Andrew Heiberger Shares Some Predictions for Manhattan Real Estate In 2012
Andrew Heiberger Shares Some Predictions for Manhattan Real Estate In 2012 avatar

2012 Predictions

 

 

 

 

Andrew Heiberger, Founder and CEO of Town Residential, shared some of his thoughts and predictions on the Manhattan real estate market for 2012. I think these points should be very helpful for buyers, sellers, investors and renters trying to navigate the Manhattan real estate market in the upcoming year.

 If I were renewing a lease right now I would try to extend for two years if given the choice

On the Manhattan Sales Front:

  • I believe that prices and price per foot in all parts of Tribeca, the far West Village, Noho, and west of Park Avenue on the Upper East Side will rise the most due to a lack of supply. The same is true for townhouses and other single family residences, where quality supply is also limited.
  • Overall I believe 2012 will see more sales transactions and slightly higher prices in Manhattan, with the market buoyed in part by interest rates remaining at historic lows during this upcoming election year.
  • People still have faith in home ownership, especially in Manhattan. Together with an abundance of international buyers as well as affluent buyers from around the United States, the demand has remained strong for Manhattan real estate.

New Development Sales Market:

  • I believe Gary Barnett’s One57 will be a grand slam and THE success story of 2012. Its success will also pave the way for other super-high end developments in and around the Plaza District to its east, including the much-anticipated development at the former Drake Hotel site.
  • On the Upper East Side above 57th Street there are at least six major luxury developments, both ground-up and conversions, expected to file offering plans in 2012. We expect prices for many of these properties to start at $2,500/sf and likely exceed $5,000/sf in some cases.
  • In Soho, the far west village, Noho, the Chelsea Highline area, and all parts of Tribeca, it will be the year of the boutique condominium. Many super high-end new construction projects and well-conceived conversions are proceeding and expected to come to market. I believe they will sell out very quickly with prices starting at $2,000/sf and ordinarily capping out at around $4,500/sf. In other parts of Manhattan such as Hudson Yards and the East 30’s to 50’s, it is more likely that we see most new developments built as rentals.

On the Manhattan Rental Front:

  • The vacancy rate will remain low, and rents are sure to rise starting around the 2nd quarter. If I were renewing a lease right now I would try to extend for two years if given the choice, because once employment numbers pick up rents will jump even further to record highs.
  • Low mortgage rates are keeping rents in check because the alternative of buying becomes feasible once you approach the $80/sf threshold for units under $1.5 million.

As the Manhattan real estate market is constantly changing, contact me if I can expand on these points. I also have many rentals available at varying budget levels on my listings page. Please feel free to give your comments below.

Enjoy Summer 2012 In Luxury In This Stunning Bridgehampton Home
Enjoy Summer 2012 In Luxury In This Stunning Bridgehampton Home avatar

430 Lobs Lane Rental

430 Jobs Lane Bridgehampton South

 

 
 

 

 

 

 

 this mint home will make your summer one that you will never forget.

If you’re considering renting a home in the Hamptons this summer or even year round, you should act now on this property. I personally know the owners of this home and have been in it many times and it is truly special. It’s located in Bridgehampton South and rarely available as it is rented every summer.

You’ll feel comfortable and right at home. App. 5,500 sq. feet, this spacious, tastefully furnished Bridgehampton home set on a beautifully landscaped acre will allow you to enjoy all that the Hamptons offers in luxury.

It features 5 bedrooms, 4.5 baths, a formal dining room, large living room, fireplaces in the master bedroom and living room, a jetted soaking tub, a home office/guest room (6th bedroom), heated pool, garage and large backyard.

This is the perfect home whether you are looking for a peaceful retreat to recharge or you enjoy entertaining. Enjoy stunning water views of both the ocean and Mecox Bay which are within walking distance. Private, yet, convenient to the highway for exploring, this mint home will make your summer one that you will never forget.

PROPERTY FEATURES:
Furnished | Fireplaces (gas) | Washer/Dryer | Dishwasher/Microwave | Dining room | Private patio | Hardwood floors | High ceilings I Pets allowed  |  Pool  |  Garage  |  Laundry room I Parking available I Water Views

 

AVAILABILITY:

Memorial-Labor Day: $275,000
July-August: $250,000
Year Round: $325,000

 

View Larger Map

Contact me for more information and a showing before it’s gone. You can see more on this listing at TOWN here.

Full River Views: New, Luxury Rental in Lincoln Square
Full River Views: New, Luxury Rental in Lincoln Square avatar

The ultimate in luxury living. Best one bedroom line in the building. Enjoy idyllic river views from every window in this mint condition, Lincoln Square rental. Walk-in closet in bedroom. Open kitchen with d/w, stainless steel appliances. Bathroom features a deep soaking tub and separate shower stall.

Building Features:

  • 75’ indoor pool,
  • Spa
  • 38’ rock climbing wall
  • Full court basketball
  • Squash courts
  • Bowling alley
  • Club Lounge
  • Yoga
  • Pilates and
  • Kinesis rooms
  • Kidville NY children’s room
  • Elevator
  • 24 hr.Doorman
  • Concierge
  • On-site parking
  • Courtyard
  • Laundry
  • Much more

Property Details

Price:
$4,500

  • Location: Lincoln Square
  • 1 Bed | 1 Bath
  • Square Feet: 820 (approx)
  • Date Available: 15-Aug-2011
[srp_profile lat=”40.796055″ lng=”-73.97452499999997″ address=”Riverside Boulevard” city=”New York” state=”NY” zip_code=”10012″]

 

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Contact me now for a showing.

Start Earlier, Be Prepared For New York City Rentals
Start Earlier, Be Prepared For New York City Rentals avatar

RentedMany renters seem surprised by the tight inventory and higher prices that have occurred in the New York rental market recently. Clients are seeking assistance to find a new home with only a couple of weeks and sometimes days left on their current leases after becoming frustrated by searching on their own.

LANDLORDS in New York City can afford to be picky. With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks

Concessions that only a couple of years ago were the norm are now a rarity. In fact, a recent NY Times article stated, “LANDLORDS in New York City can afford to be picky. With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks. Good tenants are not that hard to find.”

Due to this environment, I am advising clients to have their financial requirements together before we begin the search so that we can move fast when we find an apartment that they like. I am also advising them to start their search a little earlier than they might normally. This makes the hunt for a new apartment less stressful for the tenant and also makes it more likely that they will be accepted once we find a potential apartment. It can be very disappointing for a client to find a great apartment only to lose it due to being too slow with the required paperwork.

The full article of the NY Times article, “You Say You’re A Dream Renter, Prove It” is here. TOWN also has an excellent renter guide that you can refer to to help with questions.

Please feel free to contact me if I can be of any assistance.