New York City Housing numbers

Source: REBNY

According to the U.S. Census Bureau’s 2011 Housing and Vacancy Survey, there are 3,352,042 housing units in New York City.  Homeownership makes up 35.2%, or 1,179,408 units of the entire housing stock. Unlike many other places NYC’s rental housing accounts for the majority, 64.8% (2,172,634 units), of the total.

Below is a borough breakdown of the total housing stock. Rental housing comprises about 70% of the stock in Brooklyn and Manhattan and over 75% of the total inventory in the Bronx. Queens shows a more even distribution of rental units and ownership, while Staten Island has a greater percentage of homeowner units.

Borough	Rentals	% of Total Housing Stock	Ownership	% of Total Housing Stock	Total Housing Stock
NYC	2,172,634	64.8%	1,179,408	35.2%	3,352,042
Bronx	388,022	76.0%	122,325	24.0%	510,347
Brooklyn	691,177	69.3%	306,318	30.7%	997,495
Manhattan	587,313	69.9%	253,362	30.1%	840,675
Queens	449,108	54.2%	379,338	45.8%	828,446
Staten Island	57,013	32.6%	118,064	67.4%	175,077

Manhattan has 43,256 condo units and 138,975 coop units  that make up 5.1% and 16.5% % of the borough’s total housing supply respectively.

Brooklyn has 30,142 condo and 53,402 coop units which account for 3.0% and 5.4% of the borough’s housing units respectively. Conventional homeownership, which is more commonly described as 1-3 family homes, accounts for 183,018 units or 18.3% of the total housing inventory in Brooklyn.

Similar to Brooklyn, Queens most plentiful housing type are 1-3 family homes. They account for 234,244 units, 28.3% of Queens’ total housing stock. Queens has 90,642 coop units and 21,835 condo units which account for 10.9% and 2.6% of the borough’s housing supply.

Conventional homeownership makes up 58.5% of Staten Island’s housing with 102,485 units. Staten Island has 8,058 condo and 883 coop units, which represent 4.65 and 0.5% of the borough’s total inventory.

Borough	Conventional Ownership	% of Borough Housing Stock	Condo	% of Borough Housing Stock	Coop	% of Borough Housing Stock	Rental Housing	Vacant Not for Sale or Rent*	Total Housing Units
NYC	579,299	17.3%	112,960	3.4%	322,682	9.6%	2,172,634	164,467	3,352,042
Bronx	54,184	10.6%	9,668	1.9%	38,780	7.6%	388,022	19,691	510,345
Brooklyn	183,018	18.3%	30,142	3.0%	53,402	5.4%	691,177	39,756	997,495
Manhattan	5,368	0.6%	43,256	5.1%	138,975	16.5%	587,313	65,764	840,676
Queens	234,244	28.3%	21,835	2.6%	90,642	10.9%	449,108	32,616	828,445
Staten Island	102,485	58.5%	8,058	4.6%	883	0.5%	57,013	6,639	175,078
*Vacant Not for Sale or Rent units are those under renovations that are unavailable, or new development units not yet being sold/rented.

May availability on the Upper East Side

Available is a high studio on the Upper East Side .

$4700 a month and $341 a day, the price is negotiable so contact me

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#LastMinute #Vacation Rentals available in #NYC

w46th: available 5/12 to 5/16 & 5/20 to 5/24: only $273/night
w46th: available 5/03 to 5/06: only $239/night
w46th: available 5/12 to 5/15: only $136/night
w46th: available 5/08 to 5/11: only $136/night
w46th: available 5/04 to 5/07: only $136/night
w46th: available 5/08 to 5/12: only $164/nigh
West Houston: available 5/08 to 5/11: only $171/night
W16th: available 5/12 to 5/18: only $273/night

#Landmark Properties Growing in #NYC

Source: REBNY

Landmark Properties Growing

Since 1965, the NYC Landmarks Preservation Commission has granted landmark status to more than 29,000 buildings and sites, including 1,305 individual landmarks, 114 interior landmarks, 10 scenic landmarks, 107 historic districts and 17 historic district extensions in all five boroughs. In the last fiscal year alone, the Landmarks Preservation Commission added a total of 1,499 buildings to the inventory.  Every designation brings a requirement that renovations be approved in advance by the Landmarks Preservation Commission and designation impacts the potential development that can occur on the site.

The most recently designated historic district is the Park Slope Historic District extension containing 600 properties.  Combined with the original Park Slope Historic District, the designation covers 2,575 buildings.  Other large historic districts include Greenwich Village (2,315 buildings) and the Upper West Side (2,020 buildings).

The Upper West Side expansions would be in addition to the existing 9 historic districts and a number of individual landmarks in this neighborhood.  Sixty-eight percent of the tax blocks in that neighborhood’s Community District already contain a designated property.

There more to come. Since 2006, the Landmarks Preservation Commission staff has surveyed nearly 30,000 buildings to assess their suitability for landmarking. Now in the designation pipeline are the 825-building Bedford-Stuyvesant/Expanded Stuyvesant Heights Historic District, the 640-building Crown Heights North III Historic District, a 900-building proposed district in central Ridgewood, a 330-building district in the East Village and three Upper West Side district expansions on Riverside Drive, West End Avenue and Broadway consisting of approximately 745 buildings. More information about historic districts and designated landmarks can be found on the Landmarks Preservation Commission website http://www.nyc.gov/html/lpc/html/home/home.shtml

Getting a Mortgage

I just read an article how difficult it is to get mortgages and what bankers have to say on the issue.

Many say that banks have tightened their terms to make not the same mistake of lending money to people who cannot afford it in the long run. According to one of the interviewees the banks drop about 50% of applications and in particular the ones with scores less of 700. Banks also take more factors into consideration like comparable sales. So if you are have a good standing but the appraiser of the bank does not find enough comps, they could decline the mortgage.

The whole situation became difficult and with banks waiting to get higher rates and applicants getting denied the market is in a loop where it is difficult to get out.

Housing Market Update

Today at 8.30 am the housing starts and permits number have been released. The starts have declined 5.8% compared to last but on the permit level an increase of 4.5% .

Yesterday I have posted an article from the New York times which is talking about the reasons of the high number of offers. Taking the opinion into consideration I say many developers are currently getting rid of their accumulated inventory over the past months and now start to apply for new projects.  The number of permits will decline in the next month and starts will be on the rise again due to the very favourable demand in the market.

In New York has a very high demand lately and developers will want to jump on the train before it arrives late autumn. The weather and over all opinion of even higher prices makes people want to buy but also the high increase of 10-12% in the New York City rents is supportive of the uptrend in demand.

My opinion is that the uptrend will last and price will soar until, as by many industry insiders predicted, foreclosure will hit the market and will swamp it with low prices. When it will exactly be happening, we have to wait and see but it will come.

Feel free to comment and what your thoughts are.

New York Market what happens here

The real estate market has become a seller market in recent weeks. I just read this article

http://www.nytimes.com/2012/04/15/realestate/buyer-confidence-portent-or-blip.html?pagewanted=3&_r=2&hp

which more than anything else highlights the current situation. I am trying to give the best advise as possible to my clients and some listen others do not. But articles like this, give agents more credit because it comes from a source outside.

I personally want my client happy if he moves into an apartment and I want my seller not to be frustrated if no offers arrive. Many agents are not willing to CoBroke on listings but this should not be because the seller will miss out on almost 60% of the market. Who likes that?