MANAGING AGENTS: GET IT TOGETHER!

Posted by Leonard Steinberg on June 11th, 2011 New York Managing agents perform the unenviable task managing all aspects of a building’s operations and financials including staffing, repairs, maintenance, etc. The managing agent reports to the board of the building, a group of people elected by unit owners to oversee the physical and financial well-being… [Read More]

WEST VILLAGE CONTINUED STRENGTH

Posted by Leonard Steinberg on June 2nd, 2011 The penthouse at 2 Horatio just went to contract for over $ 4,000/sf: Granted it was gut renovated, has spectacular views and significant outdoor space, but 2 Horatio is not exactly considered a trophy building. It is a co-op with lovely apartments, although most are rather ordinary…. [Read More]

GREENWICH CONNECTICUT SUPER-LUXE MARKET STALLED

Posted by Leonard Steinberg on May 30th, 2011 Bloomberg reports that homes priced at $10 million and above are accumulating on the market in Greenwich, Connecticut, a town about 30 miles (48 kilometers) north of Manhattan that’s known as the U.S. hedge fund capital. They’re moving so slowly that it would take more than four years… [Read More]

NO ONE IS BUILDING STUDIOS…

Posted by Leonard Steinberg on May 26th, 2011 I just went over the stats analysis and noticed an interesting factoid: The vast majority of studios that have traded  in Manhattan in the past months are co-ops not condos, which leads me to believe developers are avoiding building them. I don’t think the day of the studio… [Read More]

APPRAISAL BANKING RULES NEED MODIFICATION

Posted by Leonard Steinberg on May 12, 2011 New banking laws prevent a buyer from having an appraisal ordered prior to a fully executed contract: I think this is just stupid. Here is what I propose and why: With many Sellers reluctant to provide financing contingencies, and certainly appraisal contingencies, the ability to have an… [Read More]

DEAR SELLERS: PLEASE TAKE A LOOK AT THOSE PHOTOS…..

Posted by Leonard Steinberg on May 10, 2011 I received an e-mail to-day from a broker at NESTSEEKERS showcasing a very attractive property in a strong location that was quite well priced…..the only problem is the photos would give even the most astute eye a hard time identifying that this is indeed a good apartment…. [Read More]

THE ERA OF TRIMMING FAT

Posted by Leonard Steinberg on April 22, 2011 I have noticed all around us a distinct trend: fat is being trimmed in the biggest way in all arenas of our lives, including real estate. Here are my observations: 1)    The New York Times reported yesterday how the desire for less bloated homes across the country… [Read More]

HIGHLINE CONDO SELLING PRICE BREAKS ALL RECORDS

Posted by Leonard Steinberg on April 21, 2011 We have heard through the grapevine that a non-penthouse, full floor unit at HL-23, the Neil Denari designed building that hovers over the Highline Park at 23rd Street in West Chelsea, just went to contract for over $ 2,600/sf without any outdoor space…..that would have to be… [Read More]