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

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Good information is key during these times, and so we want to reiterate that the best place to get your news is from verified government sites that update their content on a regular basis. While we are all involved in social media and the news, now is not the time to expose ourselves to speculation and opinion.

The best ongoing resources are:

Center for Disease Control and Prevention (CDC)

New York State Department of Health

New York City Department of Health

We strongly encourage you to practice social distancing and prioritize your own health above all else. Reach out to us any time if you have questions or concerns and we will help in any way we can.

Brooklyn Comedy Festival

March 30 – April 5
Each year, the festival gives both established and up-and-coming performers a chance to tell stories through standup, improv, podcasts, and film. In addition to shows, guests can enjoy panel discussions and after parties throughout Brooklyn. Buy your tickets today! public programs, making it an unmissable art event.

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.

    “When rates fall this quickly, it’s not so much that big banks draw the line on mortgage rates, but rather, the underlying Mortgage Backed Securities (MBS) market refuses to improve as quickly as the Treasury market,” said Graham. “Both mortgages and Treasuries are feeling the impact of coronavirus panic. That’s pushing rates lower. But mortgages also become less valuable to investors if they get paid off too quickly.”

    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

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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.

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

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.

10. From 2010 to 2019, the median recorded sales price in Williamsburg increased 107%

shutterstock_504921937

Mihai Speteanu/Shutterstock

Median recorded sales price in 2010: $834,115

Median recorded sales price in 2019: $2,591,446


9. From 2010 to 2019, the median recorded sales price in Gramercy Park increased 109%

Gramercy Park

Gabor Kovacs Photography/Shuttertstock

Median recorded sales price in 2010: $694,500

Median recorded sales price in 2019: $1,450,000


8. From 2010 to 2019, the median recorded sales price in Prospect Heights increased 110%

shutterstock_408363241

Leonard Zhukovsky/Shutterstock

Median recorded sales price in 2010: $535,791

Median recorded sales price in 2019: $1,125,000


7. From 2010 to 2019, the median recorded sales price in Carroll Gardens increased 115%

shutterstock_1601945746

James Wagstaff/Shutterstock

Median recorded sales price in 2010: $715,000

Median recorded sales price in 2019: $1,540,000


6. From 2010 to 2019, the median recorded sales price in Fort Greene increased 118%

Fort Greene

James Wagstaff/Shutterstock

Median recorded sales price in 2010: $574,041

Median recorded sales price in 2019: $1,250,000


5. From 2010 to 2019, the median recorded sales price in Prospect Lefferts Gardens increased 132%

Screen Shot 2020 01 14 at 4.07.05 PM

Google Maps

Median recorded sales price in 2010: $373,195

Median recorded sales price in 2019: $865,000


4. From 2010 to 2019, the median recorded sales price in Bedford-Stuyvesant increased 159%

Bedford-Stuyvesant

CAVORT/Shutterstock

Median recorded sales price in 2010: $363,000

Median recorded sales price in 2019: $938,486


3. From 2010 to 2019, the median recorded sales price on the Lower East Side increased 168%

Lower East Side

Jannis Tobias Werner/Shutterstock

Median recorded sales price in 2010: $521,000

Median recorded sales price in 2019: $1,395,000


2. From 2010 to 2019, the median recorded sales price in Greenpoint increased 192%

Greenpoint

Leonard Zhukovsky/Shutterstock

Median recorded sales price in 2010: $539,713

Median recorded sales price in 2019: $1,578,287


1. From 2010 to 2019, the median recorded sales price in Cobble Hill increased 211%

Cobble Hill

quiggyt4/Shuttertock

Median recorded sales price in 2010: $834,115

Median recorded sales price in 2019: $2,591,446

Reported by Business Insider By Libertina Brandt

NYC home prices nearly doubled in the 2010s. What do the 2020s hold?

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.

 Reported by Curbed By on

2020 Real Estate Outlook: Expert Predictions For Mortgage Rates, Home Prices, Tech And More

The 2019 housing market has been one of low rates, high demand and limited supply—particularly on the lower-priced end of the market.

Will 2020 be more of the same? According to experts, yes and no.

We spoke to six mortgage, real estate, and housing professionals. Here’s what they say is in store for the year to come:

Mortgage rates will stay low—or maybe go lower.

Mortgage rates currently sit at 3.75%, according to Freddie Mac’s most recent numbers—nearly a 1% difference from the monthly average a year ago. The drop in rates caused a surge in refinancing over the last few months, and purchase activity ticked up as well.

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According to Odeta Kushi, deputy chief economist at title insurance and settlement services provider First American, there’s “emerging consensus” that rates will remain low next year—likely somewhere between 3.7% and 3.9%, she says.

Forecasts from Freddie Mac and the Mortgage Bankers Association back this up, both predicting 2020 rates within this range. Fannie Mae actually predicts rates will clock in even lower, vacillating between 3.5% and 3.6% throughout the year.

Prices will keep on rising.

Home prices will continue their climb upward, according to experts, largely thanks to tight inventory and high demand.

According to the latest home price forecast from property data firm CoreLogic, home prices should tick up by 5.6% by next September—up from the just 3.5% jump we saw this year.

As Daryl Fairweather, chief economist for real estate brokerage Redfin, explains, “Right now we aren’t seeing a ton of new listings. Without more listings coming on the market, there will be more competition starting off in early 2020 and that will lead to more price pressure.”

The problem will be worse on the lower end of the price spectrum. According to Ralph DeFranco, chief economist for mortgage insurer Arch MI, entry-level home prices will rise higher than incomes next year—and disappointing construction numbers will only compound the issue.

“Low interest rates and a shortage of starter homes will continue to push up prices,” DeFranco said. “This is especially the case for lower price points, since builders have tended to focus on more expensive, higher-profit houses and less on replenishing low inventories of entry-level homes.”

It seems the price growth may continue beyond 2020, too. Data from Arch MI shows the chance of home price declines at a mere 11% for the next two years. There are currently no states or metro markets projected to see prices declines in that period.

Inventory will be tight.

Housing inventory is going to remain limited for much of 2020, experts say. And interest rates and record-high homeownership tenures are a big part of the problem.

According to recent data from Redfin, the average homeowner is staying in their home 13 years—up from just eight years in 2010. In some cities, homeownership tenures are as high as 23 years.

As Kushi explains, “You can’t buy what’s not for sale.”

“While historically low rates increase buying power and make it more likely for potential buyers to attain their homeownership dream, they also increase the risk of a long-run housing supply shortage, which we predict will continue through 2020 and possibly intensify,” Kushi says. “As first-time buyers lock-in these historically amazing rates and existing owners refinance—in droves in recent months, everyone will stay put and not sell. Where’s the incentive?”

There’s a chance that increasing construction may offer some relief in the inventory department. Last month’s residential construction report from the Census Bureau saw building permits and housing starts both increase over the year. At the same time. builder confidence was at a 20-month high, according to the National Association of Home Builders.

Still, it may not be enough to meet the needs of today’s buyers, Kushi says.

“As for building new homes, builders have a reason to be cautiously optimistic, given pent up demand stemming from a strong economy, lower mortgage rates and continued wage growth,” she says. “However, building pace still lags behind historical standards, and it will likely take months before we can begin building at a pace that will support the demand.”

Millennials will keep up their homebuying streak, while Boomers hold up inventory.

Data from Realtor.com shows Millennials made up a whopping 46% of all mortgage originations in September—up from 43% one year prior. Meanwhile, shares of Baby Boomer and Gen X mortgage activity declined.

It’s no wonder, either. Millennials rank homeownership as one of their top goals in life—higher than even marrying or having kids—and with interest rates low and incomes up, it’s the right time to buy a home for many.

Unfortunately, they face an uphill battle. As Kushi explains, “Looking ahead, Millennials may be entering a tougher housing market in 2020. A limited supply environment, combined with growing demand and increased competition for homes, is accelerating home price growth once again.”

The Baby Boomer generation is part of the challenge for this younger cohort, as many are choosing to age in place—keeping more homes off the market than ever before.

In fact, a recent study from Freddie Mac shows that if today’s older adults—those born between 1931 and 1959—behaved like earlier generations, then an additional 1.6 million homes would have hit the market by the end of the last year.

As Kushi puts it, “The fate of Millennial homebuying to close out 2019 and into 2020 will depend on two factors: if there is anything for them to buy, and whether rising purchasing power stemming from increasing income and historically low mortgage rates can continue to outpace house price appreciation.”

The suburbs will be a big draw thanks to Millennial demand.

As home prices skyrocket, cash-strapped Millennials are looking toward more affordable places to put down roots—namely smaller, suburban towns on the outskirts of major metros.

The trend has led to an uptick in “Hipsturbia” communities—live-work-play neighborhoods that blend the safety and affordability of the suburbs with the transit, walkability and 24-hour amenities of big cities.

Melissa Gomez, an agent with ERA Top Service Realty in New York, has seen the trend in action.

“Being based in the boroughs of NYC, I see Hipsturbia happening every day,” she said. “As cities like New York become increasingly expensive, younger people and families are looking for more bang for their buck with real estate, schooling and everything in between. And slowly but surely, it is breathing new life into small towns outside of major urban hubs.”

The Urban Land Institute recently named Histurbia as one of its top real estate trends to watch in 2020.

As the report explains, “If the live-work-play formula could revive inner cities a quarter-century ago, there is no reason to think that it will not work in suburbs with the right bones and the will to succeed.”

The industry will continue to digitize. 

The mortgage and real estate spheres have been moving away from their manual, paper-laden processes in recent years, and 2020 will only see that trend expand further—especially as more tech-savvy Millennials enter the market.

As Hundtofte explains, “In 2020, we’ll continue to see Millennials growing their share of the mortgage market, which in turn, will serve as a catalyst to lenders to continue to rapidly innovate their technology offerings to meet the expectations of an audience more accustomed to an Amazon, Venmo-like experience.”

Though plenty of tech offerings already exist—from e-signing and e-notary software to fully-digital mortgage applications, automated income verification and more—Hundtofte says we’ll probably see these solutions start teaming up in the new year.

“Rather than compete with each other, we’ll see companies combining technologies across the board, from startups partnering with startups to startups partnering with legacy institutions,” he says.

Aaron Block, the co-founder of MetaProp—a venture capital fund focusing solely on real estate technology—says to keep an eye on the Airbnb and WeWork brands specifically in this regard.

On WeWork’s recent IPO blunder, Block says, “One major positive outcome of this year’s ‘DiePO’ is the plethora of ‘proptech’ innovation talent hitting the street. Some exciting new companies are being formed as we speak.”

As reported by Forbes, written by  Aly J. Yale