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by Overseas Property Mall on Wednesday, July 15th, 2009 in International Real Estate Trends, Las Vegas, New York Property, Overseas Property Trends, United States Property
Property vultures are circling to pick the bones clean of deals as the US property clock has wound prices back to the same levels as they were in 2003, according to financial researchers Standard and Poor’s.
House prices fell 18% in April in S&P’s 10 and 20 city indices.
Commercial property has crashed alongside home prices registering a 20% decline, with market expectations of another good way to go – perhaps another 20%.
by OP-Mall on Wednesday, July 8th, 2009 in New York Property, North American Property
The once thriving real estate market in New York’s prestigious Manhattan district has experienced a heavy blow in the last three months. Sales have gone down by 50% and prices have continued to sink, leaving owners little hope to sell their apartments for a nice profit.
Jonathan Miller, CEO of real estate appraiser Miller Samuel, stated: “Sales were off by 50% because of the weak economy, rising unemployment and, most important, the credit crunch.”
by OP-Mall on Tuesday, June 2nd, 2009 in New York Property, United States Property
As we all know by know, times are tough. Signs of it are found everywhere we look – from flagging real estate prices to job losses and everything else in between. However, when a 40 storey skyscraper in the middle of New York sells for a measly $100,000 we can’t help but wonder what in the world is going on.
The tower is positioned right on a prime corner of real estate, close to the Museum of Modern Art and close to the Rockefeller Center and Central Park.
by OP-Mall on Friday, April 17th, 2009 in New York Property, North American Property, United States Property
New York employees face the biggest unemployment rate since 2003 with a total of 8.1 percent of the workforce being out of a job. This has resulted in a slowing demand of rentals in the city and particularly in Manhattan. Figures have shown that rents have fallen by 5.9 percent since the same time last year in March 09.
The lack of demand is in direct relation to the current unemployment situation in the country and people’s need to make some serious decisions about the financial situation in their lives.
As more and more employees are forced from their jobs through job cuts, they struggle to come up with the finances to pay for rent in the city. Even so the average rent has declined tremendously for all types of apartments, vacancy rate has topped 2 percent for the fifth month in a row.
by OP-Mall on Tuesday, February 24th, 2009 in Billionaire Homes, Buying Property, London Property, Luxury Property, Monaco Property, Moscow Property, Mumbai Property, New York Property, Property in Paris, Rome Property, Singapore Property, Tokyo Property
Provided you have the spare cash-flow and fancy a spot of sea change, then you might like to invest into a second home somewhere more exciting and away from home. But with investment usually comes cost and lifestyle change and we wonder, if it is really worth it?
Only those who have taken the plunge know this with certainty, for all others you can dream on by looking at the world’s most expensive cities to own a home. Compiled by the guys from Global Property Guide.
by OP-Mall on Friday, January 23rd, 2009 in New York Property
Reports all over have confirmed what was beginning to shape up late last year; Manhattan real estate is tumbling downward at a rapid rate. Many Manhattan based agents in the business have never seen anything like this in the last 25 years.
Prices of high end Manhattan apartments that until late last year have always withstood countrywide real estate price slumps are now coming down; sometimes by as much as 30%. This is great news for cash buyers as it puts the luxury townhouse and apartment market back on the map for many who previously couldn’t afford property in Manhattan.
by OP-Mall on Wednesday, November 19th, 2008 in New York Property
A British banker put down a cool $5 million as a deposit for the entire 76th floor of AOL Time Warner’s new Manhattan skyscraper. He is apparently a REIT executive, but this hasn’t been confirmed since he is intending to keep the transaction private.
What we do know is that he will fork out a whopping US$ 45 million for this prestigious apartment floor, which includes floor to ceiling glass windows, plus another $15 million for the decorating work.
This puts New York back on the market and local Realtors hope it will enliven the luxury property market after news gets around.
The swanky $1.8 billion AOL Time Warner building on Columbus Circle is nearing completion and incorporates a 252,000 SQ. M vertical village in he middle of Manhattan. It is also the city’s largest commercial development since the WTC when it opened in the 1970s with twin 80-storey towers.
by OP-Mall on Sunday, September 14th, 2008 in New York Property, United States Property
New York City’s real estate is looking a bit shaky right now – especially Manhattan – since the second quarter figures were released. While Manhattan held its head high amidst the country wide housing disaster for the past three years, latest statistics have shown cracks appearing. So much so, that the 38% dump in sales was hard to overlook.
The Corcoran Group, New York’s biggest residential real estate group stated that this low is the biggest in five years. This is especially concerning since this low came right in the middle of the usual hottest property season.
by OP-Mall on Thursday, July 3rd, 2008 in New York Property
Real estate magnate, Donald Trump is seeking billion dollar investments from the booming economic regions of the Arabian Gulf. Rodrigo Nino, president of Prodigy International, advisers to The Trump Organization said to the press on June 29th. “I expect to see at least $2bn of investment from the Middle East in the next 12 to 24 months.
We’re particularly targeting Middle East investors for our $2.5bn inventory in Manhattan and $1.5bn inventory in Panama,” Nino told Zawya Dow Jones at the Dubai sales launch of the Trump Soho Hotel Condominium in New York.
by Overseas Property Mall on Wednesday, February 27th, 2008 in Dubai Property, French Property, Hong Kong Property, London Property, New York Property, Trends
With all the doom and gloom surrounding the property markets, we felt it was about time to take a look at those markets that have remained robust and healthy throughout the current credit crunch. So here are five markets that have consistently performed well, regardless of the ups and downs seen recently.
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