SCROLL DOWN for latest openings, local events, market trends and real estate updates.

 

May 9, 2020

Support Local: Ess-a-Bagel

Start "spreading" the news about this interview. Join me as I sit down with Melanie one of the owners of Ess-a-Bagel in Manhattan. The gift card #giveaway is at the bottom, but more important is the story.

NYC is one of the hardest hit areas by #covid19 and I thought it would be great idea to highlight local businesses in #mymidtowneast who are staying open, safe and feeding our community. When you think of #nyc , you think of bagels. Ess-a-Bagel is one of the most iconic bagel shops and they even ship around the country. Not only do they remain open, but they are committed to helping front line workers and recently initiated a grocery option for the community to get some of those hard to access items.

If you are interested in feeding the front line workers, Melanie recommends donating here:

https://www.gofundme.com/f/feed-the-frontline-workers-of-nyc

To find out more about #essabagel and how you can order, follow, and become a fan like me:

https://www.ess-a-bagel.com/

https://www.facebook.com/EssABagel1976/

https://www.instagram.com/essabagel/

 

To find more about the gift card, go to my instagram at:

https://www.instagram.com/thecohenation/

 

April 29, 2020

What to expect from real estate after the pandemic

Think This Is a Housing Crisis? Here are five aspects to consider...

Think This Is a Housing Crisis? Think Again. | MyKCM

There is so much uncertainty caused by the pandemic and the economic pain we are encountering across the country persists. Until the number of listings normalizes, we have access to apartments, can provide access to buyers, and see how historic unemployment factors in, it is difficult to determine what will happen to home values. I am hearing from a lot of clients asking me if the housing market is in trouble. While nobody knows for sure based on these factors, there is a lot of talk about how this market will compare to 2008. For those who were around in 2008, it's understandable that one would ask that question. However, the best real estate decision I ever made was during that time of uncertainty. So, it got me thinking, what is different?

At that time, a lot of us experienced financial hardships, lost homes, and were out of work during that "Great Recession". However, that recession was ignited by a housing and mortgage crisis. Today, we face a completely different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the United States.

Let’s look at 5 things we know about today’s housing market that were different in 2008. In case you are used to scrolling on Instagram like I am, I have also included a few infographics to support the narrative.

1. Appreciation

When we look at the increase in home prices in the image below, there is a significant difference between the six years prior to the housing crash and the most recent six-year period of time. Leading up to the crash, we had much higher appreciation in this country than we see today. In fact, the highest level of appreciation most recently is below the lowest level we saw leading up to the crash. Prices have been rising lately, but not at the rate they were climbing back when we had runaway appreciation.Think This Is a Housing Crisis? Think Again. | MyKCM

2. Mortgage Credit

The Mortgage Credit Availability Index is a monthly measure by the Mortgage Bankers Association that gauges the level of difficulty to secure a loan. The higher the index, the easier it is to get a loan; the lower the index, the harder. Today we’re nowhere near the levels seen before the housing crash when it was very easy to get approved for a mortgage. After the crash, however, lending standards tightened and have remained that way leading up to today.Think This Is a Housing Crisis? Think Again. | MyKCM

3. Number of Homes for Sale

One of the causes of the housing crash in 2008 was an oversupply of homes for sale. Today, as shown in the next image, we see a much different picture. We don’t have enough homes on the market for the number of people who want to buy them. Across the country, we have less than 6 months of inventory, an undersupply of homes available for interested buyers. Manhattan has experienced an oversupply in recent years mostly driven by New Development, but prior to COVID-19, we were seeing postive signs of activity.Think This Is a Housing Crisis? Think Again. | MyKCM

4. Use of Home Equity

The comparative in this section shows the difference in how people are accessing the equity in their homes today as compared to 2008. In 2008, consumers were extracting equity from their homes (through cash-out refinances) and generally speaking people were utilizing the surplus to fund their lifestyles. Today, we are seeing home owners treating the equity in their homes much more cautiously.Think This Is a Housing Crisis? Think Again. | MyKCM

5. Home Equity Today

For those that like to analyze numbers, today, 53.8% of homes across the country have at least 50% equity. In 2008, homeowners were abandoning their homes when they were "underwater" (meaning owed more than what their homes were worth). With the equity homeowners have now, they’re much less likely to walk away from their homes.Think This Is a Housing Crisis? Think Again. | MyKCM

Bottom Line

The COVID-19 crisis is causing different challenges across the country than the ones we faced in 2008. Back then, we had a housing crisis; today, we face a health crisis. What we know now is that housing is in a much stronger position today than it was in 2008. It is no longer the center of the economic slowdown. Rather, it could be just what helps pull us out of the downturn.

We all know that NYC is completely different from most of the country. If you are interested in seeing detailed information on the how the pandemic will impact the housing market in Manhattan contact me.

Feb. 13, 2020

Alexa says what? $165M?

According to the New York Times, Amazon CEO Jeff Bezos purchased the Warner Estate in Beverly Hills from David Geffen for $165 million. The 9.4 acre parcel was designed in the 1930s for Jack Warner, the a force in the entertainment industry and is best known as the former president of Warner Brothers Entertainment. Geffen purchased the residence for $47.5 million in 1990, which was a record for L.A. County at the time.

Bezos’s $165 million purchase, which was not an online order, is a new record for L.A. County and likely for the entire state of California. Alexa, can you say impressive!

 

March 31, 2019

Debt To Income Ratio

My name is Jeff Cohen and I'm a real estate Salesperson in New York City with NextStopNY. Manhattan is a different real estate market when compared to the rest of the country.  So I decided to create a real estate series dedicated to answering some of the top questions I receive from buyers when shopping for a home in New York City (NYC). 

In this episode I will go over what is called the debt to income ratio or what some people also call the debt to equity ratio. What is important to know is that a bank may have a different ratio requirement than a co-op board and most often the co-op board has a a more strict threshold. When buying a co-op in New York City, co-op boards usually want to see the buyer landing somewhere between a 25 to 35 percent debt-to-income ratio, and quite frequently below 30 percent. 

Debt-to-income ratio is a measure of what percentage of your income goes towards housing expenses, more specifically mortgage and maintenance, but can also extend to areas such as other debts. This formula is calculated by taking your monthly expense divided by your monthly income.  

As an example if you are buying a 1 bedroom apartment for $700,000 with 20% down, your mortgage could be about $2,800. If you add to that a hypothetical maintenance of let's say $1,200, your total monthly expense is $4,000. Then let's assume you make $165,000 per year gross salary (not after-tax). $165,000 divided by 12 months is about $13,750 per month in income. So in this example you would take $4,000/$13,750 and come up with a debt to income ratio of 29%.

DTIR

Evidence from studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. So the lower the debt to income ratio the better. 

When you are looking to buy an apartment in New York City be aware of the debt to income ratio. Either ask your real estate agent what the debt to income ratio is or have them ask the management company of the building if they don't know.

This is Jeff Cohen a real estate agent in Manhattan with NextStopNY. I hope you enjoyed this episode and look forward to seeing you again soon.

Feb. 28, 2019

Manhhattan Real Estate Market Update January 2019

This your Manhattan Real Estate Market update for February 11th 2019.

Buying or Selling an apartment in New York City right now? Don't miss this real estate market update. The new metric called the Market Pulse is explained and you will want to listen in to see why that could benefit you. Then as an added bonus if you scroll down I provide more insight into the Market Pulse.

 

 

The Market Pulse in Manhattan is calculated by taking pending sales and dividing it by active inventory. In English it means comparing how many apartments currently have signed contracts to sell, versus what apartments are currently on the market trying to sell.  You can see from the chart below that in the Fall of 2013 it almost approached 1, but since 2016 it has been on a steady decline. 

Market Pulse

Call, text or email me to find out how I can save you money right now. 

 

Jan. 23, 2019

$238 Million Home: Record Pulverized

WKen Griffinhile we are all waiting for the next episode of Billions, the real life Bobby Axelrod is at work hoarding properties around the world.  Citadel Hedge Fund founder Ken Griffin is reported to be the new owner of this ~24,000 square foot apartment at 220 Central Park South. The price tag for this beauty is said to be around $238 Million.  This is a record price for a home in the United States and it pulverized the price $100.5 million apartment that Michael Dell paid at 157 West 57th.  What is even more shocking is that it is actually cheap when compared to the 2 paintings he purchased back in 2016 for $500 million.

The architect for 220 Central park South is Robert A.M. Stern and the property is developed by Vornado Realty Trust.

Looking for an apartment in Manhattan? Learn more about Jeff Cohen and how he can help you find the home of your dreams.

Dec. 8, 2018

Manhattan Real Estate Market Update 12-08-2018

Buying or Selling an apartment in New York City right now? Don't miss this real estate market update. This time I am focusing on the co-op NYC real estate market. This is a quick Manhattan Real Estate Market update for December 8th 2018.

 

 

You Tube video can be seen here: http://bit.ly/jcny002
Nov. 17, 2018

Manhattan Real Estate Market Update 11-17-2018

3 things you want to know right now about the New York City (NYC) real estate market. This is a quick Manhattan Real Estate Market update for November 17th 2018.

 

 

Oct. 26, 2018

Manhattan Real Estate Market Update

3 Minutes and 3 Reasons to buy in New York City right now.

 

 

 

July 12, 2018

Manhattanhenge

Reminder that Manhattanhenge is tonight and tomorrow night at 8:20pm. Get your phones (and cameras) ready!!

For more information, click on the photo below for information from Neil deGrasse Tyson:

The best viewing locations should be at 14th, 34th, 42nd, 57th and 79th Streets, as they’re wide blocks with interesting buildings for framing your photos.

360 Manhattanhenge

#Manhattanhenge #jcny #realestate