203 West Houston Federal Townhouse

Summary

Tucked discretely behind a handsome historic Federal-style façade, a sleek Philip Starck-inspired interior awaits. Why choose between vintage and modern for downtown living when you can have both? Currently configured as two separate duplexes, this townhouse can easily be converted into a single-family residence.

The entry-level duplex, designed as an open loft space, is a visual delight. Entertain guests or just settle in for the night next to the gas fireplace. The top-of-the-line kitchen features floating custom-built cherry cabinets with Duravit hardware, granite counters, a Bosch oven, a gas-powered range with a hidden vent, an oversized stainless steel refrigerator and a Bosch dishwasher. A full bathroom and storage space are also located on this level. Outside, a private south-facing garden is the perfect oasis and includes brushed cement walls and a custom-built Argentine charcoal grill. Back inside and up an elegant floating staircase, the master suite awaits. The suite is cleverly suspended over the garden below, and includes a large walk-through master bath with an oversized shower and an adjoining office or seating area.

The upper-level duplex is as equally impressive as the space below. The south-facing living room overlooks a tree-lined green space that affords privacy and serenity. The modern kitchen has been updated and features stainless steel appliances. A full bathroom is located on this level. Upstairs, two bedrooms and an additional full bathroom can be found.

The entire townhouse has had all of its plumbing and electrical wiring replaced in the past five years. Steel beams, a fire escape, and a new rear wall have all been recently installed. This is a great opportunity either to move in and occupy both spaces as one residence, to live in one unit and rent the other, or use the entire townhouse as an investment property. An additional 400 sqft of FAR may be available.

Irving Place Penthouse Duplex...

A rare chance at history and serenity in the midst of it all!

Stretched over 27 vertical feet of the top two floors of this prime Gramercy Park co-op, the opportunity to create a townhouse in the sky beckons. Plans are in place to create a dramatic duplex residence with 3-bedrooms, 2-baths and 2-half-baths. In addition, the proposed floorplan includes a sweeping floating staircase, new fenestration, a laundry room and abundant closet space.

The plan retains the home's two existing wood-burning fireplaces, which imbue the living room and master bedroom suite with warmth and ambience. The solarium and terrace with panoramic city and park views on the upper floor will also remain intact. Dramatic in any incarnation, the architectural plans included in the sale capitalize on the space's three exposures and uncommonly grand ceiling heights, but can easily be customized to suit the most exacting tastes. This is a rare opportunity to create a thoroughly unique space within one of Manhattan's most coveted addresses.

Bask in the renderings and floor plan and contemplate what awaits...

A penthouse oasis in SoHo NYC

Of course I am here to keep you drooling with anticipation. So today we will get a sneak peak at one of the most unique penthouses in the entire city right now. This is a rarity in that it is a doorman elevator building with all amenities, but the apartment itself has more outdoor space than many apartments in town. This is an amazing property unlike anything else in the world. There are great loft spaces, townhouses, towns, even islands and such to purchase across the globe. To secure a penthouse of these proportions, in the heart of the city many refer to as the center of the universe, in central Tribeca no less, is monumental. This is over 7000 sf of space within and 4000 sf of PRIVATE outdoor space. The full service building is made by the same Architect of the famed Dakota and the internationally acclaimed Plaza. The building also offers a gym and business conference center. The home is unmistakably unique as it offers a private glass enclosed penthouse designed by Alan Ritchie. There is a massive living room, dining room and BILLIARDS room that all spill out onto the private 35ft rooftop pool for this home. There is a fully stocked caterer’s kitchen with sub-zero wine fridge for up to 300 bottles. This is a property that will make the world sit up and not only take notice, but give you a standing ovation and demand an encore!!! I have seen $125K/mth rentals and $16M penthouse apartments. This one takes the cake for sure!

As always, stay tuned for more mind blowing spaces in NYC!

Denise Rich's Fifth Ave Penthouse

There are many properties in the world. Few have the decadence and opulence of this magnificently designed place on Fifth Avenue here in Manhattan.

Trophy Properties in NYC Pt 1

There is no shortage of quality property in this city. The surrounding areas may be suffering, but the prime areas are only just beginning to see real returns to glory. Properties that were temporarily off of the market (T.O.M) have now made returns and have even higher asking prices than originally. To satisfy your thirst for some apartment debauchery after a bit of a layoff, take a gander at this wonderful home which I recently visited, currently on the market in Tribeca for $16M. It is a truly one of a kind home with multiple private roof-top decks, automated dinner table, master bed, Crestron control system, movie projection and all sorts of other bells and whistles to numerous to list.

There are not many penthouses like this in the entire city right now. Stay tuned and I'll find something else to try and top this!

Brooklyn's Finest

So you want to be near the city, but don't want all of the congestion and drama? Do you need more space and the feeling of a real neighborhood? Are there not enough trees on Park Avenue for your tastes? This is the best of Brooklyn.

There are many places and then there are exceptional spaces. This is indeed quite an exceptional space. Situated on scenic Hicks Street just steps from the Brooklyn Promenade, this is a rare opportunity for one of the entire city's best neighborhoods and a fantastic amount of space.

This is where Park Avenue meets Brooklyn Heights. There are magical river views from the fifty foot long loft style Living Room. You are located in Brooklyn Heights premier Co-op residence. Of course there is a 24-hour manned elevator in beautiful prewar building steps from Montague Street. The owners have spared no expense renovating this three bedroom, three bathroom home complete with wood burning fireplace. The kitchen is totally state of the art with the finest of finishes throughout.

Please inquire for pricing or for a viewing with at least 24 hours notice.

It's Free to Look: Intelligent Design | The New York Observer

Take a glimpse at the link below after you read for a complete slideshow.

The above apartment is in the heart of Lincoln Center and is a magnificent sanctuary in the city.

I have a nose for great spaces and perhaps because I lived on 63rd Street and also went to Fiorello LaGuardia HS of Performing Arts on 66th Street, I have always loved this area of the city. There is Lincoln Center, Central Park, great places to eat and most of all, some of the most wonderful homes in the entire city.

I will tell you that nothing has been spared in the configuration of this space. This apartment knows just how to tempt you, beginning from the floor-to-ceiling windows that overlook Central Park, the midtown skyline, the Statue of Liberty and the Hudson River. It's almost as if I designed it to satisfy your taste for technology, because the customized kitchen "takes full advantage of space and light" along with state-of-the-art lighting, cabinetry, granite counter tops and appliances.
If you mosey over to the master suite, and you'll experience a "clever" office wired for sound, cable, fax and telephone, as well as an ensuite bathroom with a Whirlpool bath. The second and third bedrooms are also fully equipped for wall-mounted entertainment systems. Other "thoughtful" additions include a Lutron lighting system, integrated surround sound and automated window treatments. Even the layout is intelligent, as each room "flows seamlessly" into the next for floorplan perfection.
The condo also has direct access to the Lincoln Center Promenade, and is "perfectly situated to take advantage of the city's finest entertainment and cultural destinations." Offering "every conceivable amenity"—private swimming pool, sauna, steam room, gym, reception room, catering kitchen—and a prime location to boot, 160 West 66th Street takes the idea of a "smart home" to a whole new level.
This is by far, one of the premier properties in the city and I am glad to share it with you.

It's Free to Look: Intelligent Design | The New York Observer

Do make suggestions if there is an area you would like me to target for my next post.

Who do you work with?

Take a pause from running around and seeing places you don't even like with novice "salespeople" who clearly don't listen. Why use a broker to sell if they are not actively working to market your property as if it were as important to them as it is to you?

There are many apartments, brokers and properties.

This doesn't mean that they are all a good fit for your needs.

Work with the professionals who know ALL of the inventory available.

Work with the professionals who listen to your needs.

Work with someone who shows that they care!

Take time to contact us with your list of requirements.

We will send you ours.

Perhaps we can work together for a mutually rewarding experience!

Excelsior!

CHANGE IS IN THE AIR!

This is the beginning of a new era in my blogging. I have multiple blogs online now and each will be tailored to specific needs. It is only fitting that since this was where it all started, this will get the overhaul.

Going forward, this blog will ONLY have unique massive spaces. Huge lofts, townhouses, penthouses and various other BALLER type apartments that while ANYONE can show you big price tags, only I can show you great location and value overall.

Here is a quick sample of the exact type of unique properties that will be found in An Empire Estate Of Mind going forward...ENJOY!

R$ Blessed

Rookie or Veteran?

You are here looking for a home. You call or email about a specific place that's the DREAM home on the perfect tree lined street, only to not get an address, hear that it's rented or if you are lucky, get taken to a box facing a brick wall.

This is the most in demand market to find a home and the busiest time of year for rentals is approaching fast. The vacancy rate is under 1% again. To put that it in perspective, for every one building with 100 apartments in it, you MAY be able to sublet a room from someone within.

To move is an important decision. Likely one of the more important ones you are likely to make in the next three to four years. To do this and not choose wisely the target of attack is like throwing dice against a wall. Is that really how to chose a home?

There are over 27,000 licensed real estate salespersons in this city. Each year there are about 10,000 transactions. The amount of new agents that actually last in this business is less than 10%. This brings to mind an interesting question.

Would you buy a car from a pizza-maker? Get a haircut from your bank teller?

That's the likely result when you put your trust in an inexperienced agent. He/She will likey be in another industry when you are looking to purchase in two or three years IF that agent can even find you and secure the right place.

If that's what you want to spend your time doing, then you can do that without a broker and save the fee if you are able to find a place. This is not the time of year to risk losing the perfect place because someone wants to show you what they want you to see and not take you to what you are telling them you want.

A broker earns the fee for much more than just how many places they show you. A good broker earns the fee for showing you less places that are ALL viable options based off of your needs. There is no way that a rookie can do this without the proper inventory knowledge. There are many managements, co-op/condo owners and developers to choose from. Too many apartments to list that turn over before they can even be listed during this time of year.

The essential functions when using a broker for a rental are to save you time in the initial search, securing the apartment by having the neccessary documentation, saving money over the course of the initial year or two by finding that gem that is NOT available to the public and PERHAPS a below market rent. This is among the many other hats (pun not intended if you know me) we wear. (Board package and interview preparation, relationships with owners/landlords/supers/porters, knowledge of areas for those relocating and other networking possibilities).

Take time to really think about your search for a home and remain open minded about the possiblities. This city is a cornucopia of experiences for you to delve into. Make sure that you are not being led by someone with no sense of the realities in this marketplace.

Renters vs Landlords...Who's really running this town tonight?

This is a question that came into my mind when listening to people all over talk about the real estate bubble and the economy. I have lived here my whole life and see things a bit differently than most other people living here. In other parts of the country and even the world, there is very little, if anything, that can compare to the rental market here. China, Japan, London, San Fransisco are other areas that are tight markets overall, where the demand far outweighs the supply. None have the draw and lure of this city. So who really runs this town? Renters or landlords?

The rental market here is somewhat insulated from what happens elsewhere. Even in the midst of the recession periods dating back over 100 years, the vacancy rate here in Manhattan is never in double digits. Actually, for it to hit 1% or greater is actually viewed as the market having a surplus here. This means that there is always fierce competition for affordable (if you can call it that) housing in Manhattan. The higher end market sometimes seems to go faster when priced properly and in a sound location.

Honestly, the pricing is actually irrelevant as this city is all about location. For a solid location, the price can be what the market will bear. For example, a new building on the corner of West 72nd and Broadway, directly across from the 1/2/3 train station aptly named, "The Corner" has rented at least 75% of it's units with studios STARTING at $2975, 1BR's at $4600, 2BR's at 7950 and 3BR's at $16,000 per month. They began leasing earlier this year. I still can't figure out why you take a train if you pay $18,000 per month for a three bedroom. I would think sitting in traffic in a towncar with a/c is better than having Louie from the Bronx eat his bagel, Henry the Hipster from Harlem (used to be Larry Homeboy from the hood, not as much anymore) blasting gansta rap from his ipod and various shady individuals rub you up on your way downtown in 20 minutes on those sardine cans we call the subway, but what do I know?

This shows that while the rest of the country and even this city and state, are in a crunch financially, New York is still the most affluent city around. The landlords have always been in control historically. With the "crash" which was really more like an altitude adjustment of rents and sales prices here since the fourth quarter of 2008, the renters gained some ground as rent prices dropped 4% and sales prices became more negotiable through the last two years. The sales market is still a buyers market. We are still seeing some of the lowest mortgage rates ever, and the owners are having a hardtime finding buyers as mortgages are not getting approved as much for sub 700 credit scores. Rentals, is another story altogether.

There is a shortage of rental apartments as the vacancy rate has dipped below .90% again for the first time since the second quarter of 2008. The landlords can always rent directly and the renters can always rent directly. It's kind of like finding a needle in a haystack in this city though. That's a part of why broker's earn our fees. It's not just about turning a key or opening a door and being a bit of a tour guide. We screen, guide, advise, prepare and even serve as therapists more often than not.

Landlords have been offering a month of rent either free or towards the broker's fee. A standard broker's fee is 15% of the first year's rent (a little less than 2 months rent). Many broker's will settle for this concession from landlords when it's offered, as it helps everyone. The landlord gets a tenant that has been pre-screened by a broker rather than a random street-walker, the renter gets a decent apartment and saves almost two months rent and the broker gets a piece of a commission rather than no commission at all. As the market tightens, those concessions from landlords dry up. For a landlord, a person being able to pay the fee is more likely to be a model tenant. It speaks volumes to a landlord that someone is financially solvent enough and willing to pay an expert two months rent to find the best possible space, quality, location and price for the dollar.

I have seen those concessions vanish in high demand areas that they were never really offered in before. There usually is a catch when a landlord offers this. Either it's a large managment and the apartment has been vacant for a while, the monthly rent is the same as if you paid a fee yourself to a broker, the area is a fringe area (further from a subway or "developing" area) or the landlord is desperate to get it rented fast. Either way, you get what you pay for. Do the math and you'll see that finding a below market rent with a broker's fee involved, usually balances out better in the long run over two years or more versus a market rate apartment with yearly increases in the rent of 7-10%. If you don't have the money for a fee, than begin to expect five, six or even ten hour days, at least five or six days a week, of pounding the pavement looking for your next place.

The concessions have vanished a bit, but with the traditionally slower winter rental season approacing, I sense more will begin to pop up again in a month or so. This is the time where the renters will be able to negotiate lower monthly rents, perhaps get a fee paid from a landlord if they are going through a broker. Do realize that the landlord may ask you to sign a 16 month lease so that they get the apartment back vacant during the peak rental season and can get top dollar.

I guess the renters are in control in fringe areas. Those are hard to rent apartments and so when a landlord has someone interested, they can be a bit more agreeable. The owner has to offer free rent and or pay a month to the broker to ensure the units get rented and not sit vacant for months at a time. In high demand areas, there's no question about it. Let's be honest though, overall, the landlords have what we want as prospective tenants. Even when things can seem otherwise, they are always in control!

Priced out of Downtown? Here are the best options in the boroughs

I know that everyone comes here to live in Manhattan here. But what do people who live here do when the landlord raises the rent to an amount that you just can't afford anymore? For those that are new to the city and the market reality of the prices and space here has just smacked you in the face, I have some areas that you will want to consider.

Williamsburg
This is the first place people mention when considering going away from the traditional areas on Manhattan to live. It's hipster vibe, trendy shops and cafes make people gush for days. I lived here for a year and it was decent. There is almost too much to do along Bedford Ave. Cool bars, great restaurants and McCarren park are the pluses of the neighborhood. The subway access if you are close to the L train and no further than Lorimer is actually superb. The problem is that rents here are starting to mirror Manhattan places now that it is a known hot spot.
http://newyork.timeout.com/section/williamsburg

Harlem
This was once an area that people feared. With a huge expanse by Columbia, Bill Clinton coming to town and the lack of acreage on Manhattan Island as a whole, this area is enjoying a new Harlem Renaissance. The rents here are lower than areas below 96th street (but hurry, because they are rising), the commute downtown is not that bad (try to get a spot near an express train) and the food and shopping options are plenty. Your getting the Manhattan zip code, but if you are smart, can pay borough prices. The trade off is less drunk frat kids stumbling around the streets for EVERYBODY hanging out on the streets. From Grandma's and Grandpa's to young children staying out way past their bedtime, this area of NYC is super diverse and becoming more and more gentrified by the week.
http://newyork.timeout.com/section/harlem

Astoria
I have stayed here off and on at times. My father lived here when I was young. This is a great area that looks close on the map to Manhattan, but if you are not right by the subway, it can be a bit of a trek on the late night. The area is becoming trendy and so the prices are nearing Manhattan prices, though you MAY have more flexibility in terms of requirements and negotiating a deal. MAY is the operative word. Dining options are mostly Greek as there is a heavy Greek population in the area. This is the first destination for most when considering the outer boroughs.
http://newyork.timeout.com/section/harlem

Jackson Heights
This area is a hidden jewel of the boroughs. If you don't know, now you know. This is a great area for keeping the costs down. This is a diverse area in Queens with great subway access if you can get a place in the 70's to 80's and not too many avenues away from Roosevelt Ave. In some ways, it can actually be a shorter commute than Astoria if you work it out the right way. I lived here for over five years and loved it. Great food, cheaper prices than Manhattan or Astoria and only a 30 minute commute to Manhattan max.
http://newyork.timeout.com/section/jackson-heights

Park Slope
After Williamsburg, this is usually the next place on peoples map when considering BK. The Brooklyn Heights area is always first on the list, but with it's superior subway access and closer to Manhattan than parts of Manhattan location, it is the one area of the city that is truly across the river with city prices. So heads turn to Park Slop as the next viable choice. There is a great neighborhood feel, great school systems for those families with or having children. Good dining options and a short trip to the city make this a solid value.
http://newyork.timeout.com/section/park-slope

That's the five top areas that people consider when leaving the traditional areas of the Upper West or East sides, midtown to downtown. I have one more bonus area that is perhaps the best jewel in all of the boroughs. The mainstream writers haven't caught up to this old school native yet though. To find out about that one, you will have to go with me ;-)

The NYC Real Estate Market's Financial 101

Wow! Contrary to media reports, I have been busy as usual this year. My lack of posts each month is testament to that. We all have seen what has happened in the financial sector this year. While nationwide it may seem bleak, allow me to give you some insight into what it means here in NYC.

New York is primarily a city of renters. There are many people who own and sublease the unit for various reasons. The vacancy rate for rentals is above 1% for the first time in years. I expect this to plummet below 1% again with the changes in the financial sector. While this is still the best place to invest in over a 5 year period, the outlook by many is that there is only so much that the market can bear and that prices will plummet soon. I have lived here for over thirty years. I have witnessed firsthand the Bronx burning in the 70's, fire in the sky with towers falling at the start of this century and I can testify that is not going to happen. Sure, there will be more room to negotiate a price on a property that is a resale or in an older building. Places that are priced too high to begin with will sit on the market longer.

The last major change in our country was 9/11. Even after those attacks, the market here rebounded to levels never before reached. In studying the history of real estate in this city over the past 100 years, I have noticed that there is always a slight dip
for one or two out of every twenty years. After that, things continue to rise steady. Look at the link for sales figures of the last quarter sales2quarter2008.pdf . Now compare that with figures from the rental market 8-2008-mra.pdf and lastly, look at the market reports for 2002, just after 2001 may2002-oct2002.pdf also for 2006 bw2006.pdf . What you will notice is that there is one constant, rents continue to rise.

With more people than ever before assuming that the market will crash, do you really think rents will drop if the vacancy rate drops again due to more people renewing leases and renting as opposed to buying? For the first time since 2001, I noticed several landlords of high end rental buildings offering concessions to offset the cost of a broker's fee. They are looking to keep the building full. This is in order to keep the buildings at the lowest possible vacancy rate so that they can charge the highest possible market rent!

While not an option for everyone, if you have between a 10-40% down payment saved up, this is the perfect time to buy as many owners are fearing a drop in the market and thus a bit more negotiable than ever. Also, mortgage rates are at an all time low. This city is fast paced and not for the weak of heart. If you are even thinking about what to do in terms of renting or buying, call or write me for expert advice!

Bear Stearns Fallout

The most talked about topic in this city these days is Real Estate. Come to think of it, that is always a hot topic in this city. There has been much talk in the past two weeks about the effects that this fire sale in particular could have on the NYC real estate market.

First off, we must understand one major dynamic. The job of the press is to sell papers. There is an industry saying in the press, "If it bleeds, it reads!" This is something that we readers, may never notice until reading things with that thought in mind. Ninety percent of what we read in the news has a negative spin on it.

Secondly, I'll point out the obvious point. I am a licensed real estate professional. Of course, if the press is pointing out the negative aspects of the NYC sales market, I will point out the positives. In all honesty, I tend to look for positives in everything, but especially my business.

So in the interest of being a reporter, I will attempt to strike the middle ground between the two with this post. As when I am working with a client, I will simply make a list of the pros and cons of each side of the discussion. This way, we can all draw our own conclusions based upon our unique situations. To quote my godfather, "There's only one way to do things, the right way!"

The Bear Stearns situation has put everyone on red alert in the country. Stateside, gas prices have risen, we are five years into a war, this is an election year, then there was the Spitzer scandal here in NYC this month and as a result a major change in Government, so there is reason for conern for those with a cynical outlook. The Euro is still strong and so there are no worries there as Europeans make up roughly 30% of the market here. Historically, NYC runs insulated from the rest of the country in terms of it's real estate market. The numbers show that even when the rest of the country is suffering, the market here steadily rises over ten to twenty year perids. For every 5% dip in pricing over two to three years, there will be a rise of 5-15% directly behind that. This all begs the question, what makes the market in this city crash or rise?

To answer the question from above, the real estate market in this city does not crash. It may experience periodic corrections over a ten or twenty year period, but it just does not bottom out. Allow me to explain why this is the case. New York City is actually five boroughs, but most people think only of Manhattan when thinking of "the city". With this important fact in mind, realize that Manhattan is the smallest amount of acreage to develop out of all of the five boroughs, the most in demand and where most of the good paying jobs are. This makes it a cheetah in a land of camels. There is no doubt that there will always be an endless amount of interest, as Manhattan has that "wow" factor that no other area has. For decades, people have been drawn in by the skyline, the relative ease of getting around to all you can wish for, the endless supply of things to do, the simple ability to say "I live in the city!" There is only one city that comes to mind when this is said, so there is a certain aura that it has that can not be matched. This causes the market here to rise while the rest of the country will falter. There is always more demand than available supply. There is truth in the fact that with all of the new condominium development and the US economy in a recession (yes, a broker just said the dreaded "r" word!), the sales market may soften a bit due to a larger amount of inventory, but that will only make the rental market tighter and sellers smart enough to price somewhat lower than market in order to draw more interest the winners.

To present the flip side, 30,000 people are going to loose thier jobs in a job market which fuels the real estate market how can it not crash? This is simple. There will always be people with money, be it old or new, looking for a place in the city with the most to do. If we do get to a point where asking prices are 10% below the prior year's, which still has not happened even with all of the "when will the bubble burst?" talk, that would be offset in the following two to three years when enough people have snatched up the available inventory, so that there is a renewal of the lack of supply to offset the major demand model. This city has and always will be about that in every facet imaginable. Why do you think we spend $1000 more per month more to rent in Manhattan versus an outter borough and as a result, spend $1.00 minimum per item more on groceries or even just a cup of coffee. It's the mindset of "I want all of it now, even if I don't need it, just knowing that it's there and readily accessible, that makes me feel better!" that a lot of Americans have.

Our country is a consumer based economy and so people have an inherent nature to over spend. We are only now, with the Bear Stearns fallout, beginning to see the repurcussions of this after over eighty years of spending in America since the Great Depression. The federal government has been taking steps to stimulate the economy, though they are a bit too late to offset the Bear Stearns type situation. The bottom line is that this city has always been and will always be a sound investment for real estate for those looking for a gain over a five to ten year period. The days of the 15% increase in value over one year, are definitely behind us for a while. If you are a person who will make this city your home for that period of time, make sure that your current living situation is stable enough so that you can take your time with making a purchase. If you are a person looking for an investment with a fast turnaround, that requires more homework and also a keen eye for the most important factor in real estate in NYC. Location, location, location!

At the end of the day, this situation overall is not good for the real estate market here, no matter what any one says. It has caused a negative perception in the consumer's mind coupled with all of the spin the media puts on the housing market here. There will inevitably be more squeezing of the Charmin, or kicking of the tires so to speak. More people will take the rent and wait approach, which will cause a tighter vacancy rate than the historically low rates we have seen in the last three years. The only winners in that situation are the landlords who will be able to command higher rents as a direct result. People who take that approach are likely to hold out and miss the small window of opportunity that will come this year before the economy rebounds in 2009. They are the proverbial, "If it came that down that much, let's wait and see how much more it'll come down!" thinkers who don't know when it's time to crap or get off of the pot. This city is not going to bottom out, so any drops in pricing are likely to be minimal and short lived because of the unique nature of the market here.

Feel free to ad on with your thoughts.

IT'S TIME TO MAKE A PURCHASE!!!

The Economic Stimulus Bill has just passed. The big winners in this rescue plan are Americans who can now purchase new homes at lower rates.

This is the opportune time to purchase NYC real estate! Favorable rates are now available on mortgages up to $729,500; up from $417,000. Let me give you two examples where the economic stimulus package really makes a difference. Look at Clarett's condominium project, Forté, in Brooklyn. Apartment 16D- Purchase price of $896,000. 20% down. Interest only mortgage of 5.5%. Including maintenance and taxes, monthly cost of $4225 pre tax. Effective after tax monthly cost is $2550. Apartment 8D- Purchase price of $650,000. 20% down. Fully amortizing 30 year mortgage at 6%. Including maintenance and taxes, monthly pre tax cost is $3975. Effective after tax monthly cost is $2734.

This is a true two bedroom apartment, in a full service luxury building with DRAMATIC views of the city for a monthly cost of renting a studio or small 1BR in the city! The prices for these two bedrooms is comparable to a small one bedroom condo in Manhattan. If you are even considering making a purchase within the next few months, I think we should speak soon.

NYC HOUSING MARKET REALITY CHECK

We all know that the Euro is crushing the dollar tight now. Yesterday, the Feds gave us a belated MLK Jr day present, by dropping interest rates 3/8ths of a percent on 30 yr fixed mortgages up to $417K!

This is hilarious to me when I woke up today and heard all morning on the news and in papers about how people are worried about the economy and the housing market crashing here.

To illustrate how ABSURD this talk is, I have quoted one of my mentors comments below which REALLY makes you realize that now is the time! Get in while the getting is good!!!

I got my real estate license on 2/1 in 1982 when I was a 21 year old senior at Cornell.

The first house I sold the buyers got a mortgage at 16.5% 30 year fixed.

I came to Manhattan in the fall of 1984….the first apartment I sold had a mortgage at 13.5%

I bought a home in Rockland County in 1987 and was very happy to get a mortgage at 11% fixed.

For a large part of my career I never dreamed that we would be able to work in an environment with interest rates below 10%.

With current interest rates at around 6% or lower for 30 year mortgages can anyone really say the sales market is tough??? Hello?

I worked through and survived the real estate depression of the early 90’s…..it was TOUGH! This market is NOTHING like the market boom of the 80’s that resulted in the stock crash of 1987. Manhattan is extremely popular now. Look at the articles saying that the suburbs are losing people to the CITY! Young families want to stay in the city more and more these days. Crime is way down from the past. NY is the financial capital of the world….arguably the closest thing this earth has to a world capital.

NY has the lowest rate of home ownership of any city in the country. More people rent here than anywhere else. We have a Manhattan rental vacancy rate of about 1%??????? There is no over supply of housing….not even close….nor could it happen anytime soon. The dollar is low, making Manhattan very attractive to foreign money and other countries have made it easier for people to get their money out. We have advantages that no place else in the country have!!!!!!!!!!!!!! The island is not getting any bigger…..Manhattan can not sprawl out like other cities…only up! Manhattan is a tiny little island full of the wealthy and they move all the time! Aren’t you glad you are here……..no other area of the country has not suffered…..we are in a unique situation!!! There is no better place to be in real estate! People get frustrated with me because I don’t worry about our market…..I’M SORRY!!!!

They told me to worry after 9/11. They told me to worry in early 2003. They told me to worry in January of 2005. They told me real estate was going down for sure in 2007. What happened….Manhattan real estate has been going up since 1993 despite what they all said. Citi agents sold $1 Billion worth of real estate in 2007! I don’t know what is going to happen…..I predict stable prices this year but it really doesn’t matter to me. We will still make a living. What we do is very honorable….we help people find a good place to live!!! No matter what people always need a place to live!! What would happen if prices went down 10% this year? Well, the reality is that there probably would be MORE transactions and more listings. Do you have to change your business plan? Not if you have been listening. We teach you to focus on buyers who: Have the money and you know how much. Have a valid reason and time pressure to buy. Are loyal to you and you have a good vibe from them. In a declining market the advice is the same!

With Sellers do the same things….focus on people that need/have to sell…..it’s simple. Pay more attention to price reductions as opposed to new listings but the principles are the same in any market. A market correction would not be a bad thing!!! Stronger agents will prosper and the incompetent would leave the industry.

What if the ice on Greenland melts and the Atlantic Ocean rises 50 feet? My advice would be to move to higher ground! I’m sorry but I’m not worried…..we’re all going to do just fine in 2008 whatever the market does! This is a real snapshot of over 18 years of experience in the NYC real estate market. It gives you a great view on how silly the talk of a "CRASH" in the housing market here is. If interest rates have fallen over 10% in 18 years, I think it is safe to say that we are in a GREAT buyers market and ironically, it is also a STRONG market for owners and investors looking to unload if they are savvy!

The construction sites you see going up all over are 95% Condominiums. This makes the people selling older units have to really rethink their asking prices or risk having a property sit on the market for so long, it gets what I like to call the "bruised apple" syndrome. NOBODY will touch it because it has sat on the market for so long, it's bruised! This will force owners looking to resell to do one of two things if they are smart, price accordingly or price a bit lower to create interest. This is a unique time in our lives and I can not stress the importance of being in touch with someone who is sociable, in the know, forward thinking and yet conscious of the current times.

That's where I come into your lives. You know who I am and how to reach me!

"Wake up Toto, we're not in Kansas anymore!!!"

Greetings all, I trust that your New Year is off to a great start.
My apologies for not posting as much this month, it has been very busy indeed in the New York Real Estate Market. This post will give you an idea.

Which brings me to this point of this post. So there is all of this talk this week about the current state of the economy. I like to call it the Holy "Market" Trinity. The job market, stock market and the housing market . Personally, because I live in NYC, we are somewhat insulated from the rest of the country from these issues and so the only thing I can see in all of this talk, is a lot of fear. It has never been an emotion that I encourage, but it is a very basic and common human emotion to fear something which is unknown.

First things first, the job market. I have had more "jobs" by my thirtieth birthday, than most people might have in a lifetime. From experience, I can say that the job market is usually volatile when a Republican is in office. I am not endorsing any particular party by saying this. I am merely pointing out the facts, as history will show. When I look back over the thirty plus years of my life and the subsequent Presidents in power, there is a direct correlation between a "good" economy and a "lean" economy. The overall cost of living and the rate of income are so askew, it is somewhat pathetic and appaling. I recall reading a study stating that the average American has a MINIMUM of $15,000 of debt. This is clear when you realize that the AVERAGE American is also making around $37,500 per year with living expenses in most places averaging above $25,000 per year, what can most people live off of or expect to save?
The bottom line in this respect, we must all educate ourselves consistently in order to go out and do something useful and self sustaining or at the very least, always in demand. The more you know, the more you grow and thus the more you can expect to make some more dough! If you sew good seeds, then you will reap good fruits! If you are content with just getting by, then this all is not a concern to you, as you will just get another "job" when you are laid off from a company downsizing. We all make our lives and nothing happens to us by "chance".

Secondly, the stock market. Now this is not my area of expertise, but I did work for The Street.com and another Financial Consulting firm, so I have some knowledge of this field as well. I have always viewed the stock market in a similar vein to Poker. Now some people will say this is very true, as both involve a certain amount of luck. I have never really believed much in luck in the common sense. I feel that we all make or create our percieved luck by being prepared. When you are better prepared, you stand a better chance of being successful.
While certain things are always out of our control, being prepared is the one thing that IS in our control and can help us minimize the "helpless" feeling we sometime call being "unlucky". While no person can predict flawlessly what stock will rise and fall daily or dramaticaly each quarter, by being abreast of current events, the world climate or even more simply, changes in economy, politics, spending trends and the like, we can have a better idea of what stocks will peak and fall with a greater idea.

Lastly, the Real Estate Market. Now, look at the exact title of my current area of expertise. There is something very true and powerful about the verbatim of the term. Owning a home or apartment is owning a REAL ESTATE. It is not an intellectual property, like a song, story, movie or book. It is not an asset, like a stock investment, savings bond, CD or other financial investment. It is something REAL and tangible. It can be appraised and valued, usually with an increase over time (especially in NYC).

That brings me to this in closing, the changes we see happening in our city, state, country and the world, are constant. The one thing that is certain is that people will always need housing. here in NYC, that is an extreme understatement. People are lining up for housing here!

You know who I am and what I do, so take the first step and get in touch!

What Slump?

Happy New Year to all! It has been a busy year already and there is no shortage of people looking to move, or developers and owners looking to sell. If you don't believe my expert industry insight, then listen to the media.

http://www.nypost.com/seven/01032008/news/regionalnews/manhattan_defies_lump_743415.htm