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Charting the Changes Happening Around The Barclays Center | Waccabuc NY Realtor

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Today the Municipal Art Society named the year-old Barclays Center a 2013 MASterworks Winner for being a “Neighborhood Catalyst.” The distinction may be somewhat vague, but it’s certainly fitting. Even before the arena opened in September 2012, the surrounding neighborhoods of Park Slope, Prospect Heights, and Fort Greene started to see changes, but now that construction is underway on the first residential tower of Atlantic Yards, new development will no doubt increase. Property values are increasing, new retailers and restaurants are moving in, and old stores are being replaced with new buildings. For this microhood map, we charted the changes happening in the blocks closest to the arena. There’s likely a property or two that we missed, so leave a comment or hit up the tipline if you know something that we don’t.

Barclays Center
620 Atlantic Ave, Brooklyn, NY 11217 (877) 772-5849, website

Map DataMap data ©2013 Google, Sanborn
Map Data
Map data ©2013 Google, Sanborn
Map data ©2013 Google, Sanborn
Atlantic Yards Microhood Map
Atlantic Terrace
Plans for the eco-friendly co-op building Atlantic Terrace began around the same time that Bruce Ratner first announced his grand plans for Atlantic Yards way back in 2003. The building is located on the site of a former gas station, so a brownfield remediation took place before construction could begin. The building opened in 2010, with 59 of the 80 units being affordable, and it sold out within a year and a half. Since then, the new building has been a residential anchor on this stretch of Atlantic Avenue, which faces the railyards. Before the Barclays Center opened, the developer had trouble finding a tenant for the street level commercial space, but the chain Tony Roma’s is supposed to open soon, much to the dismay of residents.
212 South Oxford Street, Brooklyn, NY 11217
40.6831583-73.97283479999998
Barclays Center
After nine years of lawsuits, fights, and delays, the controversial Barclays Center basketball arena opened in September 2012. The arena was the first piece of the megaproject to be completed, and it’s opening boosted changes in the surrounding neighborhood.
620 Atlantic Ave, Brooklyn, NY 11217
(877) 772-5849
40.68312-73.975979
Atlantic Yards Tower B2
Three months after the Barclays Center opened, Forest Cit Ratner broke ground on the first tower of Atlantic Yards, the 32-story B2. It will be tallest modular building in the world when complete. The building will eventually be joined by 14 others, and the project’s new investor expects to complete everything within eight years. That may be overly optimistic, however, given that a platform must be constructed over the rail yards before work can begin on most of those towers.
461 Dean Street, Brooklyn, NY 11217
40.6817672-73.97543239999999
215 Flatbush Avenue
Directly across the street from B2, PRD Realty is building a new six-story apartment building at 215 Flatbush Avenue. The site was formerly home to the Bergen Tile Company, and now it will have 53 rentals and 9,875-square-feet of ground floor retail.
215 Flatbush Avenue, Brooklyn, NY 11217
40.681482-73.97519499999998
474 Dean Street
The yellow clapboard house at 474 Dean Street went into contract just 22 days after hitting the market in early 2013, ultimately closing for $1.52M. The asking price was $1.95M. The owners wouldn’t discuss why they wanted to sell, but many believed the opening of the Barclays Center was a major catalyst. The new owners are a Richard and Angela Datlon. No permits have been filed with the Department of Buildings, so for the time being, they clearly aren’t planning any major changes, like demolishing the house and building something bigger.
474 Dean Street, Brooklyn, NY 11217
40.68139-73.974872
Shake Shack
Food critics have praised the selection of local eateries inside the new arena, and it seems that better dining choices are coming to the outside neighborhood. In February, restauranteur Danny Meyer announced that a Shake Shack would be opening across from Barclays at 170 Flatbush Avenue, formerly home to a furniture store.
170 Flatbush Avenue, Brooklyn, NY 11217
40.682631-73.976789
182 Flatbush Avenue
Before the Barclays Center even opened, the owners of Triangle Sports at 182 Flatbush Avenue put their building up for sale. The store had occupied the location since 1916, but the owners saw an opportunity to make big bucks thanks to the arena. They didn’t put a price on the property, but rather let the market determine its value. Public records show that it sold to an LLC for $4.1 million, closing just one day before the arena opened.  No new building permits have been filed with the Department of Buildings, but Triangle Sports has long since closed.
182 Flatbush Avenue, Brooklyn, NY 11217
40.68213-73.97631799999999
Church of the Redeemer
A 150-year-old Gothic Revival Church at the corner of Fourth Avenue and Pacific Street, just one block from Barclays, announced its imminent demolition in the summer of 2012, but neighbors have been fighting to save or repurpose the building. The priest in charge of the site said the church needed at least $8 million to repair the building, and at least $20 million to make is useable. At the time of the announcement came, the dwindling congregation had already relocated to a different church, and the priest admitted that they had made no moves to try to raise money. The church planned to tear down the building, and rebuild a more profitable residential mixed-use building. But as of April 2013, no final decision had been made, and neighbors were still trying to save it.
561 Pacific Street, Brooklyn, NY 11217
40.6838032-73.97884529999999
U.S. Post Office
In August, a tipster told Brownstoner that the post office at 542 Atlantic Avenue would be closed, demolished, and replaced with a 7-story hotel. The closure of another post office would not be surprising given that it’s happening in other parts of the city, and a hotel near the Barclays Center would make sense for a property owner looking to make more money. The owner also owns the warehouse next door at 540 Atlantic Avenue. The post office is widely loathed, but it’s still open, and there are no demolition or new building permits on the DOB website. In September, a rep for the post office told DNAinfo that they were “still in lease negotiations on this location.”
542 Atlantic Avenue, Brooklyn, NY 11217
40.684583-73.97981199999998
123 Fort Greene Place
In the immediate blocks around the Barclays Center, most new developments have been retail, but one of the first new condo buildings is 123 Fort Greene Place. The development, a conversion of two adjacent townhouses into six condos, hit the market in February, and they were snapped up in a hurry. By June, only one remained, and by the end of August, all six were sold and closed. As the Atlantic Yards towers grow, we expect more condo projects to pop up nearby.
123 Fort Greene Place, Brooklyn, NY 11217
40.68581574674811-73.97606300000007
Atlantic Terrace
Plans for the eco-friendly co-op building Atlantic Terrace began around the same time that Bruce Ratner first announced his grand plans for Atlantic Yards way back in 2003. The building is located on the site of a former gas station, so a brownfield remediation took place before construction could begin. The building opened in 2010, with 59 of the 80 units being affordable, and it sold out within a year and a half. Since then, the new building has been a residential anchor on this stretch of Atlantic Avenue, which faces the railyards. Before the Barclays Center opened, the developer had trouble finding a tenant for the street level commercial space, but the chain Tony Roma’s is supposed to open soon, much to the dismay of residents.
212 South Oxford Street, Brooklyn, NY 11217
40.6831583-73.97283479999998
Barclays Center
After nine years of lawsuits, fights, and delays, the controversial Barclays Center basketball arena opened in September 2012. The arena was the first piece of the megaproject to be completed, and it’s opening boosted changes in the surrounding neighborhood.
620 Atlantic Ave, Brooklyn, NY 11217
(877) 772-5849
40.68312-73.975979
Barclays Center
After nine years of lawsuits, fights, and delays, the controversial Barclays Center basketball arena opened in September 2012. The arena was the first piece of the megaproject to be completed, and it’s opening boosted changes in the surrounding neighborhood.
620 Atlantic Ave, Brooklyn, NY 11217
(877) 772-5849
40.68312-73.975979
Atlantic Yards Tower B2
Three months after the Barclays Center opened, Forest Cit Ratner broke ground on the first tower of Atlantic Yards, the 32-story B2. It will be tallest modular building in the world when complete. The building will eventually be joined by 14 others, and the project’s new investor expects to complete everything within eight years. That may be overly optimistic, however, given that a platform must be constructed over the rail yards before work can begin on most of those towers.
461 Dean Street, Brooklyn, NY 11217
40.6817672-73.97543239999999
215 Flatbush Avenue
Directly across the street from B2, PRD Realty is building a new six-story apartment building at 215 Flatbush Avenue. The site was formerly home to the Bergen Tile Company, and now it will have 53 rentals and 9,875-square-feet of ground floor retail.
215 Flatbush Avenue, Brooklyn, NY 11217
40.681482-73.97519499999998
474 Dean Street
The yellow clapboard house at 474 Dean Street went into contract just 22 days after hitting the market in early 2013, ultimately closing for $1.52M. The asking price was $1.95M. The owners wouldn’t discuss why they wanted to sell, but many believed the opening of the Barclays Center was a major catalyst. The new owners are a Richard and Angela Datlon. No permits have been filed with the Department of Buildings, so for the time being, they clearly aren’t planning any major changes, like demolishing the house and building something bigger.
474 Dean Street, Brooklyn, NY 11217
40.68139-73.974872
Shake Shack
Food critics have praised the selection of local eateries inside the new arena, and it seems that better dining choices are coming to the outside neighborhood. In February, restauranteur Danny Meyer announced that a Shake Shack would be opening across from Barclays at 170 Flatbush Avenue, formerly home to a furniture store.
170 Flatbush Avenue, Brooklyn, NY 11217
40.682631-73.976789
182 Flatbush Avenue
Before the Barclays Center even opened, the owners of Triangle Sports at 182 Flatbush Avenue put their building up for sale. The store had occupied the location since 1916, but the owners saw an opportunity to make big bucks thanks to the arena. They didn’t put a price on the property, but rather let the market determine its value. Public records show that it sold to an LLC for $4.1 million, closing just one day before the arena opened.  No new building permits have been filed with the Department of Buildings, but Triangle Sports has long since closed.
182 Flatbush Avenue, Brooklyn, NY 11217
40.68213-73.97631799999999
Church of the Redeemer
A 150-year-old Gothic Revival Church at the corner of Fourth Avenue and Pacific Street, just one block from Barclays, announced its imminent demolition in the summer of 2012, but neighbors have been fighting to save or repurpose the building. The priest in charge of the site said the church needed at least $8 million to repair the building, and at least $20 million to make is useable. At the time of the announcement came, the dwindling congregation had already relocated to a different church, and the priest admitted that they had made no moves to try to raise money. The church planned to tear down the building, and rebuild a more profitable residential mixed-use building. But as of April 2013, no final decision had been made, and neighbors were still trying to save it.
561 Pacific Street, Brooklyn, NY 11217
40.6838032-73.97884529999999
U.S. Post Office
In August, a tipster told Brownstoner that the post office at 542 Atlantic Avenue would be closed, demolished, and replaced with a 7-story hotel. The closure of another post office would not be surprising given that it’s happening in other parts of the city, and a hotel near the Barclays Center would make sense for a property owner looking to make more money. The owner also owns the warehouse next door at 540 Atlantic Avenue. The post office is widely loathed, but it’s still open, and there are no demolition or new building permits on the DOB website. In September, a rep for the post office told DNAinfo that they were “still in lease negotiations on this location.”
542 Atlantic Avenue, Brooklyn, NY 11217
40.684583-73.97981199999998
123 Fort Greene Place
In the immediate blocks around the Barclays Center, most new developments have been retail, but one of the first new condo buildings is 123 Fort Greene Place. The development, a conversion of two adjacent townhouses into six condos, hit the market in February, and they were snapped up in a hurry. By June, only one remained, and by the end of August, all six were sold and closed. As the Atlantic Yards towers grow, we expect more condo projects to pop up nearby.
123 Fort Greene Place, Brooklyn, NY 11217
40.68581574674811-73.97606300000007
Atlantic Terrace
Plans for the eco-friendly co-op building Atlantic Terrace began around the same time that Bruce Ratner first announced his grand plans for Atlantic Yards way back in 2003. The building is located on the site of a former gas station, so a brownfield remediation took place before construction could,…

The 1916 Proposal To Expand Manhattan By 50 Square Miles | Waccabuc NY Real Estate

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Screen-Shot-2013-11-03-at-9.27.06-PM.jpg

In the early 20th century, land reclamation was such a popular idea that at least once a decade, some engineer proposed filling in a New York waterway to make the city bigger and better. There was the 1934 plan to turn the Hudson River into land, which came 10 years after a plan to drain the East River. But both of those bonkers plans were preceded by an even more ambitious scheme, put forth by a Dr. T. Kennard Thomson in a 1916 issue of Popular Science. Not only did he want to fill in the East River, but the plan also called for creating a “New Manhattan” to the south that would subsume Governors and Liberty Islands. He also wanted to build new islands and tack new land onto Staten Island and New Jersey for a total of 50 square miles with 100 miles of new waterfront property.

Thompson was no crackpot engineer with fanciful ideas. He designed and built pneumatic caissons (water-tight supports) for dozens of bridges across the country, consulted on more than 20 New York skyscrapers by 1916, and helped create the New York barge canal system. Even still, he admits in the first paragraph of the Popular Science article that his new landmass idea “seems somewhat stupendous,” but he was convinced that creating new land and more shipping areas would ease congestion both on land and in the harbor.

Screen-Shot-2013-11-03-at-9.27.25-PM.jpg

Through his proposal, City Hall would become the literal center of the city, with a radius of surrounding land stretching for 25 miles. “…Within that circle, there would be ample room for a population of twenty-five millions,” wrote Thompson. The whole thing would take “a few years,” and supposedly hundreds of engineers supported his proposal.

The cost would be “a great deal more than the sum involved in the construction of the Panama Canal,” but Thompson believe that “the great returns would quickly pay off the debt incurred, and then would commence to swell the city’s money bags until New York would be the richest city in the world.” The Panama Canal cost the U.S. about $375 million, and Thompson’s endeavor would require “an annual expenditure” of $50 to $100 million. By today’s numbers, that’s a hefty amount more than $1 billion every year.

kennard-thompson-1.jpg

The plan would be carried out in phases, the first of which would be to extend Manhattan from the Battery to within one mile of Staten Island. Then the boroughs would be connected with new subway tunnels, which Thompson said would increase the value of Staten Island from $50 million to $500 million. Next, a large island would be built off the shore of Sandy Hook, which would protect a “new harbor” created by the addition of two new pieces of land jutting off Staten Island. The point? To create 40 miles of new docks, shipyards, dry docks, and coaling stations that could accommodate the biggest ships in the world.

After that, the East River would be wiped out. “Naval authorities agree that the East River is no place for the Brooklyn Navy Yard,” wrote Thompson. The Navy Yard would move to new land in Newark Bay, and a new East River would be cut through Brooklyn and Queens, connecting the Flushing and Jamaica Bays. A new Harlem River would be created as well, slicing through upper Manhattan from Hell Gate to the Hudson River.  The old East River would be filled in, upon which new highways and “business blocks” like Grand Central’s Terminal City would be built. And of course, more subways would run beneath the new acreage.

t.kennard-thompson-2.jpg

Obviously, his plan never came to be. By 1930, Thompson must have realized his ambitious ideas would never become a reality, and he drastically scaled back the plan to include only the “New Manhattan.” Instead of filling in the East River, he proposed fusing the new island to New Jersey and creating a Four Mile Boulevard with three tiers, one each for car, trains, and planes. But given that New York’s harbor looks much the same as it did when Thompson dreamt up his scheme, we all know how this story ends. · A Really Greater New York [Popular Science via Google Books] · 1916 Plan for NYC Proposed Fusing Brooklyn and Manhattan, Building New Islands [io9] · 486 – “A Really Greater New York” [Strange Maps on Big Think] · Curbed’s Could Have Been archives [Curbed]

Fannie reconsiders low downpayment mortgages | Waccabuc Real Estate

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Fannie-Mae.jpg

 

According to the Wall Street Journal, Fannie Mae is in talks to reduce portfolio risk. This gut-check prompted the GSE to consider scaling back on its purchases of minimum downpayment loans. The Wall Street Journal further notes that:

In recent months, a series of changes in the mortgage market have led to an uptick in low-down-payment loans available for sale to Fannie. That prompted a review of the company’s lending policies, and officials are said to be working on a plan to limit the company’s purchases of these loans.

                    Source: Wall Street Journal

 

Richmond real estate market getting stronger | Waccabuc Real Estate

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The real estate industry has been showing signs of sustained growth over the past year.

That’s good news for an industry that has been in a severe contraction since the recession of 2007-2009.

Residential investment grew by double digit rates in the nation over the past four quarters ending with the 2013’s second quarter, according to the gross domestic product report released last week.

The second quarter housing report released by George Mason University for the Richmond Association of Realtors points to improvements in the Richmond metro area market as well.

Sales in the greater Richmond area — a broader statistical area of four cities and 12 surrounding counties — rose 12 percent compared with the same period in 2012.

In the Tri-Cities area, home sales grew at a double-digit rate in the second quarter compared with a year ago in all jurisdictions except Dinwiddie County.

 

The average days that a home was on the market before it is sold also has continued to inch downward in the broader statistical area. It is now 57 days compared with 76 day two years ago.

 

 

Christine Chmura: Local real estate market getting stronger – Richmond Times-Dispatch: Richmond’s Latest Business & Economic News.

EPA sues Westchester for failure to comply with safe drinking water act | Waccabuc Homes

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The Environmental Protection Agency and U.S. Attorney for the Southern District of New York filed a civil lawsuit against Westchester County Tuesday over the lack of ultraviolet treatment of drinking water for some towns in county Water District 1.

Lawyers with the U.S. Attorney’s office had been pushing the county to enter into a consent decree settling the violations and gave the county a Friday deadline, but the county refused and urged the government to rethink the lawsuit.

“The federal Safe Drinking Water Act is designed to protect public health by requiring suppliers of water to take steps to prevent water-borne diseases from being transmitted to the public,” said U.S. Attorney Preet Bharara in a statement. “Westchester’s prolonged failure to comply with treatment rules designed to prevent cryptosporidiosis is unacceptable.”

The lawsuit seeks compliance and fines of $37,500 for each day the county was in violation.

The ultraviolet treatment kills cryptosporidium, a parasite that can cause gastrointestinal illness. The district serves Scarsdale, White Plains, North Castle, Mount Vernon and Yonkers. Most of Yonkers and Mount Vernon already get treated water and the county has been working on a fix for the other municipalities that could be in place by the spring. But, even then the treatment will be two years past the deadline.

 

 

EPA sues Westchester for failure to comply with safe drinking water act – Northern Westchester.

Home Prices Rise in China | Waccabuc Real Estate

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China’s housing-price growth accelerated in July, especially in larger cities, as liquidity conditions improved after a short-lived credit crunch in June.

 

Prices of homes included in a survey of 100 Chinese cities were up 7.9% from a year earlier, after a 7.4% gain in June, data provider China Real Estate Index System said late Wednesday. Month-on-month price rises quickened to 0.87% from June’s 0.77% gain.

 

Consumer expectations that Beijing would hold off on further property curbs amid a slowing economy contributed to the acceleration in month-on-month price gains, particularly in larger cities such as Beijing and Guangzhou, CREIS said.

 

Despite a government campaign to keep prices from spiraling higher, prices rose for the eighth month in a row compared with a year earlier and for the 14th consecutive month compared with the previous month. China’s central government has kept tightening measures—including curbs on multiple home purchases and restrictions on credit to buyers and developers alike—in place since 2010 in a bid to head off resentment and possible social unrest due to a lack of affordable housing.

 

Still, fewer of the smaller cities posted price gains during the month, a likely result of overbuilding in some areas. Of the cities covered in the survey, 61 showed higher month-over-month prices, compared with 71 cities in June.

 

“This shows that the housing-price gap [has widened] further between major and smaller cities,” said Jinsong Du, an analyst at Credit Suisse. “This should continue to prevent the central government from implementing nationwide housing measures in the near term.”

 

Housing transactions picked up significantly toward the end of July, and this is likely to expand further in August and September, Mr. Du said, citing conversations with property developers.

 

CREIS said the average price of residential housing climbed to 10,347 yuan ($1,688) a square meter during the month, up from 10,258 yuan in June.

 

Quanzhou in southern China’s Fujian province had the fastest month-over-month rise, posting a gain of 4.5%. In Beijing and Guangzhou, home prices rose 2.5% and 2.1%, respectively.

 

In a separate index, new-home prices of 288 cities tracked by real-estate-services provider E-House China showed a rise of 0.84% in July from June, up from June’s 0.40%. On a year-over-year basis, new-home prices in July rose 11.4%, up from June’s 4.2%, according to this survey.

 

The higher housing prices also came alongside gains in land prices, which are seen as contributing to future housing costs. Data from the Ministry of Land and Resources showed the average price of residential land from 105 cities surveyed was 4,799 yuan a square meter in the second quarter this year, up 2.1% from the previous quarter.

 

The price gains shown in these two housing surveys appear to be tolerable for the government, and the policy environment for the property sector will continue to be benign in the coming months, analysts said. They noted that the latest statement by the Communist Party’s powerful Politburo hinted that policy makers may take a more accommodative stance toward the property market in the months ahead.

 

 

Home Prices Rise in China – WSJ.com.

Shoe Designer Vince Camuto Lists Historic Hamptons Estate | Waccabuc Real Estate

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What could you do with $48 million? You could purchase about 480,000 pairs of heels, or you could buy a shoe designer’s entire estate.

Shoe and fashion designer Vince Camuto — who founded popular shoe brand Nine West in the 1970s— has listed his historic Southampton home with a $48 million price tag.

The home was built more than eight decades ago as just a pool house for the mammoth Wooldon Manor, reports Curbed. The main residence was built by Dr. Peter Wyckoff, who sold it to Jessie Woolworth Donahue, the daughter of Woolworth’s founder, F.W. Woolworth. She renovated the pool house before selling the property to Edmund Lynch of Merrill Lynch.

The original manor — once named the most opulent in The Hamptons — was destroyed in 1941 after Lynch’s death. The land has since been subdivided, with the remaining estate sitting on 5.5 acres. An additional 8.8 acres is also available for purchase.

The past 30 years have been good to the 10,000-square-foot home. Sitting right on the water, the place has been updated and modernized by Camuto — and of course, a new pool house was added to the property. Today, the main residence has 7 bedrooms, 7.5 baths and plenty of entertaining space beneath vaulted ceilings and large windows. Patios and lawns stretch to the private beach, and the entire parcel is protected by security systems.

According to Curbed, Camuto has already moved on to another Hamptons home: the Jazz Age Villa Maria that recently garnered a feature in Architectural Digest.

 

 

Shoe Designer Vince Camuto Lists Historic Hamptons Estate | Zillow Blog.

LI housing prices rise but concerns remain | Waccabuc Real Estate

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Long Island’s real estate market is rising. Don’t expect it to soar.

The local housing market in June posted some of the highest median prices in three years: $425,000 in Nassau County and $340,000 in Suffolk, according to the Multiple Listing Service of Long Island. Sales activity was brisk, with 2,048 homes changing hands, more than twice as many as in the doldrums of early 2009.

A shortage of homes for sale — plus buyers’ sense that mortgage rates will keep rising — has sparked “feeding frenzies” at some open houses, with sale prices occasionally exceeding list prices, said Marie Asher, an associate broker with Century 21 American Homes in East Meadow.

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“The market has totally changed,” she said. “I don’t want to say it’s a seller’s market, but we’re heading that way.”

A close look at the Island’s housing market, however, shows signs of lingering distress among homeowners. That distress is likely to keep the recent sprint from turning into a marathon.

Nearly 1 in 10 homeowners with mortgages here owes more than their homes’ value. The number of initial foreclosure filings is on the rise, after a brief respite last year. Banks continue to impose tight lending standards on would-be buyers. And if interest rates jump much more, the higher cost of borrowing could choke off some buying.

Plus, the Island’s economy remains troubled. And home prices on Nassau’s South Shore, in particular, are still suffering the aftereffects of superstorm Sandy, which hit on Oct. 29.

“The housing market continues to recover from its recent lows, but a plateau is in sight,” said Irwin Kellner, Port Washington-based chief economist for MarketWatch.com. Prices could rise by 10 percent to 15 percent, but they are likely to level off next year as interest rates continue to climb, Kellner predicted.

To be sure, the local housing market is increasingly favorable to sellers — particularly in areas not damaged by Sandy.

Quick deal surprises seller

Dottie Weremeychik recently found a buyer for her late uncle’s four-bedroom Cape in Hicksville. The home was listed at just under $330,000 in March, quickly garnered four offers and went into contract within six weeks for close to the list price, to a family buying their first home, according to Asher, who handled the sale.

“I was totally shocked,” said Weremeychik, a Wantagh resident. “I was truly expecting the house to sit for a very, very long time.”

Some first-time home buyers say they want to jump in soon, before prices and interest rates rise further. The average rate for a 30-year fixed-rate loan recently hit 4.31 percent, according to Freddie Mac. The record low was 3.31 percent, reached in November 2012. In May, the average rate was 3.35 percent. Higher interest rates tend to put a damper on home sales, since they price some buyers out of the market.

For now, though, rising interest rates have delivered a jolt of activity. Buyers “are realizing that the bottom has been hit,” said Marianne Garvin, chief executive of the Community Development Corp. of Long Island.

 

 

LI housing prices rise but concerns remain.

LI housing prices rise but concerns remain | Waccabuc Real Estate

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Long Island’s real estate market is rising. Don’t expect it to soar.

The local housing market in June posted some of the highest median prices in three years: $425,000 in Nassau County and $340,000 in Suffolk, according to the Multiple Listing Service of Long Island. Sales activity was brisk, with 2,048 homes changing hands, more than twice as many as in the doldrums of early 2009.

A shortage of homes for sale — plus buyers’ sense that mortgage rates will keep rising — has sparked “feeding frenzies” at some open houses, with sale prices occasionally exceeding list prices, said Marie Asher, an associate broker with Century 21 American Homes in East Meadow.

“The market has totally changed,” she said. “I don’t want to say it’s a seller’s market, but we’re heading that way.”

A close look at the Island’s housing market, however, shows signs of lingering distress among homeowners. That distress is likely to keep the recent sprint from turning into a marathon.

Nearly 1 in 10 homeowners with mortgages here owes more than their homes’ value. The number of initial foreclosure filings is on the rise, after a brief respite last year. Banks continue to impose tight lending standards on would-be buyers. And if interest rates jump much more, the higher cost of borrowing could choke off some buying.

Plus, the Island’s economy remains troubled. And home prices on Nassau’s South Shore, in particular, are still suffering the aftereffects of superstorm Sandy, which hit on Oct. 29.

“The housing market continues to recover from its recent lows, but a plateau is in sight,” said Irwin Kellner, Port Washington-based chief economist for MarketWatch.com. Prices could rise by 10 percent to 15 percent, but they are likely to level off next year as interest rates continue to climb, Kellner predicted.

To be sure, the local housing market is increasingly favorable to sellers — particularly in areas not damaged by Sandy.

 

Quick deal surprises seller

Dottie Weremeychik recently found a buyer for her late uncle’s four-bedroom Cape in Hicksville. The home was listed at just under $330,000 in March, quickly garnered four offers and went into contract within six weeks for close to the list price, to a family buying their first home, according to Asher, who handled the sale.

“I was totally shocked,” said Weremeychik, a Wantagh resident. “I was truly expecting the house to sit for a very, very long time.”

Some first-time home buyers say they want to jump in soon, before prices and interest rates rise further. The average rate for a 30-year fixed-rate loan recently hit 4.31 percent, according to Freddie Mac. The record low was 3.31 percent, reached in November 2012. In May, the average rate was 3.35 percent. Higher interest rates tend to put a damper on home sales, since they price some buyers out of the market.

For now, though, rising interest rates have delivered a jolt of activity. Buyers “are realizing that the bottom has been hit,” said Marianne Garvin, chief executive of the Community Development Corp. of Long Island.

That’s a belief shared by Wendy Brennan, a mother of three who hopes to buy a home this summer in Babylon Village, where she now rents an apartment. “I need to ensure that I get in now before it starts to get too crazy,” she said. “We love our neighborhood so we’re really trying to stay in the district, but everything that’s available to us at this point is in the flood zone . . . Finding a house within my price range with enough space for us is very, very, very difficult.”

 

 

 

LI housing prices rise but concerns remain.

Advice for Small Fish in China’s Real Estate Market: Swim Fast | Waccabuc Real Estate

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For the minnows in China’s property market, swimming near the bottom of the real estate food chain can be dangerous. The smaller you are, the more likely you are to be someone else’s dinner.

And it is getting harder to stay clear of the bigger guys, particularly as Beijing keeps up its three-year campaign to curb real estate prices.

Bloomberg News
Residential buildings stand in Shanghai, on Sunday, June 30, 2013.

“Being a small fish is getting more difficult. The bigger fish are swimming faster,” said Kai Chen, chief executive officer of mid-sized developer Yango Group. “I expect that in eight to 10 years, China’s top 10 developers will have 20% of the market.”

As of the end of March this year, the top 10 developers had around 16% of the country’s total property sales.

Speaking at a real estate conference this week, Mr. Chen shared a few tips on how a small outfit like Yango has managed to survive in an environment where smaller developers are seen as an endangered species.

Tip No. 1: search for partners. In the past, smaller firms have been known for taking big risks for a chance at an outsized return. But they have often been reluctant to share the profits, he said.

“Smaller firms should change their mindset and form more partnerships, so that they can get more access to financing and land,” said Mr Chen. He noted one innovative partnership by his company with wealth management firm (more on CarsonWealth.com), adding the firm has received substantial financing this way.

Big firms have been better at making friends in government, and this is essential for getting land, he added.

Shenzhen-listed Yango has managed to post respectable sales growth in the past few years despite a host of government measures aimed at cooling off the market. Its property sales in the first half reached 8.7 billion yuan ($1.4 billion), exceeding the 7 billion yuan recorded for all of 2012 and up from 3.2 billion yuan in 2011.

By comparison, China Vanke, the nation’s largest property developer by revenue, had sales of 83.7 billion yuan in the first six months of this year and sales of 141.2 billion yuan for all of last year.

 

 

Advice for Small Fish in China’s Real Estate Market: Swim Fast – China Real Time Report – WSJ.