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Why Have Chinese Real Estate Buyers Disappeared in NYC?

Posted by Melvin Monachan | Oct 22, 2021 | 0 Comments

Pre-Covid, Chinese buyers topped the list as the most profitable international source for foreign home purchases in the United States. In fact, Chinese real estate buyers spent $11.5 billion on New York City home purchases in 2019 alone. Post-Covid, those numbers are waning. In 2021, China droppe...

COVID's Impact on NYC Real Estate - Part 2

Posted by Melvin Monachan | Sep 23, 2021 | 0 Comments

In part 1 of this series, we talked about COVID's impact on commercial tax assessments and New York City's tax revenues. In this post, we will examine how some property owners are thriving based on a pandemic windfall and the outlook for NYC's commercial real estate market going forward. A Pande...

COVID-19's Impact on NYC Real Estate - Part 1

Posted by Melvin Monachan | Sep 15, 2021 | 0 Comments

Just about every aspect of New York City's real estate market has been turned upside down by COVID-19. Commercial property values and tax revenues are down. Landlords are still reeling from the City's moratorium on new eviction and foreclosure actions, and everyone is watching to see what happens...

Implications of a Resurgent NYC Real Estate Market

Posted by Melvin Monachan | Sep 11, 2021 | 0 Comments

When the COVID-19 virus first took hold of New York City, the outlook was dire. The wealthy were fleeing New York, businesses were shutting down, and the restaurant market was essentially closed for business. Everything that made NYC special was snuffed out overnight. The fear that the wealthy, w...

Have NYC Rents Really Hit Bottom?

Posted by Melvin Monachan | Sep 07, 2021 | 0 Comments

Rental Rates During the Pandemic The COVID-19 pandemic has resulted in record price cuts and concessions across New York City's rental market. Concessions such as a month or more of free rent have become popular, along with landlords agreeing to cover broker fees. Broker fees in New York can add...

Frenetic Housing Market Offers Opportunities

Posted by Melvin Monachan | Aug 23, 2021 | 0 Comments

A widely-read report documents the recent wild ride in New York's housing market. Or, one might better say, the wild rides in the City's several housing sectors, each in a way its own market. For many homebuyers, home sellers, and City residents generally, the current question may be whether to g...

Will Big Tech Save New York City Real Estate?

Posted by Melvin Monachan | Aug 16, 2021 | 0 Comments

How the COVID-19 Pandemic Affected New York City Real Estate The COVID-19 pandemic brought about countless unprecedented events and is being described as the event of our lifetimes. One of the most significant outcomes of the COVID-19 pandemic is the exacerbation of inequalities in social and ec...

New York Legislates Property Conversions

Posted by Melvin Monachan | Aug 04, 2021 | 0 Comments

Albany to the Rescue? To address pandemic shocks to New York's real estate market, the state's legislature hopes to spend $100 million to turn vacant commercial real estate into affordable housing. Governor Cuomo has yet to sign the bill that both state houses passed. But the bill is similar to ...

Manhattan Real Estate Prices Continue Their Plunge

Posted by Melvin Monachan | Jul 24, 2021 | 0 Comments

Around the country, housing inventory is soaring; sellers are easily getting more than the asking price because buyers are willing to duke it out over the property. But in Manhattan, more and more apartments are coming on the market, and buyers are not happy to pay more. In fact, they're looking ...

New York City Storefronts Still Suffer

Posted by Melvin Monachan | Jul 20, 2021 | 0 Comments

A Slow-Rising Tide A reliable report states what is pretty obvious to anyone who frequents New York's commercial districts: storefront retailers still face severe pandemic aftershocks. Urban workers and commuters haven't yet returned to Manhattan and other commercial districts in pre-pandemic nu...

New Proposal Would Ban Foreclosures until 2022

Posted by Melvin Monachan | Jul 07, 2021 | 0 Comments

In an effort to avert a possible deluge of foreclosures and evictions due to the ongoing pandemic emergency, the Consumer Finance Protection Bureau (CFPB) has proposed a new rule that would halt all foreclosure proceedings against delinquent mortgage holders until January 2022. If made official, ...

Supply Chain Issues Pause New York Home Renovations

Posted by Melvin Monachan | Jun 29, 2021 | 0 Comments

Everyone enjoys a good home makeover. For the last year, many of us have been stuck in our homes, daydreaming about what changes we would make. Now with extra cash in our pockets, we're ready to make those renovations happen. Except that now the global supply chain is causing delays. From lumber...

Lessons Learned Evading Foreclosure and Eviction

Posted by Melvin Monachan | Jun 15, 2021 | 0 Comments

It might surprise you how long a resolute buyer of a New York residential property can remain in a home without paying the mortgage. Media report the remarkable story of one man's twenty-three-year battle with lenders and authorities, still ongoing, to remain in a home on which he has reportedly ...

Update on New York’s Recovering Real-Estate Market

Posted by Melvin Monachan | May 19, 2021 | 0 Comments

Where the Market's Just Been The pandemic still casts a mighty big shadow over New York City's real estate market. You can't get a clear view of the up-to-the-minute market without at least a snapshot of where that market has recently been. No question remains that the pandemic spurred a massive...

Loan Forbearance Relief Extended

Posted by Melvin Monachan | May 10, 2021 | 0 Comments

As they grappled with the frightening pandemic, millions of homeowners took due advantage of federal mortgage-forbearance legislation, relieving them of home mortgage payments for up to twelve months. With the pandemic's onset now more than twelve months ago, the Federal Housing Finance Agency re...

Short-Term Loans: A 2021 Real Estate Investment Trend

Posted by Melvin Monachan | May 03, 2021 | 0 Comments

Short-term real estate loans can represent opportunity. In New York, in 2021, on the heels of the pandemic, that's all that many borrowers seek. Over the course of 2020, many property owners had to shelve any commercial real estate projects they had planned. Their customers were staying at home....

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