The foreclosure mess could hurt homeowners in Manhattan in an indirect way: The costs of buying an apartment and paying off the mortgage are likely to go up, say housing experts. The rising costs will come both during the closing and throughout the life of the loan. At the closing, the cost of title insurance,… [Read More]
HOME SIZE DEFLATION?
According to a report on CNNMoney, the American home is shrinking. Toll the bell for the McMansion. After years of growth, the Census Bureau recently reported that median new home size fell to 2,135 square feet in 2009 after peaking at more than 2,300 earlier in the decade. That is a significant drop….almost 7%! “As… [Read More]
IS THIS THE BOTTOM?
Something very newsworthy is happening in the luxury Manhattan real estate market…….for the first time in many years we have experienced (while renting out an apartment in Tribeca) prospective, qualified renters withdrawing their applications after realizing that buying would cost almost the same as renting, and opting to buy. We have not heard this in… [Read More]
MANHATTAN INFLATION, MTA-style
Anyone worried about inflation going away in New York, and worse, turning into deflation (the talk du jour), should look to the MTA for some relief. In a recent audit, astounding abuse of the overtime pay system is revealed. This is on top of the absurd retirement policies they have in place. An example: The audit… [Read More]
FORECLOSURES HIT THE RICH
More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic. In an article in this morning’s TIMES, the point is made that the housing bust we are witnessing right now is not… [Read More]