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How I Determine Market Price Appreciation Since “any date” Posted by Noah Rosenblatt in Buying A Co-op, Buying A Condo, Current Events

I prefer to use Median PPSF trends (60 day moving average) as a measure of market price action over time versus say Median Sales Price trends which are highly seasonal and more a representation of what types of properties close and when. For example, Median Sales Price will be highly affected if a high number of large properties close in one month followed by a high number of smaller properties that close in an adjoining month – the result will be a very choppy Median Sales price with big % swings month to month; especially as you hyper-localize. …

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Visualizing Manhattan’s 5-YEAR Extraordinary Run Posted by Noah Rosenblatt in Buying A Condo, Current Events

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I wanted to take a look at the bigger picture here and absorb what the Manhattan market did over the past 5 years. Its truly remarkable when you look at it in this light. The main metrics we will be focusing on are:

1. Manhattan Price Per Sft Trends since 2010

2. Manhattan Supply Trends since 2010

3. Manhattan Pending Sales Trends since 2010

So we will keep it simple by looking at pace of supply, pace of demand and the level of price performance over the past 5 years.…

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What is Selling the Fastest in Manhattan?? Posted by Noah Rosenblatt in Buying A Co-op, Buying A Condo, Inventory Update

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A little factoid for you. Of all the property types in the 5 main neighborhoods of Manhattan (Upper Manhattan, UWS, UES, Midtown, Downtown), its co-ops in Midtown and condos Downtown that are selling the fastest.

Here is the breakdown and the chart on UrbanDigs.com:

Midtown Co-ops – 27 days on market
Downtown Condos – 29 days on market
—–
Upper Manhattan Condos – 40 days on market
Upper West Side Co-ops – 41 days on market
Upper East Side Condos – 44 days on market
Downtown Co-ops – 42 days on market
Upper West Side Condos – 51 days …

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Did You Know? The Best Month To List in Manhattan is….. Posted by Noah Rosenblatt in Buying A Condo, Current Events, Seller Tips

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MAY! That is assuming we define the best month for a seller to list as the month that seasonally experiences the highest contract volume. Sellers take notice, we can certainly use the inventory!

If we add up Manhattan Contract Volume for each month over the past 5 years, the ranking list is as follows:

#1 – MAY – with 5,560 total contracts written

#2 – MARCH – with 5,552 total contracts written

#3 – APRIL – with 5,537 total contracts written

#4 – JUNE – with 5,265 total contracts written

#5 – FEB – with 4,718 total contracts written

#6 …

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Bringing in a Buyer Broker After Viewing a Property? Posted by Noah Rosenblatt in Buyer Tips & Tricks, Buying A Co-op, Buying A Condo

I’m getting busy right before Thanksgiving with buyer clients looking to pickup a deal that was trading near peak levels only 6-8 months ago. With time scarce, I just wanted to re-publish this post from April, 9th, 2008. I get approached by many buyers these days seeking services, and usually they have already seen a property or worked with a broker that they no longer want to work with; for whatever reason. Just so you know your rights, here goes. Just understand that if you have submitted a bid with a seller broker, and then try to bring in a

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Contract Re-Assignments: A Sign of the Times? Posted by Noah Rosenblatt in Buyer Tips & Tricks, Buying A Co-op, Buying A Condo, Current Events

A: For all you guys that want front line reporting. I just went through my first contract re-assignment closing for a buyer client of mine; so basically, a buyer goes into contract for a property but for whatever reason CAN NOT close on the deal. Likely culprit is inability to get financing. Instead of going through the headache of litigation over the down payment and who can claim it, the original buyer attempts to assign the contract to a new buyer. The positives for the new buyer include getting a deal that was in a previous pricing amendment or a

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The Importance of Views Posted by Noah Rosenblatt in Buyer Tips & Tricks, Buying A Co-op, Buying A Condo, Current Events

A: I want to re-iterate just how important views are when trying to get top dollar at resale. In my opinion, its #1 and ahead of location as the permanent feature worth going for when you look to buy; with the focus being on finding motivated sellers with a view apartment who doesn’t have time to ‘test the market’ with a steep premium! Whenever I have a buy side deal that involves a property with spectacular views, I always am concerned that another bidder will come out of nowhere before we get a fully executed contract. I worry about this,

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The Seller’s First Response: Probe Bid Posted by Noah Rosenblatt in Buyer Tips & Tricks, Buying A Co-op, Buying A Condo

A: After almost four years in real estate sales now, I have gone through my fair share of both buy & sell side negotiations. One thing that seems consistent with almost ALL the deals I do, is that the seller’s first response to your initial bid is a reliable indicator as to where you might have to go to get a deal done! Lets discuss the seller’s first response to your initial probe bid and whether this information gathering strategy may be right for you. Originally Posted February, 26, 2007
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Its the most challenging part of my buy-side consulting for …

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Raised Limit Conforming Loan Explained Posted by Noah Rosenblatt in Buyer Tips & Tricks, Buying A Co-op, Buying A Condo, Current Events, Mortgage Do's & Dont's

A: A great topic that is often misunderstood! With the new jumbo loan limit being raised from $417,000 to $729,750, expanding what counts as conforming and therefore a lower rate, cheers are being hollered that this will save the markets, yay! Not so fast. Now that the plan has recently took effect, some buyers who fit into the subset of this plan and can take advantage of the conforming raised loan limit, are finding that the rate is higher than normal conforming loans? What gives? The answer lies in a little 2 point fee that the GSE’s are charging for

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The Importance of the Layout Posted by Noah Rosenblatt in Buyer Tips & Tricks, Buying A Co-op, Buying A Condo

A: I want to take a brief break from macro and discuss something that all buyer’s should take into account as they seek to put their hard earned money to work in a new home; the layout. I’ve noted many times before here on UrbanDigs.com in the buyers tips section the importance of putting your money into the permanent features of the property that likely won’t change until resale: location, light, views, raw space. Obviously light/views is the only thing that may change should the property be next to a future development site. After these four permanent features, apartment layout

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