BEAT THE CLOCK...

Back in the day there were time crunches! Now it seems the quick replies during negotiations and signing of contracts is more like a month of Sundays than a New York minute.

So how long should it take? Once an offer is given, a seller should respond that business day or at least first thing in the morning.

As for contracts? The normal is one week max, if you don't have a signed contract by then move on!

W New York Hotel and Residence

Soon you will be able to preview the new W New York Hotel and Residence. The building is 58 stories, and will be one of the tallest residential towers in Downtown New York.

123 Washington Street, has over the top amenities with things like private residents entrance, rooftop terrace and bar, state of the art media room, not to mention the standard W Hotel offerings.

www.wnyresidences.com

Paulson rules out bailout for mortgage crisis

Administration cool to Greenspan suggestion of homeowner relief

updated 5:37 p.m. ET, Mon., Dec. 17, 2007

• WASHINGTON - The Bush administration reacted coolly Monday to a suggestion from former Federal Reserve Chairman Alan Greenspan that the government should consider bolder efforts to deal with the current mortgage crisis.
  Asked about Greenspan's suggestion that perhaps public money should be used to help struggling homeowners, Treasury Secretary Henry Paulson said the administration remained opposed to any type of government bailout.
  "I don't think what we need is a big government bailout right now," Paulson said in an interview on Fox Business News. "I think what we need is to help the markets work the way they're intended to work and avoid those foreclosures that are preventable."Greenspan said Sunday that the least harmful way of intervening would be to give direct financial aid to distressed homeowners.
  "Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this," Greenspan said during an appearance on ABC's "This Week."
  "It's far less damaging to the economy to create a short-term fiscal problem, which we would, than to try to fix the prices of homes or interest rates," Greenspan said. "If you do that, it'll drag this process out indefinitely."
  Administration critics were likely to cite Greenspan's comments to bolster their own arguments that President Bush has been slow to recognize the threat to the economy from the unfolding mortgage crisis and so far has offered too little in the way of assistance.
  Paulson, however, defended the administration's approach, saying that it was heavily reliant on getting the mortgage industry to do what is in its best interests to help as many homeowners as possible to avoid foreclosures.
  "Our plan won't prevent every foreclosure and a modification will be available only when it's a financially feasible and necessary solution," Paulson said in a speech on housing Monday in Orlando, Fla.
  Earlier this month, the administration announced it had brokered an agreement with the mortgage industry to freeze interest rates for certain subprime mortgages for five years to combat a soaring tide of foreclosures. Critics say it will not help enough people facing foreclosure with 1.8 million subprime mortgages scheduled to reset over the next two years to sharply higher rates.
  The administration hopes the rate freeze will slow the pace of foreclosures, buying time for the housing market to stabilize and begin to recover. A rebound in sales and home prices will allow struggling homeowners to switch their current adjustable-rate mortgages to more affordable fixed-rate loans.
  The housing slump has caused multibillion-dollar losses at some of the largest banks and investment firms and roiled financial markets. All these problems are expected to drag down economic growth to near recession levels over the final three months of this year and into early 2008.

Good time to become a real estate mogul?

Financial editor Jean Chatzky on using the bleak market to your advantage

This past week, Robert Kiyosaki, author of "Rich Dad, Poor Dad," one of the best-selling personal finance books of all time, dropped by my radio show to talk real estate. Yes the waters are rocky, the mortgages may be harder to come by, but particularly if you're interested in buying rental properties with an eye toward becoming a bit of a mogul yourself, Kiyosaki says now is as good a time as any. The stats seem to bear him out. Home prices fell 1.7 percent in the third quarter of this year, according to the S&P Case/Shiller Home Price Index and many experts, including Kiyosaki, are predicting a continued decline. He says to people like him and Donald Trump, his co-author on a volume called "Why We Want You To Be Rich," (Rich Press) the fact that prices are going to plummet even further is good news: It makes buying even more lucrative. But investing in rental properties isn't a decision to be taken lightly. It requires a whole lot of know-how and (preferably) a shining credit report. You also need a firm understanding of exactly what you're signing up for, which means knowing your local market inside and out. Here's how you can turn today's bleak market to your advantage:

Get your credit in shape True, you can probably purchase a property with a middle of the road credit score. But do you want to? A low credit score means a high interest rate on your mortgage, and that increased expense is going to cut into your overhead pretty dramatically. So, take the next 12 months to improve your credit score before diving in. Pay your bills on time, turn down offers of new credit and reduce your outstanding balances. Based on Kiyosaki's prediction, you'll still have time to get in while the getting is good.

Study up Jumping in without knowing the basics is the wrong move. Before you sign on any dotted lines, take the time to read a few solid (and up-to-date) books on real-estate investing. Once you feel you have a pretty good — albeit broad — handle on the subject, you can start scoping out the market where you plan to buy. "You need to go out and see the area for yourself. Look at a lot of properties, get a handle on what they are renting for, and how much insurance and property taxes will be so you don't have any surprises," advises Thomas Lucier, an investor in Florida and author of "The No-Nonsense Real Estate Investor's Kit," (Wiley, 2006). Do it in person, but also check out the classified sections of your local newspapers to get a feel for the rents.

Spot a good investment Location is key, obviously, and a good rule of thumb is to not buy rental property in an area where you yourself wouldn't be willing to live. That means looking at crime rates, as well as walking the neighborhood during the day and after dark. It also means looking at things like the age of the property (an older building can mean more repairs), and enlist the help of a good inspector who will spot any structural problems. If your inspector finds something, you can then weigh your options — often, these kinds of issues can be used as bargaining chips to lower the price, but if they're severe, you may want to just move on.

Start small Lucier suggests a duplex that will allow you the ability to live in one side and rent out the other. Even Kiyosaki, who says he now only buys apartment buildings with more than 300 units, started with a small condo on the island of Maui, Hawaii. "I've ridden the market up and down, and that's how I got smart," he explains. As you gain experience, you can slowly begin to expand your portfolio.

Focus on cash flow The key to making money off of your investment properties is thinking in terms of cash flow rather than capital gains, says Kiyosaki. "When I buy a piece of real estate, my first question is what's my cash flow? What's my rental income from the property? A property is only worth its rent." That means adding up your mortgage payments, property taxes, insurance costs and maintenance, and subtracting that figure from what you can reasonably charge for rent. The amount that's left? It's your salary. Increase it by becoming a do-it-yourselfer, if you have the time and skill to fix a leaky faucet.
With reporting by Arielle McGowen.

Apple Store West 14th Grand Opening

MEPA APPLE STORE:
Grand Opening - Friday, December 7 at 6:00 p.m.

When the Apple Store, West 14th Street opens this Friday, it’s going to be huge. Literally. With three floors of all things Apple, this will be Manhattan’s largest Apple Store. The top floor will feature a 46-foot Genius Bar. It will also be home to our exciting new Open Labs and Pro Labs – free, in-depth training sessions on professional creative photo, video and music applications.
Come celebrate with us this Friday as we’ll be giving away thousands of limited-edition posters and commemorative T-shirts. You might even win one of several great surprise gifts such as an iMac, a MacBook Pro, or an iPod touch.* Arrive early and be among the first to experience New York City’s best new attraction.
The Apple Store, West 14th Street is located at 401 West 14th Street at 9th Avenue.
Find out more about the West 14th Street store and see the calendar of events

http://www.apple.com/retail/west14thstreet

November $ale$

Average sales price decreased to $1.7M from $2.4M
Median sales price decreased to $900K from $1.4M

Discount from Last Asking Price decreased to 1.5% from 6%
Discount from Original Asking Price decreased to 4% from 9%

Sales below $1,000,000 increased to 54% from 34%

Transactions sold at ask or above held steady at 50%

Total Days on Market to Contract Signed Average 142 Days

Active listings on market have decreased to 8,544 from 9,069

OWNERSHIP:
Cooperatives 47% Condominiums 52%

SANTACON Saturday 12-8-07

Santa is coming to town.

WHEN? December 8th, 2007 @ 10:00am

WHERE? Location will be announced the night before.

What? SantaCon is a not-for-profit, non-political, non-religious & non-logical Santa Claus convention.We do it for absolutely no reason.Where can I get a Santa Suit?
Who's in charge? SANTA.

http://www.santacon.com/nyc

PHOTO COURTESY OF STEPHEN MELLERT

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What makes a hood hot?

Sizzling Beef to Magic Carpets!
The Meatpacking District was once a collection of a few places to eat and random boutiques plopped among beef warehouses. Now is now a HOT residential, commercial and entertainment spot. Stores and hotels tend to lead an area into stardom, the Hotel Gansevort did just this in MEPA. With industrial flavor and hidden NY finds, these spots were quickly exploited and the non new yorkers jumped in, as you read last week Apple is opening before Christmas in place of the former WESTERN BEEF.
So where is the next hot spot? Well I have been saying for the last few years that the 30s both east and west are the final frontiers. Far West and Gray Area of the East that is. The topic for now is the East side. From 23rd-34th Street, Including 5th, Madison and Park Avenues. Rug stores, home of the undergarment industry, and the Empire State Building use to reign these streets. However, with each new development breaking ground and vacating wholesalers this is a place to be reckoned with.

Gansevort has begun their new hotel on 29th and Park, The Roger Williams is well established and since the Plaza closed, the Carlton has taken over some major prestige with it's chic interior and restaurant Country downstairs. Other high end dining establishments in this hood are Avoce, Artisanal, Tabla to name a few and new spots are moving in and signing leases. No longer just rug stores, there are Tea Shops, a Museum, Galleries, new developments galore, and even a new Chipotle. This will definitely be a "I wish I bought there a few years ago" neighborhood. After all it is already becoming a destination, for fun and food, not just for sleeping.
All that is left is a high end grocery/food market to go in. So what are you waiting for Whole Foods?

The way I see it...

Yesterday in the NEW YORK TIMES, the article of articles was released: Between Buyers and Sellers, a Stalemate


In my brutally honest opinion, I must say GET REAL PEOPLE! If you are on the hunt alone or assisted by an agent play the game. No one is giving their property away and the real sellers, the sellers who have priced their property a certain way will negotiate. it may not be the 10% you are hoping for, but negotiation is key. I encourage all offers with my exclusives as well as my buyers. It is a game, and as a buyer you want the best price and as a seller you want the most for your wonderful apartment. I remember when the flea markets were the hay day in the city and you didn't grab the treasure and say "50 bucks? I'll give you 25!", You worked with the dealer or collector and said "what is the best you can do on this?"


Apply this as your buying and selling mantra.

Work with all the parties involved and use your agents know how, we all want to do a deal, but chopping the price just isn't going to happen. Find out what is the best they can offer and get your heads together and make a deal.

Buyers: Buy now, great rates and sellers want a deal by the end of the year!
Sellers: Sell now and work with an offer! Don't be offended by it.

NY TIMES ARTICLE:
http://www.nytimes.com/2007/12/02/realestate/02cov.html?_r=1&oref=slogin

New Listing...

First Showing This Sunday!

APT 10D Corner unit and lofty ceilings make this one bedroom an easy decision. The last unit in the line only lasted for a week and was closed in 60days. Featuring a renovated kitchen and bathroom, both white set against the ebonized flooring holds your eye in this comfortably appointed space. Approximately 700 square feet, high floor, loft-like 1 bedroom, 1 bathroom is ready for the taking.

LISTING DETAILS

Web# http://elliman.com/934193

Price $585,000

CC $ 1038.25.

ASSESSMENT $ 176.79

Rooms 4

Bedrooms 1 Bathrooms 1

Sq Ft appr. 700

BUILDING FEATURES

24-hour concierge/doorman Laundry Every Floor Live in Super Welcomes Pets, Pied e Terre & co-purchasing

Keepin' the FACE!

Last night I was at dinner with a friend and we were discussing what's happening to good ole NYC with a bank on every corner and the rising cost of living. He said, "the city is turning into banks galore and Starbucks... filled with doctors, lawyers and finance guys, where are the artists? what is happening?" he himself a Health Professional and a recent buyer of a conversion project. I thought about his concerns and do see his point. Is this market the cause of all this? Why are there so many banks? ( a whole other blog).
Then I saw an entry about Pearl Street on CURBED today. I love "seeing" things like this in new construction. Recent discussions on sites and parties of the "lost" grittiness of New York, and Gentrification Galore have poo pooed the "NEW" New York. Well how about what this building is doing? This is not only creative but fun and preserving what brought so many of us here! It's forced but what do you think about Keepin' the FACE?

In its acquisition of the property, Rockrose Development Corp. was required to preserve the facade of 211 Pearl Street in the Financial District, one of three Greek Revival warehouses known as New York's first World Trade Center that date back to the 1830s. But now that its old-timey neighbors at 213 and 215 Pearl Street have been obliterated, the lonely brick wall of 211 Pearl has looked pretty ridiculous standing amongst rubble and tall office buildings. It won't be like that for long, as David Dunlap reveals in the Times' City Room blog that the leftovers will be part of Rockrose's new 28-story building that's going up next to Rockrose's new 50-story building.
The company will at least get some mileage out of the old girl, with apartments and office space built directly behind the facade's windows. The base will continue to serve as the entrance to an underground parking garage. We've still yet to see designs for the Lam Group hotel that will reportedly be built right next door, but 211 Pearl Street will most likely end up as the historical lunch meat in a towering modern architecture sandwich.·

A Brick Facade Remains as a Signal for Change [City Room]·
Destructoporn: 213 Pearl Street Gone [Curbed]·
Pearl Street Demo: Preservationists' Last Gasp? [Curbed]

Where's The Beef?

Apple? What happened to the "Meat" in Meat Packing?

So I'll be cliche and quote Sex and the City, every time I see something new in the hood, I hear Samantha saying: "Just look at this street! Stella McCartney, Alexander McQueen. The only designer name that belongs in the Meatpacking District is Oscar Mayer."

http://racked.com/
On the Racked: MePa Apple Coming Soon, New Museum Splashing, Henri Bendl Windows, More
Thursday, November 29, 2007, by Robert

1) MePa: Get ready. Racked reports that the MePa Apple store will be opening on December 8. The date comes from an unimpeachable source: a construction crew member at the site. No advance looks inside yet, but we're holding out hope.

NEW MUSEUM

Target 30 Free Hours

WHEN: Beginning at noon on Saturday, December 1st, and continuing overnight and through the following day until Sunday, December 2nd at 6 p.m.

WHERE: 235 Bowery, (at Prince Street between Stanton and Rivington Streets, one and a half blocks south of Houston)

HOW: In order to avoid long lines and guarantee admission, free tickets are required. Get your free tickets here or go to : http://www.museumtix.com/venue/program.asp?pvt=&vid=726&pid=1351997&code=

The anticipated opening of the new home for the NEW MUSEUM is on Saturday, December 1st.
1999 was a turning point for the New Museum, with Lisa Phillips succeeding Marcia Tucker as its second director. While remaining true to the New Museum’s historic commitments, Phillips has worked to bring the institution into the 21st century. The first years of her tenure witnessed the inauguration of the Media Z Lounge, which replaced the public access gallery as the Museum’s free-admission exhibition space. Furthering the New Museum’s longstanding engagement with changing concepts of artistic and exhibition practices, the Media Lounge represents an unprecedented investigation of digital media’s impact on contemporary art and visual culture, at a moment when these effects are only beginning to be explored by the society producing them. Under Phillips’ aegis, the New Museum has also continued to mount seminal solo exhibitions by contemporary artists renown for their convention-defying aesthetics, notably William Kentridge, Paul McCarthy, Carroll Dunham, and Andrea Zittel.
Above all, Phillips’ directorship has been marked by its bold vision of a new home for the New Museum. In December 2002, the New Museum announced its plans to construct a state-of-the-art facility at 235 Bowery. Six months later, Kazuyo Sejima and Ryue Nishizawa of the critically acclaimed SANAA firm were selected to design the new 60,000-square-foot building, which broke ground in October 2005 Opens Saturday.

New Museum235 BoweryNew York, NY 10002212.219.1222

Mortgage Update

Given many factors, including the seemingly softening economy, mortgage rates are now better. As of today, the sharpest 30 year fixed rate for a conforming loan (at 417k or under) with no points is 5.875% and 5.75% for a 5/1 ARM (regular or interest only).

The sharpest jumbo 30 year fixed rate for a jumbo loan with no points is around 6.875%, down from 7.625% a couple months ago, and the ARMs have also come down nicely, the best jumbo 5/1 ARM rate is 5.875% (regular or interest only).

That means within specific parameters, someone with a strong financial profile could borrow over $1,000,000 getting a 5/1 Interest Only ARM with a 5.875% rate! Of course, all these rates are subject to change on a daily basis, but this is around the lowest mortgage rates have been for the majority of this year.

Just a reminder, that not only are rates low and banks are eager to lend to credit worthy borrowers, but many other buyers are waiting on the sidelines now and it could be a strategically smart time to be negotiating a property.

Room for milk?

Get a sense of it!!!!

Hey Buyers listen up! I have noticed a trend lately with people that I am working with as well as others that brokers are bringing to my properties. It has become a waiting, no a guessing game, better put a non decisive game.

I hear...How long has it been on the market? What kind of wiring is in the apartment? Who owned this before? Why are they leaving?

These questions are silly and should have no bearing on making a decision. If a seller is serious they will be willing to work with you. You should avoid these excuses or delay strategies and ask the following:
Where do I want to live and How much can I afford to spend? That is it! While you are at the actual apartment askthings like How much? What are the monthly charges? Any recent assessments? When do they want to close?

"The whole purpose of places like Starbucks is for people with no decision-making ability whatsoever to make six decisions just to buy one cup of coffee. Short, tall, light, dark, caf, decaf, low-fat, non-fat, etc. So people who don't know what the hell they're doing or who on earth they are can, for only $2.95, get not just a cup of coffee but an absolutely defining sense of self: Tall. Decaf. Cappuccino." You've Got Mail

Apply this thought when buying an apartment!!!! Condo, Co-op, 1 Bed, 3 Bed, $500 K, $1 million, etc.

The rich get richer...

Historically the Wall Street Bonuses go hand in hand with the state of real estate here in NYC. This year an uncertain cloud loomed over this years payout, but according to Bloomberg.com even with the recent multi BILLION upset, it wont affect these finance gurus. "The average $201,500 bonus is more than four times the $48,201 median household income in the U.S. last year, according to U.S. Census Bureau statistics."

Wall Street Plans $38 Billion of Bonuses as Shareholders Lose

By Christine Harper

Nov. 19 (Bloomberg) -- Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity. That won't prevent Wall Street from paying record bonuses, totaling almost $38 billion.
That money, split among about 186,000 workers at Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos., equates to an average of $201,500 per person, according to data compiled by Bloomberg. The five biggest U.S. securities firms paid $36 billion to employees last year.
The bigger bonus pool derives from a record $9 billion of fees for arranging acquisitions and $5 billion for underwriting initial public offerings and sales of junk bonds, the most lucrative securities, Bloomberg data show. Bankers' record fees help explain why 2007 will prove to be the industry's second- most profitable after the subprime mortgage market collapse led to losses at Merrill and Bear Stearns. The last time bonuses declined was 2002 when the Standard & Poor's 500 Index fell 23 percent, and Enron Corp. and WorldCom Inc. went bankrupt.
Goldman's record earnings and gains at Morgan Stanley and Lehman mean all the New York-based firms will be forced to pay more in a year when all but Goldman lost more than 20 percent of their market value, said Charles Geisst, finance professor at Manhattan College in Riverdale, New York.
``They're all going to have to fall into line,'' said Geisst, author of ``100 Years of Wall Street.'' ``If Bear and Merrill plead poverty, they're going to lose all of their good people.''

for full article check out:

http://www.bloomberg.com/apps/news?pid=email_en&refer=home&sid=ahE8xVisWsbE

Check out...

For a full link check out : http://nytimes.com/ads/developmentshowcase/index.html

Featured Developments on Site:
Montgomery Greene
255 Hudson
Tribeca Green
Liberty Terrace
Avalon Chrystie Place
The Beacon
20 Pine The Collection
55 Riverwalk Place
Fields Crossing
Waldo Lofts
200 Chambers
985 Park Avenue
Jade
The Prime
110 Central Park South
8 Union Square
Washington Commons
Harsen House
5th Street Lofts
700 Grove
Harborside Lofts
Hudson Tea
North 8
Maxwell Place on the Hudson
Northside Piers
One Ten Third
20 Bayard
Avalon Bowery Place
Avalon Cove
Avalon Lyndhurst
Avalon on the Sound
Avalon Riverview
Avalon Riverview North
Avalon Glen Clove
Avalon Glen Clove North
Avalon Edgewater
Avalon on the Sound East
The South Star
On Prospect Park

Show me the money!

Bonus Bouncing: Money is Falling From the Sky!
Tuesday, November 20, 2007, by Joey at Curbed

Real estate analysts can stop nervously wondering what a big reduction in Wall Street year-end bonuses would do to the Manhattan luxury market. Instead, they can nervously start wondering about whether or not the financial big guns will deem the real estate market worthy of their investment. Yesterday, Bloomberg reported that bonuses will total a record $38 billion, which flies in the face of those grim down 10% and down 15% predictions. That comes out to about $201,500 for every Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Sterns blueshirt on your block. Of course, the guys at the top will be clearing $10 million, so those averages don't mean much. But still, it's time to predict which new upscale condo buildings might see some windfall. Our money's on Superior Ink and Manhattan House. They appeal to both stuffy old money men and the young hotshots looking to impress them.·

Wall Street Plans $38 Billion of Bonuses as Shareholders Lose [Bloomberg]·
Bonus Bouncing: More Grim Year-End Predictions [Curbed]·
Bonus Bouncing: Bracing for Big Cuts [Curbed]

http://curbed.com/archives/2007/11/20/bonus_bouncing_money_is_falling_from_the_sky.php

MUJI MADNESS

New Shop is Open for Business!

The first-ever US Muji store is now, officially, open for business (early!). Shoppers are racing in, and as you can see, merch is being snapped up quickly.

455 Broadway, New York, NY 10013
Between Grand and Howard Streets

MUJI: It's about designing your own life – not someone else's. It's a belief that simple is better than complicated. And it's the knowledge that real simplicity is always the result of openness and honesty. MUJI products spring from a commitment to moderation in all things except quality – and from the confident awareness that modesty and discretion are, together, the better part of style.http://www.muji.com/

ROOFTOPS!

Through the Roof

Today in the New York Times an article came out speaking to the possibility of roof expansion. This is such a smart use of space and generating income for a building. Personally, I have been trying to get this underway at my own Co-op. In my findings there are a few roadblocks with air rights, the amount of unsold shares and recreating the offering plan as well as assessing new maintenance amounts. A friend in Chelsea is also trying to get this started in his building.

In my opinion it would do nothing but add value to the building and allow the top floor tenants to not only increase their living space but generate income for these "stalled" corporations where money always seems to be an issue!

Article:
IN the classic New York City real estate dream, the sleeper discovers a room, maybe an entire wing, that he or she never knew existed. Then, just as the exhilaration of the newfound space starts to settle in, the dreamer awakens to crashing disappointment.

But for some New Yorkers, the dream is not so far-fetched, because they can build those illusory rooms on the rooftops of their own buildings. Squeezed by rising maintenance costs and in search of new sources of income, dozens of small-to-midsize co-ops and condos across the city are looking to their rooftops — the latest frontier for cashing in on every available inch of space — and are opting to sell building rights to top-floor residents or to other apartment owners.
The owners of the top-floor apartments pay for the chance to expand their apartments into duplex penthouses and to create roof decks with panoramic city views. The buildings, in turn, get money to pay for major projects like replacing the elevators or remodeling the lobby, as well as additional monthly income through higher maintenance or common charges as a result of the new space.
“We’re seeing more of this now, and it’s simply because the value of space has become so dear and rooftops always were the undiscovered value in this city, the underappreciated surface,” said Tony Goldman, a developer and a restaurateur who has renovated many buildings in SoHo and the financial district.
For full article:
http://www.nytimes.com/2007/11/18/realestate/18cov.html?em&ex=1195534800&en=380d3ffeb87117cb&ei=5087%0A

Check Out!

Tiny Living it's a Home Run!

To say that most New York apartments are small is not news—but a shop devoted to furnishings for those tiny abodes certainly is.

Created as a response to new york city’s cramped living conditions, tiny living is a store that aims to provide solutions for small spaces. the founders, a husband and wife team, have spent many years living in cramped new york city apartments- one of which was a studio that measured a mere 200 sq. ft. tiny living offers a range of cleverly designed, affordable items that are small in scale, multi-purpose, flexible or organizational.
Since opening in july 2005, they have received an overwhelming response, not only from new york city dwellers but from across the globe. it turns out that the items are suitable not only for those in miniscule homes, but for anyone wanting to maximize the space they have.
125 east 7th street(between 1st Avenue + Avenue a)new york, ny 10009
http://www.tinyliving.com/

What's selling...The past 3 week's ending 11-2-07

BASED ON CONTRACTS SIGNED FOR WEEKS ENDING:
Oct 19th, 26th and Nov 2nd 2007:

Average Sales Price-$2.4Million
Median Sales Price-$1.4 Million
%Discount from Last Asking Price-6%
%Discount From Original Asking Price-9%
% Range Range of Sales: $350,000-$17.5Million
Transactions Sold ABOVE Asking Price-17%
Tansactions Sold AT Asking Price- 32%
Tansactions Sold BELOW Asking Price 51%

Ownership
Cooperatives- 63%
Condominiums- 33%
Townhouses- 4%

Total Days on Market to Contract Signed Average-164 Days
Active Listings in Manhattan Market Qty: 9,069 up from 8,729
(Coops: 31% Condos 69% )

Timelines and Turkeys!

7 days til' this turkey's done!

Ah the smell of the bird and stuffing in the oven, the pies cooling on the windowsill, the hustle and bustle of the travellers to see their friends and family... and every real estate agents moment of anxiety!

The year 2007 itself is almost over and if you don’t have a signed contract by now, the likelihood of closing before the ball drops is not gonna happen. On average a co-op takes at least 60-90 days to close and for a condo less. The trouble with the holidays is that everyone is busy. Coop boards don’t interview as much, management companies are full to capacity and the mortgage situation is become longer and longer without having to buy gifts and go to 30 parties.
Besides compiling all the information and support for a package be it a condo or a co-op you still have to get the money! So How Long Does It Take To Get A Mortgage? The typical time frame is about a month. It can be shorter, and sometimes take much longer.There are two basic ways to get a mortgage: full documentation & stated documentation. In the full documentation you prove to the lender your income assets and work history as well as job verification. In the stated documentation, all of these are stated and not proven. These days this is becoming less and less available.
FEW QUICK TIPS:organize your paperwork. Typically this can involve: · 2 years of W2s · a month of pay stubs (for biweekly checks make sure you cover all 30 days!) · 3 months of bank statements For self-employed borrowers this can include: · Business bank statements · Company tax return · CPA letter certifying that you filed as a self-employed person Before the process starts, it is a good idea to check your credit. Once you choose a lender and they approve you, they may have additional requirements.
Good Luck!

Ian Schrager is not only full of ideas, he is full of....

"I see things where other people don't," says Schrager. "It's a gift. I set out to blow people's minds with everything I do. Only 27 owners in the world will actually get to live here. That's what makes it so special. But the most gratifying thing for me is to watch peoples' faces when they walk by. In the end, I do this to lift people's spirits." ( DAILY NEWS)http://www.nydailynews.com/services/realestate/2007/11/08/2007-11-08_developers_architectural_gem_becomes_cit-2.html

The latest green building...but not what you think!

Yves Goes Green
Not the ecolological kind, the hue! This weekend the colors were shown, green glass tiles on the frame. Check out the underfed models in their brillant advertising campaign, reminiscent of the cartoon doodlings used to doom Balazs ill-fated project.- CHELSEA BLOG

The YVES most recent press release announced that the 14-story YVES—brought to you by Benjamin Shaoul and architect Ismael Leyva—now for sale through Cantor Pecorella at prices starting at $950,000. The 41 apartments range in size from 701-3,500 square feet, and occupancy is expected in the spring. "The building’s 1,000-square-foot landscaped roof deck will be outfitted with lounge chairs and an outdoor shower." And besides the confusing GREEN hype, this may make YVES the "most important" and confusing building in Chelsea.·

YVES Goes Green

http://legends.typepad.com/blogchelsea/2007/11/yves-goes-green.html

YVES Shows Off the Lay of its Land

http://curbed.com/archives/2007/11/07/yves_shows_off_the_lay_of_its_land.php

YVES http://www.yveschelsea.com/

CB2 Open NOW

Crate and Barrel’s kid sister CB2 opened in Soho this week.

CB2 is describes as Modern furnishings for apartment, loft, home. Before NYC there only existed two stores in Chicago or ordering by catalog. CB2 aims to provide Smart designs, clever materials. neat stuff, and cool colors. There’s bound to be comparisons drawn to Pottery Barn/West Elm relationship.

CB2 has a two week jump on it’s new neighbor Muji. It will be curious to see what happens between the two stores and which will be able to grab sales from the other.

Location: 451 Broadway. One more thing,if you know the neighborhood there’s a “local” entrance in the back on Mercer

http://www.cb2.com/

OPEN HOUSES THIS SUNDAY

Sunday November 11, 2007

WEST VILLAGE - PUBLISHED GEM
Open House- 12:00-1:30pm

130 Barrow Street # 304

$920,000.00http://elliman.com/922759

MURRAY HILL- GRADE A SCHOOL DISTRICT

Two Very Different Two Bedrooms
Open Houses- 2:30-4pm
P.S.116 received an A according to the new school grading.

159Madison Avenue Apartment 11F
$1,147,500.00
http://elliman.com/877950

159Madison Avenue Apartment 7C
$1,030,000.00
http://elliman.com/909931

The Off Putting Side of New Developments

Since the beginning of time, the real estate broker has been referred synonymously with used car salesmen. I personally detest this analogy and strive to be in a different class, but nonetheless stereotypes begin from somewhere. It is true that I have experienced this myself but more often than not it is at a new development project.

It is true that some of these agents are accommodating, smart, warm and very good at their job. But some of these ON SITE AGENTS do share a "used car salesman mentality", just think about it! The product is there all they have to do is show it and let you take a test drive. However in the case of the apartment building this is where the irony lies. You do not drive your home a few hours a day. You live there. Make sure it works for you!!!

A typical experience is you enter a sales office and are greeted at the door by a receptionist who asks you to register yourself as the buyer. You then state your name and price range and wait with some bottle of water with a logo of the building on it for your turn. Now if you don’t have an appointment and are with a broker you might as well just go home, if you are alone somehow they find a way to squeeze you in????

After the paperwork is done, the on site agent emerges with a folder and a smile. He or She will take you in to “experience” this FABULOUS new environment. However, you must do this by imagining floor plans, elevations and views “coming to life.” If lucky you will also be looking at a full scale mock up of a bathroom and a kitchen. Then you sit down and pick from the available floor plans your new home. If the building is “ACCESSIBLE” you will then be given a hardhat and a waiver to sign and go into the construction site. The wheeling & dealing now begins with hopes and promises that are met but usually on a different time scale. Amenities, Celebrities, and Views OH MY! Then the pressure begins for you to “BUY NOW, Leave a deposit…take it home for a week and let me know.”…or “see ya, you better take it now because it will be gone tomorrow!”

I recently had someone go back to a building with the intent to BUY a $1.475 Million Dollar Two Bedroom. He wanted to see it one more time and we were practically thrown out. They told us, "Sorry we don't show you the space a second time!" I have shown apartments 10 times before someone buys it. That is your prerogative as a buyer. DEMAND IT! Do not let some agent bully or boss you into a financial decision. Stand up for what you need and want!

All this "fun" aside, New Development markets do have merit. They indeed offer exciting opportunities to buy. They are very attractive to the first time buyer or investor. More than 95% of all new construction is being built as condos, first time buyers can fore go the challenges and anxieties of dealing with cooperative boards.

BASIC NEW DEVELOPMENT TIPS:
1. Look into the developer. What other buildings has he done? Is he local? What is his rep? Check out some of his developments. Talk to the tenants, see what they think.
2. Check out outstanding tax/building code violations via the various NYC GOV databases. Look at the postings re: Tribeca Space on StreetEasy for nightmares in this area.
3. Read every page of the offering plan. They are legal docs that offer good insight into what the sponsor/developer has to deliver to the owners, how your shared costs are calculated and other risks.
4. During construction watch the site, just as you would if you were building your own house.
5. Ask who the other buyers are. Buyers or flippers? Does the ratio fit with your comfort level?
6. Get a good RE lawyer -- they can walk you through what you need.
7. KNOW YOUR CLOSING COSTS AND TAX SCHEDULE- This is where the hidden amounts can drive you over the edge and into the poorhouse.

...dirty laundry

I recently took a couple to see an apartment that fit all their needs. The “musts” for these buyers were the following; work-live, bright, condo and of course a washer and dryer. When buyers are looking they always have a “laundry list” of needs and wishes. Sometimes the tiniest thing like the color of the hallways can turn off a buyer or bigger things like pet policies and subleasing structures hold them back.

In this case all seemed a perfect fit. They were SOLD. We happily proceeded to the contract phase.

After four, yes 4 weeks, with check in hand and ready to sign, I got a call saying the deal was dead. To make a long story short, we were patiently waiting for the minutes from a “questionable” management company. Any savy buyer would not sign until these were reviewed, after they were we could fully execute the contract and close ASAP. When we finally received the 3 pages of minutes they stated ABSOLUTELY NO WASHER DRYERS were allowed in the condo and the owners were subject to a fine of $2,000.00 and would be responsible for any damage to the building, be it flooding, water or exhaust problems. Not only was a washer dryer in a unit for sale, but several other units in this condo. In fact at this moment it is still being advertised as ALLOWED on one of the active listings in the building!

The lesson for the buyers: Get the minutes and review the house rules immediately and by all means insist that your attorney go over them with you post his/her review!
The lesson for the sellers: Know the rules of the building. By all means don’t try to slide things by, lawsuits and publicity about negative aspects of a building will do nothing but harm the sale of your place!

What's just out...

The 3rd QTR reports are in...

Please check it out online at: http://www.elliman.com/MainSite/MarketReports/ReportsMenu.aspx

Or if you would like a hard copy sent to you, please let me know and I will put one in the mail.

Brian

What's selling?

Averages...BASED ON CONTRACTS SIGNED FOR:

October 2007

Average Sales Price-$1.4Million
Median Sales Price-$985k

%Discount from Last Asking Price-2.80%
%Discount From Original Asking Price-4.30%

Range
Range of Sales:
$350,000-$7.5Million

Transactions Sold ABOVE Asking Price-9%
Tansactions Sold AT Asking Price- 22%
Tansactions Sold BELOW Asking Price 69%

Ownership
Cooperatives- 56%
Condominiums- 40%
Townhouses- 4%

Total Days on Market to Contract Signed
Average-167 Days

Active Listings in Manhattan Market
Qty: 8,729

(Coops: 34% Condos 66% )

What's moving...Oi Veh!!

2nd Avenue Deli

162 E. 33rd St., New York, NY 10016 nr. Third Ave.

212-677-0606
Price Range: $$$$

Cuisine: Diner, Soup & Sandwich, Kosher

Expected OpeningLate October 2007
It's not on Second Avenue anymore, but everything else will be the same, promise the pastrami pros, and Toidy-Toid and Toid is an excellent address for a delicatessen. — Rob Patronite and Robin Raisfeld

NEW YORK MAGAZINE

what's in the news....

Real estate
Kings of the Hill
A postgrad haven’s got some new kids in town—and they prefer apple juice to Anchor Steam.
By Catherine Curan

Before becoming a mom, Elizabeth Westcott-Pitt moved around a lot, soaking up the cachet of Greenwich Village, the swankiness of the Upper East Side, and the hustle and bustle of midtown. Four years ago, the marketing consultant and her husband, Colin, a brand director for Malibu Rum, decided they needed another change of scenery. They bought a two-bedroom, two-bath co-op at 32nd Street and Madison Avenue—smack in the middle of an area many Manhattanites consider a Greek-sweatshirted heart of darkness. (Even the maps in taxicabs leave much of the district a blank, uncharted gray.)
But when Elizabeth gave birth to daughter Ava this past April, the Westcott-Pitts never considered moving to a new neighborhood, despite inquiries from friends and family. “Sure, the postgrad situation is still prevalent, but there are more and more families moving in,” Elizabeth says. “The area offers a lot more than just the strip of popular bars and pubs on Third Avenue.”

Murray Hill stretches from 23rd to 40th Streets, east of Fifth Avenue. Buildings like the Biltmore (on 29th Street) and Windsor Court (on 31st) swarm with the barely-21 crowd. But young couples are increasingly discovering the locality’s perks—from well-regarded public schools to the Kips Bay movie theater and Madison Square Park. Most important is the stock of relatively affordable two-bedroom apartments —some in doormen buildings with amenities. According to brokers at Prudential Douglas Elliman, the average price per square foot for such an apartment in Murray Hill this year is $992, against $1,072 on the Upper West Side (and when it comes to New York City real estate, every dollar counts).
Amy and Randy Cintron came across the area in 2006, when they were searching for a two-bedroom, two-bath with high ceilings in a doorman building. Murray Hill wasn’t their first choice, but the $850,000 asking price of their current apartment was 20 to 30 percent lower than similar places elsewhere in Manhattan. Today, their two-year-old daughter is immersed in local cultural and recreational activities. She’s a frequent visitor to Scandinavia House, on Park Avenue at 38th Street, where she enjoys readings and puppet shows, and loves spending time at Madison Square Park.
“The new Murray Hill began with the park,” says Prudential Douglas Elliman agent Brian James. Spanning 23rd to 26th Streets between Fifth and Madison Avenues, this formerly run-down green space has become a hot spot since its $5 million overhaul in 2002. The park now houses a playground, a dog run, sculptural installations, a waterfall and the famous Shake Shack. In warmer months, the Madison Square Park Conservancy hosts free outdoor festivals, with live music and other entertainment (Time Out Kids is a media sponsor for some events).

For full article please go to :

http://www.timeout.com/newyork/kids/article/trends-opinions/23772/kings-of-the-hill

How much do I do?

Last night on my way home from a "marathon" day of open houses I ran into a buyer who had just closed on a studio a few months back. She now is in the stage of renovating her apartment for her ideal use. Although it is a studio, she is undertaking a lot in the cozy space.

the list includes, a new kitchen, laying new wood floors, changing the doors, moving the closets adding lighting, a new AC configuration in the window to name a few. The dilemma now is how much should she spend and how much should she do?

She hopes not to be there forever and will want to sell in the next 3-5 years. This raises the ever important question how do I get the most out of the renovation? My answer is always the following, Keep it clean and versatile. Kitchens, bathrooms and floors are always a positive and costly improvement, but if done right you will recoup the expense you put in. Lighting, painting techniques, window treatments and decor are usually for your benefit and quality of life in the apartment.

So to sum it up. Do the basics and do them well! Everyone appreciates function and flow especially in the task areas like the kitchen and the bathroom. Closets are key and make the space user friendly through out.

One more word of advice, get a designer or architect to help push through all these decisions and get multiple references for the contractor you choose. Money and time always seem to be on a sliding scale.

Things to avoid: Trendy fixtures, expensive paint techniques, cheap appliances and "shotty" work.

WHAT' S AVAILABLE: http://elliman.com/brj

159 Madison 11F $1,1475,000
Approx: SqFT: 1,200
Welcome home to this lofty two bedroom, two bath. The split layout features over 10 foot ceilings, hardwood floors, and two exposures, this unit is Renovated and Ready. Other features of this unit are spacious bathrooms, storage, four large windows, oak hardwood floors, and numerous closets. The Galley style Kitchen is tucked away leaving the focus to the dining area and large living area. With south and west exposures light is everywhere in this apartment. 11F is a corner unit on a high floor in a building that has prewar details and the modern touches needed in this ever changing city. The Building offers 24 hour doorman, porter and superintendent. There are also laundry facilities located on every floor.

159 Madison 7C $1,030,000
With 10 foot ceilings, walnut stained hardwood floors, recessed lighting, built-ins (which include two bookcases & radiator/air-conditioner covers) this apartment is ready to move in. There are 6 closets with 8 foot solid core doors. The apartment also includes fully integrated cable TV, WIFI, and phone. All walls have been freshly painted and skimmed coated throughout. The Open Commercial Grade Chef's Kitchen featuring; Liebherr built in fridge, Jenn Air Convention Oven & Dishwasher, Faber Hood, Franke Sink, KWC Kitchen Faucet, Caesar Stone Counter top, Custom cabinets & pantry Master Bathroom boasts Italian tiles, soaking tub, Kohler fixtures, and a custom walnut bathroom vanity. The Building offers 24 hour doorman, porter and superintendent. There are also laundry facilities located on every floor. Price: $1,030,000.00 Maintenance: $1135.18 Assessment: $193.30 20% down Coop

130 Barrow Street 304

$920,000 Maint/CC: $275 Taxes (Per Month): $177 Percent Down: 10%
This 830 sq foot one bedroom loft is featured in this month's ELLE DECOR Asia issue. Experience this truly one of a kind apartment located in The West Village. Steps from the piers and west side waterfront make this lofty one bedroom apartment one you must see. Mint Kitchen featuring MIELE Appliances and WENGE cabinetry. Apartment #304 also has a very large window looking onto the tree lined street and great flow through the entire space. ELLE DECOR loves this space for the look and feel, but any buyer will share ELLE's view and truly appreciate the unbelievably low common charges and property taxes. Under $500.00 per month!!! Other features include, a washer and dryer in the unit and great storage/closet space. Simply said this will not last.

FALL2007