Our company, The Corcoran Group, has created a new free app for iPhone users. The Corcoran app will allow you to search Corcoran listings in Manhattan, Brooklyn, the East End of Long Island and South Florida all with full photos, property details and the agents contact information. Also, using the iPhone’s GPS, the Corcoran app will identify your location and will let you know how far away you are from a listing!

If you would like to download the new Corcoran iPhone app or learn about all its features click here!

Both the House and the Senate have passed an extension and an expansion of the homebuyer’s tax credit. The President is expected to sign the bill Friday. Key provisions of the bill are as follows:

* Tax credit of up to $8000 is extended for first-time homebuyers who are in contract to purchase a home by May 1, 2010 and close by July 1;

* A tax credit is also available to homebuyers who have owned their current homes for at least five years of up to $6,500;

* The credit is available for the purchase of principal residences costing up to $800,000 (the prior tax credit did not set a limit on housing price);

* Income limits for claiming the credit are raised to $125,000 for individuals and $225,000 for couples.

The luxury real estate market in Manhattan has been very slow since the Lehman Brothers failure in August of 2008.  Recently it has picked-up.

I had a new client in this week from Europe who runs a major banking firm and wanted to look at apartments with views on Fifth and Park Avenues.  Since the views are better on Fifth and we only had a few hours, we focused the search there.

We looked around the $10,000,000 price range and saw some amazing apartments.  I show apartments with stunning views all the time, but a high floor on Fifth Avenue is the best.  The contrast between Central Park and the rest of the city is dynamic, unlike any urban center in the world. 

We saw gorgeous apartments, tacky ones,  great layouts, and some not so great.  It is nice to know for those of us who cannot afford one of these apartments that even at $10,000,000 my buyer will have to make compromises on his purchase.  Either he will get the view with 3 bedrooms, and a terrace, but the apartment needs a renovation or he will get his desired wishes and sacrifice a bedroom.

Everything about these apartments are exclusive.  Many require 50% of the purchase price down or more.  Showings in most of the buildings are limited from 9am to 5pm, Monday to Friday.  Some have priavate dining rooms for their owners.

I wish I could take all of you in, but let’s face it, if you don’t have the dollars we are not getting past the front door.  It is fun at times, selling real estate in Manhattan.

I just saw the movie ‘Julie and Julia’.  It was great and Streep was amazing as usual.  One thing that interested me was how much fun Julie’s blog was.  It was so very personal with her daily struggles and victories.  Then it hit me, yes, my blog is very, very boring which is one reason why it takes me  forever to get a new entry posted.

So that is changing today.  From now on this blog will be about my life in New York City real estate.  If you like the factual data, sign up for my Newsletter:  http://www.patricklillygroup.com/Newsletter and click on ‘subscribe to this newsletter’.

Things are going to get personal around here.

First Quarter stats are in for the Manhattan residential real estate market in 2009. Here is an overview taken from multiple sources:

• Over 10,000 apartments are available for sale, up 15% from previous quarter
• Sales declined 47.6% from same period last year
• 57.2% of sales for 1st Quarter were Re-sales, down 69.5% from same period 2008
• Median sales price of re-sale property fell 20.8% from prior year quarter
• Median sales of a new development rose to 31.4% from prior year quarter
• Average days on market rose to 170 days, previous year quarter was 146 days
• The average discount between asking price and sales price increased to 12.4% from prior year quarter

Fourth Quarter stats are in for the Manhattan residential real estate market in 2008. Here is an overview taken from multiple sources:

• Prices are down 20% from July of 2008
• Sales down 57% from same period in 2007
• Over 9,000 apartments are available for sale, up 3% from the previous quarter
• The average discount between asking price and sales price increased to 7.3% from 2.7% the year before
• Average days on market is 159 days, up from 131 days in the previous quarter