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]
THE HEALTH OF HOUSING
Reports to-day lament the state of the housing market, and for sure the markets around the country are not very healthy. Some housing markets show signs of healing. Home-sales activity in New York, Washington, D.C., and parts of California continue to improve. But other markets, including Tampa, Fla., and Chicago, face rising foreclosures and weak… [Read More]
LUXURY MARKET INDICATOR: HAMPTONS SALES DOUBLE
Home sales in the Hamptons, the beachside resort towns favored by celebrities and Wall Street financiers, more than doubled in the first half of 2010 from a year earlier, according to recent reports. Sales in 15 New York villages and hamlets that make up the Hamptons rose to 923 homes from 433. The dollar volume… [Read More]
WEST SIDE/CHELSEA GET CONNECTED TO MIDTOWN WITH 7 SUBWAY EXPANSION.
West Chelsea and the hudson Yards on Eleventh Avenue will be connected to midtown by the # 7 subway expansion: In what City Council Speaker Christine Quinn on Thursday called “a great day for the West Side and the future of New York City,” the year-long tunneling project on the Number 7 subway line expansion… [Read More]
RICHARD MEIER’S MODEL MUSEUM – LONG ISLAND CITY
Richard Meier’s Model Museum in Long Island City is a small gallery devoted to the architect’s ongoing love of the physical process of architecture. The 3,600 sq ft warehouse space is dominated by a vast model of the Getty Center in Los Angeles, still one of the architect’s most celebrated and sizeable commissions. Rather than… [Read More]
NEW YORK FORECLOSURE RATE DROPS 24%
The REAL DEAL reports that foreclosure activity in New York City continued its pattern of ups and downs during the first six months of 2010, climbing 3 percent on a year-over-year basis but registering a 24 percent drop from the six months prior, according to the latest foreclosure market report from RealtyTrac. These figures include… [Read More]