Bubble Wrap

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Top outer borough condos: Aspiring addresses in Brooklyn

The Real Deal covers the race for the highest priced sale in Brooklyn, with three buildings in contention. Several potential sales could reportedly bring new heights to the Brooklyn luxury market.

The addresses of the most expensive condominiums in Brooklyn — One Brooklyn Bridge Park , One Main Street and On Prospect Park (located at One Grand Army Plaza) — appear to herald their top rankings. Those three buildings, between them, account for the borough’s top 10 sales. In two cases, the developers applied for an official address change to get the aspirational number in their monikers, the equivalent of Donald Trump naming his newborn son “Barron.”

# posted 2 days ago

Englewood builds on trends

The Bergen Record describes how Englewood has changed over the years, building up its density in new mixed-use developments with offices, a hotel, and many condominiums.

Unlike the suburban, single-family homes built in the decades after World War II, Englewood South consists of condos and apartments, reflecting the density of new development in the area. About half of all new residential construction in the state is multifamily, according to Patrick O’Keefe, an analyst with the accounting firm J.H. Cohn in Roseland and former head of the New Jersey Builders Association. And much of this dense development is concentrated in Bergen, Hudson and Essex counties, he said.

# posted 4 days ago

Unthinkable Happens: Manhattan Apartment Prices Fall

The Sun’s Candace Taylor reports on fresh data that sellers in Manhattan are starting to take losses on their properties, which could be the first sign of falling prices.

Real estate firms have continued to pump out market reports showing high sales activity and rising median prices, largely because they use home sales that took place several months earlier. Newly released city records — it can take several weeks or months before the records are made available — show apartment sales are falling. The data flies in the face of repeated assertions from industry insiders over the past several months that the Manhattan real estate market is impervious to the housing slowdown taking place across the country.

# posted 9 days ago

Madison Square's Mad Money

The New York Post reports on the dramatic transformation of the neighborhood surrounding Madison Square Park, which is about to get even more supercharged with new projects designed by Donatella Versace and Rem Koolhaas. Both buildings plan on having penthouses upwards of $50 million, breaking all Downtown records.

What bodes well for both the Koolhaas and Clock Tower buildings, aside from their starchitecture and iconic status, is that the Madison Square Park area has already bred not just one super-luxury building, but a slew of them. (And still on the horizon could be a Daniel Libeskind tower at One Madison Ave. – adjacent to the Clock Tower – being developed by Elad Properties, which did not comment on the project’s status.)

# posted about 2 weeks ago

A Native Son’s Plans for Newark

Another announcement boosting Newark’s redevelopment efforts was recently detailed in the New York Times. Shaquille O’Neal and partners were recently named the developers of a new 25 story tower that would be the city’s 3rd tallest with a significant symbolic impact.

The glass-and-concrete tower on Rector Street, called One Riverview, would provide 152 high-end condominium units with amenities like those found in Manhattan, Hoboken and Jersey City (including street-level retailing, garage parking, concierge service, an in-house gym, and a 10,000-square-foot promenade with a dog run) in a city that has not seen such a luxury residential project in roughly four decades.

# posted about 3 weeks ago

Slowing Foreclosures May Mask Bredth of Woes

The Wall Street Journal reports on the changing foreclosure landscape. Reports out later this month will most likely show a decline or leveling off of foreclosure filings, but this is most likely due to new state and municipal laws that put a temporary moratorium on foreclosures. Critics of these laws say they are just covering up the deep housing crisis.

Several other states are following, including New York which passed a bill last week that requires lenders to send a preforeclosure notice to certain borrowers at least 90 days before foreclosure proceedings may be initiated.

# posted about 3 weeks ago

Second Homes Beckon as Real Estate Prices Drift Down

The Sun reports on the area’s second home market experiencing weakness, as brokers claim it is the perfect time to buy.

Areas outside New York, where wealthy city-dwellers flock on weekends — beaches in the Hamptons, vineyards on the North Fork, horse farms in northern Dutchess County — are not as resilient. For the Hamptons and North Fork of Long Island, for example, new figures released this week show the median sales price dropped 9.2% to $817,500 compared with the same period last year, while the total number of transactions declined 13% to 541, according to Prudential Douglas Elliman’s second-quarter report.

# posted about 5 weeks ago

NJ rental market continues to grow

According to the Bergen Record the rental occupancy rate in New Jersey has risen to 97 percent with an average rent of $1,453 per month, coupled with many significant rental projects being completed in the last few years.

The mortgage crisis and uncertainty about housing prices have meant that many people who might have bought houses are instead choosing to rent. In addition, renters who can’t afford Manhattan prices have been moving across the Hudson River to New Jersey, especially along the waterfront.

# posted about 5 weeks ago

No, We Can’t

The Observer reports on the strong rental market buoyed by gradual layoffs, many newcomers to New York, and fewer buyers who are now renting.

Some rents in some neighborhoods did drop, on average—Chelsea non-doorman one-bedrooms dropped 9 percent from April to July—but the general trend was one of unremitting steadiness: no sharp peaks, and, more importantly, no deep valleys.

# posted about 6 weeks ago

Firms fault Jersey business climate

The Star Ledger reports on results of the survey, done for the New Jersey Business & Industry Association advocating many changes to Jersey’s regulations and taxes.

Of the 278 business executives polled and interviewed last fall, only 23 percent say New Jersey is doing a good or excellent job of making New Jersey affordable. The skill level of the state’s work force got high marks from 51 percent, while less than one-third percent approve of the state’s energy and health care affordability and overall tax structure. Less than half are satisfied with New Jersey’s transportation infrastructure and its labor and environmental policies.

# posted about 8 weeks ago

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