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Thank you for stopping by! I visited a few new developments this past month, excited to see what new inventory is to offer discerning buyers interested in owning in Manhattan. Certainly it’s timely to discuss both what is showing now, and what is on the horizon. Specifically, I’m interested in whether buyers are paying moreRead more

So we were discussing the possible motivators at the high end. Clearly, the sales which have recently recorded, or units gone into contract have motivated some sellers to list. For example, we have a combination at 502 Park; an absurd price at 50 Central Park South, given the Steve Wynn purchase recently; Lots of greatRead more

Something I wrote a few days ago- If I were to sum up the Real Estate Market in few words, I would say “Summer? What Summer?” I meant that despite this being the hottest summer on record, the market seems to have continued apace. Now that we’re in August, I’m not sure that’s exactly true,Read more

I’ve been spending some time speaking to those with different viewpoints on the impacts of Dodd-Frank legislation. Impacts? Are there actually impacts of Dodd-Frank on the housing market? Of course. The legislation directly impacts underwriting, disclosures, etc. with mortgages, but I didn’t give it that much thought at the time it was passed in mid-2010-Read more

There was a great article yesterday in the NYTimes about the unfinished projects coming back to market, finally getting built, etc – all across New York City. I have a great deal of respect for real estate developers. There is so much risk involved, not only in terms of a specific property. The entire economy could turn, given the timelines of projects- to break ground in one market, and finish a project in a worse market, or a terrible market, is only one of the many risks. Financing challenges in today’s market, tax incentives. It takes a bold person to be a developer, and a savvy one to stay successful through many markets.

Here are all of the articles quoting the BHS 2nd quarter report- handy dandy for you: New York Times: http://www.nytimes.com/2012/07/03/nyregion/manhattan-real-estate-market-holding-steady-in-2012-report-says.html?_r=1 Wall Street Journal: http://online.wsj.com/article/SB10001424052702304299704577502862447440428.html?mod=WSJ_NY_MIDDLESecondStories Bloomberg: http://www.bloomberg.com/news/2012-07-03/manhattan-first-time-apartment-buyers-grab-deals-in-slow-market.html Crain’s: http://www.crainsnewyork.com/article/20120703/REAL_ESTATE/120709985 The Real Deal: http://therealdeal.com/blog/2012/07/03/manhattan-inventory-falls-sharply-in-second-quarter/ Headlines seem to capture the flavor of what’s going on- The Times wants to harp on things holding steady, the Journal does muchRead more

The mortgage rates are again at super duper lows. This is surely driving refinances. As the market inventory sags, it appears that low rates will be the second big driver of price increases. Yet with no real indication of rate increases beyond normal fluctuations, and various indications that the pain in Europe will cross theRead more

Over the last year or so, the top end of the market has outperformed the rest of the lower segments. This seems to be continuing to a degree, but the rest of the market is catching up, performing admirably as well. If Marie Antoinette said “Let Them Eat Cake”- and we take that attitude asRead more

My month was spent looking at New Developments both in New York and Israel. More specifically, Tel Aviv in Israel and on the West Side in Chelsea and Clinton. I know that I’m a New York City broker, but my week in Tel Aviv was eye opening, in terms of views these towers offer, theRead more

Whether I’m speaking to a $3mm buyer, or a $500k buyer, some of the conversation is the same- mortgage rates are simply too low to pass up. Even someone who can afford to pay cash is taking advantage of rates. At a 40-50% effective tax bracket, along with the tax deduction of mortgage interest, turnsRead more