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Posts tagged as New York

Manhattan real estate sales fall for sixth straight quarter—longest losing streak in 30 years

Manhattan real estate had its worst first quarter since the financial crisis, capping the longest losing streak for sales in over 30 years, Total sales fell 3 percent in the first quarter, and marked the sixth straight quarter of declines.
That is the longest downturn in the 30 years that the real estate appraisal firm has been keeping data.

Total sales fell 3 percent in the first quarter, according to a report from Douglas Elliman and Miller Samuel. That marked the sixth straight quarter of declines, which is the longest downturn in the three decades that the appraisal and research firm has been keeping data.The drop stems from an over-supply of high-end and highly priced apartments, a lack of foreign buyers and the new federal tax law that has hit real estate in high-tax states. A new “mansion tax” approved by New York state legislators over the weekend will layer another tax on the sale of multimillion-dollar homes and add further pressure to a market already under stress, according to real estate experts.
The pain is being felt at all levels. While the entry-level market in New York, below $1 million, had been holding up for most of the past year and a half, it’s started to suffer as the trouble at the top cascades down.”It’s like a layer cake,” said Jonathan Miller, the CEO of Miller Samuel. “When you have softening at the top, it starts to melt into the next layer and the next layer after that.Because those buyers further down have to compete on price.”Prices in Manhattan continue to remain soft.
While the average sale price got a big boost from hedge fun billionaire Ken Griffin’s $238 million condo purchase, hitting $2.1 million, the median sales price in Manhattan declined slightly, to just over $1 million.Griffin’s purchase was part of a more than $700 million spending spree the CEO and founder of Citadel has been on in recent years, as he’s scooped up homes in Chicago, Miami and London. Sellers who still have unrealistic price expectations are the biggest barriers to sales, brokers say.That has led to more listings piling up and sitting on the market for longer periods. There is now a nine-month supply of homes on the market, with inventory up 9 percent.The glut in new development is even worse: the supply of newly built condos jumped 56 percent over last year, to a 19-month supply.Miller says the outlook for the year is unlikely to improve — especially with the new mansion tax.
“The market continues to be vulnerable to challenges,” he said.

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Why Rust Belt real estate development is gearing up

A massive chemical processing plant under construction along the Ohio River is fueling renewed real estate development in the Rust Belt region.The factory is located just 30 miles from Pittsburgh and is slated to eventually create about 600 full-time jobs.

Meanwhile, a peak of about 6,000 construction workers will work on building the factory until its completion in the early 2020s. As a result, housing construction is revving up.One local real estate companys chairman, Charles Betters, called Shells plant the best thing to happen in our region in 40-plus years.”Betters claims his company, C.J. Betters Enterprises, is building 200 residential units and a big hotel project as a consequence of the factory.

The cost of Shells plant is estimated to be up to $10 billion, which reportedly makes the factory among the largest industrial projects ever constructed along the Ohio River. The state gave Shell a $1.6 billion package in reduced taxes for a 25-year period.The project is also drawing other major companies interested in polyethylene production to the area, which is concerning environmentalists.“Industry calls it a game changer. We see it as game over,” said Dustin White of the Ohio Valley Environmental Coalition to the Times.

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Leading Real Estate Companies of the World® Announces New Advisory Council Members

Leading Real Estate Companies of the World® has announced its new Advisory Council officers and members.The LeadingRE Advisory Council is a leadership group comprised of business development and relocation professionals who provide guidance on key initiatives for the global real estate community of 565 market-leading firms in over 70 countries.
The Advisory Council works closely with the Leading Real Estate Companies of the World® management team on integral relocation, business development and lead generation programs. Council members also mentor other affiliates and serve as ambassadors for the organizations diverse program offerings. Members are elected by fellow council members to serve a three-year term and are chosen based on the merits of their professional experience and reputation.Catharine Pappas, director of Relocation for Dickens Mitchener (Charlotte, N.C.), has been elected to a one-year term as Advisory Council chairperson.Pappas has led the relocation department at Dickens Mitchener for more than 25 years, bringing a depth of experience relating to all areas of relocation.Kimberly Barkoff, executive director, Relocation/Referrals for Halstead Real Estate (New York, N.Y.), has been elected vice chairperson.

Barkoff has more than 18 years of experience, including expertise in property investment and management, real estate and corporate relocation.Joining the Advisory Council are Michele Barnes, director of Relocation at PARKS Realty (Brentwood, Tenn.); Marie Lawrence, VP, Corporate Relocation Services, ARC Realty (Montgomery, Ala.); and Tammy Young, relocation director, Sibcy Cline Realtors® (Cincinnati, Ohio).We are so fortunate to have such an esteemed group of industry leaders serving on our Advisory Council. Their commitment to our network helps us ensure we deliver highly-effective, market-responsive relocation and business development programs for our members worldwide, says LeadingRE Executive Vice President, Member Services Kate Reisinger, CRP.

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Artist Imran Qureshi honoured at the Prestigious Asia Arts Game Changer Awards

LAHORE: Internationally acclaimed and award winning Pakistani artist Imran Qureshi has been honored at the Prestigious Asia Arts Game Changer.The awardees for this year also include Christine Ay Tjoe, Fang Lijun and Natee Utarit.Qureshi was honoured at a ceremony hosted by the Asia Society in Hong Kong on 29th March 2019 at the Four Seasons Hotel.The Asia Arts Game Changer Awards is a signature event honoring the Asia Arts Game Changers.
Every year, major art collectors, artists, gallerists and dignitaries from the art world along with Asia Society trustees and patrons gather to celebrate contemporary art in Asia and honor artists and arts professionals for their significant contributions to contemporary art. For more than twenty years, Asia Society has been a pioneer in identifying and fostering the latest contemporary Asian artists, and engaging new audiences for their work.
Past honorees include: Cai Guo-Qiang, Hon Chi Fun, Abir Karmakar, Krishen Khanna, Bharti Kher, Kimsooja, Lee Ufan, Liu Guosong, Nalini Malani, Nyoman Masriadi, Takashi Murakami, Yoshitomo Nara, Hiroshi Sugimoto, Do Ho Suh, teamLab, Wucius Wong, Xu Bing, Zeng Fanzhi, and Zhang Xiaogang to name a few.Speaking about receiving the Asia Arts Game Changer Award, Imran Qureshi said, “I am honoured to receive this prestigious award – it is for Pakistan.
Art transcends boundaries and this award will also highlight the art in and from my country.”Imran Qureshi is renowned for his site-specific paintings, installations, and videos created in the style of Indo-Persian miniature painting as a means to explore contemporary socio-political themes.His elegant miniatures often juxtapose figures in modern dress against ornate landscapes that reflect contemporary life in Pakistan while his large-scale works feature red leaves and floral patterns that are meant to provoke thoughtful reflection on the sometimes tenuous and often bloody relationship between religious ideologies and warfare. Qureshi has exhibited internationally, including at The Curve, Barbican Centre, London (2016); the 55th Venice Biennale (2013); The Metropolitan Museum of Art, New York (2013); the 10th Sharjah Biennial (2011); and Asia Society Museum, New York (2009).

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