NYC Real Estate

We're a NYC condominium blog here at New Construction Manhattan, which means that we spend much of our time and nearly all of our pixels covering -- wait for it -- NYC condominiums. Which is cool by us, certainly, given that NYC condos are kind of our thing, but also means that we've been glossing over what is one of the biggest stories in NYC real estate, as well as in real estate across the country. Namely, that would be the tumbling rates on 30-year fixed-rate mortgages, which -- unless you're Alex Rodriguez, Mark Zuckerberg or someone who keeps several million dollars in cash on hand -- is what just about everyone who buys a NYC condominium will be signing on for after finding the Manhattan apartment of his or her dreams. Nearly every day brings news of a decline in the rates on a 30-year fixed-rate mortgage, to the point where it's difficult to keep up. When the Wall Street Journal wrote back in August about the historic lows in mortgage rates, it was a big deal; when those historic lows had dropped nearly another tenth of a point two weeks later, though, it was hardly a surprise. Today the interest rate on a 30-year fixed-rate mortgage, per Wells Fargo, is 4.375% -- the lowest rate since Freddie Mac started tracking those figures 40 years ago. In short, mortgage rates are, have been, and show signs that they will continue to fall through the floor. Again, it's a big story. But what does it mean for you, if you're looking to buy a NYC condominium?

It's sometimes said that Manhattan luxury condominiums sell themselves, and a trip through our Manhattan condo listings will surely bear that out for a few NYC apartment buildings. But it's just an expression, finally, and most NYC luxury condos -- even the best of the best -- don't necessarily sell themselves. Yes, the Manhattan apartment market is surging, but with real estate watchers concerned about a double dip in the housing market and the local and national economies still sputtering, the investment of money and confidence required in buying a Manhattan condominium is no small thing. In reality, most NYC condos require no small amount of selling, which is where price cuts come from, among other things. Recently, developers have hit upon a new -- and, for once, very factual and very useful -- new marketing tool. That would be the approval of the Federal Housing Administration.

We're in the "writing about Manhattan apartments" business here at the New Construction Manhattan blog, not in the "looking gift horses in the mouth" business. So while we've covered the recent boom in high-end Manhattan condo sales and New Yorkers' marked preference for new construction condominiums over luxury co-ops, we haven't really puzzled over the how's and why's of this particular state of affairs. The second quarter NYC apartment sales stats tell us that we're in the middle of a surging NYC condo sales market, so let's party -- or at least search Manhattan apartment listings -- right? Sure, if you want, but given how much of Manhattan's apartment stock is comprised of co-ops -- a whopping 75% -- the fact that Manhattan condo sales have so thoroughly outpaced Manhattan co-op sales is kind of surprising. Even more surprising is the fact that prices for NYC condos are still at buyer's market levels despite the recent boomlet of activity in the market. It's worth asking how this is all happening.

We at New Construction Manhattan have had our collective eye -- we just share one, it's more convenient -- on Upper West Side luxury condo Linden 78 since it was first announced back in 2009. There's a lot to like, after all: top-tier new construction finishes and amenities share space with elegant condos that have spacious dimensions and soaring ceilings that are more-or-less pre-war in their graciousness. But while Linden 78 inarguably rates among the most interesting new condo listings on the Upper West Side, it has spent the last six months as just that: a listing. Calls to Linden 78's sales office weren't answered, and the building was wrapped up in a series of legal and financial entanglements. Now, finally, comes some good news: the phones are being picked up at Linden 78's sales office, and indications are that Linden 78 could begin sales within the next month. This is good news for a number of reasons.

Have you ever imagined what it would be like to live in The City, but be able to avoid the hustle and bustle that goes on outside of most New York City apartment buildings? Battery Park City is the answer to your wishes. With new management working hard to fill what is left of their amazing, but empty apartments, it does not look like much can go wrong for the Riverhouse team. Located in Battery Park City, The Riverhouse is full of amenities and state-of-the-art apartments, but its most amazing amenity, by far, is it’s backyard. And what makes this building even better is it’s attention to the “go green” movement.