Results tagged “housingmarket”

If it's Thursday, it means more "Oh, crap, the real estate bubble is bursting" stories!

After the U.S. federal government moved to take over mortgage companies Fannie Mae and Freddie Mac this past weekend, stock markets around the world rallied--trading in Tokyo ending 3.4% higher and in Hong Kong, it ended 4.3% higher. And in Europe, stocks also rose 3-4%.

It's not just property values that are collapsing in New York; a construction crane collapsed in Tribeca and injured two workers who were working to repair the crane on the 300-unit residence building. The crane was 200 feet tall and buckled Friday under the strain of an overweighted payload of lumber. Initial reports said that there were no injuries and that several buildings surrounding the 450 Washington St. address had to be evacuated.

Has the Super-real estate market finally encountered economic kryptonite? Manhattan's housing market has seemed utterly impervious to any hint of real estate meltdown, even as other boroughs have suffered mortgage foreclosures at four times the national average. But one can't pass a Chase bank branch or a Duane Reade before coming across yet another building going up or being retro-fitted as luxury condos. The New York Times has an article today indicating that the gilded age of upper-crust real estate may be losing its luster.

The Independent Budget Office of the City of New York released a five page report [pdf] yesterday projecting that beginning next year, the City will face a serious fiscal crisis when it runs a deficit of $3.1 billion. By 2011, that budget shortfall could more than double, to $6.3 billion. The projections merely take into account current trends in New York City and don't factor in the possibility of a widespread national recession.

Prefab housing isn't just for the..."thrifty" anymore! Yesterday Wired featured a selection of twelve modular, prefab housing units -- from lofts to place atop city skylines to 60 square-foot cabins with "cathedral ceilings".

Sure, there are worries about the credit market and subprime mortgage situation, but real estate brokerages around the city are basking in good news: Third-quarter Manhattan apartment closings were at the highest average price ever and home inventory tightened as well.

A Westchester couple were charged with promoting prostitution from their home. And what's more, the Journal News describes thirty-four-year-old Robert Werner and his 32-year-old wife Heather Mazzenga as "victims of the housing market"!

On the national level, sales of existing homes slowed by 17 percent in the second quarter of 2007, compared with the second quarter of 2006, while inventory swelled by 16 percent, according to figures provided by the National Association of Realtors. New homes fared even worse: they fell by almost 19 percent, according to Commerce Department figures.

Continue reading "New York City's Teflon Real Estate Market"

Wingbridge, by Schveckle. Send your pix to photos (at) gothamist if you want us to use them.

The $1.3 billion deal for Brooklyn developer Berkshire LLC to buy federally subsidized Brooklyn housing complex Starrett City may be blocked by State Attorney General Andrew Cuomo and the federal Department of Housing and Urban Development. Cuomo announced that his office will enforce an injunction barring the lead investor David Bistricer from completing "certain real estate for life and will not permit the conversion of any of the property to cooperative apartments." Cuomo's statement was pretty damning, calling Bistricer's real estate history "sordid" and saying, "The material I turned over today should be enough to ban him from this deal at the start."

Findings that led to the court order against Bistricer include that he failed to disclose the terms of refinanced mortgages in amendments filed prior to the auction of apartments he owned, a violation of the Martin Act. He was ordered to pay $450,000 in restitution to residents and $50,000 to the State Attorney General’s office.

Continue reading "Cuomo and HUD Attempt to Block Starrett City Deal"

Post reports that building and construction permits are down this year. Some figures:

We're so confused by all the stories on the city's housing market.

The race for 2009 mayoral is on: The Post reports that City Comptroller William Thompson is holding a big fundraiser on November 15. He apparently already has $2 million on hand, but the "New Yorkers for Thompson" fundraiser at the Waldorf-Astoria won't hurt. Thompson wisely sat out the 2005 election, because it was hard for any Democratic challenger to go up against the Mayor's pretty good record and money (he spent $77.8 million for last year's election!). At this point, we imagine that the other 2009 candidates include Representative Anthony Weiner, who made a compelling showing the Democratic primary, and that the BIG issues will be affordable housing. But by 2009, will the economy and housing market have cooled down? Ah, the fun in store for political forecasters.

- Ooh, here's the list of other GOP seats the Mayor may look to knock into the Democrat's ring

Corcoran is reporting that the average price for a Park Slope brownstone has hit 3.35 MILLION dollars! New York Magazine has the rundown:

Yes, Brooklyn Heights’ dreamy blocks continue to be a haven for townhouse types. But Park Slope is still the center of a certain kind of Brooklyn life, and last week, when the Corcoran Group released its end-of-the-year report—painting a patchy picture of a housing market that’s up, down, and sideways, all at once—one statistic leapt off the page. The average price of a townhouse in the Slope reached $3.35 million this past year, a 90 percent increase over the last quarter of 2004.

Continue reading "Bubble Inflation Hits Ridiculous New Heights!"

The U.S. Census released its latest populations estimates yesterday, and New York City lawmakers freaked out. Apparently, NYC saw a decrease, from 8,109,626 to a current (as of July 2004) 8,104,079; though there were population increases in the Bronx and Manhattan, decreases in Brooklyn and Queens led to the net decrease. Any total decrease affects the amount of money the government distributes for housing subsidies and other aid. And the city has had a history of successfully challenging the Census' numbers before. The head of the City Planning office's population division told the NY Times, "Everyone who studies New York's demographics knows you don't get big increases in Staten Island and substantial increases in Bronx and Manhattan, and no increase in Brooklyn and Queens, which lead the city in immigration and new housing," but a Queens College demographer wonders if the Census numbers are "finally reflecting September 11." So, that might mean the population increase many New Yorkers feel today (as evinced by the crazy housing market) will only be reflected in, like, 2009. That sounds about right for a government agency.