Posts Tagged With: Harlem condos

It’s a boom with a view

Buyers have returned, bidding wars are raging, and competition is fierce to nab the perfect NYC pad

By MAX GROSS/ New York POST

Late last month, the sales team at 422 W. 20th St., the Brodsky Organization’s new condo building, arrived early to set up for its first open house.

It was Saturday morning at about 8 a.m., and the Corcoran Sunshine Marketing brokers had sunny expectations for this 37-unit building, with units ranging from $670,000 one-bedrooms up to $2.095 million three-bedrooms.

It turns out their best expectations might have been too low. Prospective buyers were lined up outside. By the time they opened their doors at 11:30, 80 people were waiting. More than 700 people came through over the weekend. As of last week, 75 percent of the building was in contract.

Do our eyes deceive us, or is the market strong again?

{SNIP}

The Apex Condominiums had a great two-bedroom layout.

The Apex Condominiums had a great two-bedroom layout.

Guy Soreq, a buyer from Tel Aviv who is starting the MBA program at Columbia in the fall, had never set foot in New York City before he began searching for an apartment in Harlem.

But he did enough homework to make his future professors proud.

“I wanted to maintain walking distance from Columbia, so I started to go over the works and did an Excel sheet that calculated the ups and downs [of nearby properties],” Soreq says.

He put size, proximity, taxes and monthly service fees into his spreadsheet and ranked each category with a point system: “It was less a gut feeling, more of a numbers thing.”

Two days after coming to New York to look at the properties that made the cut, Soreq purchased a one-bedroom for approximately $500,000 at the Apex condo building with broker Khadeejah Johnson of the Marketing Directors.

Foreign buyers — like Soreq — are one of the major drivers of the market. CONTINUE READING >>>

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Access to the Country and to Croissants

via Joyce Cohen/ The New York Times “THE HUNT”

The Apex Condominiums had a great two-bedroom layout.

Hervé and Dacotah Rousseau instantly liked the Apex Condominiums on Frederick Douglass Boulevard.  READ THE FULL STORY >>>

 

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Apex Condos Hit 70 Percent

By SARA POLSKY/Curbed.com

 HARLEM—New numbers outta Harlem’s Apex Condos: the building is officially 70 percent sold, with close to 30 closings done. StreetEasy shows pricing changes on those closings ranging from 10.7 percent off the asking price to 7.7 percent above the asking price. There are three units listed in contract on StreetEasy and nine remaining active listings, ranging in price from $365,000 to $895,000. The building’s been on the market for a while, but hey, slow and steady wins the race. [CurbedWire Inbox]

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Apex Will Be Featured on HGTV’s “Selling NY” This Thursday!

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Brokers Weekly: The Common Touch in Harlem

The Sponsor of APEX Condominium has lowered the monthly common charges at the new luxury building in Harlem.

The average estimated monthly charge for a one-bednoom home is now approximately $572.00, according to owner/developer RCG Longview and The Marketing Directors, Inc., the property’s exclusive sales and marketing agent.

Addressing monthly common charges appears to be right on point as buyers have responded positively to the new program, with recent contracts pushing the 44-home building to the 30% sold mark.

“There’s tremendous public acceptance of APEX and we’re success fully attracting buyers from throughout New York City who appreciate the property’s well thought-out designs, upscale finishes and appointments, amenities and services, convenient location and exceptional value,” said Adrienne Albert, CEO of The Marketing Directors, Inc.

“The early success has already led to price increases on some of the lines.”

Located at 2300 Frederick Douglass Boulevard, on the southeast corner of 124th Street, APEX features 44 contemporary condominium homes situated on the top six floors of the new 12-story building which includes a 124-room Aloft hotel,

Residences are priced from the mid-$300,000’s to just over $1 million.

See the full clip here: Brokers Weekly – The Common Touch in Harlem – 6.15.11

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WSJ: Mortgage Rates Fall, Extend Record Lows

By NATHAN BECKER
Mortgage rates fell in the past week, with the average rates on 30- and 15-year fixed-rate mortgages further extending record lows, according to Freddie Mac’s weekly survey.

Rates have been at or near record lows as the Treasury market has rallied amid stock-market volatility, pushing yields lower. Mortgage rates generally track Treasury yields.

The decline over the past few weeks also “echoes the recent signs of weakening confidence in the strength of the economy, particularly the housing and consumer sectors,” said Freddie Chief Economist Frank Nothaft.

The 30-year fixed-rate mortgage averaged 4.56% for the week ended Thursday, down from the prior week’s 4.57% average and 5.2% a year ago. Rates on 15-year fixed-rate mortgages were 4.03%, down from 4.06% and 4.68%, respectively.

Both the 30- and 15-year mortgage rates are at the lowest point since Freddie started tracking them, 1971 and 1991, respectively.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.79%, lower than the prior week’s 3.85% and 4.74% a year earlier. One-year Treasury-indexed ARMs hit a fresh low of 3.7%, down from 3.74% and 4.77%, respectively. That loan type has been followed by Freddie since 1984.

To obtain the rates, the five-year fixed-rate mortgages required payment of an average 0.6 point and the others required an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.

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