a total of twelve windows, one double in the living room; both the master and the second bath have the original stained glass panes. This 26-foot long living room with dining area adjoins a coveted open kitchen. The kitchen has built in cabinets of a hefty quality with Brooklyn-made butcher block in addition to granite countertops. Gas stove and piano-black appliances include a large refrigerator and dishwasher too. The Roosevelt Arms is an elegant 30-unit elevator coop building, pet-friendly, professionally managed and maintained. The building has an accessible ramp entrance, a live-in super, plus large storage cages, a complete laundry and a bike area in the basement. This central Park Slope location is close to great restaurants, shopping and transportation.
New Listing
Cooperative $1,675,000 | Maintenance/CC: $1,459 | Financing Allowed: 80%
Date listed: 2/18/2020 | Last updated: 2/28/2020 | ID: 19971236
Rooms: 7.0 | Bedrooms: 4 | Bathrooms: 2.0
Period: Pre-War | Built: 1922 | Building Type: Elevator
Call today or send me a message on my contact me page today.
New! Brooklyn Heights Henry Street 2 & 3 Bedrooms!
Two amazing opportunities.
Fabulous Top Floor
Fantastic 3BR – 2Bth available on one of the most desirable blocks in Brooklyn Heights.
This completely new renovation is light-flooded with light. This large 3BR has a huge living room with 10ft ceilings. Ornate original details such as crown molding, tall mirrors, and an original decorative fireplace, give this apartment a wonderful character. Large open plan kitchen has extra tall cabinetry, a gas stove and dishwasher. Large windows running across the front of the home from the living and dining room. All Bosch appliances including a W/D. Rent will be discounted to $6500 until roof deck will be added, rent will then increase to $7000 Hardwood floors throughout and two brand new baths, one with tub and one with a glass shower stall. High end finishes throughout and split system A/C make up this approximately 1300 sq ft. home. Close to the ferry’s at Pier 6 and all trains 2 3 4 5 N & R A & C at Borough Hall . Close to all the great restaurants and shops in Brooklyn Heights, Cobble Hill such Sahadi’s, Trader Joes and the Brooklyn Bridge Park. Pets upon approval. Come see the best Brooklyn has to offer!
293 Henry Street, 5 Brooklyn Heights, New York|$6,500
Rental $6,500 | Date listed: 1/23/2020 | ID: 20028370
Rooms: 6.0 | Bedrooms: 3 | Bathrooms: 2.0 | Windowed kitchen: Yes | Outdoor space: Roof Garden
Decorative fireplaces: 1 | Washer and dryer: Yes
Period: Pre-War | Building Type: , Townhouse
Call today or send me a message on my contact me page today.
Fabulous Parlor Floor
Fantastic 2BR – 2Bth available on one of the most desirable blocks in Brooklyn Heights.
This completely new renovation is flooded with light.
This very large 2BR has a huge living room with 10ft ceilings. Ornate original details such as crown molding and two original decorative fireplaces, give this apartment a wonderful character. Large open plan kitchen has extra tall cabinetry, all new appliances including a gas stove and dishwasher. Large windows run across the front of the home from the living and dining rooms. All Bosch appliances including a W/D. Rent will be discounted to $6500 until roof deck will be added, rent will then increase to $7000. Hardwood floors throughout and two brand new baths, one with tub and one with a glass shower stall. High end condo finishes throughout and split system A/C make up this approximately 1300 sq ft. home.
Close to the ferry’s at Pier 6 and all trains 2 3 4 5 N & R A & C at Borough Hall . Close to all the great restaurants and shops in Brooklyn Heights, Cobble Hill such Sahadi’s, Trader Joe’s and the Brooklyn Bridge Park. Pets upon approval. Come see the best Brooklyn has to offer!
293 Henry Street, 4 Brooklyn Heights, New York|$6,500
Rental $6,500 | Date listed: 1/23/2020 | ID: 20028349
Rooms: 6.0 | Bedrooms: 2 | Bathrooms: 2.0 | Outdoor space: Yes |
Decorative fireplaces: 1 | Washer and dryer: Yes
Period: Pre-War| Building Type: , Townhouse
Call today or send me a message on my contact me page today.
The 10 NYC neighborhoods where home prices increased the most over the past decade, ranked
- A recent report by real estate listing platform StreetEasy, reveals the 10 neighborhoods in New York City where median recorded sales prices increased the most over the past decade.
- According to the report, in November 2019, the city’s median recorded sales price fell just below $670,000 which is 49% higher than 2010’s median recorded sales price of $450,000.
- Of the neighborhoods that made StreetEasy’s list, eight of them are located in Brooklyn.
- Visit Business Insider’s homepage for more stories.
New York city’s real estate market has grown increasingly expensiveover the past decade.
In fact, in November 2019, the city’s median recorded sales price reached just below $670,000 which is 49% higher than 2010’smedian recorded sales price of $450,000.
A recent report by real estate listing platform StreetEasy, reveals the 10 neighborhoods in New York City where median recorded sales prices increased the most from 2010 to 2019. Those increases range from just above 100% to over 200%.
Eight of the neighborhoods on the list are located in Brooklyn which is no surprise considering the borough’s popularity — and by extension, its price tags — have increased astronomically since the 1940s.
The only two non-Brooklyn neighborhoods to make the list are the Lower East Side, which saw a 168% increase in its median recorded sales price, and Gramercy Park, which saw a 109% increase in its median recorded sales price.
Median recorded sales price in 2010: $834,115
Median recorded sales price in 2019: $2,591,446
NYC home prices nearly doubled in the 2010s. What do the 2020s hold?
Brooklyn came of age, Queens got the spillover, and affordability has never been stretched so thin
The New York City housing market could not look more different today than it did at the beginning of the 2010s.
The financial crisis in 2008 didn’t hit New York housing as hard as it did in other cities, and when it did, it hit the outer boroughs first. Manhattan, propped up by what were still high levels of compensation in the financial sector, was the last of the boroughs to see home prices drop; but when they did fall, they fell hard.
This meant that in 2010, the city’s housing market was still in the recovery stage from the crisis. Housing inventory for sale was still piled up on the market as mortgage credit availability vanished and unemployment spiked. This dropped home values down to what today would be considered absolute bargain basement prices.
The median home sale price for all of New York City in the first quarter of 2010 was $383,699, according to data provided to Curbed by Miller Samuel/Douglas Elliman. Prices started rising in earnest around 2013, boosted by an onslaught of luxury housing hitting the market; by the third quarter of 2019, that number had almost doubled to $675,000.
But digging deeper into the data shows how the housing market in New York City has changed over the last 10 years. Let’s take a look.
Manhattan’s luxury market fizzles
Manhattan has always been one of the most expensive housing markets in the world, but the 2010s took that to another level, as ultra-luxury housing developments—including the entirety of what is now known as Billionaire’s Row—provided new additions to both the skyline and the real estate market.
Developers have a challenging task when building in Manhattan: Lots are scarce, the ones that are available are expensive, and the cost of building materials has risen dramatically over the decade. All of this pushes developers into building luxury housing for the luxury market. But according to Jonathan Miller, president and CEO of the appraisal firm Miller Samuel, advances in engineering contributed to the jump in luxury developments in the 2010s.
“Just in the last decade now you could build a much taller building on a much smaller footprint and the math begin to work,” he said. “You see this influx of projects that were selling views.”
However, as the housing recovery progressed and more luxury developments came online, the market became oversaturated at the high end. This is reflected in the data for median and average home prices. (The median price is in the middle of all the home sale prices during a given period; the average price takes all of the closed sales, adds them up, and and divides by the number of prices.)
In the fourth quarter of 2016, the average sale price of a Manhattan home jumped by more than $100,000, but has since stalled at around $1 million, while the median stalled at around $800,000.
Brooklyn becomes a global destination
At the turn of the decade, people outside of New York might have known Brooklyn as a former manufacturing hub, the home of a robust indie rock scene, or possibly as a source of hotels cheaper than those in Manhattan. But today, Brooklyn is a globally recognized brand with its own professional basketball and hockey teams, a thriving restaurant scene, and—as a result of systematic gentrification—soaring home prices that in some neighborhoods rival Manhattan’s.
The blossoming luxury market in Brooklyn is one of the biggest developments in New York City housing in the 2010s. Neighborhoods like DUMBO and Williamsburg transformed from quirky hipster locales into havens accessible only to the very wealthy. Luxury housing developments like Pierhouse in Brooklyn Bridge Park and Oosten in Williamsburg sprang up over the last 10 years, transforming the Brooklyn side of the East River.
This development is reflected in the widening gap between the borough’s median home sale price and the average home sale price. At the beginning of 2010, the gap between the median and average home sale prices for Brooklyn was just $66,061, according to data provided by Miller Samuel and Douglas Elliman. By the third quarter of this year, that number ballooned to $187,259, reflecting the growing luxury market in Brooklyn.
Activity in Queens soars as people are priced out of Brooklyn
While Brooklyn was long seen as the cheaper alternative to Manhattan, Queens became the cheaper alternative to Brooklyn in the 2010s as Brooklyn home prices got increasingly out of reach.
This was particularly prevalent along the border between the two boroughs. Long Island City, Sunnyside, and Woodside saw increases in the number of home sales as potential buyers were pushed out of Brooklyn. And the northwestern Queens neighborhoods—Long Island City and Astoria—saw price spikes as buyers eyed a commute to Manhattan that in some cases is more convenient than Brooklyn.
“[Northwest Queens] has more of a relationship to Manhattan than it does to Queens in terms of pricing,” says Miller. “I see their expansion or development consistent with what we’ve seen in Brooklyn. They’re being reinvented as residential areas. It’s an easier commute than Brooklyn if you work in Manhattan.”
After the market bottomed out following the financial crisis, Queens settled into a position where it had the second most home sales of the five boroughs. But beginning in late 2016 it jumped ahead of Manhattan and has had the most home sales of any borough in every quarter since.
The outlook for the 2020s
While no one expects a crash of the severity and scale of 2008—and the underlying conditions in the mortgage market that caused the 2008 crash simply do not exist in the current housing market—recession fears have permeated the industry, leading some to believe that a pullback or correction is due.
Housing affordability in New York City is already pushed to its limit, and that’s reflected in the dwindling number of sales, particularly at the high end of the market. With mortgage rates already unusually low, the real estate industry won’t be able to rely on an interest rate drop to prop up the market; there isn’t much room for them to go lower.
Miller says he expects additional weakness in the market in 2020, thanks to factors like the forthcoming presidential election; sales activity will likely drop in the run-up as people wait to see what economic policies are pursued by the winning candidates.
If a recession does hit, it could have a modest impact on prices, but because of the wealth in New York City, the housing market is more durable than some others. And while the recession after 2008 was directly caused by problems in the housing market, most recessions haven’t had a big impact on home prices, so don’t hold your breath that bargains could be on the way.
Life Changes in Real Estate panel -Recap video of our discussion.
Life Changes and Real Estate: Trading Up, Moving On
As mentioned last week, BHS agents Dena Driver, Jennifer Burns and Catherine Witherwax put together an awesome panel discussion for people looking to trade up or downsize. Check out the recap here!