I was recently in Scottsdale, Arizona for the Cyberstar Convention, which is a group of top producing real estate agents who have a special interest in technology and the internet. While there, I was interviewed by Michael Krisa (known as “That Interview Guy”) on increasing your referrals from other brokers. Michael has a great real estate site for brokers to get new and relevant information to increase their business. The interview turned out to be a good plug for CRS (Certified Residential Specialists); I’m glad I was wearing that shirt. 

Star Power, the leading real estate education and training association was sold from Howard Brinton to Alex Charfen. Alex is very sharp, a good businessmen, and a great speaker. I am very happy this powerful organization will continue.

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.

I reviewed the Second Quarter Report of residential real estate sales in Manhattan. My firm, The Corcoran Group, has released this report comparing data based on deals that closed in 2Q 2009 (April 1 through June 30) with that of 2Q 2008.

Due to the impact of the credit crisis and our nations recession there is a decline in sales activity and sale prices over the prior year.  2009’s Second Quarter posted 50% fewer closings over 2008’s.  The large amount of available properties along with low demand in the first part of the year has forced sellers to lower prices by 12-15%.  Therefore, buyers can negotiate much more and can snap up some of the best deals to be had in Manhattan in many years.

Spring is usually the busiest season and despite a slower market, the report shows greater sales activity in the Second Quarter than the First.  In fact June 2009 was even busier for our agents than the same month a year prior.

New developments showed decreased sale prices and slower activity as well. 67% fewer new development properties closed this quarter than in 2Q 2008, having an average drop of 14% in price per square foot.

If you would like to see this report in its entirety please contact me.

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