NYC's Luxury Apartment Bubble Bursts

(NEWSER) - As foreclosure sales begin to lure buyers back to the housing market in some parts of the country, realtors in New York are finding the market crisis has come home to roost, Reuters reports. Things are bad and could soon be much worse. Condo sales in Manhattan have plummeted 71% from a year ago, with a glut of new units priced way above market. More»

Cities can't buck market forces forever

(NEWSER) - New York, Boston, and Charlotte, NC, are at the center of the financial industry, but so far those cities haven’t seen home prices plummet the way they have in the rest of the country. New York’s single-family-home prices are down from their 2006 highs, roughly half the decline in the overall S&P/Case-Shiller index. But those cities can’t buck the trend forever, the Wall Street Journal reports, meaning prices have a steep drop ahead. More»

Mystery buyer snaps up One57 duplex

(NEWSER) - A mystery buyer has smashed a New York City record by shelling out more than $90 million for a duplex penthouse, reports the New York Times . The 10,923-square-foot property—with 23-foot ceilings—occupies the 89th and 90th floors of One57, a midtown residential building that is still under construction. Gary Barnett, president of Extell Development Company, has declined to reveal the exact price, but says it didn't break the $100 million barrier. More»

It's at 65.4%, down from a high of 69.2%, but analysts aren't worried—yet

(NEWSER) - The US homeownership rate fell to 65.4% in the first quarter to hit a 15-year-low, as foreclosures and a strong rental market kept Americans away from homeownership, according to figures released by the Census Bureau today. That's down from 66% last quarter, and from 69.2% at the market's peak in 2004. But analysts tell the LA Times there's no reason to panic—the market is just correcting itself after subprime insanity. More»

Real estate brokers recommending the practice

(NEWSER) - How to snag a coveted New York City apartment? Increasingly, brokers are recommending an unconventional tactic: love letters. The letters are sent along with the offer, and they should include such heartwarming details as the story of how a couple met (just two blocks away, while walking their dogs!), imagined play dates in the neighborhood with future children, or things potential buyers find particularly wonderful about the home in question. "It’s a love letter," one broker tells the New York Times . "Go for the schmaltz." More»