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Apthorp Apartments: Condo Conversion

Lower Prices and Buyer Demand
The Corcoran Report Manhattan Market Snapshot (survey of Corcoran's own signed contracts)Manhattan listed available inventory has decreased 24% since its peak in March 2009 and is now just above 9,300 units. Available inventory is at its lowest level in almost two years. This number does not include “shadow”, or unlisted and unsold, new development units.Prices are down sharply versus the peak about a year and a half ago. The median price of all properties (condos and co-ops) has decreased 22% from its peak in April 2008, falling from $972,500 to $755,000.Median price per square foot experienced similar

Tax Credit Extended To Include More Home Buyers
President Obama signed an extension for first time buyers and a new bill. The new bill includes an incentive for current home owners as well. The government will offer those buyers a credit of up to $6,500 as long as they've lived in their home for five of the past eight years.The credit can only be claimed on primary residences purchased for less than $800,000 as long as they use the property as their primary residence for three or more years after the purchase. Buyers don't have to pay it back. Buyers can claim the credit on their 2009 taxes, even if the purchase was made in 2010 by filing an amended return.Couples earning as much as $225,000 a year and individuals ea

Loan Limit and Home Buyer Tax Credit Extended
The House and Senate approved a continuing resolution including a provision to extend current FHA loan limits through next year.The Senate announced they have agreed to an extension of the $8000 first-time home buyer tax credit through April 30, 2010. The tax credit was set to expire November 30, 2010.The provision would keep in place current conforming loan limits of $625,000 ($729,750 in Manhattan and designated high-cost areas). Without approval from the Senate, those limits will expire December 31.Manhattan Real Estate - nyc BLOG estate http://rpc.technorati.com/rpc/ping

$8,000 Homebuyer Tax Credit May Be Extended
Bloomberg News reports that Senate Banking Committe Chairman Christopher Dodd is pushing to extend and expand the $8000 home buyer tax credit that is scheduled to expire next month.Senator Dodd from Connecticut and Senator Isakson from Georgia are urging colleagues to extend the credit through next June and expand it to all couples earning $300,000 or less.The Mortgage Bankers, National Association of REALTORS and National Association of Homebuilders all backing the extension.Manhattan Real Estate - nyc BLOG estate http://rpc.technorati.com/rpc/ping

30-Year Fixed Rate Still Below 5 Percent
In its Primary Mortgage Market Survey for the week ending October 15, 2009, Freddie Mac reported that the 30-year fixed-rate mortgage (FRM) averaged 4.92 percent with an average 0.7 point, up from last week when it averaged 4.87 percent. In the Northeast, the 30-year FRM averaged 4.92 percent.To read the entire Freddie Mac press release, click here.Manhattan Real Estate - nyc BLOG estate http://rpc.technorati.com/rpc/ping