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“The rental market is sitting within the city’s robust economy so that drives demand,” said Jonathan Miller, CEO of appraiser firm Miller Samuel. “But there has been this disconnect with the type of housing we are bringing to market and the wages that are being paid.”
The rental market has been tapping the brakes since August, but Miller doesn’t expect rents to continue to decline.
“We will see this up and down pattern, which is going to be the equivalent to moving sideways,” said Miller.
But here’s some more good news for renters: It’s also getting easier to find an apartment in Manhattan with the vacancy rate rising to 2.4% in March from 1.99% a year ago.
Landlords are offering more concessions — like a month of free rent — to help attract tenants.
Related: The best way to save for a down payment
The top-end of the market is showing the most weakness. Rent for Manhattan’s most expensive apartments made the steepest drop of 3.5%.
Developers have been focusing on building high-end apartments to help bolster their profit margins as the cost of land on the island soars.
Renters have been fleeing Manhattan in search of cheaper housing, which has pushed rent prices up in the other boroughs and increased home sales in nearby suburbs.
The number of new leases soared almost 37% in Brooklyn as the median rent jumped 2.7% to $2,775 last month.
]]>The six-bedroom apartment spans 4,786 square feet and takes up the entire 39th floor of The Pierre Building on the Upper East Side.
The unit also comes fully furnished and offers 360-degree views of the city.
“The views are the very best you will ever have in an apartment on Fifth Avenue,” said listing agent Andres Perea-Garzon at Compass.
Another amenity: If you don’t have that much cash in the bank, rent can be paid via credit card.
The Pierre houses both hotel rooms and residencies. The Residences at the Pierre program offers 30-day rentals and month-to-month leases and currently includes 14 apartments.
Renters of the 39th floor will get all the perks of the hotel, including twice-daily room cleaning and access to room service and a private chauffeur. They’ll also have one of the hotel’s five elevators dedicated solely for their use — and a full-time operator.
Perea-Garzon said there’s been interest in the smaller rentals, but no recent bites on the 39th floor space yet. “My guess is the person who is looking at this price point will probably be an international.”
The full-floor unit was rented out for one month in 2014 for the $500,000 price tag, which the renter charged on a credit card.
The apartment includes the hotel’s presidential suite, which is about 2,000 square feet, which can be booked by guests for $30,000 a night when the entire floor isn’t being rented, according to Perea-Garzon.
Rent prices in New York City have started to back off their recent upward trajectory– especially in the luxury market.
The top 10% of Manhattan’s rental market saw prices drop 4.2% in February to $8,000 a month from the same period a year ago, according to the latest report from real estate appraisal firm Miller Samuel and brokerage Douglas Elliman.
But Perea-Garzon isn’t too concerned about the drop.
“If they have that much money to spend, I am sure you are pretty well off and you don’t have to worry about what’s going in the economy.”
]]>Cal Nev Ari is a 640-acre town located roughly 60 miles south of Las Vegas. About 350 people live there.
The sale includes the town’s facilities — a casino, restaurant, motel, convenience store and a mobile home park — plus an additional 520 acres that remain undeveloped.
“It’s a very large tract of contiguous land, which is rare in Nevada since the federal government owns 80% of land in the state,” explained listing agent Fred Marik.
There’s been interest from buyers with different business plans, including a marijuana resort, residential buildings and a retirement community.
Related: For $250,000, you can buy this South Dakota ghost town
Pilots might also be interested in the town. It was an abandoned World War II airstrip for General George Patton and currently has a residential airpark with a dirt runway. Many of the homes have airplane hangars.
“People can walk out of their living room and fly down the taxiway and take off,” said Marik.
The city was founded in 1965 by Nancy Kidwell with her first husband. The 78-year-old founder owns all the businesses in the town and employs around 27 people.
The sale comes with a few stipulations: The airport must remain in business as Kidwell Airport and the town must keep its name for 30 years.
“She is really invested in the town. She built it from scratch with her hands,” said Marik.
Kidwell originally put the town up for sale in 2010 for $17 million, but it went off the market after the Great Recession devastated the state’s real estate market. It went back on the market for the lower asking price in February.
]]>Kolivos and his wife Donna are the owners of champion colt Pierro, who won the 2012 Golden Slipper and amassed more than $4 million in prize money during its career and was sold to a breeding conglomerate for a rumoured $30 million in 2013.
The Kolivos’ listed their sprawling estate at 21-23 Warrawee Ave in October last year with $10 million hopes, however, the price guide was later adjusted to $9 million.
Agent Chana Scotcher, of Chana Scotcher Realty, who sold the home in conjunction with Darren Curtis from Christies’ International, would not comment on the property’s sale price, however, it is said to have sold for close to the $9 million asking price to local buyers from Chatswood who have a son at nearby Knox School.
Scotcher notes that the sale is a further indication that the north shore market is continuing to perform well, with interest coming from locals, internationals and expats for the home.
The luxury, Georgian style six-bedroom house sits on an impressive 3776sqm block that includes Peter Fudge-designed gardens, a heated pool and championship tennis court.
Inside it includes all of the usual high-end appointments, such as a lavish billiards room, entertainer’s pavilion, palatial main suite, gym, five-car garage and a state-of-the-art home smart system.
The Kolivos’ bought the property in 2007 from medico Tom Wong and his wife Deborah for $6.6 million and have carried out extensive renovations since.
After their own son finished up at Knox School, the family made the decision to spend more time at their acreage in Dural to be closer to their horses.
The sale has smashed the previous $6.6 million record for the prestigious street, set by the Kolivos’ home, but is shy of the suburb record of $11.5 million set just around the corner at Chilton Parade in 2010.
]]>If you receive your search results in a list, then you’re not alone. Around 95% of those looking to buy on realestate.com.au do the same.* But there’s another way to view properties on realestate.com.au – on a map.
Searching for properties on a map view allows you to index your property results around the amenities that are important to you, including schools, transport and shopping centres.
It means you don’t have to limit your property search to a particular suburb or set of suburbs.
You can search for properties that are available in any map bounds. This could be a particular council area, neighbourhood, street or a certain number of kilometres from your workplace.
Because it’s such an important tool for property seekers, realestate.com.au have made the map search even easier to use.
The map is now available in full screen view, so you can get more listings (viewed as pins on the map) in your viewport.
If you’re a keen investor, or just a curious property geek, the map search for sold properties now allows you to filter your results by date range.
This makes the process a lot more useful, as you can now select any map bounds and find the properties that have sold there in the last week, month or extended time period.
It’s a unique feature to provide you with a snapshot of any market on the grid at any given time.
]]>The 48-year-old confirmed she used the same prop on the show after a fan asked her about it on Twitter.
Located in the living area, the alcove is placed alongside the pool table, full bar and fireplace, perhaps making it a great setting for a Star Trek movie marathon.
Pooh Country: Christopher Robin’s home now for sale
The impressive cinema room seats 20 on plush sofas, providing that next-level comfort.
The 0.5 hectare French-inspired property features an six bedrooms, 10 bathrooms, a large kitchen and an office.
The grounds surrounding the home are particularly impressive. An oak tree in the front garden is complemented by well-maintained lawns.
The pool area also provides plenty of shade for those warmer months of the year.
Since buying the Encino property in 2000 for $US4 million, the home has been renovated several times.
If sold at asking price, the German-born actress will make close to a $US3 million profit; well above the $1.249 million median price of a home in Encino, California.
]]>Located near the medieval town of Siena, the Poggio Santa Cecilia property portfolio is a 700 hectare site.
It includes an organic farm, 20 farm houses, the church of Madonna Ferrata which has a bell tower, a 7,000sqm 18th century villa, partially restored stables, an olive mill, workshops and an underground cellar.
There are also orchards, vineyards, lakes and forest areas.
Market update: South Yarra trio sold for $33m
The village dates back to the 1100s and several of the existing buildings are thought to date back to the 16th century.
Some of the structures in the town feature coats of arms carved in stone or wood.
The village was owned by the Buoninsegni family whose grand villa is one of the more impressive buildings included in the sale.
The buildings are structurally sound, but many need to be completely remodeled and repaired. One expert says the potential buyer could need to spend up to €20 million to restore the place to its former glory.
The village was occupied up until the 196os when locals were lured away by jobs in other sectors like mining, as reported by Sky News Real Estate’s Prue Miller.
A group of investors bought the town 50 years ago and have established a successful organic farm on site, but are now selling as they wish to retire.
Design: Adelaide heritage home gets a jaw-dropping reno
The group wants the new owner or owners to buy the business and restore the village and they will only sell the properties together.
]]>So why, all of a sudden, has the micro-apartment become so fashionable?
When did small suddenly become big?
There are obvious logistical and practical reasons why small apartments are becoming popular. As populations in cities continue to rise something has to give, and increasingly that’s becoming the size of our homes. So there are simply more small apartments being built.
Australians are used to enjoying larger apartments than in most parts of the world, but that’s changing.
According to census data, between 2006 and 2011 there was a 15% jump in the number of studio apartments, up 5,000 to 37,600. Most of these studio apartments are in our big city centres, like Darlinghurst, Elizabeth Bay, Rushcutters Bay or Potts Point in Sydney, Carlton in Melbourne, West Perth, Brisbane’s Fortitude Valley, or Adelaide’s New Port.
Given that less space usually (but not always) means cheaper prices, small apartments can be a way to get a foot on the property ladder while living in a prized central location.
But the notion of ‘cheap’ is relative. The entry-level median price for studio apartments in inner Melbourne is over $300,000, which buys you just 34 square metres on average.
An international trend
The popularity of small apartments is not unique to Australia – in fact it’s being driven internationally, especially in mega-cities where space is at a premium.
While the current minimum size for an apartment in New York is 400 square feet (or 37 square metres) Mayor Bloomberg has rolled out a pilot programme to allow smaller apartments in New York City – from as little as 25 square metres.
Many Australian developments are keen for unit sizes to be reduced here too.
You only have to glance at an Ikea catalogue to know that Europeans often live in tiny studio apartments. And Asia has long understood the practical need for small apartments to house large populations in small spaces.
Long before the local hipsters got their tiny architect designed crash pads, Tokyo was home to the amazing Nakagin “Capsule” Tower, constructed from a series of space age pods designed by architect Kisho Kurokawa in 1972.
So tiny just got cool
Some lovers of small apartments have a green approach – less space, less stuff, less carbon footprint. Others see it as a reaction against the excesses of the McMansion’s of suburbia.
Travellers and students are sometimes happy making do with a tiny crashpad because they’re rarely home.
We’re also staying single longer, and having kids later in life so we can often make do with smaller spaces.
But one of the big drivers of the small apartment craze is the design factor.
Tiny apartments have been getting a lot of attention because they’ve become uber-hip with the design brigade. Architects, interior designers, DIYers and others are catching on to the fact that living small, creates a design challenge which means you can come up with creative ways to incorporate storage and functionality.
Some designers are even capturing the small market, seeing it as a great way to showcase their skills.
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