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May 2009
EliteRentals - May 2009 Issue
May 29, 2009
EliteRentals is published by Citi Habitats, the premier residential brokerage firm in Manhattan.
EliteRentals - May 2009 Issue
Features:
2009 Guide to Renting In Manhattan
April 2009 Residential Rental Market Report
Cover Story: Battery Park City Gem/ $7,000 month
Exquisite Property: Mansion in the Sky - $75,000 / month
Click on the image to view entire issue
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Exceptional Spaces
May 29, 2009
Exceptional opportunities in the sales and rental markets...exclusively from Citi Habitats
39 E. 10th Street, #1W
Greenwich Village
$1,700,000
Recent Price Reduction
Back on market and priced to sell.
Enjoy Spring in your backyard.
Historic, huge, duplex coop, configurable with 3 bedrooms or more, plus screening room, library/office, full laundry in apartment, 2 working fireplaces, exclusive back-yard, private storage, on 10th Street in heart of the Village.
Architect reno plans prepared or live in as is. Renovated spaces with similar size and outdoor space in Village are typically 1 1/2 times as much.
The building was built around 1870 by James Renwick, Jr., who also designed nearby Grace Church, St. Patrick's Cathedral, The Smithsonian Institution Building and The Smithsonian's Renwick Gallery, in Washington, DC.
Later divided into 10 apartments on 5 floors, the building has been a coop for 30 years.
It is on a street of antique shops, restaurants, and many other amenities, close to Washington Sq. Park, NYU, the New School and all the Village has to offer.
Citi Habitats web id: 810123
Contact: Jay Molishever
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Mortgage Rate Update
May 29, 2009
Source: BankRate.com
View: three months
5/1 A.R.M. 4.67%
15-Year Fixed 4.87%
30-Year Fixed 5.27%
5/1 Jumbo 5.20%
15-Year Jumbo 6.06%
30-Year Jumbo 6.50%
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DOWNTURN EVIDENT IN MANHATTAN RENTAL MARKET LONG BEFORE LEHMAN CRASH
May 29, 2009
Source: The Real Deal
Downturn evident in Manhattan rental market long before Lehman crash
May 27, 2009 By Candace Taylor
The beginnings of the current real estate downturn could be detected a year before this fall's Lehman Brothers meltdown, a Citi Habitats data analysis of rental data shows.
The average rent for a Manhattan apartment in 2008 was $3,679, down from $3,724 the previous year, according to the report, released today, which measures Manhattan residential rental rate as per signed lease from 2004 to 2008.
more
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Manhattan Residential Rental Market Report – 5-Year Study (2004-2008)
May 27, 2009
Manhattan Residential Rental Market Report - 5-Year Study (2004-2008)
We are pleased to present the 2004-2008 Residential Rental Market Report, a comprehensive five-year analysis of the Manhattan residential rental market.
The last five years have certainly been an exciting time for the Manhattan rental market. From 2004 to 2008, we saw great increases in rental rates coupled with record low vacancy rates. Many factors contributed to these conditions - a strong and growing economy, robust hiring and a surge in condominium conversions that took thousands of rental units off-line, greatly tightening demand and inflating prices. However, late in 2008 we saw an economy on the decline, rising unemployment rates and an increase in rental inventory. All of these factors impacted rental pricing.
With the recent downturn in the economy, many perceived that the rental market was also experiencing great difficulties. However, the rental market is still quite healthy, due to the great appreciation experienced during this period. Since no market is totally immune to the affects of current economic difficulties, during the latter part of this period we saw an increase in landlord incentives (owner-paid commissions and free rent), and appropriate pricing became an extremely important factor for owners to consider when placing units on the market for rent.
Despite current economic issues, Manhattan is a renter-centric city and remains the safest it has been in decades. Citi Habitats reported significantly higher volume of rental transactions for the January through April 2009 period than the same period in 2008, proof that people are moving to Manhattan and still value all that our great City has to offer. We are heading into the peak rental season, typically May through September, which will provide us with a clear indication of what the 2009 rental market will hold. In March 2009 Citi Habitats reported a slight increase in average rental rates across all categories of apartment sizes as well as reported a slight decrease in the overall vacancy rate as compared to February 2009. This is the first month since May 2008 that the Manhattan vacancy rate has decreased from one month to the next.
Once the economic crises subside, Manhattan is sure to continue in all its vitality.
Please click on the image to view the entire report.
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