LuxuryBlurb
Archive for April, 2012
Monday, April 30th, 2012
 Posted by Leonard Steinberg on April 30th, 2012
We have identified a new trend: sellers who once confronted with good offers and lots of interest in their properties decide to not sell and withdraw from the market ….and stay put.
Many of these sellers who are forced quickly into putting on their buyer’s hats realize the limited options as a buyer today and decide to terminate the sale process realizing they will be unable to find what they want once they sell their properties.
Some of these sellers become greedy and decide to take their property off the market in the hopes of re-launching later at a higher price. Only time will tell if this is a smart tactic.
Maybe this trend indicates an important shift: for the past 3 years it was critical to list your property first to determine what it was worth, or if it actually would sell…..now the smarter tactic is to first identify what you want to buy before you sell. Knowing what you will move to and at what price eases the doubt when confronted with bids on your property when selling.
Monday, April 30th, 2012
 A new sales price record for West Chelsea: We just closed on an apartment at 200 Eleventh Avenue at $ 2,800/sf.
Wednesday, April 25th, 2012
 Seen on Park Avenue yesterday: is this the strangest looking dog, or is it just me? Surely a dog like this belongs Downtown?
Wednesday, April 25th, 2012
 Posted by Leonard Steinberg on April 24th, 2012
The press is reporting that the U.S. homeownership rate may fall two percentage points to 64 percent, below historic norms, amid about six million additional foreclosures and tight lending standards, according to Pacific Investment Management Co.’s Scott Simon. This translates to about 4 million homeowners turning into renters.
Homeownership has declined from 69.2 percent in 2004, the highest on record, after loose credit and soaring property values drew buyers into the market, according to the Census Bureau. While owning is now “incredibly cheap” compared with renting for consumers who can qualify for loans, relatively few Americans can take advantage of the opportunity. The proportion of Americans owning their homes averaged 64.5 percent in the 1970s and 1980s. U.S. home prices are down 35 percent on average from a 2006 peak, after declining in February to the lowest since 2002, according to S&P/Case-Shiller index data on value in 20 markets released today. Prices are poised to drop an additional three or four percent before bottoming during the next 12 months according to Simon.
While many blame the glut of approximately 4 million homes that were over-built on reckless homeowners/buyers, the actions of banks and the inaction of government, especially Freddie Mac and Fannie Mae, I think a large chunk of the blame lies on the charlatans (TV shows, info-mmercials, books, advisers, TV personalities, brokers, friends, etc) who peddled the concept of home-buying as a Las Vegas-style gambling hall: This vast pool of ‘flippers’ helped fuel unrealistic, unjustified price gains that fueled an unrealistic volume of building. Fortunately for Manhattan, the pool of investor buyers was very, very small, and for the most part the investors were very wealthy. With New York comprising approximately 70% of rental properties the chances for over-building condos was always automatically minimized, although not all escaped unscathed. The last 3 years have proven to be the GREAT EQUALIZER, showcasing how those properties that experienced price escalation just because of averages, have dropped in value, while many that were somewhat depressed by these averages have soared. Yes, some properties will see a 6-10% price escalation in 2012: Others will not, and some may even see a small decline.
Personally, I am witnessing broad RENTER FATIGUE in New York: The New York Times recently addressed this issue how for the first time in years, many renters faced with increasing rents are turning to homeownership (with low rate financing) as a very viable alternative. I am seeing this on all ends of the budget spectrum. So while we all said that things would never be the same 3 years ago, I feel homeownership as the ultimate goal will return to the US, and rates of ownership will start to rise in about 3 years as the cycle unfolds…….in short, I think the trend towards renting versus owning is a temporary one.
Tuesday, April 24th, 2012
 Posted by Leonard Steinberg on April 24th, s012
The 64 Perry Street house noted for its appearance on ‘Sex and the City’ has re-sold (after the original buyers won an intense bidding war 6 months earlier) for $ 9.85million. The house had traded above the asking price 6 months ago (and again it traded this time round above the $ 9.65m asking price. When it sold in November 2011 it was considered a record sale price: while the location, detailing, garden, etc are all truly magnificent, the house needs a complete, gut renovation. Now, 6 months later it indicates a market escalation of over 8%…..
The house measures roughly 4,100sf : so initially it sold for almost $ 2,200/sf…..now its re-sold for $2,400/sf. That is a record price for a house requiring a gut renovation: does it set the bar higher for what we should expect townhouses in the West Village to trade for in the future assuming most townhouse renovations of this caliber cost around $ 1,000/sf? Maybe in West Village townhouse valuations, $ 3,000/sf is the new $ 2,000/sf……
Tuesday, April 24th, 2012
 Posted by Leonard Steinberg on April 24th, 2012
As Summer approaches, I am reminded how warmer weather can accentuate the lovely smells of New York. I noted earlier that dog owners don’t seem to care much that the trail of pee and poop schmeers they leave behind for all others to enjoy requires buildings to clean their sidewalks daily. I love dogs, I truly do, but I have to wonder why the majority of New Yorkers who do not own a dog have to not only pay to clean up after these dogs, but are also forced to inhale the smells that are worsened in the Summer months, let alone walk along sidewalks that are often shoe-killing, drippy seas of doggy pee and worse…
Supposedly there are roughly 1,5million dogs in New York City. And yes, many of them are truly adorable. Again: I love dogs. I am not anti-dog. I just have to wonder why the majority of New Yorkers have to pay for the minority of dog owners? Is there someone who explain the logic behind this? There are wonderful dog parks. 80% of dogs in New York are not licensed (the Greek system?). The annual license fee is $ 8.50 for a spayed dog: does the city come and clean your sidewalk? I know they don’t so what exactly are they doing with that money? Surely there should be a doggy tax of sorts to pay for sidewalk clean-up?
New York fines those who do not pick up their doggy poop $ 250.00, a pretty stiff penalty. But how many get caught? Is punishment the only way to pay for what obviously must be a huge cost to the majority of New Yorkers? Don’t you sometimes wonder when you see those people walking their horse-sized-hounds what size of apartment that hound lives in: what does a dog of that size eat and drink, and where does all of that go if its not going into the sewer system? Many dog owners will argue that ‘they are just animals’…..but surely a new etiquette has to be established and enforced to deal with the volume?
I equate this abuse with smokers who inhale about 15% of the smoke they are creating: the rest of us have absolutely no choice in the matter, right? That smoker has chosen to smoke (thereby raising insurance premiums for all), blows smoke in the air or lets it smolder in their hand…..and you have to breath it in. Isn’t the same true for dogs excrements? In Switzerland dogs have to adhere to very specific standards regarding doggy behavior and cleanliness….and it makes the lives of all so much more enjoyable, including their owners who have to consider the well being of the rest of society. Let me not get started on doggy don’t WITHIN buildings……that’s a whole other story and it should not surprise people that there are some buildings that will not allow dogs at all. This is a true dis-service to those who actually take care of their pets properly and are respectful of neighbors: if you knew some of the horror stories you’d understand. (think stairwell’s used as bathrooms on a rainy day!)
I am not a sterile-freak at all, but I have to say, Summer reminds me how messed up this system is. I feel certain that if I were to pee at the doorstep of an elegant building or in front of a restaurant I’d be arrested (rightfully so)…..why are dogs and their owners held to such a very different standard?
Stay tuned for my take on the garbage situation in this city….
Tuesday, April 24th, 2012
 Summer’s coming: have you noticed the dog pee buildings clean up daily? Heat makes it worse. Is it time for a doggy tax?
Monday, April 23rd, 2012
 Posted by Leonard Steinberg on April 23rd, 2012
New York City uses 11, 000 Megawatt-hours of electricity on average each day. One megawatt represents the amount need to power 100 homes! (1 Megawatt = 1,000 KiloWatt = 1,000,000 Watt….. So New York uses 11 Billion Watt-hours per day…..now cover those rooftops with Solar!
Monday, April 23rd, 2012
 Posted by Leonard Steinberg on April 23rd, 2012
The 4,675 sf Jean Nouvel penthouse at 100 11th Ave. staged by Aimee Scher has closed for $ 19,4m ($ 4,149/sf). That’s 1/3 the price per square foot of 15 Central Park West’s penthouse making it a relative bargain. With 4,412sf of terraces and unrivalled views: West Chelsea continues to soar…
Saturday, April 21st, 2012
 Posted by Leonard Steinberg on April 21st, 2012
The 7,000sf+ penthouse at 145 Hudson Street (Sky Lofts) in New York’s prized downtown neighborhood Tribeca has returned to the market for $ 48million, or $ 6,400/sf: Is this showplace worth that much more than the penthouses of Superior Ink, 200 Eleventh Ave. and 100 Eleventh Ave, not to mention the many new penthouses about to come to market? Time will tell….
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congrats!
congrats Jackie!