In this morning’s Wall Street Journal Josh Barbanell reports that despite rising gloom about home sales across the country, sales of apartments in Manhattan appear to have strengthened this summer, with median prices up, inventory down and an increase in the number of apartment closings. The figures suggest that the Manhattan market, buoyed by a… [Read More]
MORTGAGE APPLICATIONS RISE TO HIGHEST LEVEL IN 15 MONTHS
After yesterday’s expected news about sharply reduced activity in the re-sale of existing homes (the aftermath of the end to the buyers tax credit), it was announced that mortgage applications rose last week as record low rates lifted demand for home refinancing loans to its highest level in over 15 months, a development that could… [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]
IMAGINE ALL NEW YORK WITH THESE AWNINGS….AND…..
Imagine these awnings (or a version thereof) attached to all sunny sides of buildings in Manhattan where the awnings not only provide cover from the sun and rain, but also produce power…..what about small solar panels or wind turbines that you plug in just like a small appliance?…..that’s the promise of a Seattle, Washington-based start-up… [Read More]
MAYBE NOW WE KNOW WHY RUSH MOVED FROM NEW YORK?
So you felt sluggish through the Summer heat because of the heat? Think again. A city Department of Health study on summer air quality released yesterday showed a troubling finding: Even quieter neighborhoods that don’t have New York’s infamous crowds, traffic and skyscrapers suffer from high levels of smog…..and this bad air quality contributes greatly… [Read More]
ONE HYDE PARK: THE MOST EXPENSIVE APARTMENT IN THE WORLD SELLS.
And you thought New York was expensive? Think again. A six-bedroom, two-floor penthouse in the One Hyde Park development in Knightsbridge, London has sold for £140 million — equivalent to around $220 million — making it the world’s highest priced apartment sale, according to THE REAL DEAL. The buyer, who remains anonymous, will enjoy views of the London skyline,… [Read More]
3.5% Downpayment insanity?
The FHA has come out to guarantee mortgage loans on a few new buildings in Manhattan: While the idea is brilliant, and long overdue, the plan is a perfect example of how governments can take a great idea and muck it up really badly. As we exit (very slowly and grindingly and uncerytainly) from the worst… [Read More]
HIGH UNEMPLOYMENT? IT’S ABOUT THE REAL ESTATE!
Unemployment is very high, yet many employers are finding it extremely difficult to fill certain jobs. It is estimated that unemployment amongst the very skilled is actually rather low: We know unemployment amongst the highly educated is definitely low. In this morning’s Wall Street Journal, an article tries to establish what is causing this. Employers and economists… [Read More]
WE ENTER THE ERA OF THE FLASH-CRASH!
The recent equity market flash-crash was determined to be a product of the computer-run systems we rely so heavily on. The flash crash produced a 1000-plus point market drop. And worse, we should expect another flash-crash in the future. With our lives increasingly over-taken by computers, the FLASH CRASH could happen not only on Wall… [Read More]
HUDSON BLUES….
In this morning’s Wall Street Journal, the next stage in the saga of the building HUDSON BLUE at 423 West Street is reported: http://online.wsj.com/article/SB10001424052748704017904575409722058648014.html This building, located a few doors down from the 3 Richard Meier Towers, home to celebrities Calvin Klein and Hugh Jackman, somewhat emulating their glass and white steel facade, has been… [Read More]