Posted by Leonard Steinberg on June 25th, 2013 The chatter of bad economic news coming from Brazil and China recently leads to the question: will Chinese and Brazilian buyers who have helped fuel a notable uptick in activity and pricing in the Manhattan luxury market disappear and how will that affect our real estate market? I… [Read More]
BIG DEALS ARE BACK!
Posted by Leonard Steinberg on February 15th, 2013 Wall Street is still reeling from the re-birth of the BIG DEAL, where this week Warren Buffet and a Brazilian group swooped in to buy out HEINZ. Similar confidence in the BIG DEAL is being seen in the New York luxury real estate market where big players… [Read More]
NEW YORK NEW DEVELOPMENT: THE NEXT CHAPTER
Posted by Leonard Steinberg on January 12th, 2013 In the coming weeks and months, over 7,000 units of new construction LUXURY apartments will be coming to the market in New York……that is a VAST number of units and will significantly alter the bland inventory landscape we are currently experiencing. While one could argue that the… [Read More]
IS LUXOFLATION SET TO SURGE IN 2013?
Posted by Leonard Steinberg on January 3rd, 2013 Bloomberg reported that the worlds billionaire’s net worth surged in 2012, some by as much as twenty percent. Does this imply a sharp escalation in LUXOFLATION, our measure of the pricing inflation we have identified in the super luxury markets? I think it’s very likely. Already we… [Read More]
I’VE GOT THAT SHRINKING FEELING….
Posted by Leonard Steinberg on October 26th, 2012 Yesterday a client mentioned to me an interesting phenomenon that is hitting the New York/Manhattan luxury real estate market. He was visiting a very high end new building in Greenwich Village and as he stood in one of the secondary bedrooms, he felt the entire world around him… [Read More]
Posted by Leonard Steinberg on March 26th, 2012 This morning Ben Bernanke spoke on the subject of the economy: his conclusion was that the improving employment and growth figures were a product of CATCH-UP. We can see the same thing clearly happening in the luxury Manhattan real estate market. The above picture shows a line… [Read More]
REVISITING PREVIOUS 'PASSES'…..
Posted by Leonard Steinberg on March 20th, 2012 Is a new trend emerging whereby ultra-fussy buyers who had passed on properties they visited some time ago return and re-visit with a new, fresh, less critical set of eyes? I see this happening right now in a few instances. Some buyers in the luxury real estate… [Read More]
THE TAXMAN EARNS MORE THAN BROKERS IN A REAL ESTATE TRANSACTION
Posted by Leonard Steinberg on February 19th, 2012 Many un-informed people are sometimes outraged by the commissions brokers earn for a real estate transaction in New York: its usually 6% and sometimes 5% for more expensive listing. This commission is split between buyer and seller brokers 50-50, so the average transaction leaves the broker between… [Read More]
UNDERSTANDING THE ONE PERCENT – YES, AVERAGES ARE MISLEADING HERE TOO.
Posted by Leonard Steinberg on January 15th, 2012 To-day’s New York Times examines ‘the one percent’ a bit closer than it has in the past. Just like the Times is guilty of espousing averages when it comes to real estate statistics (All media is guilty of that!) it has been guilty in the past of… [Read More]
MORE GOOD NEWS FOR REAL ESTATE?
Posted by Leonard Steinberg on January 11th, 2012 In a recent Wall Street Journal article a survey of those with investable assets of $ 30m+ revealed that the rich prefer commodities, real-estate, private companies in 2012 to place their investable dollars. 48% plan to increase their allocation to commodities in 2012, and 45% of respondents are looking to… [Read More]