Posted by Leonard Steinberg on April 20th, 2013 Has a new pricing insanity set into the New York uber-luxury market with 33 official listings (with many more un-official ones!)above $ 30 million and three over $ 100 million: Is $ 100 million the new $ 50 million just within a matter of months? It appears… [Read More]
COULD APPLE'S i-TV SAVE THE DAILY ANNOYANCES OF THE TELEVISION ROOM?
Posted by Leonard Steinberg on April 19th, 2013 Last night was another one of those nights where trying to turn on the television was the usual annoyance. The salesperson at BOSE had told me the system was SUPER-SIMPLE……even an idiot could use it. Well, I must be a thorough idiot, because its still not easy…. [Read More]
WEAK JOB GROWTH……EXCEPT IN BIG CITIES.
Posted by Leonard Steinberg on April 18th, 2013 Corporate results are showing an eerily similar trend: profits are growing, but revenues are not. Is this mostly related to the fact that companies are not hiring while demand grows very slowly, thereby deriding profits mostly from reduced labor costs and low interest rates? Are existing workers… [Read More]
150 CHARLES STREET: HALF A BILLION IN SALES IN 4 WEEKS
Posted by Leonard Steinberg on March 16th, 2013 The New York Times ran an article for this weekend’s REAL ESTATE section talking about the ‘Downtown Spring awakening’: 150 Charles Street, the Witkoff Group developed, CookFox-designed building in the West Village achieved over HALF A BILLION in sales in 4 weeks, certainly a record for New… [Read More]
NEW YORK SCAFFOLDING LAW AND THE INSURANCE RACKET
Posted by Leonard Steinberg on March 10th, 2013 Everyone is chattering at the rising costs of a New York apartment. What most don’t realize is the dramatically increased costs of land, and worse, the rising costs of insurance during construction. Its time to reform New York state’s infamous scaffolding law. The law, which dates back… [Read More]
DIMENSION DEMENTIA
Posted by Leonard Steinberg on March 9th, 2013 Now that New York real estate buyers are back to buying apartments from floor plans have you noticed how some developers ‘cook’ the numbers by including the kitchen in the living room dimensions to make the living room appear much larger dimensionally? Something is being cooked here…..
GLOBAL WEALTH FACTS – THE FUTURE OF THE LUXURY MARKET LOOKS BRIGHT – NEW YORK WEALTHY TO RISE 36%
Posted by Leonard Steinberg on March 6th, 2013 For anyone wondering about the longterm future of wealth in the world and especially New York, here are some facts to ponder: Over the next 10 years, New York will see a rise of 36% of High Net Worth Individuals, those with assets above $ 30million……does that… [Read More]
REAL ESTATE TAX ROBBERY: THE MOST CORRUPT TAX SYTEM IN THE WORLD?
Posted by Leonard Steinberg on February 27th, 2013 The overly corrupted, inequitable real estate structure of New York reveals further evidence now to showcase just how bad the situation is: Did you know that Class 1 (single family) properties in Manhattan have gone up over 37% since 08 yet Brooklyn’s Class 1 properties increased only slightly since 08,… [Read More]
BACCARAT HOTEL CONDOMINIUMS HIT MARKET – IS MIDTOWN BECOMING OVER-SATURATED WITH MEGA-LUXE?
THE BACCARAT HOTEL AND CONDO located at 20 West 53rd Street make its debut in what I think is a rather over-subscribed midtown mix: Starwood Capital’s hotel and condo tower has already settled on a price for its penthouse unit, supposedly asking $60 million ($8,128/sf). For $60 million, the buyer gets a duplex with 7,381 square… [Read More]
JUST WHEN YOU THOUGHT NEW YORK REAL ESTATE PRICING WAS ON THE RISE…..
Posted by Leonard Steinberg on February 10th, 2013 Just when you thought real estate prices could not go higher in New York, we hear of real estate pricing estimates in London, a city that already makes New York seem like a bargain…. now news comes that the average price of a London home will climb… [Read More]