Monday, September 28, 2009

Manhattan Village: Market Update January-September 2009

There appears to be two schools of thought about living in Manhattan Village... you either love it or you don't...  there are not many folks in the middle.  The residents who love the Village can't imagine living anywhere else and often move up from  2 bedroom Court homes to  to 3 bedroom  Patio homes and  then make the next  step to an Estate  home.  

Real Estate in Manhattan Village always seems to run in cycles... either very very hot or very very cold.  This year has been on the cold side in the Village.  Since January 1, 2009,  6 townhomes/court homes and 4 single family homes have closed escrow.  There are currently 3 patio/court homes on the market and 3 single family homes. 

The biggest issue facing the Village now is appraisals.  In a complex as large are Manhattan Village appraisal guidelines mean that most appraiser will only comp within the complex if there are comps available.  This isn't too bad if you  have a patio or court home for sale but can be a real issue for those selling an Estate home. Overall the Village hasn't had a lot of REO's when you consider there are over 400 units in the Village.

Townhomes( Patio/Court homes):
 Inventory has been running between 5-6 units for sale monthly.  However inventory recently dropped as a few units dropped off the market and one entered escrow.   There have been a number of units that have left the market...a few of which will no doubt show up again in the near future.   There is one townhome that  is an REO that is not on the market, one REO that is pending and one that closed escrow in July. There is another that is in the early stage of preforeclosure and I know of a few more that might soon be trying for a short sale. 

Estate Homes:
 A number of owners are beginning to do some major  remodeling to both the interior and exterior of their homes.  Currently there are 3 homes for sale which is higher then usual for the estate homes.  The homes on the market  are some of the larger floorplans. So far there have not been any REO's or short sales among the estate homes.

Manhattan Village: Market Snapshot January-September 2009

Manhattan Village:  August 2008

Manhattan Village:  November  2007


Anonymous said...

Can you recommend 2 mortgage brokers for jumbo loans?


Kaye said...

Anon 9:48

For a jumbo loan you will get better rates from a direct lender..

Bank of America has best rates but they are very tough and will ask for endless paperwork. Bill Nazur is no long with them but can still fund through them: contact him at

Wells Fargo is a bit better.. contact Craig Filson at

Chase is also making jumbo loans but they are also very difficult but you might call Anthony Pitko at 310.505.8590 cell or office 310.252.7207... I think he still reps for them and he has other good sources for jumbo loans.