The LDM Team REAL ESTATEBlog

Third Quarter Real Estate Market Report

Click on the link to see the latest sales report in NYC!

Corcoran 3rd Qtr 2009 Report

I am happy to inform you that Corcoran has released its Third Quarter Corcoran Report, our quarterly survey of residential real estate sales in Manhattan.  This report compares data based on deals that closed in 3Q 2009 (July 1 through September 30) with that of 3Q 2008 so you get to see a market analysis from year to year.

The impact of the credit crisis and difficulties in the mortgage market continue to drive sale prices lower.  2009’s Third Quarter posted 38% fewer closings over the same quarter a year before, as sellers dropped their prices between 14-18% in order to secure deals.  However, that level of price change has proved enormously attractive for buyers, who have re-entered the market with renewed vigor.  As of this writing, the number of closings in the Third Quarter has risen 16% versus the Second Quarter and will likely go higher as additional data comes in.

 

Although the spring is usually the busiest season for people to buy new homes, the frozen market we experienced in the wake of the credit collapse made for an atypical spring in 2009, with buyers and sellers unable to act on one another’s expectations.  Not until May was there any significant sales activity; but once it began it was serious and sustained.  Buyers and sellers have begun to agree about what constitutes realistic value in real estate, and this has translated into increased sales – a trend we expect to continue in the Fourth Quarter’s closings based on how busy agents have been making deals in the Third.

 

New development sales – most signed between twelve and eighteen months ago – continue to sell at a slower pace with 75% fewer closings this quarter than a year ago.  However, their prices were strengthened by an increase in luxury property closings.  Two- and three-bedroom unit closings in new development also were more heavily weighted this quarter because of a retreat of studio and one-bedroom buyers from new condos back to more affordable co-operative apartments, and this contributed to price appreciation in the new development market.

 

Working with PropertyShark.com, the industry leader in real estate information gathering, we collect comprehensive data about residential sales to make sure that the report you are reading is the most complete you can find.  The Corcoran Report provides information based on median sale prices (the price level at which half of all transactions are located above and half below), and average price per square foot (the value of a specific unit of space), as well as a variety of other metrics.  Please feel free to contact me if you have any questions about the report; I would be glad to discuss it with you. 

 

Looking forward to speaking with you soon.

 

Sincerely,

 

Laura Denise Milkowski, Christina Prostano, Michael Beam

 

The LDM Team  www.theLDMteam.com  LDM@corcoran.com

HOT OFF THE PRESS-Q2 market report!

I am happy to inform you that Corcoran has released its Second Quarter Corcoran Report, our quarterly survey of residential real estate sales in Manhattan. 

This report compares data based on deals that closed in 2Q 2009 (April 1 through June 30) with that of 2Q 2008.

The impact of the credit crisis and the national recession manifested in this quarter’s report with marked declines in sales activity and sale prices over the prior year.  2009’s Second Quarter posted 50% fewer closings over 2008’s.  An oversupply of available properties coupled with retreating demand in the first part of the year forced sellers to lower prices in order to differentiate themselves, resulting in 12-15% price drops across the board.  As a consequence, buyers have found themselves advantageously positioned with greater negotiability and have snapped up some of the best deals to be had in Manhattan in many years.

History demonstrates that the spring is the busiest season for real estate transactions and, despite the slower pace over 2008, the report reflects greater sales activity in the Second Quarter than the First.  In addition, we have noticed a profound uptick in deal activity in May and June as pent-up demand from the early part of the year finally was unleashed on the market; June 2009 was even busier for our agents than the same month a year prior.  Keep an eye out for our Third Quarter Report to track the impact of these deals as they begin to close.

 

New development sales – most signed between twelve and eighteen months ago – have also begun to feel the effects of a slower pace and noticeably fewer luxury property closings.  New developments posted decreased sale prices and slower activity; 67% fewer new development properties closed this quarter than were sold in 2Q 2008, with an average 14% drop in price per square foot.

Working with PropertyShark.com, the industry leader in real estate information gathering, we collect comprehensive data about residential sales to make sure that the report you are reading is the most complete you can find.  The Corcoran Report provides information based on median sale prices (the price level at which half of all transactions are located above and half below), and average price per square foot (the value of a specific unit of space), as well as a variety of other metrics. 

 

Please feel free to contact me if you have any questions about the report, I would be glad to discuss it with you. 

 

http://www.corcoran.com/guides/pdf/Q2Report-2009.pdf

Looking forward to speaking with you soon.

Warmly,

Laura Denise Milkowski, Christina Prostano, Michael Beam

www.theLDMteam.com  917 658 4755  LDM@corcoran.com

 

Q1 corcoran repost and...time to get HAPPY!

HAPPY SPRING, HAPPY EASTER, HAPPY PASSOVER!

The warmer weather has been motivating people to buy.  The phone is ringing and people are feeling more confident.  The recent news of the improved stock market ad financial state has also made people feel like better times are ahead! The reduced prices and low interest rates are making the smart buyers sing.  Their objective is to find a home at the lowest monthly price-they have been finding them with me-and they have been surprised by the…

“homes that take their breath away, and prices that resuscitate them”

Yes, there are deals out there!  And if we wait too long and the activity continues, we will have kissed the bottom of the market goodbye!

The First Quarter 2009 Corcoran Report, looks at the current state of the

Manhattan

real estate market.  This report compares data based on deals that closed in 1Q 2009 (January 1 through March 31) with that of 1Q 2008.

The First Quarter experienced 60% fewer closings as buyers and sellers found they had little common ground in pricing, nor the appetite for making major financial commitments during a time of such profound uncertainty.

Since closings trail the market by an average of two or three months, the data tracked in this report is indicative of market activity from the end of 2008.  As 2009 has unfolded, we have noticed even greater price reductions in the market and more negotiability than is reflected in the Corcoran Report; in February, sellers lowered their asking prices by an average of 9% and negotiated another 10% from the revised ask before a contract was signed.

New development sales – most signed between twelve and eighteen months ago – posted strong sale prices but markedly slower activity; 67% fewer new development properties closed this quarter than were sold in 1Q 2008.

 

Working with PropertyShark.com, the industry leader in real estate information gathering, we collect comprehensive data about residential sales and to make sure that the report you are reading is the most complete you can find.   Please feel free to contact me if you have any questions about the report; I would be glad to discuss it with you. 

All the Best,

Laura Denise Milkowski, Christina Prostano, Michael Beam

www.theLDMteam.com917 658 4755

How to be a SAVVY SELLER in TODAY's MARKET!

The current news is that prices are down and there are deals out there….

Yes, there are!  There are tons of properties on the market these days in every price category, so how do you tell the world you really need to sell-and get people through the door when you have to sell?

 TIPS to get BUYERS IN THE DOOR when you have to sell...

1-Look at similar properties currently on the market in your marketplace. 

So, if you have a one bedroom condo on the upper west side, look at 5-10 properties that are competitive.  Most people do not do this- it's a big mistake because they don't fully see and understand what other sellers are offering. Have your agent track those properties...how long they have been on the market and have they had price changes.  Being competitive is key in this market.

2-Make your property look better than the competition. 

Now that you've seen what the others are offering...be objective and see what you can do or change to make your place look better than all the others.  Here are some tips...

2a-Redo the floors

2b-Paint, spackle and scrub

2c-De-clutter everything including closets and remove all the nik naks and photos (the less personal, the better)

2d-Change old dark blinds, rugs and curtains to new bright ones

2e-Update furniture-people understand "catalog ready apartments", so if your furniture is tired or dated it's time for a change- West Elm and CB2 are affordable to achieve this change- we are all on a budget these days.  The good news is you can take it with you!

2f-Update appliances (it’s amazing how stainless appliances can make an old kitchen look new- for a lot less than you think).

2e-Hire a stager, such as Jill Vegas to spiff the place up...you'll get bids in no time!

3-Price your property BELOW the competition. 

Understandably many people have a hard time with this.   Even in this market if its a deal, the property will get more than one bid or be bed up so don't worry...money will not be left on the table.  Want to be extra sure?  Call me- I am seeing this happen firsthand!

4-Pay a higher broker fee.

Many of you may not be want to hear this but it's true....in a market where agents are working more than 2-3x harder to put deals together, and where many are falling apart, this added incentive will trigger those agents to look out for your property.  There's a reason several of the high end new developments offer 7 or 8% fees...they know agents put together over 90% of the deals and they feel its well worth it- or they wouldn't have offered in the first place, right?

5-Listen.

Follow the advice of professionals in today's market to get the best results.  That's what they are there for!  One of the biggest frustrations my customers face is that they do not get good results because they have not taken my advice.  After being in the business 9 or so years, having bought, sold, am a landlord and leased myself, I can say I know a thing or two about real estate...even enough to write a book too. The value of a good agent puts money in your pocket, saves thousands and is designed to make your life easier and benefit from all they have experienced. So-although we don't like to follow the doctors orders, we should because it's best for us!

Just look into a buyers mind...

Buyers who look for deals give lowball bids on ones that looks a bit shoddy.  It's not their fault some sellers didn’t take the time to be competitive in today’s market! They can see that those details may not be as big a deal or cost as much as the other buyers perceive-but will take it at a reduced price.

Don't let this be you!

Want to hear more?  Email me at LDM@corcoran.com for more tips and strategies...if you want to be SOLD instead of on the market!

Warmest Regards,

Laura Denise Milkowski, Christina Prostano, Michael Beam

www.theLDMteam.com

 

HELP A FRIEND, HELP YOURSELF!

As many of you know, I make it a point to take care of my friends and customers.

Recently I had the opportunity to utilize a service from a big provider and went WAIT- I have a friend that does that.  I chose to hire my caring friend instead of the big provider who really didn't know or care about me! (yes-he did an AMAZING job).

Now more than ever I bet they will appreciate the additional business to keep the motor running...and if we all do this, I bet confidence of future business instead of the common "fear" we hear so often will come back.

Let's support each other...we all need stuff and services-and I can take the guesswork out for you!  Why not get better service and help a friend at the same time? So, let me know if you need ANY services...because I have experts that will take good care of you! 

And if YOU have any promotions for your products and services please let me know...I'll spread the word!

Since the BOOK PROPOSAL IS done...I need to meet some great agents that handle non fiction books or a person in publishing-so please call me with your recommendations and help your friends too! 

Speaking of experts, this one in particular can save you tons on your monthlies and handles MORTGAGES!

Right now refinancing your mortgage can save you thousands of dollars, as rates are at historical lows. Now is the time to take advantage of all of the bailouts you keep reading about.

See how easy I can make it for you?

Call me and I will ask you a few questions to match you with my mortgage professional!

 

We're always looking out for you!

GET YOUR DEAL HOME IN A FEW EASY STEPS!

In this environment its nomal to want a deal when buying a home or investment property.

If you are one of the lucky few that have a secure job and have saved....this one's for YOU!

1-Meet with real estate agent and understand the costs and what is involved.

2-Create your budget and add 10% to it for negotiability.

3-Be flexible about location and details like amenities, condition etc.

4-View alot (20-30 or so) properties in your budget and similar location.

5-Make offers

Ok...so some of you are wondering what's different than normal?  

Usually in a normal market people see 7-10 properties before making a decision because technology has given us more information and power to make the process alot easier.  These days people are seeing alot more property AND making alot more offers.

Seeing alot of property in a small window of time in several similar areas is crucial. Bidding on several properties is really the only way to test many sellers' willingness or neediness to negotiate or sell! So, we are looking for people who NEED to sell- not those who are testing the waters only to sell if they get their price. The "test and see" mentality by sellers is very 2006 and very NORMAL.

Why?  Human nature.  It takes humans a while to digest information and come to terms with something they may not really like.  Buyers, remember when the market was hot?  Many of you remember losing several properties because they wanted to own but didn't want to come to terms that the market was so hot that they needed to pay full price or even more...

Sellers feel exactly thesame and don't want to part with any possible equity in their property-you'll see it when it's your turn to sell!

We humans always want to feel we got the best deal.  How do we do that? By NEGOTIATING! Sellers want MORE, buyers want LESS-the opposite mentality where someone needs to bring them together or there's no sale!  That's why you need a really good agent with alot of experience that makes the time for you...that can sniff out the deals(based on comps in buildings), market knowledge and personal buying and selling experience.

A property is not a deal if the price per square foot is low...but its dark and in poor condition UNLESS its priced way below the apples to apples comparison in that building or area....a good agent will know! 

Did you know many new developments are offering to pay closing costs, negotiate their prices and throw in freebies?  These brand new homes can be great deals...especially the ones with tax abatements...which will keep costs low for many years!

Wanna hear more?

Call 917 658 4755 to schedule your deal finding consultation!

Tips...to get to the CLOSING TABLE Successfully in Changing Times

 

“Laura’s recent article on improving my home cost me only a few hundred dollars…but got my home sold quickly and at a better price than I expected-and she brought in a tons of complimentary props to save me $$.” -LVB

Per my last article, I’m sure you recall that people can still buy and get loans, right?

Now that we have that established, there are still many things throughout the process that can go wrong.  Usually when I sit down and meet with people for a consultation, I share with them things that can really affect getting them to the closing.  Serious buyers who appreciate and understand the value of homeownership will certainly not want a big surprise after they’ve come so far.  In addition, there may be some penalties if you cannot get to the closing table on time…or at all! These items can be prevented….

I’m sure you too want to be privy to this valuable information…so read on!

MAKE SURE THE PROPERTY YOU ARE BUYING IS SOUND:

There are a lot of things that go into the bank or attorney approving a building.  If the property doesn’t appraise or it’s a coop/condo and there isn’t enough owner occupancy or units sold many banks may not provide financing.  See which banks will finance the property under those conditions (mortgage brokers are great at this), and ask your real estate attorney to discuss the due diligence or research they have found on the building.  Attorneys look at how the building is run, owner occupancy, work recently done and/or needed, the reserve fund amount, and the minutes(which may hint to and future building changes-whether it be policies or improvement, lawsuits or issues. There’s nothing worse than finding out after 6 months a big building improvement is needed which may cost you hundreds monthly-hire  great attorney. 


Don’t QUIT your Job or CHANGE CAREERS:

Since banks and boards look for employment history, don’t make and changes- at all- right now banks will fear another job isn’t easy to find…even though you do.  Usually banks want to see at least 2 years at one job or career…so many any big changes after you move-and you KNOW you have something lined up, so the mortgage payments are being made!

DON’T CREATE DEBT OR MAKE LATE PAYMENTS:

Most people do not realize or remember that once they give the coop or bank their docs that they have to provide more recent docs prior to closing-and it’s so easy to forget because the process does take several weeks if not months! Big cash depletions or new purchases which affect credit and debt to income ratios can easily be affected by items that seem small, but can hurt you big in the end!

DON’T GET A PET OR ANOTHER PET…

Many multi unit buildings have pet policies.  Being a pet lover myself, it’s certainly hard to swallow BUT they are there for a reason.

Being on the board in my own building, many pet owners are exceptional and very responsible, with dogs trained far better than my own admittedly BUT there are others that ruin it…imagine overcrowding, pet smells in the hall and feces in common areas-YUCK! Not only is this unsanitary but decreases the building and unit owners’ property value! So…if you have a pet-be up front and make sure the building will let it come with you.  Do not get another one until you are already in the building and are clear what the house rules and regulations are …or you may get more than you bargained for!

So, the moral of the story is, don’t make any change from when you sign a contract for a property till the closing to be safe!  You’ll thank yourself in the end!

For more info about what’s REALLY happening in the market, call me!

When you want to get the best deal when buying, selling or leasing in ANY market-call the LDM Team!

Need a service? Looking to buy/sell/lease outside of

Brooklyn

and NYC too?

Contact us- We have tons of real estate professional contacts throughout NYC and overseas! Being well established in our business, we have tons of trusted resources that take the guesswork out- for you!

Compliments of Laura Denise Milkowski, Christina Prostano and Michael Beam-  The LDM Team  www.theLDMteam.com

HAPPY NEW YEARS!

May Your New Year Be Filled With Peace...

Festivities, Relaxation & Prosperity!

Well Wishes for a Wonderful 2008!

Here's to Another GREAT YEAR!

Laura Denise Milkowski, Maggie Puppy,

Christina Prostano and Michael Beam

The LDM Team TM at the corcoran group

 created with tlc by ldm

NEWS for 2009 and Q4 Real Estate Market Report!

Hopes of Prosperity, Health and New Beginnings for 2009!

This week The LDM Team is up and running, and we have alot in store for you....

GOOD NEWS...

#1-The winter RESTAURANT WEEK is coming, so book your reservations soon...they fill up FAST! http://nycgo.com/restaurantweek

#2- In every HGTV/Property Virgins/House Hunters show I've seen lately, the biggest reason people buy a home- in any market...is to invest in themselves-instead of their landlords! Since prices are reduced and interest rates are at all time lows, take advantage of this current BUYERS market!

#3- Q4 Corcoran report just arrived-HOT OFF THE PRESS(link below)

  

It is my pleasure to provide you with our Fourth Quarter 2008 Corcoran Report, a look at the current state of the

Manhattan

real estate market.  This report compares data based on deals that closed in 4Q 2008 (October 1 through December 31) with that of 4Q 2007.

In light of the current recession and the credit crisis,

Manhattan

’s residential real estate market has entered its most tentative period in recent memory.  The Fourth Quarter experienced markedly fewer closings as buyers found financing difficult to obtain; forty percent fewer properties sold in the Fourth Quarter of 2008 than closed in the same quarter a year before.  The absence of liquidity has compelled sellers to lower their prices and this quarter’s report reflects the start of that trend in the resale market, where the median sale price dipped by 4%.

New development sales – most signed between twelve and eighteen months ago – continue to post strong sales figures, although the pipeline of prominent luxury properties in this category is slowing.  To better illustrate their uniqueness and because of the disparity in their schedules from contract execution to closing, the Corcoran Report looks at the re-sale and new development categories separately.

Working with PropertyShark.com, the industry leader in real estate information gathering, we collect comprehensive data about residential sales and to make sure that the report you are reading is the most complete you can find.  The Corcoran Report provides information based on median sale prices (the price halfway between the highest and lowest sale prices), and average price per square foot (the value of a specific unit of space), as well as a variety of other metrics.  Please feel free to contact me if you have any questions about the report; I would be glad to discuss it with you. 

Looking forward to speaking with you soon and addressing any real estate needs and questions you have.

4th Quarter Corcoran Report New York City

 

Enjoy!

 

Compliments of The LDM Team

Laura Denise Milkowski, Christina Prostano, Michael Beam

 

check out our website for money saving TIPS-www.theLDMteam.com

MYTH BUSTERS

MYTH BUSTERS!

“I loved how Laura took the time to explain all the aspects of selling in a declining market…her advice saved me thousands and will create a great investment for me- which will make hundreds of thousands in the future.” JD

Because of all the fear and negative press, many people are getting the wrong idea about what’s really going on today…read on!

I CAN’T GET A LOAN…                                                                                             

It’s truly amazing how most of the general public believe that banks have stopped lending.  With all the negative press, it’s understandable there are fears, and misunderstandings about what ACTUALLY is going on.  So…if you have great credit and are looking to invest 10% into the property or more for a home you plan on occupying, yes the banks are lending.  Right now the banks prefer 20% down, because there’s a higher risk of foreclosure and a 30 year fixed loan, excellent credit, with 20% down will yield the BEST interest rate.  And to further explain…due to uncertain economic times I recommend a conservative, 30 year fixed loan-WHY?  Because it hedges a lot of risk and can keep you in your home no matter the circumstances because you will be building equity, have fixed payments and YES, your home is ALWAYS a good investment…if you buy and borrow smart-and don’t panic….lease instead of sell in uncertain times!

I HAVE TO SELL NOW BEFORE THE MARKET DECREASES FURTHER….

My biggest question is WHY? And WHO TOLD YOU THAT? There are some people that are unfortunately in tough shape and are behind in payments and in hard times…and even still if you are savvy and take this tip…it may help a lot- try to negotiate the interest rate or terms to get the property affordable enough to get by….WHY? Because you don’t want to sell under duress and have hungry buyers bid low…on your home! REMEMBER-what goes down will come back up…walking away from possible hundreds of thousands or going to the closing having to pay the difference could be painful. If you’ve owned it several years it may be profitable or enough to break even to lease it out.  I have tons of tips if you are concerned about being a landlord than can save a lot of grief and tens of thousands!

I FEEL WE ARE IN A DECLINING MARKET-INSTEAD OF BUYING NOW I FEEL WAITING IS THE BEST…

A few things…if this is going to be your home and it’s the PERFECT one…it may not be waiting when you’re ready.  The property may be below market which will certainly stimulate buyers’ interest-and we know what the interest rates are NOW-at historical lows.  If you’re lucky and can pay cash, and won’t be affected by any interest rate changes, you may want to wait.  So long as you don’t procrastinate your way out of home ownership.

Right now I’m seeing a lot of sellers may not be real or serious and stay at their price(they don’t need to SELL), and what will the interest rates be when you do think the market is at the bottom?  All of this is speculation and none of us really KNOW what the future will bring.  Many of you though haven’t thought of this…there are many desperate, serious sellers out there NOW that are at the bottom price (or significantly less than market value).

I CAN’T AFFORD A SECOND HOME…

Says who? Regardless of the economy, many people who have alot of equity in their property have opened lines of credit on their primary residences to purchase a second home (providing it was an excellent value)….interest rates are at all time LOWS and the mortgage interest up to 1 million dollars for first and second homes is a write off…..and they can rent out these second homes for several months of the year which may pay for the expenses for the entire year! 

For more info about what’s REALLY happening in the market, call me!

When you want to get the best deal when buying, selling or leasing in ANY market-call the LDM Team!

Need a service? Looking to buy/sell/lease outside of

Brooklyn

and NYC?

Contact us- We have tons of real estate professional contacts throughout NYC and overseas! Being well established in our business, we have tons of trusted resources that take the guesswork out- for you!

GO TO www.theLDMteam.com- you will hear a live welcome message, and live interview on properties in the MORE section- ENJOY!

Compliments of Laura Denise Milkowski, Christina Prostano and Michael Beam-  The LDM Team Real Estate consultant and experts.  For more information, email  LDM@corcoran.com  www.theLDMteam.com