Archive for Manhattan Real Estate
Short Sales Hit Manhattan
Incase you dont know a short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. Search the recent sales listings and you’ll find dozens of advertised short sales, some being creative with their wording and saying something like “owner must sell.” Everything [...]
Sting’s Duplex Price Says Ouch!
After first listing it in 2006 for $24.9 million, Sting chopped the price on his 88 Central Park West duplex apartment to $19 million more recently- and the sale is now final at $17.75 million. That’s a 29% decrease from the original listing price. Someone may need to call the Police, the price dropped so [...]
Manhattan Market Report for 2nd Quarter, 2010
Manhattan 2Q 2010 Market Report
The 2009 Manhattan real estate market is beginning, if slightly, to recede into the past. This year’s market is stronger than anyone could have hoped for last summer, which means we can all spend a little more time worrying about how to beat the heat than if sales are going to [...]
The Luxury Market is Sitting Pretty
After being listed for just nine days, hedge funder John Read Taylor shelled out $22 million for an apartment at 1068 Fifth Avenue. Listed at $17.5 million, Taylor saw their price and raised them $4.5 million. That’s almost a 25% rise.
The 4 bedroom, 4 bathroom co-op is designed “for preeminent collectors of contemporary art,” according [...]
New Appraisal Rule Fallout
The Home Valuation Code of Conduct passed in May of 2009 with the goal of ensuring appraiser independence. But the rule has also produced low-ball appraisals that can shatter deals, and appraisers say it has harmed appraisal quality. It seems the only group happy about the law are the mortgage lenders, who have seen their [...]
Top Ten Biggest Manhattan Mansions
While Manhattan is certainly a city of condos and coops, it also has some of the biggest and most beautiful townhouse homes anywhere. The Real Deal highlighted the top ten single-family townhouses in Manhattan last week- here are the highlights.
Manhattan’s Biggest Homes
1. 4 East 75th Street. 21,700 square feet
The Harkness Mansion, built in 1899, is [...]
Mortgage Math Tests?
Should you have to take a math test to qualify for a loan? Columbia University assistant business professor Stephan Meier thinks maybe you should, and he has the survey results to back up his question. According to a New York Times report on Meier’s survey, people with poor math skill are three times more likely [...]
Why Section 1031 Will Cut Your Taxes
1031 Exchanges
If you own one or more investment properties, you probably know about Section 1031 of the Internal Revenue Code. If you dont know abot 1031 exchanges, it allows an owner of an investment property to defers the tax consequences around a property sale. Basically, it allows you to roll over the proceeds so you can buy [...]
Replacing A Wood Floor
Replacing A Wood Floor
If you live somewhere with wood floors for long enough, sooner or later it comes time to do something about the ground you walk on. If it’s that one nail creeping out or the extra wear on that section there, it may just need to be refinished. As they say, most wood [...]
Manhattan’s Shadow Inventory Steps Into the Light
The “shadow inventory” of condos and apartments is starting to come into the light. Projects that were placed on hold in 2008 to wait out the recession are going back on the market for a variety of reasons. Condo sales are beginning to pick up again overall, banks are making loans to developers again, and [...]