2018/10/10: there's a paradox here: New York real estate is valuable because of the people who want to live there because of the vibrancy of the city -- but as the city is choked off from real activity, the value of the real-estate begins to fall. And once the fall starts, it accelerates: as with all bubbles, a crisis of faith in the market precipitates a panicked sell-off, which deepens the crisis.
That dynamic is playing out in New York today: September 2018 sales volume is down 39% from September 2017, with prices dropping by 9%;
There is a ton of super-lux property about to enter the market: 9 skyscrapers this year, and 20 more by 2020.
Garrett Derderian of Stribling thinks the real number is more like 1:15, since, he claims, developers have been lowballing their supply numbers, mindful that a full picture will send prices falling further. “They are holding back homes that they would otherwise be actively marketing, and which would therefore show up in inventory figures,” he says. Inventory figures are being “significantly manipulated” by the practice of excluding this so-called shadow inventory, according to Miller.
Prices for super prime homes have been falling steadily. “In the market north of $10m, you’re seeing prices off anywhere from 10 to 30 per cent from the peak in 2014,” says Miller. In the third quarter of this year, the average home sold above $10m went for 13 per cent less than its asking price, the biggest discount of any price bracket tracked by Stribling.
If you live in an urban area in the United States, you've probably seen a fair number of vacant lots dotting the streets. In 2001, nearly 15.4 percent of urban lands across the country were vacant, and the picture hasn't improved much in more than a decade. A 2011 review of state and local laws
Shop for—and learn—about vintage and antiques. Browse the best of eBay, connect with other collectors, and explore the history behind your favorite finds.
In August 2010, San Francisco Supervisor Eric Mar decided that city intervention was needed to help him raise his daughter. As Mar later told reporters,...
New York City has a problem with income inequality. And it's getting worse-the top of the spectrum is gaining and the bottom is losing. Along individual subway lines, earnings range from poverty to considerable wealth. The interactive infographic here charts these shifts, using data on median household income, from the U.S. Census Bureau, for census tracts with subway stations.
A new report says New York City could slash its emissions by a whopping 90 percent by 2050 simply by making its buildings more energy efficient.
The office of the New York City Comptroller has begun coding up a revamp to a site that already gives a comprehensive look, updated daily, at nearly every check issued by the city. For the first time, the city will also offer software developers direct, programmatic access to a comprehensive trove of information about New York's fiscal health.