Posted by Leonard Steinberg on January 25th, 2012 Some good news for the real estate markets (and markets in general): To-day the Federal Reserve pushed back the likely timing of an eventual interest rate hike until late 2014, much later than it had previously said, as it nurses a still-sluggish economic recovery. In a historic… [Read More]
MORE THAN JUST GREEN SHOOTS: A RECOVERY IS WELL UNDER WAY
Posted by Leonard Steinberg on January 23rd, 2012 A recovery is under way. And now there is absolutely no doubt about it. I hear it from my very wealthiest clients most of whom are scrambling to put deals together before prices rise. I even heard one say the other day he was willing to pay… [Read More]
KARDASHIAN POPULARITY OR REAL SUBSTANCE?
Posted by Leonard Steinberg on January 22, 2012 With Newt Gingrich’s remarkable surge in the South Carolina caucuses, I have to ask the following question: did he win on substance, or on the soundbite mentality that has overtaken our society? Is Newt really more qualified to be president than Mitt Romney? What exactly in Thursday’s… [Read More]
PREVIOUSLY OWNED HOME SALES RISE TO 11-MONTH HIGH IN DECEMBER
Posted by Leonard Steinberg on January 20th, 2012 To-day’s headlines (besides Newt’s disgust at being asked about his moral standards when he and his party have never considered that to be an issue in selecting a president) is the news that sales of previously owned US homes rose to an 11-month high in December 2011… [Read More]
NEW YORK HOLIDAY RETAIL FOOT TRAFFIC GROWS BY 4.7% IN 2011
Posted by Leonard Steinberg on January 16th, 2012 Holiday retail foot traffic in New York grew at an impressive rate of 4,7% in 2011 compared to the rest of the USA that saw foot traffic drop off by 3,1%. This is mostly attributed to strong tourist activity……regardless, this is very good news indeed and impacts… [Read More]
ARE THINGS GETTING TOO BIG? IS SATURDAY THE 14th THE NEW FRIDAY THE 13th?
the cruise-ship Costa Concordia going down almost Titanic-style in Italy
MORE GOOD NEWS FOR REAL ESTATE FROM THE MAN WHO BET AGAINST IT
Posted by Leonard Steinberg on January 13th, 2012 Friday the 13th delivered bad news for Europe as France, Austria, Portugal and 4 other countries were down-graded by Standards + Poor the same agency that downgraded the USA late last year. On the good news front, hedge-fund billionaire John Paulson, who made $15 billion in 2007… [Read More]
THE NEW YORK "BRIC BUYER": IS BRIC THE NEW EURO?
Posted by Leonard Steinberg on January 12th, 2012 To-day revealed that a single Chinese buyer has gone to contract on FOUR apartments at One 57, the Extell developed tower rising on 57th Street between 6th and 7th Avenues with average pricing starting in the $ 5,000/sf range. Another Russian buyer was also identified. These BRIC… [Read More]
JUNIOR BANKER PAY FREEZE?
Posted by Leonard Steinberg on January 10th, 2012 Bloomberg reported to-day that large banks are considering freezing the pay of junior bankers in light of diminished profitability of their institutions. What this really equates to is that the more senior bankers will do whatever it takes to maintain the quality of their incomes: Banks face… [Read More]
STRONG NEW YORK OPEN HOUSE ATTENDANCE – SERIOUS, VERY EDUCATED BUYERS EMERGE (MANY WITH KIDS).
Posted by Leonard Steinberg on January 8th, 2012 I have just returned from Manhattan Sunday open houses…..the first official weekend of the New Year is always an indicator to me as to how strong or weak the first half of the year will be……and things looked good. The volume of buyers was not huge, although… [Read More]