In this morning’s Wall Street Journal, an interesting article talks about the timeliness of real estate data. We have been talking about this for years…. “We have repeatedly cautioned anyone to use real estate quarterly reports to get the best gauge of what is really happening in the markets right now,” says leonard Steinberg of… [Read More]
MAJOR MANHATTAN SKYLINE CHANGES COMING?
It is now certain that within the next 10 years, the Manhattan skyline will look very different. Plans for a spate of significant high rise buildings appear to be moving forward now as the economy slowly un-locks. Developers are readying two residential towers that will rise above most of Midtown. The massive mixed-use development planned… [Read More]
HOUSE SWAP, ECONOMY-BOOSTER STYLE?
The economy is experiencing a unique problem: unemployed people who are able to find good jobs in alternative cities are unable to take the jobs as they cannot sell their homes as many mortgages are worth more than the homes in this current market. Why not introduce a NATIONAL HOUSE-TRADE BANK/DATA BASE, whereby someone could… [Read More]
WE SAY TO BALDUCCI’S: GO WEST!
In CRAIN’s it is reported that Balducci’s is seeking to return to Manhattan, searching for a 10,000sf flagship store as well as some smaller outposts. We say: HEAD WEST! The area in far West Chelsea around the Highline Park desperately needs a Balducci’s. “We think the perfect location would be at the corner of 23rd… [Read More]
HOME SIZE DEFLATION?
According to a report on CNNMoney, the American home is shrinking. Toll the bell for the McMansion. After years of growth, the Census Bureau recently reported that median new home size fell to 2,135 square feet in 2009 after peaking at more than 2,300 earlier in the decade. That is a significant drop….almost 7%! “As… [Read More]
MARKET HEADING DOWN? YES AND NO.
In this morning’s Wall Street Journal Josh Barbanell reports that despite rising gloom about home sales across the country, sales of apartments in Manhattan appear to have strengthened this summer, with median prices up, inventory down and an increase in the number of apartment closings. The figures suggest that the Manhattan market, buoyed by a… [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]
IS THIS THE BOTTOM?
Something very newsworthy is happening in the luxury Manhattan real estate market…….for the first time in many years we have experienced (while renting out an apartment in Tribeca) prospective, qualified renters withdrawing their applications after realizing that buying would cost almost the same as renting, and opting to buy. We have not heard this in… [Read More]
IMAGINE ALL NEW YORK WITH THESE AWNINGS….AND…..
Imagine these awnings (or a version thereof) attached to all sunny sides of buildings in Manhattan where the awnings not only provide cover from the sun and rain, but also produce power…..what about small solar panels or wind turbines that you plug in just like a small appliance?…..that’s the promise of a Seattle, Washington-based start-up… [Read More]
ONE HYDE PARK: THE MOST EXPENSIVE APARTMENT IN THE WORLD SELLS.
And you thought New York was expensive? Think again. A six-bedroom, two-floor penthouse in the One Hyde Park development in Knightsbridge, London has sold for £140 million — equivalent to around $220 million — making it the world’s highest priced apartment sale, according to THE REAL DEAL. The buyer, who remains anonymous, will enjoy views of the London skyline,… [Read More]