In 1929 the world experienced The Great Depression, and in 2008-9 the Great Recession, but in 2016 we experienced The Great Correction (in the luxury sector), a period where for the first time in history the price of luxury homes in many areas scaled back rather dramatically NOT fueled by an equity markets plunge…. [Read More]
Millenniaires are the other millennials few refer to: most chatter revolves around this demographic group’s inability to commit to buying a home, mostly due to affordability concerns. There is another group within this vibrant sector of society: wealthy, successful millennials who have earned early wealth, and the other group that have access to wealth or… [Read More]
THE BEST BUYERS: AMERICAN ROLLS ROYCE-BUYING OLIGARCHS?
Posted by Leonard Steinberg, president of URBAN COMPASS, on January 6th, 2015 Is 2015 going to be the year of the AMERICAN Oligarch? Rolls-Royce Motor Cars reported more car deliveries in 2014 than ever before in its 111-year history, marking the fifth consecutive annual sales record for the ultra-luxury brand, according to Bloomberg. The company sold… [Read More]
TIME IS THE LAST LUXURY
Posted by Leonard Steinberg of URBAN COMPASS on December 2nd, 2014 The world is drowning in luxury. A plethora of ultra luxurious new buildings are on the market now in New York and many more are coming over the course of the next 18 months. Each developer is trying to out-do one another with the… [Read More]
MANHATTANIZING THE WORLD
Posted by Leonard Steinberg, Urban Compass, on July 18th, 2014 The other day while observing the views from the West Side of Manhattan across the Hudson River to New Jersey, it was striking to see how similar the New Jersey skyline looked compared to Manhattan’s. Does Manhattan dictate the ‘look’ of a large city throughout… [Read More]
DO ONLY BILLIONAIRES BUY REALLY EXPENSIVE APARTMENTS?
Posted by Leonard Steinberg on June 17th, 2014 Today word spread that another billionaire swept in to buy the French government owned duplex at 740 Park Avenue for many millions over the asking, supposedly $70 million….for a co-op….that needs renovation work. Can only billionaires pay these prices? I have found over the past few years… [Read More]
THE BEGINNING OF A NEW CHAPTER
Posted on June 2nd, 2014 Dear Friends: Today marks a historic day as I begin my role as President of URBAN COMPASS. We have always been at the forefront of the New York Real Estate industry, always with an eye towards the future of real estate: in URBAN COMPASS we see the future. URBAN COMPASS… [Read More]
THE DEATH OF THE DINING ROOM?
Posted by Leonard Steinberg on May 23rd, 2014 This morning’s Wall Street Journal addresses the demise of the dining room in luxury homes: I wouldn’t be too fast in making this call. There is certainly a strong argument to be made that in large cities when confronted with high space costs the choice to have… [Read More]
CITY GROWTH DRIVERS: YOUTH AND RETIREES?
Posted by Leonard Steinberg on May 22nd, 2014 An interesting article in the Wall Street Journal this morning addresses the possibility that urban growth may be slowing, with renewed interest in the suburbs. Two demographics continue to drive Urban growth: the ‘young’ and the ‘old’ either for life-style reasons or to downsize their living arrangements…. [Read More]
FABULOUS FLIPPERS COME TO 57th STREET!
Posted by Leonard Steinberg on May 21st, 2014 As new neighbors such as the Nordstrom Tower, Steinway Tower, MOMA Tower and 220 Central Park South, 432 PARK AVENUE get added to the 57th Street area mix competing with One 57, a new classification of competitors has joined the mix: re-sellers/flippers….. or FABULOUS FLIPPERS? Yes, re-selling and flipping… [Read More]