Friday News. No Snow Involved.

  • Posted at 2:13, January 03, 2014
  • By QuidnuncRE Staff

Short week, but a lot of news for you to read up on.  You will have to get your snowfall tallies elsewhere (OK, HERE.)  But the real estate stories people would be talking about in the office if they hadn't called in and mumbled something about being in for sure on Monday are gatherred here on QuidnuncRE:

  • The New York Times and the New York Daily News say that a scarcity of listings and surging sales characterized the end-of-2013 NYC real estate market, but in a preview of Friday's Douglas Elliman brokerage price report note that the city sales price was up only slightly from 2012's fourth quarter, at a median of $855,000. The market was driven by high-end closings, and the experts expect more of the same here in 2014.  The Times article can be found HERE, and the Daily News version, noting the average fourth-quarter Manhattan sale was up 5.3%, to more than $1.5 million, is HERE. We'll link to the Elliman report when the firm posts it later today. UPDATED:  The Elliman Report's quarterly survey of co-op and condo sales for 2013's fourth quarter can be found HERE.
  • The Times also has posted a column on mortgages in advance of Sunday's Real Estate section, and it says that a Federal Housing Financial Agency adverse-market fee that is ending nationally will remain in place in the tri-state area, as well as Florida, because the slow pace of foreclosures has pushed up loan costs, HERE.
  • More E. 125th St. development is on its way at the Park Avenue intersection, this one a transit hub with retail and more from the NYC Economic Development Corp.  In Friday's Daily News.
  • Also set for Friday is the Daily News' take on Fleet Financial Group's $200 million hotel, apartment, and convention center project slated for the DiBlasi Ford dealership, at 112-21 Northern Blvd., which Fleet bought for $17 million last month.  The new Queens center is near Citifield, and will go up starting later this year, joining the area's giant new Willets Point redevelopment efforts.
  • The Wall Street Journal has a big article on emerging residential options in Inwood, HERE, with a subscription.
  • Studley numbers say that the fourth quarter was a record for New York office leasing, according to a Bloomberg News article on Thursday. The quantity was paced by the big deals, like Citigroup's 2.6 million Tribeca renewal.
  • Another Bloomberg News story yesterday puts the future of first-time home buyers' ability to participate in the market squarely in the hands of Janet Yellen.  She is scheduled to be on the U.S. Senate's agenda for confirmation next week.  Details HERE on the impact the new Federal Reserve chairwoman's actions would have on the housing and mortgage markets, if she is confirmed.
  • Notwithstanding the settlements over the bad mortgages that wound up in the equally bad securities that we have been writing about--the latest QuidnuncRE item was just posted HERE--it has always been bedrock that government securities must be, at least, a portfolio consideration.  The settlements' news is a good time to catch up on a year-end story from Tuesday from Reuters, on whymortgage-backed securities are an excellent investment choice, in "Mortgage bonds reward yield-sensitive investors."
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