Happy 2015 from The Stein Team. It's a new year, and a time for change. Appreciated feedback from our clients has lead us to shift the format of our newsletter away from local cultural events and venues, towards content focused purely on Real Estate and the Home.
Our intention is to bring you curated content that will add value and hopefully some entertainment, as well. We will be covering various aspects of real estate - from lending issues, to market news. We will highlight trends in interior design as well as new gadgets for the home, give tips on renovations, offer solutions to solving the many challenges of city living, and much, much more.
In 2014, low supply, high demand, and increasingly expensive rent were the biggest trends in the New York City real estate market.
This year marked the fifth consecutive year of total inventory decline in Manhattan, with total 2014 inventory nearly 19% below the borough’s peak in 2007.
While slowing price growth signals a cooling of the market, Manhattan continues to be among the most expensive markets in the country. By the end of 2015, condos are expected to be trading at nearly 13% above the market’s previous peak prices back in 2007.
In 2014, the number of homes for sale in Brooklyn and Queens grew by 8.6% and 8.5%, respectively. We expect this growth to carry through in 2015. With buyers squeezed out of the Manhattan market, expect many of them to look eastward in 2015.
For the 66% of New Yorkers who are renters, the costs of housing will continue to command a large share of incomes in 2015. The median asking rent in New York City was $2,840 in 2014, making it one of the most expensive and challenging rental markets in the country. As income growth lags far behind rent growth, affordability will remain a serious issue in New York City.
443 Greenwich Street
. 12 East 13th Street
Parking in High Gear
Forget the rooftop pool, concierge, or fitness center: Now Parking is what defines top-of-the-line for New Yorkers.
Take for example, 53-unit 443 Greenwich Street in Tribeca. It has 15 coveted spaces in a garage that boasts vaulted ceilings, chandeliers, terracotta flooring and an electric charging station for each spot.
And at 12 East 13th Street, a new development in Greenwich Village, there are 11 fully automated spaces for the building’s 8 apartments. Simply pull-in, step out of the car, and off it goes on the automated elevator (fully unattended).
From chandeliers to automation, parking in New York City has never been as glamorous.
High Tech Home Gadgets
A Fashionista's Godsend
In a rush and having a fashion emergency? The innovative SWASH™ Express Clothing System lets you conveniently refresh dresses, suits, sweaters and more at home between dry cleanings. Simply place clothing inside and your items will be restored and ready to wear in just 10 minutes.
Ask the Expert
Beth Divney Senior Vice President of Mortgage Lending Guaranteed Rate
What's New in the Lending Market?
Banks are taking on slightly more risk, creating more movement in the lending markets. Loan to value ratios are on the rise. I am seeing:
80% financing up to $4,000,000.
80% interest only financing up to $2,000,000.
85% financing up to $1,500,000 without any private mortgage insurance.
Home equity Lines allowing for 90% financing up to $1,275,000.
Overall, I am cautiously optimistic about the direction we are headed. Since the Fed has elected not to raise interest rates right away, I do believe that rates will stay low until at least the third quarter of 2015.
Home Design Trends
The New Hues: Blues, Greys, & Greens
In recent years, white has been the traditional go-to color for kitchens. But now we are seeing a shift in kitchen design: adding color - specifically, cool hues of grey, green and blue.
Click on the link below to see a sampling of the new look in kitchens.
CITY LIVING Solutions
Clever Use of Awkward Space
One of the most common problems New Yorkers face when designing their home is the lack of space. Wouldn't it be great to transform that awakward nook or unusual corner into something fuctional and maximize the space you have? Build a bookshelf, convert a closet into a home office, dreams of a wet bar? And oh my... extra storage! The Stein Team shares some of our favorite design solutions to maximize your usable space!