“The rental market is sitting within the city’s robust economy so that drives demand,” said Jonathan Miller, CEO of appraiser firm Miller Samuel. “But there has been this disconnect with the type of housing we are bringing to market and the wages that are being paid.”
The rental market has been tapping the brakes since August, but Miller doesn’t expect rents to continue to decline.
“We will see this up and down pattern, which is going to be the equivalent to moving sideways,” said Miller.
But here’s some more good news for renters: It’s also getting easier to find an apartment in Manhattan with the vacancy rate rising to 2.4% in March from 1.99% a year ago.
Landlords are offering more concessions — like a month of free rent — to help attract tenants.
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The top-end of the market is showing the most weakness. Rent for Manhattan’s most expensive apartments made the steepest drop of 3.5%.
Developers have been focusing on building high-end apartments to help bolster their profit margins as the cost of land on the island soars.
Renters have been fleeing Manhattan in search of cheaper housing, which has pushed rent prices up in the other boroughs and increased home sales in nearby suburbs.
The number of new leases soared almost 37% in Brooklyn as the median rent jumped 2.7% to $2,775 last month.
]]>If you receive your search results in a list, then you’re not alone. Around 95% of those looking to buy on realestate.com.au do the same.* But there’s another way to view properties on realestate.com.au – on a map.
Searching for properties on a map view allows you to index your property results around the amenities that are important to you, including schools, transport and shopping centres.
It means you don’t have to limit your property search to a particular suburb or set of suburbs.
You can search for properties that are available in any map bounds. This could be a particular council area, neighbourhood, street or a certain number of kilometres from your workplace.
Because it’s such an important tool for property seekers, realestate.com.au have made the map search even easier to use.
The map is now available in full screen view, so you can get more listings (viewed as pins on the map) in your viewport.
If you’re a keen investor, or just a curious property geek, the map search for sold properties now allows you to filter your results by date range.
This makes the process a lot more useful, as you can now select any map bounds and find the properties that have sold there in the last week, month or extended time period.
It’s a unique feature to provide you with a snapshot of any market on the grid at any given time.
]]>The 48-year-old confirmed she used the same prop on the show after a fan asked her about it on Twitter.
Located in the living area, the alcove is placed alongside the pool table, full bar and fireplace, perhaps making it a great setting for a Star Trek movie marathon.
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The impressive cinema room seats 20 on plush sofas, providing that next-level comfort.
The 0.5 hectare French-inspired property features an six bedrooms, 10 bathrooms, a large kitchen and an office.
The grounds surrounding the home are particularly impressive. An oak tree in the front garden is complemented by well-maintained lawns.
The pool area also provides plenty of shade for those warmer months of the year.
Since buying the Encino property in 2000 for $US4 million, the home has been renovated several times.
If sold at asking price, the German-born actress will make close to a $US3 million profit; well above the $1.249 million median price of a home in Encino, California.
]]>Located near the medieval town of Siena, the Poggio Santa Cecilia property portfolio is a 700 hectare site.
It includes an organic farm, 20 farm houses, the church of Madonna Ferrata which has a bell tower, a 7,000sqm 18th century villa, partially restored stables, an olive mill, workshops and an underground cellar.
There are also orchards, vineyards, lakes and forest areas.
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The village dates back to the 1100s and several of the existing buildings are thought to date back to the 16th century.
Some of the structures in the town feature coats of arms carved in stone or wood.
The village was owned by the Buoninsegni family whose grand villa is one of the more impressive buildings included in the sale.
The buildings are structurally sound, but many need to be completely remodeled and repaired. One expert says the potential buyer could need to spend up to €20 million to restore the place to its former glory.
The village was occupied up until the 196os when locals were lured away by jobs in other sectors like mining, as reported by Sky News Real Estate’s Prue Miller.
A group of investors bought the town 50 years ago and have established a successful organic farm on site, but are now selling as they wish to retire.
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The group wants the new owner or owners to buy the business and restore the village and they will only sell the properties together.
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