Manhattan, NY Real Estate News

By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
September 11th, 2001.  A day that truly changed all of us, forever.  With the unspeakable acts that happened that day and the loss of life, I hope everyone is grateful for every single thing in their lives.  Yes, even the "problems."  How sad that our children are growing up during a time when there is war, terror alerts, threats.  When most of us were children we didn't hear about any of this.  We grew up in a carefree way but things have been forever changed.In this beautiful City that I love so much, I too watched as the bravest were running INTO buildings as the panicked people were running out.  It is almost incomprehensible how brave those men were.  And New York came together as never before.  In the days and months after 9/11, things that usually occur just weren't happening any...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
It has been a very busy year and summer. The busiest August I can remember. Manhattan has been very fortunate this year compared to the rest of the country. Our market continues to be very strong. While most of the country has been down 20% we've been up 20% Can it continue? I'm cautiously optimistic. Is Manhattan really an island?The fall out from the sub prime mortgage meltdown during the last several weeks is now affecting the  mortgage, credit and financial services industries. The stock market has been volatile the feds added liquidity to the markets and lowered the prime rate. What move will the Feds make on September 18th? It remains to be seen what affect this will have on the real estate market in Manhattan. We still have low inventory. Most of the inventory is in new construct...
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By Ross Ellis
(Halstead Property, LLC)
Finding the right home in Manhattan can take time and a lot of work. At times it can be overwhelming ...after all it's the most important decision you will make.A licensed and professional Real Estate Agent can help navigate the process from beginning to end  --- and even after your closing --- applying their expertise to your search to get you the results you deserve.Using the right Agent can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.Look for an Agent, not a propertySince you'll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and you...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Summer is almost over as evidenced yesterday by the crowds of NYU students in Greenwich Village. With a little help from their parents they moved into dorms and apartments in Greenwich Village.  Yesterday was NYU "Move -in Day."  A similar scenario takes place in Morningside Heights as Columbia University students begin moving in to their dorms and luxury apartments that Columbia owns. Both NYU and Columbia have been building real estate empires in their respective Manhattan neighborhoods. Both private non profit institutions have real estate holdings worth more than half a billion dollars. Columbia ownes more than 7,000 apartments and it's real estate is worth approximately $635 million. This number excludes the value of wharehoused property it has not yet converted to educational use....
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By Anthony Carollo
(Carollo Real Estate Inc.)
The NYTimes.com recently featured an interesting article: Dead Co-op Issue Gets a Second Life, which discusses the issue of holders of unsold shares.  According to the state court decision in 2005, holders of unsold shares had been designated and identified, however those who enjoy holder status are bound to be limited and in some cases denied that status if the ruling is overturned.  The issue is extremely important because holders of unsold shares enjoy certain priviledges, such as, not paying flip tax or sublet fees, or selling or subleting without board approval. Read the entirle article: Dead Co-op Issue Gets a Second Life on NYTimes.com
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By Ross Ellis
(Halstead Property, LLC)
Home staging is preparing a home prior to putting it on the market for sale. Why stage your home? Staging a home can ensure a quick sale.You may love the way your home looks, but potential buyers may not. When selling your home, staging it professionally can make your home more appealing and more attractive. It depersonalizes your home, reduces its flaws and very often, raises the value of your home. Very often it can bring a higher purchase price.With shows like HGTV's ‘Designed To Sell', "Bought and Sold",  "Get It Sold", "Buy Me" and TLC's "Flip This House" home owners looking to sell  their home, can learn valuable staging information that could be the difference of one's home being sold quickly, or sitting on the market for a long time.As a professional real estate agent, I have se...
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By Ross Ellis
(Halstead Property, LLC)
According to Freddie Mac, the 30-year, fixed mortgage rate has reached its lowest point since May and as of August 16th, averaged 6.52 percent.Additionally, rates on 15-year fixed-rate mortgages fell to an average of 6.18 percent from its previous 6.30 percent. Five-year adjustable-rate mortgage rates fell to 6.34 percent, from 6.35 percent, and rates on one-year adjustable-rate mortgages dipped to 5.60 percent, compared with 5.67 percent. All of this good news comes as a result of the Federal Reserve's decision to cut its lending rate to banks. Interest rates on conforming long-term fixed rate mortgages and one-year adjustable-rate mortgages were down by about one-tenth of a percent.It is important to note that these mortgage rates do not include add-on fees known as points. This news ...
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By Andrew Milkowski
(Milkowski Group member of Douglas Elliman)
By now we are sure you are well aware of the recent changes in the real estate financing industry, as well as the allegedly bleak outlook that has been portrayed in the media. We'd like to take this opportunity to shed some light on the current market and to address any concerns. The future is simply not nearly as grim as depicted in the press. How did we get here? Most mortgages are bundled together by lenders into securities and subsequently sold to investors. Over the past couple of years, housing grew at an unprecedented level. So too did the demand for seemingly low-risk, high-yield mortgage-backed securities. As the markets heated up and investors became comfortable with the volume of these securities, investors continued to buy–even while credit standards became more relaxed. Add...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Leona Helmsley, The New York hotel and real estate "Queen" died of heart failure today at age 87. Leonna was a succesful residential real estate broker before her marriage to Harry Helmsley the NY real estate magnate.  Leona helped her husband run a $5 billion empire that included managing the Empire State Building. Helmsley became known as the "queen of mean" when a former housekeeper testified that she heard Helmsley say: "We don't pay taxes. Only the little people pay taxes," during testimony at a trial where they were being charged with tax-evasion. In 1980's Leona became president of Helmsley Hotels, a subsidiary which including the Park Lane, St. Moritz and Palace in New York and the Harley Hotels. While I've never had any dealings with Leona in real estate, I did in a previous li...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
Back in July I wrote a post "Say NO to DRUGS" Store Chains when I discovered that on the block between west 87th and west 88th Street on the west side of Broadway a new Walgreens Drug store is coming. I live between 86th and 87th on Broadway. I first discovered something going on when I went to have dinner at The Malaysia Grill a restaurant at my corner and found out they were closing going out of business. The next morning I went to the Korean Grocer that had been there for many years, the place was gutted and the family that owned the store was packing up. In that post I wrote about Drugstore chains taking over Manhattan retail space. I wrote that the only competition the drug store chains have bidding on prime retail space is Banks. New banks have been opening up all over town as wel...
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By Anthony Carollo
(Carollo Real Estate Inc.)
 According to the real estate article: Manhattan's Real Estate Slump That Wasn't featured on NYTimes.com, Manhattanites are waiting for the reversal in real estate that will never come.  Despite falling prices throughout the country, the Manhattan real estate has stayed strong.  In the second half of 2006, buyers swarmped the market.  By this June, it is evident that their is an enormous gap between the rest of the country and the Manhattan market. Read the entire article Manhattan's Real Estate Slump That Wasn't on NYTimes.com to fully understand the widening gap between Manhattan real estate and the rest of the countries housing market
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By Ross Ellis
(Halstead Property, LLC)
The country is in the middle of a residential real estate slump yet, Manhattan real estate sales and prices more than doubled in the 2nd quarter.With the arrival of thousands of new Manhattan condos, inventory has decreased to about a third of its volume.There's no question that credit is tighter now, yet there are still many buyers who qualify for financing. Several are buying with all cash deals. With the credit market turmoil, more and more people are moving into Manhattan, with fewer moving out. Added to the decrease in Manhattan residential inventory, the rental market tightened considerably.It's true that obtaining a mortgage is difficult for buyers with blemished credit or an ambiguous employment record, but there is no fear over rising mortgage rates. Manhattan real estate is st...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
The Apple Bank Building2112 Broadway The landmark Apple Bank Building built in 1928 on the Upper West Side at West 73rd Street and West 74th Street has been converted into 29 residential condominiums. Apaertments range from a Two Bedroom 2.5 baths from $4 million to a Three bedroom 3.5 baths for $6,665,000.  Watch the Video Tour Below from OpenHouse New York - Square Feet:     Upper West Side Apartment and Townhouse listings by email How much is your Manhattan apartment or townhouse worth in today's market? Courtesy of: Mitchell Hall, Associate Broker, The Corcoran Group My Listings Testimonials Latest Corcoran Report View My Blog
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1.  Co-op boards prevented anyone incapable of repaying a loan from buying, despite the fact  that greedy mortgage brokers may have approved. 2.  The dollar continues to be weak and shows no sign of letting up, continuing to make New York City the location of a global shopping-spree for foreigners. 3.   The stock market shrugged off a credit crunch reaction last week and is rallying again. 4.   The recent spike in jumbo mortgage rates is a result only of a temporary liquidity issue on Wall Street and not a reflection of real increased risk perception.  Defaults for jumbo loans continue to be less than 1%. 5.   Living in Jersey is still not an option for most. 
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
While reading some of my favorite Activerainer's posts (and some "Newbies" as time allows,) I came across a wonderful post that was a well deserved Feature by Laurie Mindnich called Introducing "RELIGION AND REAL ESTATE"... NO THANKS Laurie had many valid points on the post and the topic was discussed from many viewpoints, which I found very interesting.  I also came across a comment from someone who equated Feng SHUI with a RELIGION, which it is NOT. I thought that if someone has that misconception, then others might as well and thought I would like to clear it up.We ALL have our own beliefs which I don't believe are the same as a RELIGION.  How many people believe The Secret is a religion?  Well, that's what many of the beliefs and principles of Feng Shui are founded on.  As I mention...
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By Ross Ellis
(Halstead Property, LLC)
 At Love Our Children USA (a national nonprofit to keep children safe and strengthen families) keeping children safe at home is paramount ...and every parent should want to do the same.Kids are curious and with that curiosity can come many dangers ...especially in high rise apartment buildings. Over 2 million children are injured at home every year. Manhattan parents can make their home a sanctuary and ensure that their children are safe.According to the National Center for Health Statistics, 42 percent of pediatric deaths happen right in a child's own home.Every child should live in a loving, safe and nurturing environment. Manhattan parents can create that environment. Childproofing your home for your very young ones will take crawling on the floor and lying down from a child's eye vi...
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By Patricia Levy
(The New York Source)
If you are not working with an experienced broker, make sure you know what questions to ask the list broker so you can compete effectively.When would the owner like to close?What amount of financing are the competing buyers working with?What are the financial qualifications of competitors?The above questions are just a few that can help you word your offer. You will definitely want to include an introductory letter about yourself and why you love the apartment as this will set you apart from the rest. Your offer should NEVER be contingent on financing either. Agree to close at the seller's convenience and if you can put down a higher down payment that could sway the odds in your favor. Also, submit a professionally prepared financial statement with your offer and include your attorney i...
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By Luke Constantino, Residential/Commercial Real Estate Brooklyn NY
(Brooklyn/Manhattan Real Estate)
I love listing beautiful, expensive homes in the NYC area. Brownstones are kind of a symbol of greatness here, so listing one properly almost guarantees a sell. I ran across one that was expired a while back and have only seen a picture. I've been talking to the owner and getting a good rapport with her, she asked me to come by and help her sell her Brownstone. She told me she was very old and was going to get something to eat in the morning. I offered to pick her up some food and got her fresh beef, barely and mushroom soup with a banana and low fat milk from my local diner. I drove up to the address and was in shock. I have not seen one in this bad of a condition since the late 70's. I say to myself" fixer upper, it should go for about 775K".     This place was in shambles. It needed ...
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By Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn
The Kalahari 40 West 116th StreetThe Kalahari will be covered in decorations inspired by South African Ndebele tribal designs. Adinkra symbols" and other African designs and markings will adorn the walls. The 12 story building will contain an independent film center, education center and a gym. The "green" building features: Eco-friendly systems, wind-energy, filtered air-delivery system, zip cars, etc. Nearly half of the 249 planned condos have been set aside for moderate-income buyers. The remaining market priced 129 unit condominium is more than 50% sold. Currently available are 2 and 3 bedroom units ranging from $700,000 to $1,585,000. The two tower building will be completed in early 2008. To receive listings of new developments in Harlem click here.
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By Kolarik Hana
(NYCMortgage.com)
A nationwide survey conducted by Bankrate.com showed that New Yorkers paid considerably more closing costs than in other states.   found that while closing costs are lower than last year, residents of some states continue to pay considerably more than others. The average closing costs varied widely from state to state, from a high of $3,830 in New York, to a low of $2,339 in Indiana.New York State Mortgage recording tax was to blame, Bankrate said when reporting the results.   Origination fees averaged $1,637 in New York, while title and closing costs were $2,193. Another factor was the use of attorneys to conduct closings.  Costs are typically higher in states which use attorneys to conduct closings, while states which use title agents or escrow officers have lower overall costs.  Atto...
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