CitiBlog

Mortgage Rate Update

Fri, 20th Nov 2009 09:48:14 EST

Posted by: Christopher Dente
Date posted: November 20th, 2009

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Source: BankRate.com

View: three months

5/1 A.R.M. 4.19%
15-Year Fixed 4.49%
30-Year Fixed 5.02%

5/1 Jumbo 4.69%
15-Year Jumbo 5.39%
30-Year Jumbo 5.85%

U.S. Mortgage Rates Fall for Third Consecutive Week

Fri, 20th Nov 2009 09:43:19 EST

Posted by: Christopher Dente
Date posted: November 20th, 2009

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U.S. Mortgage Rates Fall for Third Consecutive Week

By Brian Louis
Nov. 19 (Bloomberg) -- Rates for 30-year fixed U.S. home loans fell for the third straight week, offering a boost to potential buyers who may use a government tax credit to purchase homes. The 15-year rate declined to a record low.

The 30-year rate dropped to 4.83 percent from 4.91 percent, the lowest since May, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The average 15-year rate fell to 4.32 percent, the lowest since records began in 1991.

Read full article here.

With F.H.A. Help, Easy Loans in Expensive Areas

Fri, 20th Nov 2009 09:36:52 EST

Posted by: Christopher Dente
Date posted: November 20th, 2009

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With F.H.A. Help, Easy Loans in Expensive Areas

By DAVID STREITFELD | NY Times

SAN FRANCISCO In January, Mike Rowland was so broke that he had to raid his retirement savings to move here from Boston.

A week ago, he and a couple of buddies bought a two-unit apartment building for nearly a million dollars. They had only a little cash to bring to the table but, with the federal government insuring the transaction, a large down payment was not necessary.

Read full article here.

U.S. Housing Recovery Delayed to 2010 as Market Wanes

Fri, 20th Nov 2009 09:33:27 EST

Posted by: Christopher Dente
Date posted: November 20th, 2009

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U.S. Housing Recovery Delayed to 2010 as Market Wanes

By Kathleen M. Howley and John Gittelsohn

Nov. 20 (Bloomberg) -- A recovery in U.S. housing will have to wait at least until next year.

The outlook for the home market dimmed this week as residential construction and mortgage applications fell and loan delinquencies reached a record.

Read full article here.

Real Estate Outlook: Moving Towards Recovery

Tue, 17th Nov 2009 10:27:18 EST

Posted by: Christopher Dente
Date posted: November 17th, 2009

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Real Estate Outlook: Moving Towards Recovery

by Kenneth R. Harney

(Realty Times) The huge impact of the federal home buyer tax credit program, which is now set to continue and even expand through next spring, dominates the housing resale numbers this week.

Sales of existing houses during the third quarter jumped by 11.4 percent over second quarter sales, according to the National Association of Realtors.

Read full article here.

First-time homebuyers leading market back

Mon, 16th Nov 2009 15:54:05 EST

Posted by: Christopher Dente
Date posted: November 16th, 2009

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First-time homebuyers leading market back

By Les Christie, CNNMoney.com staff writer

Housing recovery is being propelled by affordability, bringing entry-level buyers back into the market.

NEW YORK (CNNMoney.com) -- Propelled by the first-time homebuyers tax credit, nearly half of home sales are now being made by first-time purchasers, according to an industry report released Friday.

Read full article here.

Bidding Wars Resume

Mon, 16th Nov 2009 15:50:57 EST

Posted by: Christopher Dente
Date posted: November 16th, 2009

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Bidding Wars Resume

By VIVIAN S. TOY | NY Times

A TWO-BEDROOM apartment on the Upper West Side is listed at $1.595 million and sells within two weeks after nine prospective buyers race to outbid one another, ultimately pushing the price to nearly $1.8 million.

Read full article here.

Mortgage Rate Update

Mon, 16th Nov 2009 15:45:32 EST

Posted by: Christopher Dente
Date posted: November 16th, 2009

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Source: BankRate.com

View: three months

5/1 A.R.M. 4.09%
15-Year Fixed 4.60%
30-Year Fixed 5.02%

5/1 Jumbo 4.77%
15-Year Jumbo 5.39%
30-Year Jumbo 5.89%

EliteRentals - November/December 2009 Issue

Thu, 12th Nov 2009 14:37:09 EST

EliteRentals is published by Citi Habitats, the premier residential brokerage firm in Manhattan.

Credit to: Christopher Dente
Posted by: Christopher Dente
Date posted: November 12th, 2009

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EliteRentals - November/December 2009 Issue

Features:

2009 Guide to Renting In Manhattan

October 2009 Residential Rental Market Report

Cover Story: Loft of Your Dreams/ $22,000 month

Click on the image to view entire issue

New Development News - 80 DeKalb

Thu, 12th Nov 2009 14:11:11 EST

Credit to: Christopher Dente
Posted by: Christopher Dente
Date posted: November 12th, 2009

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80 DeKalb Avenue

Committed to sustainability, 80 DeKalb is one of the only rental buildings in Brooklyn targeting LEED certification and will be among the newest residential buildings in the borough.

Located on DeKalb Avenue between Hudson Avenue & Rockwell Place in Fort Greene, the building borders both the BAM (Brooklyn Academy of Music) Cultural District as well as Fort Greenes noted Historic District.

The buildings unique architecture features an angled metal and glass facade and is accented by large terraced setbacks at the upper portion of the building. High ceiling and oversized windows give the tower a slender and luminous quality, and will provide residences with abundant light and open panoramic views of downtown Brooklyn, the Manhattan skyline, Statue of Liberty, New York Harbor and historic brownstone Brooklyn.

Designed by renowned architect Costas Kondylis, 80 DeKalb is the first residential tower built by Forest City Ratner Companies (a Brooklyn based development company).

80 DeKalb is convenient to transportation near the B, M, Q, R, 2, 3, 4 & 5 Trains all within a 5 block radius.

Number of Units: 365; 36 floors

Unit Mix Type: Studios, 1 Bedrooms, 2 Bedrooms

Price Ranges:
Alcove Studios from $1,955
1 Bedrooms from $2,255
2 Bedrooms from $3,400

Amenities: 24-Hour Doorman, On-site Valet Service, Full-Time Live-in Superintendent, State-of-the-Art Private Fitness Center, Yoga Studio, WiFi, Residents Lounge with Entertaining Kitchen and Fireplace, Sundeck, Screening Room, Bike Room, Ground Floor Retail Space, On-site Parking Garage

Interior Apartment Finishes: Apartment Finishes include High Gloss White Thermofoil Custom Cabinets with Squared Edges, Polished CaesarStone Countertops with Full Height Viscaya Glass Tiled Backsplashes, Polished Chrome Fixtures, Stainless Steel Kitchen Aid or Summit Refrigerators, Stainless Steel Whirlpool or GE Gas Range Ovens, Stainless Steel Whirlpool Microwaves and Dishwashers, Bathroom Finishes include Crema Marfil Honed Marble Shower Tiles, SantAgostino Ceramic Matte Finish Floor Tiles, Custom Japanese Elm Wood Grain Vanities with Undermounted Kohler Sinks and Honed Quartz Countertops, Kohler Fixtures, Toto Commodes, ASKO Stackable Washers & Dryers in all Apartments, some Apartments with Private Outdoor Setback Terraces, Oversized Windows, Wide Plank Maple Wood Flooring (FSC-Forest Stewardship Council), 9ft11ft Ceiling Heights, Windows with UV Protection, North, South, East & West Exposures.

Visit: www.dklb.com

Mortgage Rate Update

Thu, 12th Nov 2009 13:44:59 EST

Posted by: Christopher Dente
Date posted: November 12th, 2009

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Source: BankRate.com

View: three months

5/1 A.R.M.        4.20%
15-Year Fixed 4.63%
30-Year Fixed 5.07%

5/1 Jumbo         4.74%
15-Year Jumbo 5.40%
30-Year Jumbo 5.91%

The Alliance for Downtown New York - Q3 2009 Real Estate Market Overview

Thu, 12th Nov 2009 13:41:01 EST

Posted by: Christopher Dente
Date posted: November 12th, 2009

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The Alliance for Downtown New York - Q3 2009 Real Estate Market Overview

Though the global recession continued to impact Lower Manhattan in Q3 2009, the real estate market outperformed other business districts and showed signs of stabilization. There was a notable uptick in leasing activity between July and September, highlighted by the signing of two of the citys largest leases this year. Meanwhile, residential vacancy rates remained very low, and hotel prices and occupancy outpaced the greater New York City market. Additionally, 21 retailers opened their doors this quarter, ranging from a national steakhouse chain to delis, clothing stores, and hair salons.

Click here to read the Q3 2009 Real Estate Market Overview, covering office, residential, hotel, and retail market performance.

Rental Market Analysis - October 2009

Thu, 12th Nov 2009 13:31:31 EST

Credit to: Christopher Dente
Posted by: Christopher Dente
Date posted: November 12th, 2009

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Average Rents October 2009

Market-wide for Manhattan, the average October 2009 rental price for a studio was $1,731, representing a decrease of 1% from September 2009; a one bedroom, $2,384 representing a decrease of 1% from September 2009; a two bedroom, $3,307 representing a decrease of 1% from September 2009; and three bedroom, $4,494 representing a decrease of 1% from September 2009.

Vacancy Rates October 2009

The overall vacancy rate for Manhattan for October 2009 was 1.86% representing a slight increase in the vacancy rate from the September 2009 rate of 1.83%.

A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .95%, while the Upper East Side, at 2.41%, ranked highest.

Please click here to view the entire report.

5 Pct. Of Americans Plan to Buy a Home Next Year Sign in to Recommend

Thu, 12th Nov 2009 13:25:21 EST

Posted by: Christopher Dente
Date posted: November 12th, 2009

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5 Pct. Of Americans Plan to Buy a Home Next Year Sign in to Recommend

By THE ASSOCIATED PRESS | November 11, 2009

NEW YORK (AP) -- Just one in 20 Americans say they plan to buy a home within the next year, and they're most likely to be 34 years old or younger and living in the South or West, according to a survey released Wednesday.

Roughly a quarter of potential buyers said the No. 1 reason they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes.

Read entire article here.

3rd drop in foreclosures hints at recovery; state-by-state chart

Thu, 12th Nov 2009 13:15:01 EST

Posted by: Christopher Dente
Date posted: November 12th, 2009

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3rd drop in foreclosures hints at recovery; state-by-state chart

By Paul Wiseman, USA TODAY

Foreclosures fell for the third-consecutive month in October, another sign the worst of the housing crisis may be past.

RealtyTrac, an Irvine, Calif., real estate firm, reports Thursday that foreclosure filings totaled 332,292 last month, down 3% from September but up 19% from a year earlier. The figure means that one of every 385 homes received a foreclosure notice in October.

Read entire article here.

Mortgage Refinance Applications Increase, Purchase Applications at Nine Year Low

Thu, 12th Nov 2009 13:11:04 EST

Posted by: Christopher Dente
Date posted: November 12th, 2009

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Mortgage Refinance Applications Increase, Purchase Applications at Nine Year Low in Latest MBA Weekly Survey

WASHINGTON, D.C. (November 12, 2009) The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 6, 2009. The Market Composite Index, a measure of mortgage loan application volume, increased 3.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.8 percent compared with the previous week.

Highlights:

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.90 percent from 4.97 percent, with points increasing to 1.03 from 1.01 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The contract rate is the lowest observed in the survey since the week ending May 15th, 2009, when it was 4.69 percent.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.33 percent, with points decreasing to 1.15 from 1.33 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.85 percent from 6.83 percent, with points decreasing to 0.29 from 0.31 (including the origination fee) for 80 percent LTV loans.

Read entire release here.

Homebuyer's Tax Credit Applies to Higher Income, Move-up Buyers

Tue, 3rd Nov 2009 09:49:55 EST

Posted by: Christopher Dente
Date posted: November 3rd, 2009

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Homebuyer's Tax Credit Applies to Higher Income, Move-up Buyers
Chris Palmeri | BusinessWeek

The Senate is expected this week to pass an extension of the credit that was originally going to expire Nov. 30. Buyers who sign a purchase agreement by April can now claim the credit.

The extension will apply to higher income buyers. Previously the credit was available to individual filers making $75,000 a year or less. For couples the limit was $150,000. The new income limit will be $125,000 for individuals and $225,000 for couples.

Read entire article here.

Real Estate Outlook: Case-Shiller Index

Tue, 3rd Nov 2009 09:47:11 EST

Posted by: Christopher Dente
Date posted: November 3rd, 2009

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Real Estate Outlook: Case-Shiller Index

by Kenneth R. Harney

(Realty Times) If you look at the latest Case-Shiller home price index numbers, which showed prices up in seventeen of the twenty markets it tracks and the fourth straight month of gains, you'd have to say: wow, how things have changed!

Read entire article here.

Mortgage Rate Update

Tue, 3rd Nov 2009 09:42:50 EST

Posted by: Christopher Dente
Date posted: November 3rd, 2009

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Source: BankRate.com

View: three months

5/1 A.R.M.        4.24%
15-Year Fixed 4.60%
30-Year Fixed 5.15%

5/1 Jumbo         4.78%
15-Year Jumbo 5.60%
30-Year Jumbo 6.08%

Washington Report: Extending the Credit

Mon, 2nd Nov 2009 16:23:07 EST

Posted by: Christopher Dente
Date posted: November 2nd, 2009

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Washington Report: Extending the Credit

by Kenneth R. Harney

(Realty Times) Don't bet all your money on it quite yet, but it looks more and more likely that Congress will extend the housing tax credit beyond its scheduled termination date - and maybe even open it up to people who already own homes.

Read entire article here.

Pending Home Sales Rise for Record Eight Straight Months

Mon, 2nd Nov 2009 16:20:23 EST

Posted by: Christopher Dente
Date posted: November 2nd, 2009

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Pending Home Sales Rise for Record Eight Straight Months

Washington, November 02, 2009

Pending home sales rose again, marking eight consecutive monthly gains the longest streak since measurement began in 2001, according to the National Association of Realtors®.

Read entire article here.

Fears of a New Chill in Home Sales

Thu, 29th Oct 2009 14:01:08 EST

Posted by: Christopher Dente
Date posted: October 29th, 2009

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Fears of a New Chill in Home Sales

By DAVID STREITFELD | Published: October 27, 2009

Even as new figures show house prices have risen for three consecutive months, concerns are growing that the real estate market will be severely tested this winter.

Read full article here.

Homebuyer Tax Credit Measure Backed by Administration

Thu, 29th Oct 2009 13:39:12 EST

Posted by: Christopher Dente
Date posted: October 29th, 2009

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Homebuyer Tax Credit Measure Backed by Administration

By Brian Faler and Dawn Kopecki

Oct. 29 (Bloomberg) -- The Obama administration endorsed plans to extend an $8,000 tax credit for first-time homebuyers, saying it is helping stabilize the nations housing market.

Read full article here.

Mortgage Rate Update

Tue, 27th Oct 2009 13:20:39 EST

Posted by: Christopher Dente
Date posted: October 27th, 2009

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Source: BankRate.com

View: three months

5/1 A.R.M.        4.30%
15-Year Fixed 4.72%
30-Year Fixed 5.25%

5/1 Jumbo         4.70%
15-Year Jumbo 5.61%
30-Year Jumbo 6.08%

Q. and A. on New York Rent Ruling

Tue, 27th Oct 2009 11:59:57 EST

Posted by: Christopher Dente
Date posted: October 27th, 2009

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Q. and A. on New York Rent Ruling

By JOSH BARBANEL | Published: October 23, 2009

(New York Times) When the New York State Court of Appeals overturned some rent rules in place for more than nine years on Thursday, the decision opened a window for many market-rate New York City tenants, including some paying some of the highest rents in the country, to roll back rents and get the protections of the state governments rent regulation system. Here are some questions and answers about the decision.

Read full article here.

Housing Market Faces Hard Road to Normal, Fed Economist Says

Tue, 27th Oct 2009 11:56:12 EST

Posted by: Christopher Dente
Date posted: October 27th, 2009

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Housing Market Faces Hard Road to Normal, Fed Economist Says

By Vivien Lou Chen

Oct. 26 (Bloomberg) -- The U.S. housing market faces a difficult return to normal because government-sponsored enterprises own or guarantee most mortgage lending while alternative sources have disappeared, said an economist with the Federal Reserve Bank of San Francisco.

Read full article here.

Home Prices in 20 U.S. Cities Rise for Third Month

Tue, 27th Oct 2009 11:53:21 EST

Posted by: Christopher Dente
Date posted: October 27th, 2009

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Home Prices in 20 U.S. Cities Rise for Third Month

By Shobhana Chandra

Oct. 27 (Bloomberg) -- Home prices in 20 U.S. cities rose in August for a third consecutive month, bolstering the case that an economic recovery is at hand.

Read full article here.

Have We Really Hit The Bottom Of The Real Estate Housing Market?

Tue, 27th Oct 2009 09:53:25 EST

Posted by: Christopher Dente
Date posted: October 27th, 2009

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Have We Really Hit The Bottom Of The Real Estate Housing Market?

CBS MarketWatch | By Ilyce Glink | Oct 22, 2009

Everyones so anxious to call the bottom of the real estate housing crisis.

Why? Theres no accolade for being right. Its not as if were going to see a 65 percent surge in housing prices over the next six months (and watch out for that kind of momentum in the stock market - it just feels wrong when the real unemployment rate is approaching 16 percent nationally).

Read full article here.

Mortgage Rates Inch Up; 30-Year Still Below 5 Percent

Thu, 15th Oct 2009 11:59:17 EST

Posted by: Christopher Dente
Date posted: October 15th, 2009

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Mortgage Rates Inch Up; 30-Year Still Below 5 Percent

By: CNBC.com

The 30-year fixed-rate mortgage averaged 4.92 percent for the week ending October 15, 2009, up from last week when it averaged 4.87 percent, according to Freddie Mac. Last year at this time, the 30-year averaged 6.46 percent.

The 15-year FRM this week averaged 4.37 percent up from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 6.14 percent.

Read full article here.

Owners No More

Thu, 15th Oct 2009 10:32:43 EST

Posted by: Christopher Dente
Date posted: October 15th, 2009

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Owners No More

NY Times | By TERI KARUSH ROGERS | October 9, 2009

AS many co-op and condo owners can attest, ownership has its drawbacks.

These include the intermittent misery of dealing with a board and the waking nightmare of serving on one. There are also the occasional hair-raising assessments for improvements to the building, on top of the expense of maintaining an apartment.

Read full article here.

3rd Quarter 2009 Manhattan Sales Market Report

Thu, 15th Oct 2009 10:16:42 EST

Credit to: Christopher Dente
Posted by: Christopher Dente
Date posted: October 15th, 2009

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Please click on the image to view the entire 3rd Quarter 2009 Manhattan Sales Market Report

3rd Quarter 2009 Report - Manhattan Residential Rental Market

Thu, 15th Oct 2009 10:12:03 EST

Credit to: Christopher Dente
Posted by: Christopher Dente
Date posted: October 15th, 2009

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Average Rents 3Q 2009

Market-wide for Manhattan, the average 3Q 2009 rental price for a studio was $1,760, representing a decrease of .3% from 2Q 2009; a one bedroom, $2,423 representing a decrease of .2% from 2Q 2009; a two bedroom, $3,481 representing a decrease of 1.9% from 2Q 2009; and three bedroom, $4,591 representing a decrease of 1% from 2Q 2009.

Vacancy Rates 3Q 2009

The overall vacancy rate for Manhattan for 3Q 2009 was 1.71% representing a decrease of 0.17 in the vacancy rate from the 2Q 2009 rate of 1.88%. A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .1.08%, while the Upper East Side, at 2.41%, ranked highest.

Please click on the image to view the Manhattan Residential Rental Market 3rd Quarter 2009 Report.

Peak Rental Season 2009 Residential Market Report

Thu, 24th Sep 2009 10:48:09 EST
We are pleased to present our first Peak Rental Season 2009 Residential Market Report, a comprehensive analysis of the MayAugust Manhattan rental market.

Credit to: Christopher Dente
Posted by: Christopher Dente
Date posted: September 24th, 2009

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Peak Season Average Rents 2009/2008

Market-wide for Manhattan, the average 2009 peak season rental price for a studio was $1,763, representing a decrease of 11% from peak season 2008; a one bedroom, $2,425 representing a decrease of 8% from peak season 2008; a two bedroom, $3,431 representing a decrease of 11% from peak season 2008; and three bedroom, $4,533 representing a decrease of 8% from peak season 2008.

Peak Season Vacancy Rates 2009/2008

The overall vacancy rate for Manhattan for peak season 2009 was 1.66% representing an increase of 0.47 in the vacancy rate from the peak season 2008 rate of 1.19%.

Please click on the image to view full report.

Mortgage Rate Update

Mon, 21st Sep 2009 14:50:47 EST

Posted by: Christopher Dente
Date posted: September 21st, 2009

view full blog
Source: BankRate.com

View: three months

5/1 A.R.M.        4.29%
15-Year Fixed 4.65%
30-Year Fixed 5.16%

5/1 Jumbo         4.76%
15-Year Jumbo 5.63%
30-Year Jumbo 6.18%