At TripleMint, we strive to make finding your new home as simple and transparent a process as possible. But why stop there? Starting this week, we will will post a recap of New York real estate news from the week. We’ll only share the most important bits of news. The snippets that affect New Yorkers and aspiring New Yorkers alike. The pieces we think anyone in the market should know about the market, whether buying, selling or renting. Let us make the world of New York real estate refreshingly transparent.
Here’s how it’s going to work. First, we’ll give you a quick snapshot of the week in sum. Then, we’ll toss in a useful tool or feature in that we think will help you with your home search. Next, we’ll share a handful of articles that piqued our interest and that we think will be useful to you.
So, without further ado, here’s Julep’s Friday Brief, week of February 1, 2016:
The Week: Feb 1 – Feb 5.
All eyes are still on the Department of the Treasury’s new LLC order, which stipulates that title insurers disclose the buyers of homes over $3 million in all-cash deals through shell companies. Meanwhile, listing website Zillow is moving to acquire rental platform Naked Apartments and Manhattan townhouse prices hit a 10-year high.
TripleMint’s Pick: Is it Better to Rent or Buy
Check out this brilliant interactive graphic from the New York Times addressing an oft-asked and all-important question: is it better to Rent or Buy? Compare options based on the price of a home, length of stay, mortgage details, growth rates, taxes, maintenance costs, and broker fees. This is a great tool to have while you look through TripleMint’s listings.
Manhattan Townhouse Prices hit 10-year High
Median sales prices for townhouses in Manhattan jumped to $5.3 million in 2015, breaking the 10-year record. While prices were up, total sales dropped 2.7%. This movement comes hand-in-hand with decreasing sales of coops and condos.
On Wednesday, Seattle based Zillow Group, an online real estate database, announced it will acquire Naked Apartments, New York’s largest rental-only platform for $13 million cash. This follows Zillow’s purchase of StreetEasy, a listings database. With this move, Zillow hopes to build its New York presence, while Naked Apartments will be able to expand its own capabilities while keeping its name. Stay tuned for more news on how this will affect the larger real estate world.
Manhattan’s 10 Highest-Earning Rental Complexes
Looking to rent? These 10 apartment buildings make their owners the most amount of money in New York City. The complex with the largest net-operating-income, Peter Cooper Village, rents out its apartments for prices north of $3000. You can check out these units on TripleMint.com.
Guardian Angels back on Subways for the First Time Since 1994
While this isn’t strictly Real Estate news, commuters on the subway (often traveling to and from work) will be happy to hear that this vigilante-citizen group will be back on the subways for the first time this millennia, in light of increased violence in New York. So rest assured if you’re searching for an apartment near the subway it will still be safe.
Unmasking Manhattan’s Hidden Buyers.. why now?
Want to learn more about the Treasury’s new LLC order? The move is consistent with broader trends to increase transaction transparency, particularly with Wall Street banks. While an anti-money laundering effort, many in the real estate industry believe it will turn away potential buyers.
A Look Inside a $58.5M listing atop One57
Have $60M disposable cash lying around? Take a glimpse into one of the vacant units in massive building development One57 – a building that dominates the Central Park South skyline.
De Blasio Announces Brooklyn-Queens Streetcar
Mayor Bill de Blasio announced his support for a 16-mile long streetcar development to run along the East River from Brooklyn to Queens. Costing around $2.5 billion, construction would likely start in 2019, with a target opening date of 2024. We’re curious to see how the streetcar will affect property prices in less expensive neighborhoods in the boroughs, especially given its goal to connect the poor and wealthy alike.
Top 10 Biggest Real Estate Projects Coming to NYC
Queens and Brooklyn dominate this list of upcoming New York developments, so don’t expect many completely listings in new Manhattan developments to appear on the market next year.
Meet the TripleMint Team: Shelly Place
Lastly, meet our TripleMint employee of the week, Shelly Place, in our interview with her earlier this week!
