Archive for March, 2010
Kids Facebook Page Kills Parents Chances at Co-op
It turns out Facebook may not be all about “Friends” anymore- BrickUnderground reports from “a reliable source” that an Upper East Side co-op canceled a sale after doing a “Facebook check” on the buyers’ children! So what did the kid have on their page that set off the red flags? Apparently it showed ties to [...]
Manhattan Real Estate, from Priciest to Cheapest
Manhattan Real Estate
With all of the properties out there it can be hard to keep up- what’s the range, what’s the best deal, and what’s the most anyone is asking for right now? You know, the important stuff. The Real Deal did a good run-down on the priciest and cheapest to hit the market, and [...]
Interest Only Mortgages Lose Backing
Image Credit: HSH Associates via New York Times
Interest Only Mortgages
Remember a few years ago when everyone was trying to squeeze into an interest-only mortgage, figuring they’d make more money later or just sell before they had to start in on the principal? Well, Bob Tedeschi digs into the reality that interest-only mortgages are becoming a [...]
Sagaponack’s Most Expensive Summer Rental
$900,000 Sagaponack Rental
$900,000 is the asking price for Memorial Day to Labor Day. The owner, Joanne Corzine, ex-wife of the former New Jersey governor, broke the record for most expensive rental last year at the same price, and she’s looking to do it again.
Last year’s taker for the record-breaking summer rent was Henry Silverman, who [...]
Fannie Mae Cuts 2010 Home Sales Forecast
Fannie Mae and the Housing Market
According to Fannie Mae, the housing market had a “setback” in the first quarter of 2010. Accordingly, Fannie Mae is setting back their own home sales forecast for the rest of 2010. Fannie thought that there would be a much higher demand for homes with the extension of the home [...]
FHA-backed Loan Requirements Are Changing
The Federal Housing Administration (FHA) is afraid that any increase in minimum down-payments for FHA-backed loans will cause a double-dip decline in housing prices. So the question is: what’s the minimum down payment a buyer needs to make for their loan to be insured by the Federal government?
Right now it’s 3.5%.
Representative Scott Garrett from New [...]
How to Spend $1 million + in Brooklyn
Raise your glasses to the newest buyer in Brooklyn Heights: Paul Giamatti. The long-time Hollywood actor who rose to cult prominence in the wine epic Sideways reportedly paid $1.3 million for a 1,400-square-foot, three-bedroom, two-bathroom condo. The home features hardwood floors and marble kitchen countertops with a 29 foot deep living room.
This one seems more [...]
2010 Manhattan Rents Are Rising
The February market rental report from Citi Habitats says that Manhattan rents are up from January but still below February of 2009.
The report, only for apartments leased by Citi Habitats, shows that average rents for one- and two-bedrooms both went up 1% from January to February. Their current one bedroom rent went up to $2,335 [...]
Private Transfer Fees: A new way for developers to screw you
Ever heard of a “private transfer fee”? It’s a private covenanted mandate (a lien on the underlying real estate) that sends 1% of the selling price of a property back to the original developer… for the next 99 years. It’s either a great way for developers to spread out increasing development costs or a sneaky [...]
Manhattan Real Estate: The Problem of Square-Footage
Square footage- a standard part of the advertisement for any real estate, right? We’ve all looked at price-per-square-foot as a way to gauge value and price changes, especially during the last few years when the market has shot both up and down. ? But how often is it accurate or even useful?
As Bill Staniford, PropertyShark [...]