Posted by Leonard Steinberg, president of COMPASS, on June 20th, 2015 Two aspects of the last recession…..low down payments and speculators…..are back. Mortgages offered by lenders that have down payments of 10% or less are becoming more common: In the first quarter of 2015, 51% of home buyers with a non-jumbo mortgage (more than 136,000)… [Read More]
OUR MAYOR’S MANSION
Posted by Leonard Steinberg of COMPASS on May 8th, 2015 PLEASE: someone PLEASE tell me where you can buy a MANSION for $1,75million….or $ 3million….or even $5 million in Manhattan? Our brilliant local government has officially re-defined the meaning of the word MANSION: Yes, a mansion in New York City can be bought for $1.75… [Read More]
FORREST INVADED WEST CHELSEA!
Posted by Leonard Steinberg, president of COMPASS on April 26th, 2015 Yesterday a literal forrest invaded West Chelsea: numerous massive, fully grown trees were being installed at 500 West 21st Street, the almost completed building by Sherwood Equities……Sherwood Forrest perhaps? The massive scale of the trees, some over 40ft in height, had on-lookers mesmerized. I… [Read More]
BROOKFIELD PLACE BLAH
Posted by Leonard Steinberg of COMPASS on April 12th, 2015 A recent visit to the highly anticipated new mall at BROOKFIELD PLACE left me cold: Granted the designers inherited some rather bland architecture to begin with, but what they have done with it is truly disappointing. Nothing about this mall is much different or enticing… [Read More]
FROM THE 'IT-BUILDING' TO THE 'I-BUILDING'
Posted by Leonard Steinberg, president of Compass, on March 21st, 2015 New Yorkers like to think of themselves as innovative, individualistic and original: unfortunately many of them often follow trends like a herd of sheep. An article in this weekends Wall Street Journal showcases how a world once possessed by owning an Hermes Kelly bag,… [Read More]
Posted by Leonard Steinberg, president of COMPASS, on March 14th, 2015 Traditionally, couples who lived in New York City migrated to the suburbs, or at least to the Upper East Side, to raise a family. This has changed drastically over the past decade. With the gentrification of Downtown neighborhoods, schools, parks, services, amenities and property… [Read More]
RENTERS BEWARE: RENTS COULD SPIKE UP AS INTEREST RATES RISE
Posted by Leonard Steinberg, president of COMPASS, on March 7th, 2015 As unemployment figures continue to drop, the likelihood of rising interest rates strengthens……and this may cause a spike in pricing as buyers rush to buy to capitalize on the current low (but rising) interest rates. Rising prices may force some to turn to renting,… [Read More]
NEW YORK’S $2,500/sf STORAGE ROOM AND $3,500/sf WINE ROOM.
Posted by Leonard Steinberg of COMPASS on March 5th, 2015 New records are about to be set in New York City: At the much-anticipated 83-unit 220 Central Park South designed by Robert A.M. Stern, storage rooms will be priced starting at $111,000 for 44 square feet ……or $ 2,522/sf. This number was very recently associated with… [Read More]
MEDIA OBSESSION WITH THE ULTRA-RICH DIMINISHES THEIR STATURE
Posted by Leonard Steinberg, President of COMPASS, on February 21st, 2014 Everyone should read this well written article by Stephen Smith that highlights the absurd obsession with the mega-wealthy who constitute a fraction of a percentage of all real estate transactions. All writers and editors should take note of this article to see how… [Read More]
ATTAINABLE LUXURY IS NOT NECESSARILY AFFORDABLE
Posted by Leonard Steinberg, President of COMPASS, on February 19th, 2015 Each morning I start the day by writing a letter to my company on a topic of interest. I thought I would share this morning’s, all about the emerging “Affordable Luxury” market that I feel should be termed ATTAINABLE LUXURY. After all, what is… [Read More]