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Latest blog posts from Elika Real Estate Blog

3rd Quarter of 2008 Expected to be the Final Quarter of NYC Housing Boom
Surprising some analysts, prices continued to rise in the 3rd quarter, according to recently released numbers. The average sales price in Manhattan climbed by 8.1% to roughly $1.5 million. The average price per square foot increased 4.1%. The disparity between the two numbers is a reflection of... Read more...
Published 19 hours ago

A Breakdown of Changing Market Conditions in Manhattan
It’s widely agreed upon that the sale of Bear Stearns was the pivotal transition moment in the New York City Real Estate market. Over the previous six months or so, things had been gradually shifting away from the strong seller’s market mentality that had pervaded Manhattan and New York City... Read more...
Published 19 hours ago

Credit Crunch Hurting Buyers
The bad news for the global economy that has been coming out of New York City has been good news for those looking to buy apartments in the city’ real estate market. Long a seller’s market, the recent downturn has finally given buyers a chance at finding apartments at more reasonable prices,... Read more...
Published 2 weeks ago

Government Bill Renders Current Industry Predictions Obsolete
Financial writers are getting morbid with their prose. It’s like the time of real danger has passed, and we’re now sitting around the funeral pyre of the free market, talking about just how awry things are these days. Take, for example, an opening to an article on Bloomberg: “The London-New... Read more...
Published 2 weeks ago

The Current Crisis, The Government Bail Out, and the New York City Housing Market
Let us take a step back: The proposed government bail out will involve at least half a trillion dollars of the public’s money; the AIG bailout was $85 billion; Bear Stearns, around $20 billion; the Fed has pumped in well over half a trillion into the credit markets by this point; interest rates... Read more...
Published 3 weeks ago

Historic Happenings on Wall Street A Major Factor In City’s Luxury Real Estate Market
It is clear that the turmoil on Wall Street has reached historic proportions. In characterizing the potential scale of things last night, The New York Times noted that events may spiral to losses reminiscent of Black Monday. That, in turn, was the largest drop the market had suffered since... Read more...
Published 3 weeks ago

Of New York City Co-ops and Condos
Consumers looking to purchase a home in New York City face a choice that those interested in other real estate markets don’t have to consider: Condos or Co-ops? Each choice offers its pluses and minuses, but many new to the city’s real estate market often ask themselves, “Why on earth do... Read more...
Published 4 weeks ago

Real Estate Agent Anecdotes Suggest Strong Summer
There has been little doubt recently that the real estate market here in New York City has been slowing down recently.  Inventory is up, and sales are down.  While average prices have remained strong, it is clear that the days of the superman-like invulnerability in the market is a thing of the... Read more...
Published 4 weeks ago

Attention Turns to Condo Over-Supply
Nationally, there are two major stories effecting the real estate market right now. Three, if you count the general economic malaise. But two stories specific to the real estate industry. Of course, the subprime crisis is still the most important story out there. Business writers have practically... Read more...
Published a month ago

Rumors of Weak 3rd Quarter Numbers Abound
The last quarterly report was disconcerting. The fall in sales activity and significant uptick in the inventory numbers worried many in the industry. Average prices, however, continued to rise. The old belief held by many businessmen that it is impossible to lose money in the long run if you... Read more...
Published a month ago