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