Real estate investment services firm Marcus & Millichap’s held their Apartment Market 2010 Outlook and Investment Strategies Webcast on Tuesday. The coming year will be one of economic stabilization, though not recovery, predicts Hessam Nadji, managing director of Marcus & Millichap’s research services department.
Because all rests on employment figures, Nadji doesn’t expect real estate activity to make solid improvements until companies make investments in workers. Right now, “companies are not in a spending mode,” he said. “The consumer is not going be the engine [of recovery]. Job growth in 2011 and 2012 will feel like a real recovery.”
Marcus and Millichap has offices across the United States and monitors economic indicators in major metropolitan areas. Nadji said that some cities in Texas held up well and were able to resist the recession longer because of the energy sector. Washington D.C. and New York both performed better than expected. For 2010, he said, “There aren’t any 5 or 10 metros that are going to lead the pack because we’re facing a macro problem.” Stabilization is expected, though.
New York City has had the lowest apartment vacancy rate, at 3.4 percent, of all major cities surveyed by the firm.
A couple of apartment buildings listed their wares en masse this week on Streeteasy.com.
The people at 149 Skillman Avenue in Williamsburg put up six apartments. All three are priced at $930,000 for two beds, two baths. One of them, a duplex, features top-of-the-line kitchen and laundry facilities. The location is closest to the Graham St. station on the L subway line.
Available for immediate occupancy are several condo-ops at 130 Bradhurst Avenue, number 1101, in Central Harlem. A two-bed, one bath unit costs $515,925. A typical apartment has large windows, hardwood floors, and an open kitchen. Some have open terraces.
In the past week, 44 condo, co-op, and house sales were made across the city.
Five apartments at 98 Saint Marks Place in the East Village. A one-bed,one-bath apartment costs $1,775. The location is between 1st Ave and Avenue A.
Another one-bedroom at 747 10th Avenue in Clinton went up for rent for $2,395 (no fee). All utilities are included in the rent.
On the higher end of the scale are multiple units at 222 East 3rd Street in the East Village. A one-bedroom is $3,900.
Among new developments lowering their asking prices this week are 11-24 31st Avenue in Astoria (34 decreases, median price $555,000), 892 Bergen Street in Prospect Heights (12 decreases, median price $455,000), and 257 West 117th Street in Central Harlem (seven decreases, $1,299,000).
Because all rests on employment figures, Nadji doesn’t expect real estate activity to make solid improvements until companies make investments in workers. Right now, “companies are not in a spending mode,” he said. “The consumer is not going be the engine [of recovery]. Job growth in 2011 and 2012 will feel like a real recovery.”
Marcus and Millichap has offices across the United States and monitors economic indicators in major metropolitan areas. Nadji said that some cities in Texas held up well and were able to resist the recession longer because of the energy sector. Washington D.C. and New York both performed better than expected. For 2010, he said, “There aren’t any 5 or 10 metros that are going to lead the pack because we’re facing a macro problem.” Stabilization is expected, though.
New York City has had the lowest apartment vacancy rate, at 3.4 percent, of all major cities surveyed by the firm.
Sales
A couple of apartment buildings listed their wares en masse this week on Streeteasy.com.
The people at 149 Skillman Avenue in Williamsburg put up six apartments. All three are priced at $930,000 for two beds, two baths. One of them, a duplex, features top-of-the-line kitchen and laundry facilities. The location is closest to the Graham St. station on the L subway line.
Available for immediate occupancy are several condo-ops at 130 Bradhurst Avenue, number 1101, in Central Harlem. A two-bed, one bath unit costs $515,925. A typical apartment has large windows, hardwood floors, and an open kitchen. Some have open terraces.
In the past week, 44 condo, co-op, and house sales were made across the city.
Rentals
Five apartments at 98 Saint Marks Place in the East Village. A one-bed,one-bath apartment costs $1,775. The location is between 1st Ave and Avenue A.
Another one-bedroom at 747 10th Avenue in Clinton went up for rent for $2,395 (no fee). All utilities are included in the rent.
On the higher end of the scale are multiple units at 222 East 3rd Street in the East Village. A one-bedroom is $3,900.
New Developments
Among new developments lowering their asking prices this week are 11-24 31st Avenue in Astoria (34 decreases, median price $555,000), 892 Bergen Street in Prospect Heights (12 decreases, median price $455,000), and 257 West 117th Street in Central Harlem (seven decreases, $1,299,000).
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