I can only speak from my vantage point, but  in my area of the world, things are so much brighter in the resdiential market than they were just a few months ago.  And those that have an opportunity to get on this ride need to get on now.

4 Bedroom / 2 Bath Brick Colonial

Whether you are a first time home buyer, a family in need of a bigger home or an investor looking for low risk and high return, you will kick yourself if you stay on the sideline much longer. Prices are still incredibly low, mortgage rates are cray low and the inventory is just beginning to thin.  Now is it – its the BEFORE. In another month or so prices and rates could begn their ascent.

Investors are having a field day with some of the excess inventory. I helped one of my customers to purchase a foreclosure, that was in a luxury apartment building, in an extermely affluent neighborhood. He paid 40% below its previous sale price just 2 years earlier and is renting it out and generating a very nice profit each month. It’s a no brainer!

Arched entrway, frehly painted walls and clean wood floors throughout.

Many investors are buying up short sales and foreclosures, fixing them up and flipping them now that their is increased buyer demand.  The home featured here is in a short sale and the current list price is almost 13% below its current assessed value.  It is on a wide, buccoli street in the charming, commuter friendly town of Maplewood, NJ. Typically the investor will pay  under the list price (let’s say $350,000 – which is 19% below its assesed value), spend $70-$100k to update it and sell it for $510 = $515k.  From start to finish it takes 3 months- so the taxes and carrying costs are not much of a factor and the return is almost 15% on your investment. Where else can you get that strong of an ROI ?

If you are the least bit interested, call me – I’d be happy to explain what’s involved, how to find these opportunities and how to bring them to fruition.

The ccombined purchase-contracts for existing and new homes rose by 20% in March. This follows increases of 31% in January and 28% in February, with YTD sales running 25% ahead of 2011 through Q1 2012.

We also know that homes that are priced right are receiving multiple offers. I have had 3 offers in the past week that were in a multiple bid situation.

If you are considering selling your home interview several realtors because we all have very different strategies.  I know I can sell a home in 30 days with the right strategy in place. If you want more information please contact me at C (917) 327-0701 or at amy.harris@cbmoves.com

And the facts back up my first hand experience 100%. Today, Lawrence Yun, National Association of Realtors – chief economist (kind of the Ben Bernacke of the real estate market) validated my anecdotal experience when he revealed that Pending Home Sales increased in March and are well above a year ago.

Why is this such an important indicator to watch? Because the Pending Home Sales Index is a forward-looking indicator based on contract signings – not closings. Closings typically happen 60-90 days later. And the good news is that the PHSI average rose by 4.1%  in March. This is up from 97.4%  in February and is 12.8 % above March 2011 .  AND the index is now at the highest level since April 2010.

Yun aslo said 2012 is expected to be a year of recovery for housing.  “First quarter sales closings were the highest first quarter sales in five years.  The latest contract signing activity suggests the second quarter will be equally good.”

“The housing market has clearly turned the corner.  Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses,” Yun said.

Large roof top deck with tables and lounge chairs and a view of the East RiverA tyical Sunday afternoon on Stone Street

When you tell someone that your recent college grad daughter and her friends are renting an apartment on Wall Street many say, “Oh – you mean downtown?” To which I reply, “no, they are literally living in a luxury rental loft-like apartment located at 67 Wall Street.”

In the last 10 years the financial district has become a thriving residential area. As many financial back offices of super big companies moved to Jersey City, NJ, downtown zoning was changed to allow these potentially empty towers to become residences.

In order to allure potential tenants landlords offer much greater value than buildings in many other Manhattan neighborhoods.  This particular building comes with a beautiful sun deck, several lounges, a movie theatre, a full sized gym, door man, conceierge etc.

One of the many shared spaces - this lounge has a full bar and a baby grand piano

Typical layout and feel - of course without the super fabulous furnishings

Bedrooms have their own climate controlled units, large windows and high ceilings

Since many young urban professionals are now calling this area of the city home, the restaurants, cafes, shops and boutiques have also migrated to the area.  Because it is the very oldest part of the city there are winding streets, small squares, pocket parks, cobblestone streets and classic architecture making it feel more like Paris than NYC.

A tyical Sunday afternoon on Stone Street

To find out more about The Crest

 @ 67 Wall Street go to:

 http://crestnyc.com/

Most people haven’t heard of it and I think that’s the way its residents like it.

This home's grandeur and amentities make it feel more like a vacation home than a primary residence.

It’s not very often that a house in South Orange, NJ comes on the market on this very special street. What makes the street so outstanding is several key factors. The first is that the homes have spectacular NYC views. Some only have them in the winter when the trees are bare, but this one has it 12 months a year.

Secondly, these special homes have views because of their proximity to Manhattan – a mere 30 minute trainride on the Midtown Direct train line.

Lastly, the home is spacious and well proportionedsitting on 2/3 of an acre. With a gourmet kitchen, formal living room, family room, formal dining room, a conservatory,  billiard room, and a landscaped backyard with a pool so that one can enjoy the views while doing the back float. Check out the slide show here.