Morning Briefing: NYC apartments "fastest market adjustment ever"

by Steve Randall28 Nov 2016
NYC apartments "fastest market adjustment ever"
The apartments market in New York City is starting to show a correction following years of price rises.

The New York Post reports that the overpriced Manhattan market, especially for high-end homes, is not seeing sharp discounts and the president of city real estate agents Compass, Leonard Steinberg, told the Post that “…we are now in the midst of the fastest market adjustment ever.”

With some homes having failed to sell even after four years on the market, there are now discounts of up to 50 per cent with one home in the Village selling at $6.8 million having been listed originally for $13 million.

The article reveals that even celebrity neighbors won’t guarantee a sale with one home having spent 1,355 on the market despite sharing a building with Jon Bon Jovi and Ben Stiller.
 
New record set by Southern Georgian Bay Realtors
October was a record month for home sales for the Southern Georgian Bay Association of Realtors.

Its members sold 330 units in the month, up 4.4 per cent from the same month in 2015 with its Eastern Region (Midland and Penetanguishene, and the townships of Georgian Bay, Severn, Oro-Medonte, Tay and Tiny) showing a 26.3 per cent rise year-over-year.

“Sales remain very strong, although they have moderated since August as declining supply, particularly new supply in the Western District, is simply placing a limit on how many transactions are possible every month,” said Kevin Woolham, the association’s president.

He added that despite the tight inventory, 2016 is set to be a record-breaking year for the region’s real estate agents.
 
Spider sense leads to Brentwood home for Macguire
Spider-Man actor Toby Macguire has bought a newly-built home in Brentwood, Los Angeles, the LA Times says.

He paid $12.965 million for the 6-bedroom, 7.5-bathroom home on North Cliffwood Avenue with help from real estate agent Judy Feder of Hilton & Hyland.

The home’s outdoor space includes a pool, patios and barbecue while its leisure facilities include a gym, media room and wet bar.

COMMENTS

Poll

Is TILA-RESPA a good or bad thing long term?