Category Archives: Construction

Hurricane sandy’s impact on real estate

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Halstead Property President Diane Ramirez shares her expert thoughts on Hurricane Sandy’s impact on real estate markets.

On the Halstead Blog: http://ow.ly/f8dAW

November 7, 2012

Our hearts go out to everyone affected by the storm and in our outer boroughs and our neighboring States that are still seeing and experiencing dire conditions – they all remain in our prayers.

I am starting to hear pockets of concern about the potential affect that “Sandy” might have on the New York City real estate market and specifically Downtown Manhattan as well as the local economy.  In my opinion, New York City has once again shown its true grit!  By and large, in the areas that we cover, we are getting back to normal very quickly.  Downtown Manhattan was affected the hardest and not surprising since it was hit head on by the horrific hurricane—an occurrence that has not happened in more than 190 years.

But even this area is coming back to normal albeit a little bit slower than the rest of Manhattan which looks like nothing had occurred.  Our economy should remain on its course and possibly even see a small boost from the rebuilding efforts.  We are seeing some delays with our closings that involve bank financing because many banks are requiring a final inspection to be done before closing to confirm that the property did not sustain any damage from the storm.  Other than that minor hiccup, our market remains very competitive with extremely low inventory and interest rates and a huge demand by the consumer to live in our unflappable NYC.

I will be sure to keep you informed with any other important news or updates.

Sincerely,
Diane M. Ramirez

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Greenpoint’s time is around the corner

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Brooklyn has been in the spotlight lately as it comes into its hip identity, with most chatter about Williamsburg. The New York Times spends some time in Greenpoint, with its “grit and quaintness,” and recognizes that with massive plans ahead, it’s on the way to becoming the next “it” place.

“Greenpoint’s residential waterfront quay will ultimately stretch for approximately 13 blocks: “It’s going to be bigger than Williamsburg, it’s going to dwarf Dumbo, and be twice the size of the Long Island City waterfront, like a massive version of the West Village waterfront. It’s going to be nothing like Hoboken: it’s going to be really cool.”

With all of the attention Greenpoint has gained, business and residents are already seeing a change—in people, in goods, and in prices.

Read the full article at the New York Times:
http://www.nytimes.com/2012/07/22/realestate/in-brooklyn-greenpoint-ready-to-follow-in-williamsburgs-footsteps.html

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brownstone prices trend up

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The Real Deal Magazine reports that while prices are stabilizing in Brooklyn, inventory is low and Brownstones are inching up in price. According to a Brown Harris Stevens report, median prices in Brooklyn Heights, with a large concentration of brownstones, have risen by 13%.

“Brown Harris Stevens’ report for the borough showed an increase of 13 percent in median prices, to $890,000, in the Brooklyn Heights, Carroll Gardens and Cobble Hill neighborhoods, where many brownstones are located. But despite its reputation as an up-and-coming area, prices in Clinton Hill/Fort Greene dropped year-over-year to $470,000, from $490,000. Prices also fell in the Bay Ridge/Sunset Park area, to $275,000, from $284,000 year-over-year, according to BHS.”

Read the full article at The Real Deal:
http://therealdeal.com/blog/2012/07/19/in-q2-brooklyn-inventory-down-brownstones-commanding-higher-prices/

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