The MANHATTAN BIDDING WAR has returned: Carlos Slim, reportedly the wealthiest man in the world, just won a bidding war on the Duke Semans Mansion at 1009 Fifth Avenue in New York City. His winning bid of $44 million outbid a Russian bidder whose bid was around $37 million. This is the largest multiple bid sale of 2010, and an… [Read More]
THE JUMBO IS BA-ACK!
In this morning’s Wall Street Journal, it is reported that New York and the rest of the country, is experiencing the return of the JUMBO MORTGAGE…..Not long ago, many big banks were turning away New Yorkers seeking jumbo mortgages. This summer, however, banks are competing for the business, creating a wealth of new products and… [Read More]
THE ROLLER COASTER DECADE – LUXURLETTER EDITORIAL
THE ROLLER COASTER DECADE It is becoming increasingly apparent that we live in turbulent times: the see-sawing we are experiencing in markets (and life in general) appear more acute and exaggerated these days, and I fear we have entered a decade of constant ups and downs. With every bit of good news that emerges, so… [Read More]
HOUSING INVENTORIES WILL RISE THROUGH 2011
In the WALL STREET JOURNAL: Sales of new homes are near 47-year lows, yet the supply of new and existing homes is expected to grow in the months ahead as construction ramps up and a wave of foreclosed homes hits the market. LUXURYlesson: “While the USA in general will experience increases in inventories, the luxury… [Read More]
NEW YORK BUILDING SALES RISE
Robert Knakal of Massey Knakal reports In Gobestreet that in all of 2009, 1436 properties were sold in the Big Apple and, in the first half of 2010 (1H10), there were 818 buildings sold. The dollar volume of sales also increased significantly, going from $6.26 billion in all of 2009 to $6.49 billion in 1H10. The… [Read More]
TAKE A LOSS, CREATE A GAIN?
Reported in the Wall Street Journal, a trend seems to be emerging whereby some intrepid homeowners are intentionally taking a loss on their current house—and writing a big check to retire their old mortgage—in order to buy twice the home for not much more money. Others, eschewing conventional personal-finance advice, are even opting for “cash-in”… [Read More]
WILL FINANCIAL REFORM EASE THE NEW YORK TAX REVENUE ROLLER COASTER?
The financial regulatory reforms signed into law by President Obama last week are intended to accomplish a number of things. But one potential effect that probably wasn’t designed into the legislation is a leveling-off of the economic rollercoaster ride the city’s economy has taken as the financial services sector’s fortunes have risen and fallen in recent… [Read More]
THE WEALTHY TALK….GUILT-FREE.
According to a recent post in FORBES, America’s richest are spending less cash, and they are being more choosy about the products they actually buy. The Survey of Affluence and Wealth in America 2010 — a creation of American Express Publishing and the Harrison Group — polled about 2,400 people from the richest 10% of… [Read More]
BONUSES WILL BE STRONG THIS YEAR…..
It is very early in the year to be talking about bonuses…..but because bonus season fuels Manhattan luxury real estate so much, we thought now would be a good time to remind buyers that buying before those bonuses are paid out is ALWAYS smart. We know some will disagree with this philosophy, so we will… [Read More]
THE TWO USA ECONOMIES: HERMES vs. H+M
In to-day’s New York Post, a story talks about the mounting evidence that there are two US economies operating side by side. They are correct. While Main Street consumers struggle with high unemployment and mainstream retailers are forced to mark down merchandise to spark even mid-single digit sales gains, the luxury market is enjoying flush… [Read More]