The Federal Reserve said in its Beige Book business survey that the housing and manufacturing sectors are seeing stabilization, while the commercial real estate market continues to flail—specifically, that area is in so much trouble that Fed Chairman Sheila Blair expects commercial loans to take out some more banks.
Published eight times a year, the latest report says home sales are a little bit better off than the time of the last report while commercial property sales are a little worse off. Delinquency is rising, bankers say.
From the seller's side, waiving of closing costs, and offering months of free rent are becoming increasingly popular. In Manhattan, the asking price is about 10 percent lower than it was a year earlier.
The full report is available at: http://www.federalreserve.gov/FOMC/Beigebook/2009/20091021/2.htm
The condo at 70 West 45th St. in Times Square recently listed a few units ($949,000/584 sq. ft.). The condo, located off 6th Ave. has got all the perks and amenities you'd expect from a Times Square pad. Compared to similar listings in the area, this one is almost $600 more than the average $1,051.
Off in the deep end of Brooklyn, two addresses recently placed listings. The listing at 2650 Ocean Pkwy in Gravesend has an “extra large studio” co-op apartment for $140,000. Sponsors seem to really want company—they're happy with 10 percent down.
In Sheepshead Bay, 2679 East 27th Street is a brick standalone house with checkered kitchen floor and a bay window facing front—very suburban. For $819,000, it comes with four beds, three bathrooms, and pre-installed washer and dryer.
Overall it's a sad picture for sales—only 25 sales were made across the five boroughs in the past seven days, according to Streeteasy's data.
For those interested in rentals in Yorkville, Bettina Equities listed three separate addresses in the Upper East Side neighborhood. They are in the 1,600- 2,700 range, all without fees, the largest unit having one bedroom and one bathroom.
Other recent listings include 350 West 50th St. in Clinton for $3,500 (601 sq. ft./3 rooms), 120 W 21st Street in Chelsea ($3,050 sans fee/ one bedroom, one bathroom), and 315 Central Park West in Upper West Side ($7,995/ two bedrooms, two bathrooms).
Prices are falling, no surprise there. Price movers this week are The Foundry at Hunters Point in Long Island City. Their median price is $750,000 and 11 units have lowered prices this week.
The Iroquois in Park Slope has 10 decreases this week, which would be all its active listings. Sample price point: $1,550,000 for a three bedroom. Each of the 10 units are uniquely laid out.