2009 Home Buyer and Seller Survey

Characteristics of Home Buyers

? Forty-seven percent of recent home buyers were first-time buyers.

? The typical first-time home buyer was 30 years old, while the typical

repeat buyer was 48 years old.

? The 2008 median household income of buyers was $73,100. The

median income was $61,600 among first-time buyers and $88,100

among repeat buyers.

? Twenty-one percent of recent home buyers were single females, and 10

percent were single males.

? For one-third of recent home buyers, the primary reason for the recent

home purchase was a desire to own a home.

Characteristics of Homes Purchased

? New home purchases were at the lowest level in eight years?down to 18

percent of all recent home purchases.

? The typical home purchased was 1,800 square feet in size and was built

in 1991.

? Seventy-eight percent of home buyers purchased a detached single family

home.

? The median price of home purchased was $210,000 in the Northeast,

$158,000 in the Midwest, $175,000 in the South, and $240,000 in the

West.

? When considering the purchase of a home, commuting costs were

considered very or somewhat important by 78 percent of buyers.

The Home Search Process

? For more than one-third of home buyers, the first step in the home-buying

process was looking online for properties.

? Nine in ten home buyers and 94 used the Internet to search for homes.

? Real estate agents were viewed as a very useful information source by 81

percent of buyers who used an agent while searching for a home.

? The typical home buyer searched for 12 weeks and viewed 12 homes.

Home Buying and Real Estate Professionals

? Seventy-seven percent of buyers purchased their home through a real

estate agent or broker.

? Ten percent of buyers purchased a home in foreclosure, up from 3

percent in 2008.

? Forty-four percent of buyers found their agent through a referral from a

friend or family member.

It lives

UES crane collapse building note purchased

November 17, 2009 01:30PMBy Avihu Kadosh

303 East 51st Street, new life has come to the condominium. HFZ Capital Group has acquired the note on the building from Arbor Realty Trust for $40 million, after the original principal developer, James Kennelly, invested more than $110 million for the defaulted project, according to sources. Nineteen of the building's 30 floors have already been built, and the rest should be completed within a year and a half, according to a source closely involved in the deal. The project, east of Second Avenue, has yet to be named, but HFZ is expected to invest $60 million to complete construction. HFZ is a partnership between Tamir Sapir and Ziel Feldman, chairman of Polar Investments, and Israeli-based Acro Real Estate, although Sapir had nothing to do with the crane note purchase Note: Correction Appended The 150 condo units will mostly consist of one- and two-bedroom apartments and 10 percent of the project will be used for commercial purposes. Ziv Yaakobi, CEO of Acro, which is marking its first US investment, said in a press briefing with Israeli media that it estimates they bought the rights to the building at a 30 percent discount off current real estate prices.