IS $ 2,500/sf THE NEW $ 2,000/sf?

Posted by Leonard Steinberg on April 16th, 2013 Is Manhattan luxury real estate experiencing hyper-inflation? It appears so. Whereas 4 months ago every developer (and their bankers) was talking about $ 2,000/sf for the entry level to the downtown luxury new development market, now it appears, just a few months later, that this figure has… [Read More]

MORE PROOF OF LUXOFLATION: HERMES FOURTH QUARTER SALES SOAR 22%

Posted by Leonard Steinberg on February 11th, 2013 Hermes posted its 4th quarter results for 2012: the maker of uber-luxury, hyper-priced fashion goods and accessories showed sales increased 22%. Rolls-Royce has achieved its best sales in its 108-year history, with the world’s mega-rich buying up 3,575 Phantom and Ghost models during 2012. More evidence that the… [Read More]

GOOD DESIGN IMPROVES QUALITY OF LIFE

Posted by Leonard Steinberg on June 9th, 2012 In this morning’s Financial Times an article addresses how the Danish believe that good design improves lives. I see this trend more and more in New York real estate: the growth of consumer’s esthetic awareness has literally exploded in the past 10 years and their understanding of the benefits… [Read More]

ONE 57: THE LATEST ADDITION TO THE UBER-LUXURY MANHATTAN MARKET

Posted by Leonard Steinberg on November 19th, 2011 The other night I was invited to the launch of EXTELL’s newest addition to the New York skyline, One 57, the Christian de Portzamparc-designed 90 story, 1,000ft tall Tower located at 157 West 57th Street between 7th and 8th Avenues. Towering above the Time Warner Center, Trump’s One Central… [Read More]

GLOBAL CENTER GATED UBER-COMMUNITIES

Posted by Leonard Steinberg on August 12th, 2011 As the political climate shifts to a more conservative stance, and the almost certainty that Rick Perry will be the next USA president, the super-wealthy will continue to seek out homes within communities that protect and separate them from the increasingly volatile outside world. These gilded, gated… [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]

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]

BLACKPAD AND I-PAD: HOME AUTOMATION AND BROKERAGE CHANGE FOREVER:

With Research in Motion’s announcement today that they are developing a similar device to Apple’s I-Pad, we should feel certain that home automation and real estate brokerage will more than likely be entirely controlled by these devices going forward. And why not? Unlike cell phones, the larger screen is much easier to read, and much… [Read More]