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Sunday, November 19, 2006

no demand for supply. are developers taking notice?

marketOne of my customers, with an accepted offer on a new development in the West 40’s, asked me to comment on Christine Haughney's article 'Changing Course to Avert a Glut' in the NY Times. His concern was how all of the new apartments in the construction pipeline might affect the value of his purchase. A fair question, and it is all about the supply. Before recently, the complaint I kept hearing from customers was that there was not much to see, it went in a flash, and sold at over asking price. Supply was short. That changed. The new landscape of glass towers rising from the bedrock is at the heart of this story.

continued+

Tuesday, November 14, 2006

We had a board turn down. Can they refuse to cite why?

negThumb.jpgask_id.gifReal estate attorney Michael Dym observes, "When you purchase a co-op apartment you are actually purchasing shares in a corporation. Ownership of those shares allows you to occupy the apartment pursuant to another document called a proprietary lease". The co-op corporation sets up it's own rules and regulations regarding subletting, maximum financing of the purchase price, guarantors, and most often have the right to approve or reject the purchaser. The co-op's Board of Directors' obligation is to protect the interests of the shareholders and mitigate their risk.

continued+

Monday, November 6, 2006

the corcoran report: third quarter/2006

the corcoran report Q3 2006market reportdownload the corcoran report (3.9MB) This new edition of the corcoran report holds some interesting surprises and underlines the kind of mixed market we are experiencing. When compared with 2005 the average NYC sale price gained about 3% on 17 % fewer transactions, when compared with the 3rd quarter of 2005. Price per square foot was up about .5% overall. The mixed signals indicate that the sale of larger, more expensive properties, as the median price, or the most commonly paid amount for an apartment, increased 13% year over year.

continued+

Friday, November 3, 2006

why a broker blog?

headroomThe best clients that I have, are also the best informed. In some ways, real estate brokerage is a very simple business; we help people find and sell homes. Yet, that facilitation needs to be masterfully executed with real skills, knowledge and due diligence. This space is built on the premise that the more you know, the more you'll understand what's special about the real estate services that I offer. Success for my clients in real estate is not driven just by the data or the knowledge itself, but rather in how I use it. It's a dialog within a marketplace which can be global, but also drills down to a one on one chat when it produces results. Talk drives the marketplace.

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